Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 311

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 5
Chunk 311
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 TVA's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the determination of the fair value of the assets and liabilities and their classification in the fair value hierarchy levels.Fair Value MeasurementsAt December 31, 2024(in millions)Quoted Prices in Active Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalAssetsInvestments    Equity securities$704 $— $— $704 Government debt securities(1)(2)398 56 — 454 Corporate debt securities(3)— 378 — 378 Mortgage and asset-backed securities— 41 — 41 Institutional mutual funds337 — — 337 Forward debt securities contracts— 9 — 9 Cash equivalents and other short-term investments(2)(4)49 215 — 264 Private equity funds measured at net asset value(5)— — — 765 Private real asset funds measured at net asset value(5)— — — 441 Private credit funds measured at net asset value(5)— — — 258 Commingled funds measured at net asset value(5)— — — 1,268 Total investments1,488 699 — 4,919 Commodity contract derivatives— 12 — 12 Commodity derivatives under the FHP— 6 — 6 Total$1,488 $717 $— $4,937 Quoted Prices in Active Markets forIdentical Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalLiabilitiesCurrency swaps(6)$— $136 $— $136 Interest rate swaps— 635 — 635 Commodity contract derivatives— 6 — 6 Commodity derivatives under the FHP— 81 — 81 Total$— $858 $— $858 Notes(1)  Includes obligations of government-sponsored entities.(2)  There are $398 million of U.S. Treasury securities in Level 1 Government debt securities and $49 million of U.S. Treasury securities in Level 1 Cash equivalents and other short-term investments for a total of $447 million of U.S. Treasury securities within Level 1 of the fair value