Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Not applicable.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data for the years 2016 through 2020 should be read in conjunction with the audited financial statements and notes thereto (collectively, the "Consolidated Financial Statements") presented in Item 8, Financial Statements and Supplementary Data. Certain reclassifications have been made to the 2016, 2017, and 2018 financial statement presentations to conform to the 2019 and 2020 presentations.
Selected Financial Data (1)(2)
For the years ended, or at, September 30
(dollars in millions)
2020 2019 2018 2017 2016
Sales (millions of kWh) 151,251 158,443 160,338 152,362 155,855
Peak load (MW) (3)
28,931 29,569 32,509 29,899 29,824
Operating revenues $ 10,249 $ 11,318 $ 11,233 $ 10,739 $ 10,616
Net income $ 1,352 $ 1,417 $ 1,119 $ 685 $ 1,233
Total assets $ 52,825 $ 50,467 $ 48,667 $ 50,017 $ 50,494
Financial obligations
Long-term debt, net (4)
Long-term power bonds, net
$ 17,956 $ 19,094 $ 20,157 $ 20,205 $ 20,901
Long-term debt of variable interest entities, net
1,048 1,089 1,127 1,164 1,199
Long-term notes payable — — 23 69 48
Total long-term debt, net
$ 19,004 $ 20,183 $ 21,307 $ 21,438 $ 22,148
Current debt, net (4)
Short-term debt, net
$ 57 $ 922 $ 1,216 $ 1,998 $ 1,407
Current maturities of power bonds
1,787 1,030 1,032 1,728 1,555
Current maturities of long-term debt of variable interest entities
41 39 38 36 35
Current maturities of notes payable
— 23 46 53 27
Total current debt, net
$ 1,885 $ 2,014 $ 2,332 $ 3,815 $ 3,024
Total debt (4)
$ 20,889 $ 22,197 $ 23,639 $ 25,253 $ 25,172
Finance leases (5)
$ 566 $ 187 $ 182 $ 187 $ 181
Leaseback obligations $ 223 $ 263 $ 301 $ 339 $ 467
Notes
(1) See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations for a description of certain items in 2020, 2019, and 2018 affecting results in those years.
(2) See Item 1A, Risk Factors and Note 22 — Commitments and Contingencies for a discussion of risks and contingencies that could affect TVA's future financial results.
(3) TVA met an all-time summer peak demand of 33,482 megawatts ("MW") on August 16, 2007, at 102 degrees Fahrenheit and an all-time winter peak demand of 33,352 MW on January 24, 2014, at 7.3 degrees Fahrenheit.
(4) See Note 10 — Variable Interest Entities and Note 13 — Debt and Other Obligations — Debt Outstanding .
(5) Included in Accounts payable and accrued liabilities and Finance lease liabilities on the Consolidated Balance Sheets.
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