Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 81

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 81
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408 Operating lease assets, net of amortization113 149 Other long-term assets506 344 Total regulatory and other long-term assets8,666 9,901 Total assets$60,882 $57,703 The accompanying notes are an integral part of these consolidated financial statements.

84

TENNESSEE VALLEY AUTHORITY

 CONSOLIDATED BALANCE SHEETS

At September 30

 (in millions)

LIABILITIES AND PROPRIETARY CAPITAL20252024Current liabilities Accounts payable and accrued liabilities$3,299 $2,910 Accrued interest348 280 Asset retirement obligations313 283 Regulatory liabilities228 174 Short-term debt, net— 1,167 Current maturities of power bonds1,370 1,022 Current maturities of long-term debt of variable interest entities49 37 Total current liabilities5,607 5,873 Other liabilities  Post-retirement and post-employment benefit obligations2,183 2,887 Asset retirement obligations10,101 10,523 Finance lease liabilities640 700 Other long-term liabilities1,606 1,712 Regulatory liabilities141 83 Total other liabilities14,671 15,905 Long-term debt, netLong-term power bonds, net20,461 17,867 Long-term debt of variable interest entities, net1,632 897 Total long-term debt, net22,093 18,764 Total liabilities42,371 40,542 Commitments and contingencies (Note 23)Proprietary capital  Power program appropriation investment258 258 Power program retained earnings17,797 16,437 Total power program proprietary capital18,055 16,695 Nonpower programs appropriation investment, net510 518 Accumulated other comprehensive loss(54)(52)Total proprietary capital18,511 17,161 Total liabilities and proprietary capital$60,882 $57,703 The accompanying notes are an integral part of these consolidated financial statements.

85

TENNESSEE VALLEY AUTHORITY

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

For the years ended September 30

(in millions)

 202520242023Net income$1,360 $1,135 $500 Other comprehensive income (loss)Net unrealized gain on cash flow hedges1 25 99