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Regulatory Assets and Liabilities

3 Months Ended

Dec. 31, 2022

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Assets and Liabilities

Regulatory Assets and Liabilities

    TVA records certain assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. As such, certain items that would generally be reported in earnings or that would impact the Consolidated Statements of Operations are recorded as regulatory assets or regulatory liabilities. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates.  Regulatory liabilities generally represent obligations to make refunds to customers for previous collections for costs that are not likely to be incurred or deferral of gains that will be credited to customers in future periods. Components of regulatory assets and regulatory liabilities are summarized in the table below.

Regulatory Assets and Liabilities (in millions)
			At December 31, 2022						At September 30, 2022
Current regulatory assets
Unrealized losses on interest rate derivatives			$	41					$	47
Unrealized losses on commodity derivatives			137						14
Fuel cost adjustment receivable			142						77
Total current regulatory assets			320						138
Non-current regulatory assets
Retirement benefit plans deferred costs			1,809						1,839
Non-nuclear decommissioning costs			2,769						2,856
Unrealized losses on interest rate derivatives			474						479
Nuclear decommissioning costs			705						821
Unrealized losses on commodity derivatives			15						1
Other non-current regulatory assets			137						138
Total non-current regulatory assets			5,909						6,134
Total regulatory assets			$	6,229					$	6,272
Current regulatory liabilities
Fuel cost adjustment tax equivalents			$	218					$	218
Unrealized gains on commodity derivatives			59						173
Total current regulatory liabilities			277						391
Non-current regulatory liabilities
Retirement benefit plans deferred credits			66						70
Unrealized gains on commodity derivatives			43						102
Total non-current regulatory liabilities			109						172
Total regulatory liabilities			$	386					$	563

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- Definition

The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit.

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