TVA Files Q1 Fiscal 2025 10-Q Report
Ticker: TVC · Form: 10-Q · Filed: Feb 5, 2025 · CIK: 1376986
| Field | Detail |
|---|---|
| Company | Tennessee Valley Authority (TVC) |
| Form Type | 10-Q |
| Filed Date | Feb 5, 2025 |
| Risk Level | low |
| Pages | 13 |
| Reading Time | 15 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, energy
TL;DR
**TVA's Q1 FY25 10-Q is in. Expect financial and operational updates.**
AI Summary
Tennessee Valley Authority (TVA) filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of fiscal year 2025. Key financial data and operational details for TVA are presented in this report.
Why It Matters
This report provides investors and stakeholders with a quarterly update on the financial health and operational performance of the Tennessee Valley Authority, a major energy provider.
Risk Assessment
Risk Level: low — As a government-owned entity, TVA's risk profile is generally considered lower than publicly traded companies due to its stable funding and regulatory environment.
Key Players & Entities
- Tennessee Valley Authority (company) — Filer of the 10-Q
- 2024-12-31 (date) — End of reporting period
- 2025-02-05 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the period ending December 31, 2024, representing the first quarter of fiscal year 2025.
When was this 10-Q filed with the SEC?
This 10-Q was filed on February 5, 2025.
What is the primary business of Tennessee Valley Authority?
Tennessee Valley Authority is primarily involved in Electric Services, as indicated by its SIC code 4911.
What is the fiscal year end for Tennessee Valley Authority?
The fiscal year end for Tennessee Valley Authority is September 30.
What are some of the key financial concepts mentioned in the filing header?
The filing header mentions concepts such as Credit_facilities, Bond_issues, Customers, Units, Insurance_layers, reactors, and Procedures.
Filing Stats: 3,838 words · 15 min read · ~13 pages · Grade level 20 · Accepted 2025-02-04 17:36:17
Filing Documents
- tve-20241231.htm (10-Q) — 1540KB
- offerletter-tricexcfo.htm (EX-10.4) — 5KB
- eaip-january2025update.htm (EX-10.5) — 90KB
- tve-123124xex3111stquarter.htm (EX-31.1) — 11KB
- tve-123124xex3121stquarter.htm (EX-31.2) — 11KB
- tve-123124xex3211stquarter.htm (EX-32.1) — 6KB
- tve-123124xex3221stquarter.htm (EX-32.2) — 6KB
- image_01.jpg (GRAPHIC) — 4KB
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- tve-20241231_g1.jpg (GRAPHIC) — 59KB
- tve-20241231_g2.jpg (GRAPHIC) — 61KB
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- tve-20241231_g9.jpg (GRAPHIC) — 22KB
- 0001376986-25-000011.txt ( ) — 11657KB
- tve-20241231.xsd (EX-101.SCH) — 106KB
- tve-20241231_cal.xml (EX-101.CAL) — 84KB
- tve-20241231_def.xml (EX-101.DEF) — 576KB
- tve-20241231_lab.xml (EX-101.LAB) — 950KB
- tve-20241231_pre.xml (EX-101.PRE) — 750KB
- tve-20241231_htm.xml (XML) — 1647KB
- 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).......................................................................................................... 9 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... 40 Executive Overview ............................................................................................................................................................... 40 Results of Operations ............................................................................................................................................................ 41 Liquidity and Capital Resources ............................................................................................................................................ 46 Key Initiatives and Challenges.............................................................................................................................................. 48 Environmental Matters.......................................................................................................................................................... 49 Legal Proceedings................................................................................................................................................................ 50 Critical Accounting Estimates ................................................................................................................................................ 50 New Accounting Standards and Interpretations .................................................................................................................... 50 Legislative and Regulatory Matters....................................................................................................................................... 50 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .............................................................. 50 ITEM 4. CONTROLS AND PROCEDURES ..............................................................................................................
- OTHER INFORMATION
PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS .................................................................................................................................................. 51 ITEM 1A. R ISK FACTORS............................................................................................................................................................ 51 ITEM 5. OTHER INFORMATION.................................................................................................................................................. 51 ITEM 6. EXHIBITS ........................................................................................................................................................................ 52 SIGNATURES ............................................................................................................................................................................... 53 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 December 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 CCR Coal combustion residuals CCR Rule 2015 Coal Combustion Residual Rule CEO Chief Executive Officer CT Combustion turbine CY Calendar year DCP Deferred Compensation Plan 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 JACTG Johnsonville Aeroderivative Combustion Turbine Generation LLC JHLLC Johnsonville Holdco LLC Johnsonville Facility Johnsonville Aeroderivative Combustion Turbine Facility JSCCG John Sevier Combined Cycle Generation LLC kW
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS TENNESSEE VALLEY AUTHORITY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31 (in millions) 2024 2023 Operating revenues Revenue from sales of electricity $ 2,876 $ 2,731 Other revenue 44 34 Total operating revenues 2,920 2,765 Operating expenses Fuel 505 496 Purchased power 394 359 Operating and maintenance 905 867 Depreciation and amortization 557 521 Tax equivalents 146 133 Total operating expenses 2,507 2,376 Operating income 413 389 Other income, net 17 23 Other net periodic benefit cost 25 23 Interest expense 280 262 Net income $ 125 $ 127 The accompanying notes are an integral part of these consolidated financial statements. TENNESSEE VALLEY AUTHORITY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended December 31 (in millions) 2024 2023 Net income $ 125 $ 127 Other comprehensive income (loss) Net unrealized gain (loss) on cash flow hedges ( 19 ) 20 Net unrealized (gain) loss reclassified to earnings from cash flow hedges 37 ( 19 ) Total other comprehensive income 18 1 Total comprehensive income $ 143 $ 128 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 December 31, 2024 September 30, 2024 Current assets Cash and cash equivalents $ 507 $ 502 Restricted cash of variable interest entity 25 — Accounts receivable, net 1,709 1,801 Inventories, net 1,198 1,155 Regulatory assets 110 191 Other current assets 159 120 Total current assets 3,708 3,769 Property, plant, and equipment Completed plant 70,690 70,989 Less accumulated depreciation ( 38,220 ) ( 38,793 ) Net completed plant 32,470 32,196 Construction in progress 5,430 4,879 Nuclear fuel 1,310 1,261 Finance leases 708 729 Total property, plant, and equipment, net 39,918 39,065 Investment funds 4,919 4,968