Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 87

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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ITEM 1.  FINANCIAL STATEMENTS

TENNESSEE VALLEY AUTHORITY

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended December 31

(in millions)

 20242023Operating revenues  Revenue from sales of electricity$2,876 $2,731 Other revenue44 34 Total operating revenues2,920 2,765 Operating expenses  Fuel505 496 Purchased power394 359 Operating and maintenance905 867 Depreciation and amortization557 521 Tax equivalents146 133 Total operating expenses2,507 2,376 Operating income413 389 Other income, net17 23 Other net periodic benefit cost25 23 Interest expense280 262 Net income$125 $127 The accompanying notes are an integral part of these consolidated financial statements.

TENNESSEE VALLEY AUTHORITY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

Three Months Ended December 31

(in millions)

 20242023Net income$125 $127 Other comprehensive income (loss)Net unrealized gain (loss) on cash flow hedges(19)20 Net unrealized (gain) loss reclassified to earnings from cash flow hedges37 (19)Total other comprehensive income18 1 Total comprehensive income$143 $128 The accompanying notes are an integral part of these consolidated financial statements.

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TENNESSEE VALLEY AUTHORITY

CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

ASSETS December 31, 2024September 30, 2024Current assets  Cash and cash equivalents$507 $502 Restricted cash of variable interest entity25 — Accounts receivable, net1,709 1,801 Inventories, net1,198 1,155 Regulatory assets110 191 Other current assets159 120 Total current assets3,708 3,769 Property, plant, and equipment  Completed plant70,690 70,989 Less accumulated depreciation(38,220)(38,793)Net completed plant32,470 32,196 Construction in progress5,430 4,879 Nuclear fuel1,310 1,261 Finance leases708 729 Total property, plant, and