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TVC > SEC Filings for TVC > Form 8-K on 5-Jun-2013All Recent SEC Filings

Show all filings for TENNESSEE VALLEY AUTHORITY | Request a Trial to NEW EDGAR Online Pro



Other Events

Item 8.01 Other Events.

Adoption of Accounting Guidance for Revised Comprehensive Income Presentation.

The Tennessee Valley Authority ("TVA") is filing this Current Report on Form 8-K to reflect the retrospective adoption of a new accounting pronouncement with respect to the financial information contained in its annual report on Form 10-K for the year ended September 30, 2012. Effective for the quarter ended December 31, 2012, TVA adopted Accounting Standards Update ("ASU") No. 2011-05 "Comprehensive Income - Presentation of Comprehensive Income," which changed how comprehensive income is presented in TVA's consolidated financial statements. The adoption of this guidance changed the presentation of TVA's consolidated financial statements but did not affect the calculation of net income or comprehensive income. The following presents the retrospective application of ASU 2011-05 for the fiscal years ended September 30, 2012, September 30, 2011, and September 30, 2010 and should be read in conjunction with the information in TVA's annual report on Form 10-K for the year ended September 30, 2012.

                           TENNESSEE VALLEY AUTHORITY
                        For the years ended September 30
                                 (in millions)
                                                    2012      2011      2010

Net income (loss)                                  $  60     $ 162     $ 972
Other comprehensive income (loss)
Net unrealized gain (loss) on cash flow hedges        99       (50 )     (37 )
Reclassification to earnings from cash flow hedges   (35 )       7        17
Total other comprehensive income (loss)            $  64     $ (43 )   $ (20 )
Total comprehensive income (loss)                  $ 124     $ 119     $ 952

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