Tennessee Valley Authority Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Tennessee Valley Authority's Q2 2024 10-Q filing provides a detailed financial overview for the six months ending March 31, 2024.</b>

AI Summary

Tennessee Valley Authority (TVC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. TVA reported financial results for the quarter ended March 31, 2024. The filing covers the period from October 1, 2023, to March 31, 2024. Key financial data points and comparative periods are included. The report details appropriations and retained earnings for power and non-power programs. Accumulated other comprehensive income is also presented for various periods.

Why It Matters

For investors and stakeholders tracking Tennessee Valley Authority, this filing contains several important signals. Provides stakeholders with up-to-date financial performance and position of the TVA. Enables investors and analysts to assess the utility's financial health and operational trends.

Risk Assessment

Risk Level: low — Tennessee Valley Authority shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a government entity, indicating routine disclosure rather than significant new risks.

Analyst Insight

Monitor future filings for trends in power program appropriations and retained earnings, as these are key indicators of TVA's financial strategy.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-04-30 — Filing Date (Quarterly report)
• 2023-10-01 — Six-Month Period Start Date (Quarterly report)
• 2023-01-01 — Prior Year Quarter Start Date (Comparative financial data)
• 2022-10-01 — Prior Year Six-Month Period Start Date (Comparative financial data)

Key Players & Entities

• Tennessee Valley Authority (company) — Filer of the report
• 2024-03-31 (date) — End of the reporting period
• 2024-04-30 (date) — Filing date
• 4911 (other) — Standard Industrial Classification for Electric Services

FAQ

Industry Context

The Tennessee Valley Authority is a government-owned corporation that provides electricity, economic development, and environmental stewardship in the Tennessee Valley region.

Regulatory Implications

As a federal agency, TVA is subject to various federal regulations and oversight, though its specific reporting requirements may differ from publicly traded companies.

What Investors Should Do

1. Review the detailed financial statements for revenue and net income trends.
2. Analyze the breakdown of power program appropriations and retained earnings.
3. Examine changes in accumulated other comprehensive income for potential financial impacts.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update for TVA, providing financial data for the period ending March 31, 2024, compared to previous periods.

Filing Documents

• tve-20240331.htm (10-Q) — 1868KB
• tve-33124xex3112ndquarter2.htm (EX-31.1) — 11KB
• tve-33124xex3122ndquarter2.htm (EX-31.2) — 11KB
• tve-33124xex3212ndquarter2.htm (EX-32.1) — 6KB
• tve-33124xex3222ndquarter2.htm (EX-32.2) — 6KB
• tve-20240331_g1.jpg (GRAPHIC) — 59KB
• tve-20240331_g10.jpg (GRAPHIC) — 21KB
• tve-20240331_g11.jpg (GRAPHIC) — 22KB
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• tve-20240331_g8.jpg (GRAPHIC) — 42KB
• tve-20240331_g9.jpg (GRAPHIC) — 42KB
• 0001376986-24-000010.txt (&nbsp;) — 12245KB
• tve-20240331.xsd (EX-101.SCH) — 103KB
• tve-20240331_cal.xml (EX-101.CAL) — 80KB
• tve-20240331_def.xml (EX-101.DEF) — 553KB
• tve-20240331_lab.xml (EX-101.LAB) — 897KB
• tve-20240331_pre.xml (EX-101.PRE) — 711KB
• tve-20240331_htm.xml (XML) — 1829KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ............................................................................................................................................. 7 Consolidated Statements of Operations (Unaudited)............................................................................................................ 7 Consolidated Statements of Comprehensive Income (Loss) (Unaudited)............................................................................ 7 Consolidated Balance Sheets (Unaudited)........................................................................................................................... 8 Consolidated Statements of Cash Flows (Unaudited).......................................................................................................... 10 Consolidated Statements of Changes in Proprietary Capital (Unaudited)............................................................................ 11 Notes to Consolidated Financial Statements (Unaudited).................................................................................................... 12

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS... 42 Executive Overview ............................................................................................................................................................... 42 Results of Operations ............................................................................................................................................................ 43 Liquidity and Capital Resources ............................................................................................................................................ 50 Key Initiatives and Challenges.............................................................................................................................................. 53 Environmental Matters.......................................................................................................................................................... 54 Legal Proceedings................................................................................................................................................................ 55 Off-Balance Sheet Arrangements.......................................................................................................................................... 56 Critical Accounting Estimates ................................................................................................................................................ 56 New Accounting Standards and Interpretations .................................................................................................................... 56 Legislative and Regulatory Matters....................................................................................................................................... 56 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ....................................

