Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 168

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 2
Chunk 168
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G, JACTG, and JHLLC at December 31, 2024, and September 30, 2024, as reflected on the Consolidated Balance Sheets, are as follows:Summary of Impact of VIEs on Consolidated Balance Sheets(in millions) At December 31, 2024At September 30, 2024Current assets Restricted cash of variable interest entity$25 $— Total assets$25 $— Current liabilities Accrued interest$30 $9 Accounts payable and accrued liabilities1 1 Current maturities of long-term debt of variable interest entities46 37 Total current liabilities77 47 Other liabilitiesOther long-term liabilities16 16 Long-term debt, netLong-term debt of variable interest entities, net1,675 897 Total liabilities$1,768 $960 Interest expense of $22 million and $12 million for the three months ended December 31, 2024 and 2023, respectively, is included in the Consolidated Statements of Operations related to debt of VIEs and membership interests of VIEs subject to mandatory redemption.Creditors of the VIEs do not have any recourse to the general credit of TVA.  TVA does not have any obligations to provide financial support to the VIEs other than as prescribed in the terms of the agreements related to these transactions.

10.  Other Long-Term LiabilitiesOther long-term liabilities consist primarily of liabilities related to certain derivative agreements as well as liabilities related to operating leases.  The table below summarizes the types and amounts of Other long-term liabilities:Other Long-Term Liabilities(in millions) At December 31, 2024At September 30, 2024Interest rate swap liabilities$589 $792 Environmental compliance and remediation costs210 212 Long-term project cost accruals160 140 Currency swap liabilities127 109 Operating lease liabilities93 88 EnergyRight® financing obligation52 52 Long-term deferred revenue 49 48 Long-term deferred compensation37 50 Commodity contract derivative liabilities32 64 Advances for construction32 55 Other98 102 Total other long-term liabilities$1,479 $1,712 Interest Rate Swap Liabilities.  See Note 13 — Risk Management Activities and Derivative Transactions — Overview of Accounting Treatment and Derivatives Not Receiving Hedge Accounting Treatment — Interest Rate Derivatives