XML 124 R54.htm IDEA: XBRL DOCUMENT v3.24.3

Benefit Plans Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Obligations and Funded Status

The changes in plan obligations, assets, and funded status for the years ended September 30, 2024 and 2023, were as follows:

Obligations and Funded Status For the years ended September 30 (in millions)
867,300,000			Pension Benefits												Other Post-Retirement Benefits
812,900,000			2024						2023						2024						2023
Change in benefit obligation
Benefit obligation at beginning of year			$	10,099					$	10,536					$	347					$	388
Service cost			29						32						11						10
Interest cost			579						568						21						18
Plan participants' contributions			3						4						—						—
Collections(1)			—						—						12						13
Actuarial (gain) loss			1,059						(284)						(4)						(44)
Net transfers (to) from variable fund/401(k) plan			5						4						—						—
Expenses paid			(6)						(7)						—						—
Benefits paid			(766)						(754)						(34)						(38)
Benefit obligation at end of year			11,002						10,099						353						347
Change in plan assets
Fair value of net plan assets at beginning of year			8,129						8,094						—						—
Actual return on plan assets			1,004						482						—						—
Plan participants' contributions			3						4						—						—
Collections(1)			—						—						12						13
Net transfers (to) from variable fund/401(k) plan			5						4						—						—
Employer contributions			304						306						22						25
Expenses paid			(6)						(7)						—						—
Benefits paid			(766)						(754)						(34)						(38)
Fair value of net plan assets at end of year			8,673						8,129						—						—
Funded status			$	(2,329)					$	(1,970)					$	(353)					$	(347)

Note

(1) Collections include retiree contributions as well as provider discounts and rebates.

Amounts Recognized on TVA's Consolidated Balance Sheets

Amounts related to these benefit plans recognized on TVA's Consolidated Balance Sheets consist of regulatory assets and liabilities that have not been recognized as components of net periodic benefit cost at September 30, 2024 and 2023, and the funded status of TVA's benefit plans, which are included in Accounts payable and accrued liabilities and Post-retirement and post-employment benefit obligations:

Amounts Recognized on TVA's Consolidated Balance Sheets At September 30 (in millions)
			Pension Benefits												Other Post-Retirement Benefits
			2024						2023						2024						2023
Regulatory assets (liabilities)			$	1,979					$	1,440					$	(81)					$	(95)
Accounts payable and accrued liabilities			(6)						(6)						(20)						(21)
Pension and post-retirement benefit obligations(1)			(2,323)						(1,964)						(333)						(326)

Note

(1) The table above excludes $230 million of post-employment benefit costs and $1 million of Restoration Plan costs at September 30, 2024, and $237 million of post-employment benefit costs at September 30, 2023 that are recorded in Post-retirement and post-employment benefit obligations on the Consolidated Balance Sheets.

Post-Retirement Benefit Costs Deferred as Regulatory Assets

Unrecognized amounts included in regulatory assets or liabilities yet to be recognized as components of accrued benefit cost at September 30, 2024 and 2023, consisted of the following:

Post-Retirement Benefit Costs Deferred as Regulatory Assets (Liabilities) At September 30 (in millions)
			Pension Benefits												Other Post-Retirement Benefits
			2024						2023						2024						2023
Unrecognized prior service credit			$	(247)					$	(336)					$	(42)					$	(59)
Unrecognized net loss (gain)			2,226						1,776						(39)						(36)
Total regulatory assets (liabilities)			$	1,979					$	1,440					$	(81)					$	(95)

Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets

Information for the pension projected benefit obligation ("PBO") in excess of plan assets and other post-retirement accumulated postretirement benefit obligation ("APBO") has been disclosed in the Obligations and Funded Status table above. The following table provides the pension plan accumulated benefit obligation ("ABO") in excess of plan assets. The other post-retirement plans are unfunded or have no plan assets.

