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Fair Value Measurements Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018
--- | --- | ---
Investments |  |  |  |  |
Equity securities |  | $ 464 |  | $ 220 |
Government debt securities |  | 344 |  | 236 |
Corporate debt securities |  | 417 |  | 499 |
Mortgage and asset-backed securities |  | 32 |  | 50 |
Institutional mutual funds |  | 250 |  | 126 |
Forward debt securities contracts - asset |  | 22 |  | 45 |
Private equity funds measured at net asset value |  | 140 | [1] | 132 |
Private real estate measured at net asset value |  | 135 | [1] | 124 |
Private credit measured at net asset value | [1] | 33 |  |  |
Commingled funds measured at net asset value |  | 1,131 | [1] | 1,430 |
Total investments |  | 2,968 |  | 2,862 |
Commodity contract derivatives |  | 12 |  | 72 |
Total |  | 2,980 |  | 2,934 |
Liabilities |  |  |  |  |
Currency swaps |  | 208 | [2] | 94 | [3]
Interest rate swaps |  | 1,764 |  | 1,199 |
Commodity contract derivatives |  | 53 |  | 12 |
Total |  | 2,025 |  | 1,305 |
Fair Value, Inputs, Level 1 |  |  |  |  |
Investments |  |  |  |  |
Equity securities |  | 464 |  | 220 |
Government debt securities |  | 279 |  | 199 |
Corporate debt securities |  | 0 |  | 0 |
Mortgage and asset-backed securities |  | 0 |  | 0 |
Institutional mutual funds |  | 250 |  | 126 |
Forward debt securities contracts - asset |  | 0 |  | 0 |
Private equity funds measured at net asset value |  | 0 | [1] | 0 | [4]
Private real estate measured at net asset value |  | 0 | [1] | 0 | [4]
Commingled funds measured at net asset value |  | 0 | [1] | 0 | [4]
Total investments |  | 993 |  | 545 |
Commodity contract derivatives |  | 0 |  | 0 |
Total |  | 993 |  | 545 |
Liabilities |  |  |  |  |
Currency swaps |  | 0 | [2] | 0 | [3]
Interest rate swaps |  | 0 |  | 0 |
Commodity contract derivatives |  | 0 |  | 0 |
Total |  | 0 |  | 0 |
Fair Value, Inputs, Level 2 |  |  |  |  |
Investments |  |  |  |  |
Equity securities |  | 0 |  | 0 |
Government debt securities |  | 65 |  | 37 |
Corporate debt securities |  | 417 |  | 499 |
Mortgage and asset-backed securities |  | 32 |  | 50 |
Institutional mutual funds |  | 0 |  | 0 |
Forward debt securities contracts - asset |  | 22 |  | 45 |
Private equity funds measured at net asset value |  | 0 | [1] | 0 | [4]
Private real estate measured at net asset value |  | 0 | [1] | 0 | [4]
Commingled funds measured at net asset value |  | 0 | [1] | 0 | [4]
Total investments |  | 536 |  | 631 |
Commodity contract derivatives |  | 7 |  | 13 |
Total |  | 543 |  | 644 |
Liabilities |  |  |  |  |
Currency swaps |  | 208 | [2] | 94 | [3]
Interest rate swaps |  | 1,764 |  | 1,199 |
Commodity contract derivatives |  | 44 |  | 11 |
Total |  | 2,016 |  | 1,304 |
Fair Value, Inputs, Level 3 |  |  |  |  |
Investments |  |  |  |  |
Equity securities |  | 0 |  | 0 |
Government debt securities |  | 0 |  | 0 |
Corporate debt securities |  | 0 |  | 0 |
Mortgage and asset-backed securities |  | 0 |  | 0 |
Institutional mutual funds |  | 0 |  | 0 |
Forward debt securities contracts - asset |  | 0 |  | 0 |
Private equity funds measured at net asset value |  | 0 | [1] | 0 | [4]
Private real estate measured at net asset value |  | 0 | [1] | 0 | [4]
Commingled funds measured at net asset value |  | 0 | [1] | 0 | [4]
Total investments |  | 0 |  | 0 |
Commodity contract derivatives |  | 5 |  | 59 |
Total |  | 5 |  | 59 |
Liabilities |  |  |  |  |
Currency swaps |  | 0 | [2] | 0 | [3]
Interest rate swaps |  | 0 |  | 0 |
Commodity contract derivatives |  | 9 |  | 1 |
Total |  | $ 9 |  | $ 1 |
[1] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets.
[2] | TVA records currency swaps net of cash collateral received from or paid to the counterparty, to the extent such amount is not recorded in Accounts payable and accrued liabilities. See Note 15 — Risk Management Activities and Derivative Transactions — Offsetting of Derivative Assets and Liabilities.
[3] | See Note 15 — Risk Management Activities and Derivative Transactions — Offsetting of Derivative Assets and Liabilities.
[4] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets.

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