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS .................................................................................................................................................. 57 ITEM 1A. R ISK FACTORS............................................................................................................................................................ 57 ITEM 5. OTHER INFORMATION.................................................................................................................................................. 57 ITEM 6. EXHIBITS ........................................................................................................................................................................ 58 SIGNATURES ............................................................................................................................................................................... 59 2 Table of Contents GLOSSARY OF COMMON ACRONYMS Following are definitions of some of the terms or acronyms that may be used in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Quarterly Report"): Term or Acronym Definition AOCI Accumulated other comprehensive income (loss) ARO Asset retirement obligation ART Asset Retirement Trust Bonds Bonds, notes, or other evidences of indebtedness Bull Run Bull Run Fossil Plant CCR Coal combustion residuals CTs Combustion turbine unit(s) Cumberland Cumberland Fossil Plant CY Calendar year DCP Deferred Compensation Plan EIS Environmental Impact Statement FERC Federal Energy Regulatory Commission FHP Financial Hedging Program GAAP Accounting principles generally accepted in the United States of America GAC Grid access charge GEH GE Hitachi Nuclear Energy Holdco John Sevier Holdco LLC Jacobs Jacobs Engineering Group, Inc. JSCCG John Sevier Combined Cycle Generation LLC kWh Kilowatt hours LPCs Local power company customers ML

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TENNESSEE VALLEY AUTHORITY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions) Three Months Ended March 31 Six Months Ended March 31 2024 2023 2024 2023 Operating revenues Revenue from sales of electricity $ 3,093 $ 2,924 $ 5,824 $ 5,887 Other revenue 61 35 95 87 Total operating revenues 3,154 2,959 5,919 5,974 Operating expenses Fuel 641 700 1,137 1,315 Purchased power 372 393 731 884 Operating and maintenance 889 823 1,756 1,650 Depreciation and amortization 530 550 1,051 1,083 Tax equivalents 141 147 274 298 Total operating expenses 2,573 2,613 4,949 5,230 Operating income 581 346 970 744 Other income, net 18 21 41 37 Other net periodic benefit cost 26 51 49 102 Interest expense 266 268 528 530 Net income $ 307 $ 48 $ 434 $ 149 The accompanying notes are an integral part of these consolidated financial statements. TENNESSEE VALLEY AUTHORITY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (in millions) Three Months Ended March 31 Six Months Ended March 31 2024 2023 2024 2023 Net income $ 307 $ 48 $ 434 $ 149 Other comprehensive income (loss) Net unrealized gain (loss) on cash flow hedges ( 4 ) 3 16 74 Net unrealized (gain) loss reclassified to earnings from cash flow hedges 6 ( 9 ) ( 13 ) ( 43 ) Total other comprehensive income (loss) 2 ( 6 ) 3 31 Total comprehensive income $ 309 $ 42 $ 437 $ 180 The accompanying notes are an integral part of these consolidated financial statements. 7 Table of Contents TENNESSEE VALLEY AUTHORITY CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) ASSETS March 31, 2024 September 30, 2023 Current assets Cash and cash equivalents $ 508 $ 501 Accounts receivable, net 1,445 1,745 Inventories, net 1,127 1,108 Regulatory assets 230 178 Other current assets 156 134 Total current assets 3,466 3,666 Property, plant, and equipment Completed plant 67,339 68,199 Less accumulated depreciation ( 35,000 ) ( 35,871 ) Net comp

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