Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 454

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 7
Chunk 454
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 Active Markets for IdenticalAssets/Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)Assets    Equity securities$740 $727 $— $13 Preferred securities2 — — 2 Debt securities   Corporate debt securities770 — 764 6 Mortgage and asset-backed securities523 — 520 3     Debt securities issued by U.S. Treasury433 433 — — Debt securities issued by foreign governments18 — 18 — Debt securities issued by state/local governments17 — 17 — Commingled funds measured at net asset value(3)Equity286 — — — Debt1,845 — — — Institutional mutual funds196 196 — — Cash equivalents and other short-term investments181 10 171 — Private credit funds measured at net asset value(3)1,175 — — — Private equity funds measured at net asset value(3)1,290 — — — Private real asset funds measured at net asset value(3)1,209 — — — Securities lending collateral142 — 142 — Derivatives    Futures3 3 — — Swaps7 — 7 — Total assets$8,837 $1,369 $1,639 $24 Notes(1)  Excludes approximately $101 million in net payables associated with security purchases and sales and various other payables.(2)  Excludes a $142 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs.(3)  Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy.  The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks.  The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets as the fair value of net plan assets.

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    The following table provides the fair value measurement amounts for assets held by TVARS at September 30