TVA Files Q3 2024 10-Q with Financial Updates

Ticker: TVC · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1376986

Tennessee Valley Authority 10-Q Filing Summary
FieldDetail
CompanyTennessee Valley Authority (TVC)
Form Type10-Q
Filed DateJul 30, 2024
Risk Levellow
Pages13
Reading Time15 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, utility, financials

TL;DR

TVA's Q3 2024 10-Q is in: financials look steady, operations continue.

AI Summary

Tennessee Valley Authority (TVA) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational aspects for the third quarter of fiscal year 2024. Key financial data and disclosures relevant to its operations as a federal corporation are presented.

Why It Matters

This filing provides insight into the financial health and operational status of a major U.S. energy provider, impacting regional power costs and infrastructure investments.

Risk Assessment

Risk Level: low — As a federal corporation, TVA operates under a unique regulatory framework, generally posing lower market-driven risks compared to publicly traded companies.

Key Players & Entities

  • Tennessee Valley Authority (company) — Filer of the 10-Q
  • 20240630 (date) — End of the reporting period
  • 20240730 (date) — Filing date

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the fiscal quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed with the SEC on July 30, 2024.

What is the fiscal year end for Tennessee Valley Authority?

The fiscal year end for Tennessee Valley Authority is September 30.

What is the primary SIC code for Tennessee Valley Authority?

The primary SIC code for Tennessee Valley Authority is 4911, Electric Services.

What are some of the XBRL tags mentioned in the filing header?

Some of the XBRL tags mentioned include tve:Credit_facilities, tve:Bond_issues, tve:Customers, tve:Units, tve:Insurance_layers, tve:reactors, and tve:Procedures.

Filing Stats: 3,853 words · 15 min read · ~13 pages · Grade level 20 · Accepted 2024-07-29 17:40:34

Filing Documents

- 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................................................................................................................................................................ 56 Off-Balance Sheet Arrangements.......................................................................................................................................... 57 Critical Accounting Estimates ................................................................................................................................................ 57 New Accounting Standards and Interpretations .................................................................................................................... 57 Legislative and Regulatory Matters....................................................................................................................................... 57 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ....................................

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS .................................................................................................................................................. 58 ITEM 1A. R ISK FACTORS............................................................................................................................................................ 58 ITEM 5. OTHER INFORMATION.................................................................................................................................................. 58 ITEM 6. EXHIBITS ........................................................................................................................................................................ 59 SIGNATURES ............................................................................................................................................................................... 60 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 June 30, 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 CCRMUs CCR management units CTs Combustion turbine unit(s) Cumberland Cumberland Fossil Plant CY Calendar year DCP Deferred Compensation Plan EIS Environmental Impact Statement EPA Environmental Protection Agency 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

- 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 June 30 Nine Months Ended June 30 2024 2023 2024 2023 Operating revenues Revenue from sales of electricity $ 2,830 $ 2,664 $ 8,654 $ 8,551 Other revenue 49 34 144 121 Total operating revenues 2,879 2,698 8,798 8,672 Operating expenses Fuel 424 530 1,561 1,845 Purchased power 408 350 1,139 1,234 Operating and maintenance 915 896 2,671 2,546 Depreciation and amortization 542 548 1,593 1,631 Tax equivalents 131 137 405 435 Total operating expenses 2,420 2,461 7,369 7,691 Operating income 459 237 1,429 981 Other income, net 14 20 55 57 Other net periodic benefit cost 25 51 74 153 Interest expense 267 264 795 794 Net income (loss) $ 181 $ ( 58 ) $ 615 $ 91 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 June 30 Nine Months Ended June 30 2024 2023 2024 2023 Net income (loss) $ 181 $ ( 58 ) $ 615 $ 91 Other comprehensive income (loss) Net unrealized gain on cash flow hedges 1 5 17 79 Net unrealized (gain) reclassified to earnings from cash flow hedges ( 7 ) ( 22 ) ( 20 ) ( 65 ) Total other comprehensive income (loss) ( 6 ) ( 17 ) ( 3 ) 14 Total comprehensive income (loss) $ 175 $ ( 75 ) $ 612 $ 105 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 June 30, 2024 September 30, 2023 Current assets Cash and cash equivalents $ 501 $ 501 Accounts receivable, net 1,678 1,745 Inventories, net 1,191 1,108 Regulatory assets 178 178 Other current assets 142 134 Total current assets 3,690 3,666 Property, plant, and equipment Completed plant 70,839 68,199 Less accumulated depreciati

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