Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 275

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 2
Chunk 275
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3)  Includes both U.S. and foreign debt.(4)  Includes $98 million net payables (interest receivable, dividends receivable, receivables for investments sold, and payables for investments purchased), and $204 million of repurchase agreements in Level 2 Cash equivalents and other short-term investments.(5)  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, 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.(6)   TVA records currency swaps net of cash collateral received from or paid to the counterparty, to the extent such amount is not recorded in Accounts payable and accrued liabilities.  See Note 14 — Risk Management Activities and Derivative Transactions — Offsetting of Derivative Assets and Liabilities.

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Table of Contents                               Draft 4.0                    07/24/2025 5:00 PM

Fair Value MeasurementsAt September 30, 2024(in millions)Quoted Prices in Active Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalAssetsInvestments    Equity securities$770 $— $— $770 Government debt securities(1)(2)400 57 — 457 Corporate debt securities(3)— 378 — 378 Mortgage and asset-backed securities— 43 — 43 Institutional mutual funds342 — — 342 Forward debt securities contracts— 11 — 11 Cash equivalents and other short-term investments(2)(4)95 183 — 278 Private equity funds measured at net asset value(5)— — — 738 Private real asset funds measured at net asset value(5)— — — 432 Private credit funds measured at net asset value(5)— — — 219 Commingled funds measured at net asset value(5)— — — 1,300 Total investments1,607 672 — 4,968 Commodity contract derivatives— 7 —