Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 13

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 15
Chunk 13
---
 be redeemed at the measurement date NAV and are classified as Commingled funds measured at NAV in the fair value hierarchy.Realized and unrealized gains and losses on equity and trading debt securities are recognized in current earnings and are based on average cost.  The gains and losses of the NDT and ART are subsequently reclassified to a regulatory asset or liability account in accordance with TVA's regulatory accounting policy.  See Note 1 — Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Annual Report and Note 9 — Regulatory Assets and Liabilities.  TVA recorded unrealized gains and losses related to its equity and trading debt securities held during each period as follows:Unrealized Investment Gains (Losses)(1)(in millions) Three Months Ended June 30 Nine Months Ended June 30FundFinancial Statement Presentation2025202420252024NDTRegulatory assets(2)$200 $(21)$133 $230 ARTRegulatory assets(3)97 (4)69 119 SERPOther income (expense), net5 — (1)9 DCPOther income (expense), net2 — — 2 Notes(1)  The unrealized gains for the RP were less than $1 million for both the three and nine months ended June 30, 2025 and for both the three and nine months ended June 30, 2024, and therefore were not represented in the table above.(2)  Includes $41 million and $7 million of unrealized gains related to NDT equity securities (excluding commingled funds) for the three months ended June 30, 2025 and 2024, respectively.  Includes $12 million of unrealized losses and $70 million of unrealized gains related to NDT equity securities (excluding commingled funds) for the nine months ended June 30, 2025 and 2024, respectively.(3)  Includes $10 million and $1 million of unrealized gains related to ART equity securities (excluding commingled funds) for the three months ended June 30, 2025 and 2024, respectively.  Includes $5 million of unrealized losses and $24 million of unrealized gains related to ART equity securities (excluding commingled funds) for the nine months ended June 30, 2025 and 2024, respectively.

30

Table of Contents                               Draft 4.0