Accumulated Benefit Obligations in Excess of Plan Assets At September 30 (in millions)
			2024						2023
Accumulated benefit obligation			$	10,971					$	10,069
Fair value of net plan assets			8,673						8,129

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the years ended September 30, 2024, 2023, and 2022 were as follows:

Components of Net Periodic Benefit Cost (1) For the years ended September 30 (in millions)
			Pension Benefits																		Other Post-Retirement Benefits
			2024						2023						2022						2024						2023						2022
Service cost			$	29					$	32					$	53					$	11					$	10					$	17
Interest cost			579						568						378						21						18						15
Expected return on plan assets			(494)						(492)						(435)						—						—						—
Amortization of prior service credit			(89)						(88)						(93)						(17)						(17)						(17)
Recognized net actuarial loss (gain)			99						135						392						(1)						(2)						5
Total net periodic benefit cost as actuarially determined			124						155						295						14						9						20
Amount expensed due to actions of regulator			—						77						13						—						—						—
Net periodic benefit cost			$	124					$	232					$	308					$	14					$	9					$	20

Sensitivity to Certain Changes in Pension Assumptions

The following chart reflects the sensitivity of pension cost to changes in certain actuarial assumptions:

Sensitivity to Certain Changes in Pension Assumptions
Actuarial Assumption						Change in Assumption						Impact on 2024 Pension Cost (in millions)						Impact on 2024 Projected Benefit Obligation (in millions)
Discount rate						(0.25)		%				$	11					$	273
Rate of return on plan assets						(0.25)		%				19						N/A
Cost of living adjustments						0.25		%				22						188

Asset Holdings and Fair Value Measurements

At September 30, 2024 and 2023, the asset holdings of TVARS included the following:

Asset Holdings of TVARS
												Plan Assets at September 30
Asset Category						Target Allocation						2024						2023
Growth assets						17		%				21		%				22		%
Defensive growth assets						30		%				23		%				33		%
Defensive assets						33		%				34		%				17		%
Inflation-sensitive assets						20		%				22		%				28		%
Total						100		%				100		%				100		%

Fair Value Measurements

    The following table provides the fair value measurement amounts for assets held by TVARS at September 30, 2024:

TVA Retirement System At September 30, 2024 (in millions)
			Total(1)(2)						Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets
Equity securities			$	670					$	668					$	—					$	2
Preferred securities			3						—						2						1
Debt securities
Corporate debt securities			1,122						—						1,121						1
Mortgage and asset-backed securities			572						—						511						61
Debt securities issued by U.S. Treasury			543						543						—						—
Debt securities issued by foreign governments			19						—						19						—
Debt securities issued by state/local governments			23						—						23						—
Commingled funds measured at net asset value(3)
Equity			245						—						—						—
Debt			1,236						—						—						—
Institutional mutual funds			180						180						—						—
Cash equivalents and other short-term investments			249						5						244						—
Private credit funds measured at net asset value(3)			1,126						—						—						—
Private equity funds measured at net asset value(3)			1,580						—						—						—
Private real asset funds measured at net asset value(3)			1,150						—						—						—
Securities lending collateral			235						—						235						—
Derivatives
Swaps			6						—						6						—
Total assets			$	8,959					$	1,396					$	2,161					$	65
Liabilities
Derivatives
Futures			$	1					$	1					$	—					$	—
Swaps			3						—						3						—
Total liabilities			$	4					$	1					$	3					$	—

Notes

(1)  Excludes approximately $47 million in net payables associated with security purchases and sales and various other payables.

(2)  Excludes a $235 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs.

(3) Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy. The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks. 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 as the fair value of net plan assets.

    The following table provides the fair value measurement amounts for assets held by TVARS at September 30, 2023:

