Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 154

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 154
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 obligation.  See Economic Development Incentives below and Note 13 — Other Long-Term Liabilities — Long-Term Deferred Revenue.

    Economic Development Incentives.  Under certain economic development programs TVA offers incentives to existing and potential power customers in targeted business sectors that make multi-year commitments to invest in the Tennessee Valley.  TVA records those incentives as reductions of revenue.  Incentives recorded as a reduction to revenue were $321 million, $318 million, and $330 million for 2025, 2024, and 2023, respectively.  Incentives that have been approved but have not been paid are recorded in Accounts payable and accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets.  At September 30, 2025 and 2024, the outstanding unpaid incentives were $193 million and $187 million, respectively.  Incentives that have been paid out may be subject to claw back if the customer fails to meet certain program requirements.  

19.  Other Income, Net Income and expenses not related to TVA's operating activities are summarized in the following table:Other Income, NetFor the years ended September 30(in millions) 202520242023Interest income$52 $42 $34 External services28 17 15 Gains (losses) on investments14 23 13 Miscellaneous(2)(11)(1)Total other income, net$92 $71 $61 

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20.  Supplemental Cash Flow Information 

    Interest paid was $1.1 billion in each of 2025, 2024, and 2023.  These amounts differ from interest expense in certain years due to the timing of payments.  There was no interest capitalized in 2025, 2024, or 2023.

    Construction in progress and nuclear fuel expenditures included in Accounts payable and accrued liabilities at September 30, 2025, 2024, and 2023 were $1.2 billion, $898 million, and $559 million, respectively, and are excluded from the Consolidated Statements of Cash Flows for the years ended September 30, 2025, 2024, and 2023 as non-cash investing activities.  ARO project accruals included in Accounts payable and accrued liabilities at September 30, 2025, 2024, and 2023 were