TVA Retirement System At September 30, 2023 (in millions)
			Total(1)(2)						Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets
Equity securities			$	732					$	731					$	—					$	1
Preferred securities			4						—						4						—
Debt securities
Corporate debt securities			1,109						—						1,107						2
Mortgage and asset-backed securities			616						—						561						55
Debt securities issued by U.S. Treasury			602						602						—						—
Debt securities issued by foreign governments			12						—						10						2
Debt securities issued by state/local governments			21						—						21						—
Commingled funds measured at net asset value(3)
Equity			360						—						—						—
Debt			544						—						—						—
Blended			101						—						—						—
Institutional mutual funds			363						363						—						—
Cash equivalents and other short-term investments			315						51						264						—
Private credit funds measured at net asset value(3)			694						—						—						—
Private equity funds measured at net asset value(3)			1,769						—						—						—
Private real asset funds measured at net asset value(3)			1,162						—						—						—
Securities lending collateral			181						—						181						—
Derivatives
Futures			1						1						—						—
Swaps			17						—						17						—
Foreign currency forward receivable			2						—						2						—
Total assets			$	8,605					$	1,748					$	2,167					$	60
Liabilities
Derivatives
Futures			$	5					$	5					$	—					$	—
Swaps			26						—						26						—
Options			1						1						—						—
Securities sold under agreements to repurchase			96						—						96						—
Total liabilities			$	128					$	6					$	122					$	—

Notes

(1)  Excludes approximately $167 million in net payables associated with security purchases and sales and various other payables.

(2)  Excludes a $181 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs.

(3) Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy. The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks. 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 as the fair value of net plan assets.

Fair Value Measurements Using Significant Unobservable Inputs

The following table provides a reconciliation of beginning and ending balances of pension plan assets measured at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3):

Fair Value Measurements Using Significant Unobservable Inputs (in millions)
			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at September 30, 2022			$	62
Net realized/unrealized gains (losses)			1
Purchases, sales, issuances, and settlements (net)			2
Transfers in and/or out of Level 3			(5)
Balance at September 30, 2023			60
Net realized/unrealized gains (losses)			2
Purchases, sales, issuances, and settlements (net)			10
Transfers in and/or out of Level 3			(7)
Balance at September 30, 2024			$	65

Estimated Future Benefit Payments

Cash Flows

Estimated Future Benefit Payments.  The following table sets forth the estimated future benefit payments under the benefit plans.

Estimated Future Benefits Payments At September 30, 2024 (in millions)
			Pension Benefits(1)						Other Post-Retirement Benefits
2025			$	820					$	20
2026			821						19
2027			821						19
2028			819						19
2029			813						19
2030 - 2034			3,917						106

Note

(1) Participants are assumed to receive the Fixed Fund in a lump sum in lieu of available annuity options allowed for certain grandfathered participants resulting in higher estimated pension benefits payments.

Amounts recognized on Consolidated Balance Sheets

Amounts Recognized on TVA's Consolidated Balance Sheets At September 30 (in millions)
			2024						2023
Accounts payable and accrued liabilities			$	28					$	29
Post-retirement and post-employment benefit obligations			230						237

X

- Definition

[Table Text Block] for Amounts recognized on Consolidated Balance Sheets [Table]

+ References

No definition available.

+ Details

Name:	tve_AmountsrecognizedonConsolidatedBalanceSheetsTableTextBlock
Namespace Prefix:	tve_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the defined pension and other post-retirement benefit costs deferred as regulatory assets including unrecognized prior service costs and unrecognized net gain/loss on plan assets

+ References

No definition available.

+ Details

Name:	tve_ScheduleOfDefinedBenefitCostsDeferredAsRegulatoryAssetsTableTextBlock
Namespace Prefix:	tve_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of a one-quarter-percentage-point decrease in the pension discount rate and the rate of return on plan assets on the net periodic pension benefit costs and the projected benefit obligation for the next fiscal year that follows the most recent annual statement of financial position presented.

+ References

No definition available.

+ Details

Name:	tve_ScheduleOfEffectOfOneQuarterPercentageDecreaseInPensionDiscountRateAndRateOfReturnOnPlanAssetsTableTextBlock
Namespace Prefix:	tve_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligations including the projected benefit obligation and the accumulated benefit obligation where the obligations exceed the fair value of the plan assets as of the measurement date.

+ References

No definition available.

+ Details

Name:	tve_ScheduleOfProjectedBenefitObligationsAndAccumulatedBenefitObligationsInExessOfPlanAssetsTableTextBlock
Namespace Prefix:	tve_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration