Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN CO |
Entity Central Index Key | 92,122 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 918,258,425 |
Alabama Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | ALABAMA POWER CO |
Entity Central Index Key | 3,153 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 30,537,500 |
Georgia Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | GEORGIA POWER CO |
Entity Central Index Key | 41,091 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 9,261,500 |
Gulf Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | GULF POWER CO |
Entity Central Index Key | 44,545 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 5,642,717 |
Mississippi Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | MISSISSIPPI POWER CO |
Entity Central Index Key | 66,904 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,121,000 |
Southern Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN POWER CO |
Entity Central Index Key | 1,160,661 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Revenues: | ||
Retail revenues | $ 3,377 | $ 3,542 |
Wholesale revenues | 396 | 467 |
Other electric revenues | 181 | 163 |
Other revenues | 11 | 11 |
Total operating revenues | 3,965 | 4,183 |
Operating Expenses: | ||
Fuel | 911 | 1,212 |
Purchased power | 165 | 144 |
Other operations and maintenance | 1,106 | 1,122 |
Depreciation and amortization | 541 | 487 |
Taxes other than income taxes | 256 | 252 |
Estimated loss on Kemper IGCC | 53 | 9 |
Total operating expenses | 3,032 | 3,226 |
Operating Income (Loss) | 933 | 957 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 53 | 63 |
Interest expense, net of amounts capitalized | (246) | (213) |
Other income (expense), net | (21) | (8) |
Total other income and (expense) | (214) | (158) |
Earnings Before Income Taxes | 719 | 799 |
Income taxes (benefit) | 222 | 274 |
Net Income (Loss) | 497 | 525 |
Less: Net income attributable to noncontrolling interests | 1 | 0 |
Dividends on preferred and preference stock of subsidiaries | 11 | 17 |
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | $ 485 | $ 508 |
Earnings per share (EPS) - | ||
Basic EPS (in dollars per share) | $ 0.53 | $ 0.56 |
Diluted EPS (in dollars per share) | $ 0.53 | $ 0.56 |
Average number of shares of common stock outstanding (in millions) | ||
Basic (in shares) | 916 | 910 |
Diluted (in shares) | 922 | 915 |
Cash dividends paid per share of common stock (in dollars per share) | $ 0.5425 | $ 0.525 |
Alabama Power [Member] | ||
Operating Revenues: | ||
Retail revenues | $ 1,193 | $ 1,268 |
Wholesale revenues, non-affiliates | 63 | 65 |
Wholesale revenues, affiliates | 22 | 15 |
Other revenues | 53 | 53 |
Total operating revenues | 1,331 | 1,401 |
Operating Expenses: | ||
Fuel | 268 | 310 |
Purchased power, non-affiliates | 36 | 41 |
Purchased power, affiliates | 33 | 53 |
Other operations and maintenance | 392 | 399 |
Depreciation and amortization | 172 | 158 |
Taxes other than income taxes | 97 | 94 |
Total operating expenses | 998 | 1,055 |
Operating Income (Loss) | 333 | 346 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 10 | 15 |
Interest expense, net of amounts capitalized | (73) | (65) |
Other income (expense), net | (8) | (4) |
Total other income and (expense) | (71) | (54) |
Earnings Before Income Taxes | 262 | 292 |
Income taxes (benefit) | 103 | 113 |
Net Income (Loss) | 159 | 179 |
Dividends on preferred and preference stock of subsidiaries | 4 | 10 |
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 155 | 169 |
Georgia Power [Member] | ||
Operating Revenues: | ||
Retail revenues | 1,717 | 1,814 |
Wholesale revenues, non-affiliates | 41 | 68 |
Wholesale revenues, affiliates | 5 | 8 |
Other revenues | 109 | 88 |
Total operating revenues | 1,872 | 1,978 |
Operating Expenses: | ||
Fuel | 376 | 526 |
Purchased power, non-affiliates | 83 | 60 |
Purchased power, affiliates | 139 | 149 |
Other operations and maintenance | 457 | 474 |
Depreciation and amortization | 211 | 216 |
Taxes other than income taxes | 97 | 99 |
Total operating expenses | 1,363 | 1,524 |
Operating Income (Loss) | 509 | 454 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 14 | 15 |
Interest expense, net of amounts capitalized | (94) | (89) |
Other income (expense), net | 17 | 15 |
Total other income and (expense) | (77) | (74) |
Earnings Before Income Taxes | 432 | 380 |
Income taxes (benefit) | 160 | 140 |
Net Income (Loss) | 272 | 240 |
Dividends on preferred and preference stock of subsidiaries | 4 | 4 |
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 268 | 236 |
Gulf Power [Member] | ||
Operating Revenues: | ||
Retail revenues | 283 | 293 |
Wholesale revenues, non-affiliates | 16 | 25 |
Wholesale revenues, affiliates | 21 | 22 |
Other revenues | 15 | 17 |
Total operating revenues | 335 | 357 |
Operating Expenses: | ||
Fuel | 94 | 110 |
Purchased power, non-affiliates | 30 | 25 |
Purchased power, affiliates | 2 | 9 |
Other operations and maintenance | 77 | 93 |
Depreciation and amortization | 38 | 20 |
Taxes other than income taxes | 29 | 28 |
Total operating expenses | 270 | 285 |
Operating Income (Loss) | 65 | 72 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 0 | 4 |
Interest expense, net of amounts capitalized | (13) | (13) |
Other income (expense), net | (1) | (1) |
Total other income and (expense) | (14) | (10) |
Earnings Before Income Taxes | 51 | 62 |
Income taxes (benefit) | 20 | 23 |
Net Income (Loss) | 31 | 39 |
Dividends on preferred and preference stock of subsidiaries | 2 | 2 |
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 29 | 37 |
Mississippi Power [Member] | ||
Operating Revenues: | ||
Retail revenues | 183 | 167 |
Wholesale revenues, non-affiliates | 60 | 77 |
Wholesale revenues, affiliates | 9 | 27 |
Other revenues | 5 | 5 |
Total operating revenues | 257 | 276 |
Operating Expenses: | ||
Fuel | 76 | 114 |
Purchased power, non-affiliates | 0 | 2 |
Purchased power, affiliates | 5 | 2 |
Other operations and maintenance | 69 | 73 |
Depreciation and amortization | 38 | 27 |
Taxes other than income taxes | 26 | 25 |
Estimated loss on Kemper IGCC | 53 | 9 |
Total operating expenses | 267 | 252 |
Operating Income (Loss) | (10) | 24 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 29 | 28 |
Interest expense, net of amounts capitalized | (16) | (11) |
Other income (expense), net | (2) | (2) |
Total other income and (expense) | 11 | 15 |
Earnings Before Income Taxes | 1 | 39 |
Income taxes (benefit) | (10) | 4 |
Net Income (Loss) | 11 | 35 |
Dividends on preferred and preference stock of subsidiaries | 0 | 0 |
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 11 | 35 |
Southern Power [Member] | ||
Operating Revenues: | ||
Wholesale revenues, non-affiliates | 215 | 232 |
Wholesale revenues, affiliates | 97 | 114 |
Other revenues | 3 | 2 |
Total operating revenues | 315 | 348 |
Operating Expenses: | ||
Fuel | 91 | 138 |
Purchased power, non-affiliates | 13 | 16 |
Purchased power, affiliates | 6 | 10 |
Other operations and maintenance | 79 | 52 |
Depreciation and amortization | 73 | 59 |
Taxes other than income taxes | 6 | 6 |
Total operating expenses | 268 | 281 |
Operating Income (Loss) | 47 | 67 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (21) | (22) |
Other income (expense), net | 2 | 0 |
Total other income and (expense) | (19) | (22) |
Earnings Before Income Taxes | 28 | 45 |
Income taxes (benefit) | (23) | 12 |
Net Income (Loss) | 51 | 33 |
Less: Net income attributable to noncontrolling interests | 1 | 0 |
Net income attributable to Southern Power Company | $ 50 | $ 33 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income (loss) | $ 497 | $ 525 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (117) | (18) |
Reclassification adjustment for amounts included in net income, net of tax | 2 | 1 |
Pension and other post retirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 2 |
Total other comprehensive income (loss) | (114) | (15) |
Dividends on preferred and preference stock of subsidiaries | 11 | 17 |
Comprehensive income attributable to noncontrolling interests | 1 | 0 |
Comprehensive Income (Loss) | 371 | 493 |
Alabama Power [Member] | ||
Net Income (loss) | 159 | 179 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (2) | (4) |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | (1) | (4) |
Dividends on preferred and preference stock of subsidiaries | 4 | 10 |
Comprehensive Income (Loss) | 158 | 175 |
Georgia Power [Member] | ||
Net Income (loss) | 272 | 240 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | (14) |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | (14) |
Dividends on preferred and preference stock of subsidiaries | 4 | 4 |
Comprehensive Income (Loss) | 273 | 226 |
Gulf Power [Member] | ||
Net Income (loss) | 31 | 39 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (3) | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | (3) | 0 |
Dividends on preferred and preference stock of subsidiaries | 2 | 2 |
Comprehensive Income (Loss) | 28 | 39 |
Mississippi Power [Member] | ||
Net Income (loss) | 11 | 35 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | 0 |
Dividends on preferred and preference stock of subsidiaries | 0 | 0 |
Comprehensive Income (Loss) | 11 | 35 |
Southern Power [Member] | ||
Net Income (loss) | 51 | 33 |
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | 0 |
Comprehensive income attributable to noncontrolling interests | 1 | 0 |
Comprehensive Income (Loss) | $ 51 | $ 33 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in fair value, tax | $ (72) | $ (11) |
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | 1 | 1 |
Reclassification adjustment for amounts of pension and other post retirement benefit plans included in net income, tax | 1 | 1 |
Alabama Power [Member] | ||
Changes in fair value, tax | (1) | (2) |
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | 1 | 0 |
Gulf Power [Member] | ||
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | (2) | 0 |
Southern Power [Member] | ||
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | 0 | 0 |
Georgia Power [Member] | ||
Changes in fair value, tax | 0 | (9) |
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net income (loss) | $ 497 | $ 525 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 639 | 578 |
Deferred income taxes | (4) | 113 |
Allowance for equity funds used during construction | (53) | (63) |
Stock based compensation expense | 58 | 56 |
Estimated loss on Kemper IGCC | 53 | 9 |
Other, net | (13) | 4 |
Changes in certain current assets and liabilities — | ||
-Receivables | 235 | 180 |
-Fossil fuel stock | 31 | 76 |
-Materials and supplies | (14) | 4 |
-Other current assets | (90) | (89) |
-Accounts payable | (72) | (426) |
-Accrued taxes | (60) | 197 |
-Accrued compensation | (332) | (381) |
-Retail fuel cost over recovery - short-term | 25 | 49 |
-Mirror CWIP | 0 | 40 |
-Other current liabilities | (35) | 41 |
Net cash provided from (used for) operating activities | 865 | 913 |
Investing Activities: | ||
Plant acquisitions | (114) | (6) |
Property additions | (1,872) | (1,091) |
Investment in restricted cash | (289) | 0 |
Distributions of restricted cash | 292 | 0 |
Nuclear decommissioning trust fund purchases | (316) | (290) |
Nuclear decommissioning trust fund sales | 311 | 284 |
Cost of removal, net of salvage | (52) | (36) |
Change in construction payables | (94) | 65 |
Prepaid long-term service agreement | (49) | (37) |
Other investing activities | (14) | 4 |
Net cash used for investing activities | (2,197) | (1,107) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 294 | 597 |
Proceeds — | ||
Long-term debt issuances | 1,997 | 550 |
Common stock issuances | 270 | 112 |
Short-term borrowings | 0 | 280 |
Redemptions and repurchases — | ||
Long-term debt | (888) | (333) |
Common stock | 0 | (115) |
Short-term borrowings | (475) | 0 |
Capital contributions from noncontrolling interests | 131 | 0 |
Purchase of membership interests from noncontrolling interests | (4) | 0 |
Purchase of Membership Interests from Noncontrolling Interests | (129) | 0 |
Payment of common stock dividends | (497) | (478) |
Other financing activities | (17) | (17) |
Net cash provided from (used for) financing activities | 682 | 596 |
Net Change in Cash and Cash Equivalents | (650) | 402 |
Cash and Cash Equivalents at Beginning of Period | 1,404 | 710 |
Cash and Cash Equivalents at End of Period | 754 | 1,112 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 224 | 207 |
Income taxes, net | (141) | (289) |
Noncash transactions - Accrued property additions at end of period | 731 | 347 |
Alabama Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 159 | 179 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 211 | 196 |
Deferred income taxes | 68 | 16 |
Allowance for equity funds used during construction | (10) | (15) |
Other, net | (3) | 2 |
Changes in certain current assets and liabilities — | ||
-Receivables | 191 | (3) |
-Fossil fuel stock | (27) | 0 |
-Materials and supplies | (8) | 12 |
-Other current assets | (79) | (80) |
-Accounts payable | (143) | (229) |
-Accrued taxes | 64 | 246 |
-Accrued compensation | (75) | (89) |
-Retail fuel cost over recovery - short-term | (1) | 34 |
-Other current liabilities | (8) | 21 |
Net cash provided from (used for) operating activities | 339 | 290 |
Investing Activities: | ||
Property additions | (313) | (325) |
Nuclear decommissioning trust fund purchases | (105) | (129) |
Nuclear decommissioning trust fund sales | 105 | 129 |
Cost of removal, net of salvage | (31) | (13) |
Change in construction payables | (15) | 34 |
Other investing activities | (9) | (9) |
Net cash used for investing activities | (368) | (313) |
Proceeds — | ||
Senior notes issuances | 400 | 550 |
Capital contributions from parent company | 236 | 6 |
Other long-term debt | 45 | 0 |
Redemptions and repurchases — | ||
Senior notes | (200) | (250) |
Payment of common stock dividends | (191) | (143) |
Other financing activities | (11) | (18) |
Net cash provided from (used for) financing activities | 279 | 145 |
Net Change in Cash and Cash Equivalents | 250 | 122 |
Cash and Cash Equivalents at Beginning of Period | 194 | 273 |
Cash and Cash Equivalents at End of Period | 444 | 395 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 76 | 68 |
Income taxes, net | (162) | (136) |
Noncash transactions - Accrued property additions at end of period | 106 | 41 |
Georgia Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 272 | 240 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 261 | 256 |
Deferred income taxes | 55 | (7) |
Allowance for equity funds used during construction | (14) | (15) |
Deferred expenses | 38 | 33 |
Other, net | (9) | 4 |
Changes in certain current assets and liabilities — | ||
-Receivables | 155 | 166 |
-Fossil fuel stock | 36 | 67 |
-Prepaid income taxes | 38 | 170 |
-Other current assets | 12 | (13) |
-Accounts payable | 4 | (261) |
-Accrued taxes | (235) | (217) |
-Accrued compensation | (66) | (81) |
-Other current liabilities | 16 | 21 |
Net cash provided from (used for) operating activities | 563 | 363 |
Investing Activities: | ||
Property additions | (553) | (422) |
Nuclear decommissioning trust fund purchases | (211) | (161) |
Nuclear decommissioning trust fund sales | 206 | 155 |
Cost of removal, net of salvage | (15) | (16) |
Change in construction payables, net of joint owner portion | (101) | 37 |
Prepaid long-term service agreement | (11) | (9) |
Other investing activities | (4) | 11 |
Net cash used for investing activities | (689) | (405) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (158) | 434 |
Proceeds — | ||
Senior notes issuances | 650 | 0 |
Capital contributions from parent company | 218 | 11 |
Short-term borrowings | 0 | 250 |
Redemptions and repurchases — | ||
Pollution control revenue bonds | (4) | 0 |
Senior notes | (250) | 0 |
Payment of common stock dividends | (326) | (259) |
Other financing activities | (11) | (5) |
Net cash provided from (used for) financing activities | 119 | 431 |
Net Change in Cash and Cash Equivalents | (7) | 389 |
Cash and Cash Equivalents at Beginning of Period | 67 | 24 |
Cash and Cash Equivalents at End of Period | 60 | 413 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 86 | 79 |
Income taxes, net | (88) | (34) |
Noncash transactions - Accrued property additions at end of period | 290 | 177 |
Gulf Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 31 | 39 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 40 | 22 |
Deferred income taxes | 9 | 27 |
Allowance for equity funds used during construction | 0 | (4) |
Other, net | (2) | 11 |
Changes in certain current assets and liabilities — | ||
-Receivables | 35 | 12 |
-Fossil fuel stock | 15 | (2) |
-Other current assets | 2 | 5 |
-Accounts payable | (6) | (28) |
-Accrued taxes | 13 | 5 |
-Accrued compensation | (18) | (16) |
-Other current liabilities | 13 | 10 |
Net cash provided from (used for) operating activities | 132 | 81 |
Investing Activities: | ||
Property additions | (32) | (84) |
Cost of removal, net of salvage | (2) | (5) |
Change in construction payables | (6) | (1) |
Other investing activities | (2) | (2) |
Net cash used for investing activities | (42) | (92) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (85) | 40 |
Proceeds — | ||
Common stock issuances | 0 | 20 |
Redemptions and repurchases — | ||
Payment of common stock dividends | (30) | (33) |
Other financing activities | (1) | 0 |
Net cash provided from (used for) financing activities | (116) | 27 |
Net Change in Cash and Cash Equivalents | (26) | 16 |
Cash and Cash Equivalents at Beginning of Period | 74 | 39 |
Cash and Cash Equivalents at End of Period | 48 | 55 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 3 | 3 |
Income taxes, net | (25) | (8) |
Noncash transactions - Accrued property additions at end of period | 15 | 41 |
Mississippi Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 11 | 35 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 39 | 26 |
Deferred income taxes | (4) | 141 |
Allowance for equity funds used during construction | (29) | (28) |
Regulatory assets associated with Kemper IGCC | (6) | (27) |
Estimated loss on Kemper IGCC | 53 | 9 |
Other, net | 1 | 11 |
Changes in certain current assets and liabilities — | ||
-Receivables | 45 | 17 |
-Fossil fuel stock | 6 | 4 |
-Prepaid income taxes | (3) | 44 |
-Other current assets | (5) | (3) |
-Accounts payable | (22) | (22) |
-Accrued taxes | (61) | (54) |
-Accrued interest | 2 | 9 |
-Accrued compensation | (16) | (20) |
-Over recovered regulatory clause revenues | 9 | 22 |
-Mirror CWIP | 0 | 40 |
-Customer liability associated with Kemper refunds | (51) | 0 |
-Other current liabilities | 6 | 0 |
Net cash provided from (used for) operating activities | (25) | 204 |
Investing Activities: | ||
Property additions | (197) | (213) |
Change in construction payables | (7) | (14) |
Other investing activities | (10) | (6) |
Net cash used for investing activities | (214) | (233) |
Proceeds — | ||
Capital contributions from parent company | 1 | 76 |
Short-term borrowings | 0 | 30 |
Long-term debt issuance to parent company | 200 | 0 |
Other long-term debt | 900 | 0 |
Redemptions and repurchases — | ||
Short-term borrowings | (475) | 0 |
Other long-term debt | (425) | (75) |
Other financing activities | (2) | (1) |
Net cash provided from (used for) financing activities | 199 | 30 |
Net Change in Cash and Cash Equivalents | (40) | 1 |
Cash and Cash Equivalents at Beginning of Period | 98 | 133 |
Cash and Cash Equivalents at End of Period | 58 | 134 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 12 | (1) |
Income taxes, net | (24) | (180) |
Noncash transactions - Accrued property additions at end of period | 97 | 100 |
Southern Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 51 | 33 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 75 | 60 |
Deferred income taxes | (132) | (54) |
Amortization of investment tax credits | (7) | (4) |
Deferred revenues | (26) | (20) |
Other, net | 9 | 3 |
Changes in certain current assets and liabilities — | ||
-Receivables | (3) | 2 |
-Fossil fuel stock | 1 | 6 |
-Prepaid income taxes | (31) | (2) |
-Accounts payable | (12) | (25) |
-Accrued taxes | (37) | (4) |
-Accrued interest | 2 | (15) |
-Other current liabilities | 0 | 1 |
Net cash provided from (used for) operating activities | (110) | (19) |
Investing Activities: | ||
Plant acquisitions | (114) | (6) |
Property additions | (767) | (33) |
Investment in restricted cash | (289) | 0 |
Distributions of restricted cash | 292 | 0 |
Change in construction payables | 31 | 17 |
Payments pursuant to long-term service agreements | (25) | (16) |
Other investing activities | (1) | 0 |
Net cash used for investing activities | (873) | (38) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 276 | 38 |
Redemptions and repurchases — | ||
Capital contributions from noncontrolling interests | 131 | 0 |
Purchase of membership interests from noncontrolling interests | (4) | 0 |
Purchase of Membership Interests from Noncontrolling Interests | (129) | 0 |
Payment of common stock dividends | (68) | (33) |
Net cash provided from (used for) financing activities | 206 | 5 |
Net Change in Cash and Cash Equivalents | (777) | (52) |
Cash and Cash Equivalents at Beginning of Period | 830 | 75 |
Cash and Cash Equivalents at End of Period | 53 | 23 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 15 | 36 |
Income taxes, net | 188 | 79 |
Noncash transactions - Accrued property additions at end of period | $ 262 | $ 16 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net cash paid for capitalized interest | $ 30 | $ 32 |
Alabama Power [Member] | ||
Net cash paid for capitalized interest | 4 | 5 |
Georgia Power [Member] | ||
Net cash paid for capitalized interest | 5 | 6 |
Gulf Power [Member] | ||
Net cash paid for capitalized interest | 0 | 2 |
Mississippi Power [Member] | ||
Interest paid | 22 | 17 |
Net cash paid for capitalized interest | 10 | 18 |
Southern Power [Member] | ||
Net cash paid for capitalized interest | $ 10 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 754 | $ 1,404 |
Receivables — | ||
Customer accounts receivable | 988 | 1,058 |
Unbilled revenues | 380 | 397 |
Under recovered regulatory clause revenues | 43 | 63 |
Income taxes receivable, current | 0 | 144 |
Other accounts and notes receivable | 236 | 398 |
Accumulated provision for uncollectible accounts | (13) | (13) |
Fossil fuel stock, at average cost | 837 | 868 |
Materials and supplies, at average cost | 1,085 | 1,061 |
Vacation pay | 181 | 178 |
Other regulatory assets, current | 394 | 402 |
Prepaid expenses | 486 | 495 |
Other current assets | 90 | 71 |
Total current assets | 5,461 | 6,526 |
Property, Plant, and Equipment: | ||
In service | 76,553 | 75,118 |
Less accumulated provision for depreciation | 24,566 | 24,253 |
Plant in service, net of depreciation | 51,987 | 50,865 |
Other utility plant, net | 218 | 233 |
Nuclear fuel, at amortized cost | 941 | 934 |
Construction work in progress | 9,406 | 9,082 |
Total property, plant, and equipment | 62,552 | 61,114 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,540 | 1,512 |
Leveraged leases | 761 | 755 |
Miscellaneous property and investments | 488 | 485 |
Total other property and investments | 2,789 | 2,752 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 1,572 | 1,560 |
Unamortized loss on reacquired debt | 220 | 227 |
Other regulatory assets, deferred | 4,957 | 4,989 |
Income taxes receivable, non-current | 413 | 413 |
Other deferred charges and assets | 771 | 737 |
Total deferred charges and other assets | 7,933 | 7,926 |
Total Assets | 78,735 | 78,318 |
Current Liabilities: | ||
Securities due within one year | 2,392 | 2,674 |
Notes payable | 1,195 | 1,376 |
Accounts payable — | ||
Accounts payable | 1,584 | 1,905 |
Customer deposits | 406 | 404 |
Accrued taxes — | ||
Accrued income taxes | 14 | 19 |
Other accrued taxes | 240 | 484 |
Accrued interest | 255 | 249 |
Accrued vacation pay | 228 | 228 |
Accrued compensation | 212 | 549 |
Asset retirement obligations, current | 237 | 217 |
Liabilities from risk management activities | 319 | 156 |
Other regulatory liabilities, current | 210 | 278 |
Other current liabilities | 564 | 590 |
Total current liabilities | 7,856 | 9,129 |
Long-term Debt: | ||
Total Long-term Debt | 26,091 | 24,688 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 12,274 | 12,322 |
Deferred credits related to income taxes | 185 | 187 |
Accumulated deferred investment tax credits | 1,350 | 1,219 |
Employee benefit obligations | 2,546 | 2,582 |
Asset retirement obligations, deferred | 3,504 | 3,542 |
Unrecognized tax benefits | 375 | 370 |
Other cost of removal obligations | 1,151 | 1,162 |
Other regulatory liabilities, deferred | 303 | 254 |
Other deferred credits and liabilities | 754 | 720 |
Total deferred credits and other liabilities | 22,442 | 22,358 |
Total Liabilities | 56,389 | 56,175 |
Redeemable Preferred Stock of Subsidiaries | 118 | 118 |
Redeemable Noncontrolling Interest | 44 | 43 |
Common Stockholders' Equity: | ||
Common stock | 4,604 | 4,572 |
Paid-in capital | 6,582 | 6,282 |
Treasury, at cost | (144) | (142) |
Retained earnings (accumulated deficit) | 9,999 | 10,010 |
Accumulated other comprehensive income (loss) | (244) | (130) |
Total common stockholders' equity | 20,797 | 20,592 |
Preferred and Preference Stock of Subsidiaries | 609 | 609 |
Noncontrolling Interests | 778 | 781 |
Total Stockholders' Equity | 22,184 | 21,982 |
Total Liabilities and Stockholders' Equity | 78,735 | 78,318 |
Alabama Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 444 | 194 |
Receivables — | ||
Customer accounts receivable | 311 | 332 |
Unbilled revenues | 113 | 119 |
Under recovered regulatory clause revenues | 22 | 43 |
Income taxes receivable, current | 0 | 142 |
Other accounts and notes receivable | 25 | 20 |
Affiliated companies | 38 | 50 |
Accumulated provision for uncollectible accounts | (10) | (10) |
Fossil fuel stock, at average cost | 266 | 239 |
Materials and supplies, at average cost | 406 | 398 |
Vacation pay | 67 | 66 |
Other regulatory assets, current | 99 | 115 |
Prepaid expenses | 129 | 83 |
Other current assets | 10 | 10 |
Total current assets | 1,920 | 1,801 |
Property, Plant, and Equipment: | ||
In service | 25,187 | 24,750 |
Less accumulated provision for depreciation | 8,791 | 8,736 |
Plant in service, net of depreciation | 16,396 | 16,014 |
Nuclear fuel, at amortized cost | 359 | 363 |
Construction work in progress | 550 | 801 |
Total property, plant, and equipment | 17,305 | 17,178 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 68 | 71 |
Nuclear decommissioning trusts, at fair value | 746 | 737 |
Miscellaneous property and investments | 99 | 96 |
Total other property and investments | 913 | 904 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 520 | 522 |
Deferred under recovered regulatory clause revenues | 105 | 99 |
Other regulatory assets, deferred | 1,105 | 1,114 |
Other deferred charges and assets | 109 | 103 |
Total deferred charges and other assets | 1,839 | 1,838 |
Total Assets | 21,977 | 21,721 |
Current Liabilities: | ||
Securities due within one year | 200 | 200 |
Accounts payable — | ||
Affiliated accounts payable | 258 | 278 |
Other accounts payable | 271 | 410 |
Customer deposits | 88 | 88 |
Accrued taxes — | ||
Accrued income taxes | 11 | 0 |
Other accrued taxes | 62 | 38 |
Accrued interest | 65 | 73 |
Accrued vacation pay | 55 | 55 |
Accrued compensation | 47 | 119 |
Liabilities from risk management activities | 37 | 55 |
Other regulatory liabilities, current | 175 | 240 |
Other current liabilities | 39 | 39 |
Total current liabilities | 1,308 | 1,595 |
Long-term Debt: | ||
Total Long-term Debt | 6,894 | 6,654 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 4,306 | 4,241 |
Deferred credits related to income taxes | 69 | 70 |
Accumulated deferred investment tax credits | 116 | 118 |
Employee benefit obligations | 377 | 388 |
Asset retirement obligations, deferred | 1,461 | 1,448 |
Other cost of removal obligations | 705 | 722 |
Other regulatory liabilities, deferred | 119 | 136 |
Deferred over recovered regulatory clause revenues | 64 | 0 |
Other deferred credits and liabilities | 78 | 76 |
Total deferred credits and other liabilities | 7,295 | 7,199 |
Total Liabilities | 15,497 | 15,448 |
Redeemable Preferred Stock | 85 | 85 |
Preference Stock | 196 | 196 |
Common Stockholders' Equity: | ||
Common stock | 1,222 | 1,222 |
Paid-in capital | 2,585 | 2,341 |
Retained earnings (accumulated deficit) | 2,425 | 2,461 |
Accumulated other comprehensive income (loss) | (33) | (32) |
Total common stockholders' equity | 6,199 | 5,992 |
Total Liabilities and Stockholders' Equity | 21,977 | 21,721 |
Georgia Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 60 | 67 |
Receivables — | ||
Customer accounts receivable | 509 | 541 |
Unbilled revenues | 182 | 188 |
Joint owner accounts receivable | 73 | 227 |
Income taxes receivable, current | 0 | 114 |
Other accounts and notes receivable | 37 | 57 |
Affiliated companies | 16 | 18 |
Accumulated provision for uncollectible accounts | (2) | (2) |
Fossil fuel stock, at average cost | 366 | 402 |
Materials and supplies, at average cost | 463 | 449 |
Vacation pay | 92 | 91 |
Other regulatory assets, current | 126 | 123 |
Prepaid income taxes | 118 | 156 |
Other current assets | 61 | 92 |
Total current assets | 2,101 | 2,523 |
Property, Plant, and Equipment: | ||
In service | 32,318 | 31,841 |
Less accumulated provision for depreciation | 11,045 | 10,903 |
Plant in service, net of depreciation | 21,273 | 20,938 |
Other utility plant, net | 158 | 171 |
Nuclear fuel, at amortized cost | 582 | 572 |
Construction work in progress | 4,817 | 4,775 |
Total property, plant, and equipment | 26,830 | 26,456 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 60 | 64 |
Nuclear decommissioning trusts, at fair value | 793 | 775 |
Miscellaneous property and investments | 43 | 43 |
Total other property and investments | 896 | 882 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 680 | 679 |
Other regulatory assets, deferred | 2,138 | 2,152 |
Other deferred charges and assets | 157 | 173 |
Total deferred charges and other assets | 2,975 | 3,004 |
Total Assets | 32,802 | 32,865 |
Current Liabilities: | ||
Securities due within one year | 458 | 712 |
Notes payable | 0 | 158 |
Accounts payable — | ||
Affiliated accounts payable | 370 | 411 |
Other accounts payable | 549 | 750 |
Customer deposits | 266 | 264 |
Accrued taxes — | ||
Accrued income taxes | 0 | 12 |
Other accrued taxes | 101 | 325 |
Accrued interest | 102 | 99 |
Accrued vacation pay | 62 | 62 |
Accrued compensation | 60 | 142 |
Asset retirement obligations, current | 184 | 179 |
Other current liabilities | 211 | 181 |
Total current liabilities | 2,363 | 3,295 |
Long-term Debt: | ||
Total Long-term Debt | 10,268 | 9,616 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 5,686 | 5,627 |
Deferred credits related to income taxes | 105 | 105 |
Accumulated deferred investment tax credits | 201 | 204 |
Employee benefit obligations | 930 | 949 |
Asset retirement obligations, deferred | 1,699 | 1,737 |
Other deferred credits and liabilities | 395 | 347 |
Total deferred credits and other liabilities | 9,016 | 8,969 |
Total Liabilities | 21,647 | 21,880 |
Redeemable Preferred Stock | 45 | 45 |
Preference Stock | 221 | 221 |
Common Stockholders' Equity: | ||
Common stock | 398 | 398 |
Paid-in capital | 6,504 | 6,275 |
Retained earnings (accumulated deficit) | 4,002 | 4,061 |
Accumulated other comprehensive income (loss) | (15) | (15) |
Total common stockholders' equity | 10,889 | 10,719 |
Total Liabilities and Stockholders' Equity | 32,802 | 32,865 |
Gulf Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 48 | 74 |
Receivables — | ||
Customer accounts receivable | 64 | 76 |
Unbilled revenues | 52 | 54 |
Under recovered regulatory clause revenues | 21 | 20 |
Income taxes receivable, current | 0 | 27 |
Other accounts and notes receivable | 5 | 9 |
Affiliated companies | 8 | 1 |
Accumulated provision for uncollectible accounts | (1) | (1) |
Fossil fuel stock, at average cost | 93 | 108 |
Materials and supplies, at average cost | 58 | 56 |
Other regulatory assets, current | 90 | 90 |
Other current assets | 18 | 22 |
Total current assets | 456 | 536 |
Property, Plant, and Equipment: | ||
In service | 5,058 | 5,045 |
Less accumulated provision for depreciation | 1,324 | 1,296 |
Plant in service, net of depreciation | 3,734 | 3,749 |
Other utility plant, net | 60 | 62 |
Construction work in progress | 57 | 48 |
Total property, plant, and equipment | 3,851 | 3,859 |
Other Property and Investments: | ||
Total other property and investments | 4 | 4 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 60 | 61 |
Other regulatory assets, deferred | 420 | 427 |
Other deferred charges and assets | 37 | 33 |
Total deferred charges and other assets | 517 | 521 |
Total Assets | 4,828 | 4,920 |
Current Liabilities: | ||
Securities due within one year | 110 | 110 |
Notes payable | 56 | 142 |
Accounts payable — | ||
Affiliated accounts payable | 46 | 55 |
Other accounts payable | 42 | 44 |
Customer deposits | 36 | 36 |
Accrued taxes — | ||
Accrued income taxes | 10 | 4 |
Other accrued taxes | 16 | 9 |
Accrued interest | 20 | 9 |
Accrued compensation | 8 | 25 |
Deferred capacity expense, current | 22 | 22 |
Liabilities from risk management activities | 54 | 49 |
Other regulatory liabilities, current | 22 | 22 |
Other current liabilities | 38 | 40 |
Total current liabilities | 480 | 567 |
Long-term Debt: | ||
Total Long-term Debt | 1,193 | 1,193 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 899 | 893 |
Employee benefit obligations | 128 | 129 |
Deferred capacity expense | 136 | 141 |
Asset retirement obligations, deferred | 114 | 113 |
Other cost of removal obligations | 233 | 233 |
Other regulatory liabilities, deferred | 45 | 47 |
Other deferred credits and liabilities | 100 | 102 |
Total deferred credits and other liabilities | 1,655 | 1,658 |
Total Liabilities | 3,328 | 3,418 |
Preference Stock | 147 | 147 |
Common Stockholders' Equity: | ||
Common stock | 503 | 503 |
Paid-in capital | 569 | 567 |
Retained earnings (accumulated deficit) | 284 | 285 |
Accumulated other comprehensive income (loss) | (3) | 0 |
Total common stockholders' equity | 1,353 | 1,355 |
Total Liabilities and Stockholders' Equity | 4,828 | 4,920 |
Mississippi Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 58 | 98 |
Receivables — | ||
Customer accounts receivable | 23 | 26 |
Unbilled revenues | 32 | 36 |
Income taxes receivable, current | 0 | 20 |
Other accounts and notes receivable | 6 | 10 |
Affiliated companies | 7 | 20 |
Fossil fuel stock, at average cost | 99 | 104 |
Materials and supplies, at average cost | 76 | 75 |
Other regulatory assets, current | 101 | 95 |
Prepaid income taxes | 42 | 39 |
Other current assets | 5 | 8 |
Total current assets | 449 | 531 |
Property, Plant, and Equipment: | ||
In service | 4,905 | 4,886 |
Less accumulated provision for depreciation | 1,287 | 1,262 |
Plant in service, net of depreciation | 3,618 | 3,624 |
Construction work in progress | 2,400 | 2,254 |
Total property, plant, and equipment | 6,018 | 5,878 |
Other Property and Investments: | ||
Total other property and investments | 11 | 11 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 303 | 290 |
Other regulatory assets, deferred | 520 | 525 |
Income taxes receivable, non-current | 544 | 544 |
Other deferred charges and assets | 71 | 61 |
Total deferred charges and other assets | 1,438 | 1,420 |
Total Assets | 7,916 | 7,840 |
Current Liabilities: | ||
Securities due within one year | 303 | 728 |
Notes payable | 25 | 500 |
Accounts payable — | ||
Affiliated accounts payable | 82 | 85 |
Other accounts payable | 108 | 135 |
Customer deposits | 16 | 16 |
Accrued taxes — | ||
Accrued income taxes | 25 | 85 |
Accrued interest | 21 | 18 |
Accrued compensation | 10 | 26 |
Asset retirement obligations, current | 39 | 22 |
Over recovered regulatory clause liabilities | 106 | 96 |
Customer liability associated with Kemper refunds | 22 | 73 |
Other current liabilities | 55 | 52 |
Total current liabilities | 812 | 1,836 |
Long-term Debt: | ||
Long-term debt, affiliated | 776 | 576 |
Long-term debt, non-affiliated | 2,206 | 1,310 |
Total Long-term Debt | 2,982 | 1,886 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 771 | 762 |
Deferred credits related to income taxes | 8 | 8 |
Accumulated deferred investment tax credits | 5 | 5 |
Employee benefit obligations | 149 | 153 |
Asset retirement obligations, deferred | 136 | 154 |
Unrecognized tax benefits | 368 | 368 |
Other cost of removal obligations | 167 | 165 |
Other regulatory liabilities, deferred | 71 | 71 |
Other deferred credits and liabilities | 41 | 40 |
Total deferred credits and other liabilities | 1,716 | 1,726 |
Total Liabilities | 5,510 | 5,448 |
Redeemable Preferred Stock | 33 | 33 |
Common Stockholders' Equity: | ||
Common stock | 38 | 38 |
Paid-in capital | 2,896 | 2,893 |
Retained earnings (accumulated deficit) | (555) | (566) |
Accumulated other comprehensive income (loss) | (6) | (6) |
Total common stockholders' equity | 2,373 | 2,359 |
Total Liabilities and Stockholders' Equity | 7,916 | 7,840 |
Southern Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 53 | 830 |
Receivables — | ||
Customer accounts receivable | 76 | 75 |
Other accounts and notes receivable | 23 | 19 |
Affiliated companies | 31 | 30 |
Fossil fuel stock, at average cost | 14 | 16 |
Materials and supplies, at average cost | 63 | 63 |
Prepaid income taxes | 77 | 45 |
Prepaid expenses | 23 | 23 |
Assets from risk management activities | 6 | 7 |
Total current assets | 366 | 1,108 |
Property, Plant, and Equipment: | ||
In service | 7,738 | 7,275 |
Less accumulated provision for depreciation | 1,299 | 1,248 |
Plant in service, net of depreciation | 6,439 | 6,027 |
Construction work in progress | 1,535 | 1,137 |
Total property, plant, and equipment | 7,974 | 7,164 |
Other Property and Investments: | ||
Goodwill | 2 | 2 |
Other intangible assets, net of amortization | 316 | 317 |
Total other property and investments | 318 | 319 |
Deferred Charges and Other Assets: | ||
Prepaid long-term service agreements | 184 | 166 |
Other deferred charges and assets -- affiliated | 20 | 9 |
Other deferred charges and assets | 137 | 139 |
Total deferred charges and other assets | 341 | 314 |
Total Assets | 8,999 | 8,905 |
Current Liabilities: | ||
Securities due within one year | 401 | 403 |
Notes payable | 413 | 137 |
Accounts payable — | ||
Affiliated accounts payable | 62 | 66 |
Other accounts payable | 347 | 327 |
Accrued taxes — | ||
Accrued income taxes | 9 | 198 |
Other accrued taxes | 16 | 5 |
Accrued interest | 25 | 23 |
Contingent consideration | 21 | 36 |
Other current liabilities | 49 | 44 |
Total current liabilities | 1,343 | 1,239 |
Long-term Debt: | ||
Total Long-term Debt | 2,722 | 2,719 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 470 | 601 |
Accumulated deferred investment tax credits | 1,025 | 889 |
Accrued income taxes, non-current | 109 | 109 |
Asset retirement obligations, deferred | 25 | 21 |
Deferred capacity revenues -- affiliated | 6 | 17 |
Other deferred credits and liabilities | 11 | 3 |
Total deferred credits and other liabilities | 1,646 | 1,640 |
Total Liabilities | 5,711 | 5,598 |
Redeemable Noncontrolling Interest | 44 | 43 |
Common Stockholders' Equity: | ||
Common stock | 0 | 0 |
Paid-in capital | 1,821 | 1,822 |
Retained earnings (accumulated deficit) | 640 | 657 |
Accumulated other comprehensive income (loss) | 5 | 4 |
Total common stockholders' equity | 2,466 | 2,483 |
Noncontrolling Interests, Total | 778 | 781 |
Total Stockholders' Equity | 3,244 | 3,264 |
Total Liabilities and Stockholders' Equity | $ 8,999 | $ 8,905 |
Condensed Consolidated Balance8
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 922,000,000 | 915,000,000 |
Treasury shares at cost | 3,400,000 | 3,400,000 |
Alabama Power [Member] | ||
Common stock, par value (in dollars per share) | $ 40 | $ 40 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 30,537,500 | 30,537,500 |
Georgia Power [Member] | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 9,261,500 | 9,261,500 |
Gulf Power [Member] | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 5,642,717 | 5,642,717 |
Mississippi Power [Member] | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 1,130,000 | 1,130,000 |
Common stock, shares outstanding | 1,121,000 | 1,121,000 |
Southern Power [Member] | ||
Other intangible assets, accumulated amortization | $ 13 | $ 12 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Introduction
Introduction | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION | INTRODUCTION The condensed quarterly financial statements of each registrant included herein have been prepared by such registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2015 have been derived from the audited financial statements of each registrant. In the opinion of each registrant's management, the information regarding such registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2016 and 2015 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each registrant believes that the disclosures regarding such registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. Recently Issued Accounting Standards On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASU 2016-02 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The accounting required by lessors is relatively unchanged and there is no change to the accounting for existing leveraged leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The registrants are currently evaluating the new standard and have not yet determined its ultimate impact; however, adoption of ASU 2016-02 is expected to have a significant impact on Southern Company and the traditional operating companies' balance sheets. On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 changes the accounting for income taxes and the cash flow presentation for share-based payment award transactions. Most significantly, entities are required to recognize all excess tax benefits and deficiencies related to the exercise or vesting of stock compensation as income tax expense or benefit in the income statement. Southern Company and the traditional operating companies currently recognize any excess tax benefits and deficiencies related to the exercise and vesting of stock compensation in additional paid-in capital. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. Southern Company and the traditional operating companies are currently evaluating the new standard and have not yet determined its ultimate impact. |
Contingencies and Regulatory Ma
Contingencies and Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND REGULATORY MATTERS | CONTINGENCIES AND REGULATORY MATTERS See Note 3 to the financial statements of the registrants in Item 8 of the Form 10-K for information relating to various lawsuits, other contingencies, and regulatory matters. General Litigation Matters Each registrant is subject to certain claims and legal actions arising in the ordinary course of business. In addition, business activities of Southern Company's subsidiaries are subject to extensive governmental regulation related to public health and the environment, such as regulation of air emissions and water discharges. Litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental requirements such as air quality and water standards, has occurred throughout the U.S. This litigation has included claims for damages alleged to have been caused by CO 2 and other emissions, CCR, and alleged exposure to hazardous materials, and/or requests for injunctive relief in connection with such matters. The ultimate outcome of such pending or potential litigation against each registrant and any subsidiaries cannot be predicted at this time; however, for current proceedings not specifically reported herein or in Note 3 to the financial statements of each registrant in Item 8 of the Form 10-K, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such registrant's financial statements. Environmental Remediation The Southern Company system must comply with environmental laws and regulations that cover the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional operating companies have each received authority from their respective state PSCs to recover approved environmental compliance costs through regulatory mechanisms. These rates are adjusted annually or as necessary within limits approved by the state PSCs. Georgia Power's environmental remediation liability as of March 31, 2016 was $28 million . Georgia Power has been designated or identified as a potentially responsible party (PRP) at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), including a site in Brunswick, Georgia on the CERCLA National Priorities List. The PRPs at the Brunswick site have completed a removal action as ordered by the EPA. Additional response actions at this site are anticipated. In September 2015, Georgia Power entered into an allocation agreement with another PRP, under which that PRP will be responsible (as between Georgia Power and that PRP) for paying and performing certain investigation, assessment, remediation, and other incidental activities at the Brunswick site. Assessment and potential cleanup of other sites are anticipated. The ultimate outcome of these matters will depend upon the success of defenses asserted, the ultimate number of PRPs participating in the cleanup, and numerous other factors and cannot be determined at this time; however, as a result of Georgia Power's regulatory treatment for environmental remediation expenses, these matters are not expected to have a material impact on Southern Company's or Georgia Power's financial statements. Gulf Power's environmental remediation liability includes estimated costs of environmental remediation projects of approximately $46 million as of March 31, 2016 . These estimated costs primarily relate to site closure criteria by the Florida Department of Environmental Protection (FDEP) for potential impacts to soil and groundwater from herbicide applications at Gulf Power substations. The schedule for completion of the remediation projects is subject to FDEP approval. The projects have been approved by the Florida PSC for recovery through Gulf Power's environmental cost recovery clause; therefore, these liabilities have no impact on net income. The final outcome of these matters cannot be determined at this time. However, based on the currently known conditions at these sites and the nature and extent of activities relating to these sites, management of Southern Company and Gulf Power does not believe that additional liabilities, if any, at these sites would be material to their respective financial statements . FERC Matters Municipal and Rural Associations Tariff See Note 3 to the financial statements of Mississippi Power under "FERC Matters" in Item 8 of the Form 10-K for additional information regarding a settlement agreement entered into by Mississippi Power regarding the establishment of a regulatory asset for Kemper IGCC-related costs. See Note 3 to the financial statements of Southern Company and Mississippi Power under "Integrated Coal Gasification Combined Cycle" in Item 8 of the Form 10-K and "Integrated Coal Gasification Combined Cycle" herein for information regarding Mississippi Power's construction of the Kemper IGCC. On March 31, 2016, Mississippi Power filed a request with the FERC for an increase in wholesale base revenues as agreed upon in the settlement agreement reached with its wholesale customers under the Municipal and Rural Associations (MRA) cost-based electric tariff. The settlement agreement provides that base rates under the MRA cost-based electric tariff will increase approximately $7 million annually, with revised rates effective for services rendered beginning May 1, 2016. The increase is primarily due to the Plant Daniel Units 1 and 2 scrubbers, which were placed in service in November 2015. Additionally, under the settlement agreement, the tariff customers agreed in principle to similar regulatory treatment for tariff ratemaking as the treatment approved for retail ratemaking under the Mississippi PSC order (In-Service Asset Rate Order). The Kemper IGCC regulatory treatment primarily includes (i) recovery of only the Kemper IGCC assets currently operational and providing service to customers and other related costs and (ii) removing all of the Kemper IGCC CWIP with a corresponding increase in accrual of AFUDC effective May 1, 2016. If approved by the FERC, the amount of base rate revenues to be recognized in 2016 is expected to be approximately $5 million . The additional resulting AFUDC is estimated to be approximately $6 million . The ultimate outcome of this matter cannot be determined at this time. Fuel Cost Recovery Mississippi Power has a wholesale MRA and a Market Based (MB) fuel cost recovery factor. At March 31, 2016 , the amount of over-recovered wholesale MRA fuel costs included in the balance sheets was $25 million compared to $24 million at December 31, 2015 . See Note 3 to the financial statements of Mississippi Power under "FERC Matters – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information. Market-Based Rate Authority The traditional operating companies and Southern Power have authority from the FERC to sell electricity at market-based rates. Since 2008, that authority, for certain balancing authority areas, has been conditioned on compliance with the requirements of an energy auction, which the FERC found to be tailored mitigation that addresses potential market power concerns. In accordance with FERC regulations governing such authority, the traditional operating companies and Southern Power filed a triennial market power analysis in 2014, which included continued reliance on the energy auction as tailored mitigation. In April 2015, the FERC issued an order finding that the traditional operating companies' and Southern Power's existing tailored mitigation may not effectively mitigate the potential to exert market power in certain areas served by the traditional operating companies and in some adjacent areas. The FERC directed the traditional operating companies and Southern Power to show why market-based rate authority should not be revoked in these areas or to provide a mitigation plan to further address market power concerns. The traditional operating companies and Southern Power filed a request for rehearing in May 2015 and in June 2015 filed their response with the FERC. The ultimate outcome of this matter cannot be determined at this time. Retail Regulatory Matters Alabama Power See Note 3 to the financial statements of Southern Company and Alabama Power under "Retail Regulatory Matters – Alabama Power" and "Retail Regulatory Matters," respectively, in Item 8 of the Form 10-K for additional information regarding Alabama Power's recovery of retail costs through various regulatory clauses and accounting orders. The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Line Item March 31, 2016 December 31, 2015 (in millions) Rate CNP Compliance Under recovered regulatory clause revenues, current $ 22 $ 43 Rate CNP PPA Deferred under recovered regulatory clause revenues 105 99 Retail Energy Cost Recovery Other regulatory liabilities, current 173 238 Deferred over recovered regulatory clause revenues 64 — Natural Disaster Reserve Other regulatory liabilities, deferred 74 75 Georgia Power Rate Plans See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Rate Plans" and "Retail Regulatory Matters – Rate Plans," respectively, in Item 8 of the Form 10-K for additional information. Georgia Power's revenues from regulated retail operations are collected through various rate mechanisms subject to the oversight of the Georgia PSC. Georgia Power currently recovers its costs from the regulated retail business through the 2013 ARP, which includes traditional base tariff rates, Demand-Side Management tariffs, Environmental Compliance Cost Recovery tariffs, and Municipal Franchise Fee tariffs. In addition, financing costs related to the construction of Plant Vogtle Units 3 and 4 are being collected through the NCCR tariff and fuel costs are collected through separate fuel cost recovery tariffs. See "Fuel Cost Recovery" below and Note 3 to the financial statements of Georgia Power under "Retail Regulatory Matters – Nuclear Construction" and Southern Company under "Retail Regulatory Matters – Georgia Power – Fuel Cost Recovery" and " – Nuclear Construction" in Item 8 of the Form 10-K for additional information regarding fuel cost recovery and the NCCR tariff, respectively. Pursuant to the terms and conditions of a settlement agreement related to Southern Company's proposed acquisition of AGL Resources approved by the Georgia PSC on April 14, 2016, Georgia Power's 2013 ARP will continue in effect until December 31, 2019, and Georgia Power will be required to file its next base rate case by July 1, 2019. Furthermore, through December 31, 2019, Georgia Power and Atlanta Gas Light Company (collectively, Utilities) will retain the merger savings, net of transition costs, as defined in the settlement agreement; through December 31, 2022, net merger savings will be shared on a 60 / 40 basis between customers and the Utilities; thereafter, all merger savings will be retained by customers. See Note (I) under "Southern Company – Proposed Merger with AGL Resources" for additional information regarding the Merger. Fuel Cost Recovery See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Fuel Cost Recovery" and "Retail Regulatory Matters – Fuel Cost Recovery," respectively, in Item 8 of the Form 10-K for additional information. As of March 31, 2016 and December 31, 2015 , Georgia Power's over recovered fuel balance totaled $177 million and $116 million , respectively, and is included in current liabilities and other deferred liabilities on Southern Company's and Georgia Power's Condensed Balance Sheets herein. On April 14, 2016, Georgia Power filed a request with the Georgia PSC to decrease fuel rates by 15% effective June 1, 2016, which is expected to reduce annual billings by approximately $313 million . Georgia Power is currently scheduled to file its next fuel case by February 28, 2017. The ultimate outcome of this matter cannot be determined at this time. Fuel cost recovery revenues are adjusted for differences in actual recoverable fuel costs and amounts billed in current regulated rates. Accordingly, changes in the billing factor will not have a significant effect on Southern Company's or Georgia Power's revenues or net income, but will affect cash flow. Nuclear Construction See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Nuclear Construction" and "Retail Regulatory Matters – Nuclear Construction," respectively, in Item 8 of the Form 10-K for additional information regarding Georgia Power's construction of Plant Vogtle Units 3 and 4, Vogtle Construction Monitoring (VCM) reports, the NCCR tariff, the Vogtle Construction Litigation (as defined below), and the Contractor Settlement Agreement (as defined below). In 2008, Georgia Power, acting for itself and as agent for the Vogtle Owners, entered into an agreement with the Contractor, pursuant to which the Contractor agreed to design, engineer, procure, construct, and test Plant Vogtle Units 3 and 4 (Vogtle 3 and 4 Agreement). Under the terms of the Vogtle 3 and 4 Agreement, the Vogtle Owners agreed to pay a purchase price that is subject to certain price escalations and adjustments, including fixed escalation amounts and index-based adjustments, as well as adjustments for change orders, and performance bonuses for early completion and unit performance. The Vogtle 3 and 4 Agreement also provides for liquidated damages upon the Contractor's failure to fulfill the schedule and performance guarantees, subject to a cap. In addition, the Vogtle 3 and 4 Agreement provides for limited cost sharing by the Vogtle Owners for Contractor costs under certain conditions (which have not occurred), with maximum additional capital costs under this provision attributable to Georgia Power (based on Georgia Power's ownership interest) of approximately $114 million . Each Vogtle Owner is severally (and not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to the Contractor under the Vogtle 3 and 4 Agreement. Georgia Power's proportionate share is 45.7% . On December 31, 2015, Westinghouse acquired Stone & Webster, Inc. from Chicago Bridge & Iron Company, N.V. (CB&I) and changed the name of Stone & Webster, Inc. to WECTEC Global Project Services Inc. (WECTEC). Certain obligations of Westinghouse and WECTEC under the Vogtle 3 and 4 Agreement were originally guaranteed by Toshiba Corporation (Westinghouse's parent company) and The Shaw Group Inc. (which is now a subsidiary of CB&I), respectively. On March 9, 2016, in connection with Westinghouse's acquisition of WECTEC and pursuant to the settlement agreement described below, the guarantee of The Shaw Group Inc. was terminated. The guarantee of Toshiba Corporation remains in place. In the event of certain credit rating downgrades of any Vogtle Owner, such Vogtle Owner will be required to provide a letter of credit or other credit enhancement. Additionally, as a result of credit rating downgrades of Toshiba Corporation, Westinghouse provided the Vogtle Owners with letters of credit in an aggregate amount of $920 million in accordance with, and subject to adjustment under, the terms of the Vogtle 3 and 4 Agreement. The Vogtle Owners may terminate the Vogtle 3 and 4 Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay certain termination costs. The Contractor may terminate the Vogtle 3 and 4 Agreement under certain circumstances, including certain Vogtle Owner suspension or delays of work, action by a governmental authority to permanently stop work, certain breaches of the Vogtle 3 and 4 Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 each year. If the projected construction capital costs to be borne by Georgia Power increase by 5% above the certified cost or the projected in-service dates are significantly extended, Georgia Power is required to seek an amendment to the Plant Vogtle Units 3 and 4 certificate from the Georgia PSC. In February 2013, Georgia Power requested an amendment to the certificate to increase the estimated in-service capital cost of Plant Vogtle Units 3 and 4 from $4.4 billion to $4.8 billion and to extend the estimated in-service dates to the fourth quarter 2017 (from April 2016) and the fourth quarter 2018 (from April 2017) for Plant Vogtle Units 3 and 4, respectively. In October 2013, the Georgia PSC approved a stipulation (2013 Stipulation) between Georgia Power and the Georgia PSC Staff (Staff) to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate until the completion of Plant Vogtle Unit 3 or earlier if deemed appropriate by the Georgia PSC and Georgia Power. On April 15, 2015, the Georgia PSC issued a procedural order in connection with the twelfth VCM report, which included a requested amendment (Requested Amendment) to the Plant Vogtle Units 3 and 4 certificate to reflect the Contractor's revised forecast for completion of Plant Vogtle Units 3 and 4 (second quarter of 2019 and second quarter of 2020, respectively) as well as additional estimated Vogtle Owner's costs, of approximately $10 million per month, including property taxes, oversight costs, compliance costs, and other operational readiness costs to include the estimated Vogtle Owner's costs associated with the proposed 18 -month Contractor delay and to increase the estimated total in-service capital cost of Plant Vogtle Units 3 and 4 to $5.0 billion . Pursuant to the Georgia PSC's procedural order, the Georgia PSC deemed the Requested Amendment unnecessary and withdrawn until the completion of construction of Plant Vogtle Unit 3 consistent with the 2013 Stipulation. The Georgia PSC recognized that the certified cost and the 2013 Stipulation do not constitute a cost recovery cap. In accordance with the Georgia Integrated Resource Planning Act, any costs incurred by Georgia Power in excess of the certified amount will be included in rate base, provided Georgia Power shows the costs to be reasonable and prudent. Financing costs up to the certified amount will be collected through the NCCR tariff until the units are placed in service and contemplated in a general base rate case, while financing costs on any construction-related costs in excess of the $4.4 billion certified amount are expected to be recovered through AFUDC. On December 31, 2015, Westinghouse and the Vogtle Owners entered into a definitive settlement agreement (Contractor Settlement Agreement) to resolve disputes between the Vogtle Owners and the Contractor under the Vogtle 3 and 4 Agreement, including litigation that was pending in the U.S. District Court for the Southern District of Georgia (Vogtle Construction Litigation). Effective December 31, 2015, Georgia Power, acting for itself and as agent for the other Vogtle Owners, and the Contractor entered into an amendment to the Vogtle 3 and 4 Agreement to implement the Contractor Settlement Agreement. The Contractor Settlement Agreement and the related amendment to the Vogtle 3 and 4 Agreement (i) restrict the Contractor's ability to seek further increases in the contract price by clarifying and limiting the circumstances that constitute nuclear regulatory changes in law; (ii) provide for enhanced dispute resolution procedures; (iii) revise the guaranteed substantial completion dates to match the current estimated in-service dates of June 30, 2019 for Unit 3 and June 30, 2020 for Unit 4; (iv) provide that delay liquidated damages will commence from the current estimated nuclear fuel loading date for each unit, which is December 31, 2018 for Unit 3 and December 31, 2019 for Unit 4; and (v) provide that Georgia Power, based on its ownership interest, will pay to the Contractor and capitalize to the project cost approximately $350 million , of which approximately $241 million had been paid as of March 31, 2016. In addition, the Contractor Settlement Agreement provides for the resolution of other open existing items relating to the scope of the project under the Vogtle 3 and 4 Agreement, including cyber security, for which costs were reflected in Georgia Power's previously disclosed in-service cost estimate. Further, as part of the settlement and Westinghouse's acquisition of WECTEC: (i) Westinghouse engaged Fluor Enterprises, Inc., a subsidiary of Fluor Corporation, as a new construction subcontractor; and (ii) the Vogtle Owners, CB&I, and The Shaw Group Inc. entered into mutual releases of any and all claims arising out of events or circumstances in connection with the construction of Plant Vogtle Units 3 and 4 that occurred on or before the date of the Contractor Settlement Agreement. On January 5, 2016, the Vogtle Construction Litigation was dismissed with prejudice. On January 21, 2016, Georgia Power submitted the Contractor Settlement Agreement and the related amendment to the Vogtle 3 and 4 Agreement to the Georgia PSC for its review. In accordance with the Georgia PSC's subsequent order, on April 5, 2016, Georgia Power filed supplemental information in support of the Contractor Settlement Agreement and Georgia Power's position that all construction costs to date have been prudently incurred and that the current estimated in-service capital cost and schedule are reasonable. The Staff will conduct a review of all costs incurred related to Plant Vogtle Units 3 and 4, the schedule for completion of Plant Vogtle Units 3 and 4, and the Contractor Settlement Agreement and the Staff is authorized to engage in related settlement discussions with Georgia Power and any intervenors. The order provides that the Staff is required to report to the Georgia PSC by October 19, 2016 with respect to the status of its review and any settlement-related negotiations. If a settlement with the Staff is reached with respect to costs of Plant Vogtle Units 3 and 4, the Georgia PSC will then conduct a hearing to consider whether to approve that settlement. If a settlement with the Staff is not reached, the Georgia PSC will determine how to proceed, including (i) modifying the 2013 Stipulation, (ii) directing Georgia Power to file a request for an amendment to the certificate for Plant Vogtle Units 3 and 4, (iii) issuing a scheduling order to address remaining disputed issues, or (iv) taking any other option within its authority. The Georgia PSC has approved thirteen VCM reports covering the periods through June 30, 2015, including construction capital costs incurred, which through that date totaled $3.1 billion . On February 26, 2016, Georgia Power filed its fourteenth VCM report with the Georgia PSC covering the period from July 1 through December 31, 2015. The fourteenth VCM report does not include a requested amendment to the certified cost of Plant Vogtle Units 3 and 4. Georgia Power is requesting approval of $160 million of construction capital costs incurred during that period. Georgia Power anticipates to incur average financing costs of approximately $27 million per month from January 2016 until Plant Vogtle Units 3 and 4 are placed in service. The updated in-service capital cost forecast is $5.44 billion and includes costs related to the Contractor Settlement Agreement. Estimated financing costs during the construction period total approximately $2.4 billion . Georgia Power's CWIP balance for Plant Vogtle Units 3 and 4 was approximately $3.7 billion as of March 31, 2016 . There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4, at the federal and state level, and additional challenges may arise as construction proceeds. Processes are in place that are designed to assure compliance with the requirements specified in the Westinghouse Design Control Document and the combined construction and operating licenses, including inspections by Southern Nuclear and the NRC that occur throughout construction. As a result of such compliance processes, certain license amendment requests have been filed and approved or are pending before the NRC. Various design and other licensing-based compliance issues may arise as construction proceeds, which may result in additional license amendments or require other resolution. If any license amendment requests or other licensing-based compliance issues are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs either to the Vogtle Owners or the Contractor or to both. As construction continues, the risk remains that challenges with Contractor performance including fabrication, assembly, delivery, and installation of the shield building and structural modules, delays in the receipt of the remaining permits necessary for the operation of Plant Vogtle Units 3 and 4, or other issues could arise and may further impact project schedule and cost. In addition, the IRS allocated production tax credits to each of Plant Vogtle Units 3 and 4, which require the applicable unit to be placed in service before 2021. Future claims by the Contractor or Georgia Power (on behalf of the Vogtle Owners) could arise throughout construction. These claims may be resolved through formal and informal dispute resolution procedures under the Vogtle 3 and 4 Agreement and, under the enhanced dispute resolution procedures, may be resolved through litigation after the completion of nuclear fuel load for both units. The ultimate outcome of these matters cannot be determined at this time. Gulf Power Retail Base Rate Case See Note 3 to the financial statements of Gulf Power under "Retail Regulatory Matters – Retail Base Rate Case" in Item 8 of the Form 10-K for additional information. In 2013, the Florida PSC approved a settlement agreement providing that Gulf Power may reduce depreciation and record a regulatory asset up to $62.5 million between January 2014 and June 2017. In any given month, such depreciation reduction may not exceed the amount necessary for the retail ROE, as reported to the Florida PSC monthly, to reach the midpoint of the authorized retail ROE range then in effect. For 2014, 2015 , and the first three months of 2016 , Gulf Power recognized reductions in depreciation of $8.4 million , $20.1 million , and $5.6 million , respectively. Cost Recovery Clauses See Note 3 to the financial statements of Gulf Power under "Retail Regulatory Matters – Cost Recovery Clauses" in Item 8 of the Form 10-K for additional information regarding Gulf Power's recovery of retail costs through various regulatory clauses and accounting orders. Gulf Power has four regulatory clauses which are approved by the Florida PSC. The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Location March 31, 2016 December 31, 2015 (in millions) Fuel Cost Recovery Other regulatory liabilities, current $ 20 $ 18 Purchased Power Capacity Recovery Under recovered regulatory clause revenues 4 1 Environmental Cost Recovery Under recovered regulatory clause revenues 17 19 Energy Conservation Cost Recovery Other regulatory liabilities, current 2 4 Mississippi Power Performance Evaluation Plan See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Performance Evaluation Plan" in Item 8 of the Form 10-K for additional information regarding Mississippi Power's base rates. On April 1, 2016, Mississippi Power submitted its annual PEP lookback filing for 2015, which reflected the need for a $5 million surcharge to be recovered from customers. The filing has been suspended for review by the Mississippi PSC. The ultimate outcome of this matter cannot be determined at this time. Fuel Cost Recovery See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Fuel Cost Recovery" in Item 8 of the Form 10-K for information regarding Mississippi Power's retail fuel cost recovery. At March 31, 2016 , the amount of over-recovered retail fuel costs included on Mississippi Power's Condensed Balance Sheet herein was $80 million compared to over-recovered retail fuel costs of $71 million at December 31, 2015. The Mississippi PSC conditionally approved a decrease of $120 million annually in fuel cost recovery rates on January 5, 2016, effective with the first billing cycle of February. As required by the order, on February 1, 2016, Mississippi Power submitted updated natural gas price forecasts and resulting fuel factors to the Mississippi PSC. If approved by the Mississippi PSC, the updated forecast would decrease fuel cost recovery rates by an additional $36 million annually. The ultimate outcome of this matter cannot be determined at this time. Integrated Coal Gasification Combined Cycle See Note 3 to the financial statements of Southern Company and Mississippi Power under "Integrated Coal Gasification Combined Cycle" in Item 8 of the Form 10-K for information regarding Mississippi Power's construction of the Kemper IGCC. Kemper IGCC Overview Construction of Mississippi Power's Kemper IGCC is nearing completion and start-up activities will continue until the Kemper IGCC is placed in service. The Kemper IGCC will utilize an IGCC technology with an output capacity of 582 MWs. The Kemper IGCC will be fueled by locally mined lignite (an abundant, lower heating value coal) from a mine owned by Mississippi Power and situated adjacent to the Kemper IGCC. The mine, operated by North American Coal Corporation, started commercial operation in 2013. In connection with the Kemper IGCC, Mississippi Power constructed and plans to operate approximately 61 miles of CO 2 pipeline infrastructure for the planned transport of captured CO 2 for use in enhanced oil recovery. Kemper IGCC Schedule and Cost Estimate In 2012, the Mississippi PSC issued the 2012 MPSC CPCN Order, a detailed order confirming the CPCN originally approved by the Mississippi PSC in 2010 authorizing the acquisition, construction, and operation of the Kemper IGCC. The certificated cost estimate of the Kemper IGCC included in the 2012 MPSC CPCN Order was $2.4 billion , net of $245 million of grants awarded to the Kemper IGCC project by the DOE under the Clean Coal Power Initiative Round 2 (Initial DOE Grants) and excluding the cost of the lignite mine and equipment, the cost of the CO 2 pipeline facilities, and AFUDC related to the Kemper IGCC. The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion , with recovery of prudently-incurred costs subject to approval by the Mississippi PSC. The Kemper IGCC was originally projected to be placed in service in May 2014. Mississippi Power placed the combined cycle and the associated common facilities portion of the Kemper IGCC in service using natural gas in August 2014 and currently expects to place the remainder of the Kemper IGCC, including the gasifier and the gas clean-up facilities, in service during the third quarter 2016. Recovery of the costs subject to the cost cap and the cost of the lignite mine and equipment, the cost of the CO 2 pipeline facilities, AFUDC, and certain general exceptions, including change of law, force majeure, and beneficial capital (which exists when Mississippi Power demonstrates that the purpose and effect of the construction cost increase is to produce efficiencies that will result in a neutral or favorable effect on customers relative to the original proposal for the CPCN) (Cost Cap Exceptions) remains subject to review and approval by the Mississippi PSC. Mississippi Power's Kemper IGCC 2010 project estimate, current cost estimate (which includes the impacts of the Mississippi Supreme Court's (Court) decision discussed herein under "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order"), and actual costs incurred as of March 31, 2016 , are as follows: Cost Category 2010 Project Estimate (f) Current Cost Estimate (a) Actual Costs (in billions) Plant Subject to Cost Cap (b)(g) $ 2.40 $ 5.35 $ 4.99 Lignite Mine and Equipment 0.21 0.23 0.23 CO 2 Pipeline Facilities 0.14 0.11 0.12 AFUDC (c) 0.17 0.71 0.62 Combined Cycle and Related Assets Placed in (d)(g) — 0.02 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS As of March 31, 2016 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using As of March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Interest rate derivatives — 33 — — 33 Nuclear decommissioning trusts (a) 624 898 — 16 1,538 Cash equivalents 503 — — — 503 Other investments 9 — 1 — 10 Total $ 1,136 $ 943 $ 1 $ 16 $ 2,096 Liabilities: Energy-related derivatives $ — $ 201 $ — $ — $ 201 Interest rate derivatives — 193 — — 193 Total $ — $ 394 $ — $ — $ 394 Alabama Power Assets: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Nuclear decommissioning trusts (b) Domestic equity 365 67 — — 432 Foreign equity 46 48 — — 94 U.S. Treasury and government agency securities — 25 — — 25 Corporate bonds 11 137 — — 148 Mortgage and asset backed securities — 21 — — 21 Private Equity — — — 16 16 Other — 9 — — 9 Cash equivalents 321 — — — 321 Total $ 743 $ 310 $ — $ 16 $ 1,069 Liabilities: Energy-related derivatives $ — $ 49 $ — $ — $ 49 Fair Value Measurements Using As of March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Georgia Power Assets: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Interest rate derivatives — 14 — — 14 Nuclear decommissioning trusts (b) (c) Domestic equity 180 1 — — 181 Foreign equity — 115 — — 115 U.S. Treasury and government agency securities — 111 — — 111 Municipal bonds — 66 — — 66 Corporate bonds — 146 — — 146 Mortgage and asset backed securities — 145 — — 145 Other 22 7 — — 29 Cash equivalents 57 — — — 57 Total $ 259 $ 609 $ — $ — $ 868 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Gulf Power Assets: Cash equivalents $ 20 $ — $ — $ — $ 20 Liabilities: Energy-related derivatives $ — $ 94 $ — $ — $ 94 Interest rate derivatives — 5 — — 5 Total $ — $ 99 $ — $ — $ 99 Mississippi Power Assets: Cash equivalents $ 24 $ — $ — $ — $ 24 Liabilities: Energy-related derivatives $ — $ 44 $ — $ — $ 44 Southern Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Interest rate derivatives — 1 — — 1 Cash equivalents 39 — — — 39 Total $ 39 $ 6 $ — $ — $ 45 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 (a) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. (c) Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2016 , approximately $58 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. For the three months ended March 31, 2016 and March 31, 2015 , the change in fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased by $20 million and $33 million , respectively, at Southern Company. For the three months ended March 31, 2016 and March 31, 2015 , Alabama Power recorded an increase in fair value of $11 million and $15 million , respectively, as an increase in regulatory liabilities related to its asset retirement obligations. For the three months ended March 31, 2016 and March 31, 2015 , Georgia Power recorded an increase in fair value of $9 million and $18 million , respectively, as a reduction of its regulatory asset related to its asset retirement obligations. Valuation Methodologies The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (H) for additional information on how these derivatives are used. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. For fair value measurements of the investments within the nuclear decommissioning trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. See Note 1 to the financial statements of Southern Company, Alabama Power, and Georgia Power under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. "Other investments" include investments that are not traded in the open market. The fair value of these investments have been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. As of March 31, 2016 , the fair value measurements of private equity investments held in the nuclear decommissioning trust that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows: As of March 31, 2016: Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period (in millions) Southern Company $ 16 $ 29 Not Applicable Not Applicable Alabama Power $ 16 $ 29 Not Applicable Not Applicable Private equity funds include a fund-of-funds that invests in high-quality private equity funds across several market sectors, a fund that invests in real estate assets, and a fund that acquires companies to create resale value. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. Liquidations are expected to occur at various times over the next ten years . As of March 31, 2016 , other financial instruments for which the carrying amount did not equal fair value were as follows: Carrying Amount Fair Value (in millions) Long-term debt, including securities due within one year: Southern Company $ 28,341 $ 29,827 Alabama Power $ 7,089 $ 7,688 Georgia Power $ 10,549 $ 11,400 Gulf Power $ 1,303 $ 1,366 Mississippi Power $ 3,209 $ 2,938 Southern Power $ 3,123 $ 3,171 The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the registrants. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (in millions) As reported shares 916 910 Effect of options and performance share award units 6 5 Diluted shares 922 915 Stock options and performance share award units that were not included in the diluted earnings per share calculation because they were anti-dilutive were immaterial for the three months ended March 31, 2016 and 2015 . Changes in Stockholders' Equity The following table presents year-to-date changes in stockholders' equity of Southern Company: Number of Common Shares Common Preferred and Preference Stock of Subsidiaries Total Issued Treasury Noncontrolling Interests (*) (in thousands) (in millions) Balance at December 31, 2015 915,073 (3,352 ) $ 20,592 $ 609 $ 781 $ 21,982 Consolidated net income attributable to Southern Company — — 485 — — 485 Other comprehensive income (loss) — — (114 ) — — (114 ) Stock issued 6,572 — 270 — — 270 Stock-based compensation — — 60 — — 60 Cash dividends on common stock — — (497 ) — — (497 ) Contributions from noncontrolling interests — — — — 129 129 Distributions to noncontrolling interests — — — — (4 ) (4 ) Purchase of membership interests from noncontrolling interests — — — — (129 ) (129 ) Net income attributable to noncontrolling interests — — — — 1 1 Other — (35 ) 1 — — 1 Balance at March 31, 2016 921,645 (3,387 ) $ 20,797 $ 609 $ 778 $ 22,184 Balance at December 31, 2014 908,502 (725 ) $ 19,949 $ 756 $ 221 $ 20,926 Consolidated net income attributable to Southern Company — — 508 — — 508 Other comprehensive income (loss) — — (15 ) — — (15 ) Stock issued 3,094 — 112 — — 112 Stock-based compensation — — 53 — — 53 Stock repurchased, at cost — (2,599 ) (115 ) — — (115 ) Cash dividends on common stock — — (478 ) — — (478 ) Other — (11 ) 3 — — 3 Balance at March 31, 2015 911,596 (3,335 ) $ 20,017 $ 756 $ 221 $ 20,994 (*) Primarily related to Southern Power Company. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
FINANCING | FINANCING Bank Credit Arrangements Bank credit arrangements provide liquidity support to the registrants' commercial paper borrowings and the traditional operating companies' pollution control revenue bonds. The amount of variable rate pollution control revenue bonds outstanding requiring liquidity support as of March 31, 2016 was approximately $1.8 billion (comprised of approximately $810 million at Alabama Power, $868 million at Georgia Power, $82 million at Gulf Power, and $40 million at Mississippi Power). In addition, at March 31, 2016 , the traditional operating companies had approximately $269 million (comprised of approximately $167 million at Alabama Power, $69 million at Georgia Power, and $33 million at Gulf Power) of fixed rate pollution control revenue bonds outstanding that were required to be reoffered within the next 12 months. See Note 6 to the financial statements of each registrant under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. See "Financing Activities" herein for additional information. The following table outlines the committed credit arrangements by company as of March 31, 2016 : Expires Executable Term Loans Due Within One Year Company 2016 2017 2018 2020 Total Unused One Year Two Years Term Out No Term Out (in millions) (in millions) (in millions) Southern Company (a) $ — $ — $ 1,000 $1,250 $ 2,250 $ 2,250 $ — $ — $ — $ — Alabama Power 40 — 500 800 1,340 1,340 — — — 40 Georgia Power — — — 1,750 1,750 1,732 — — — — Gulf Power 75 40 165 — 280 280 45 — 45 40 Mississippi Power 205 — — — 205 180 30 15 45 160 Southern Power Company (b) — — — 600 600 560 — — — — Other 70 — — — 70 70 20 — 20 50 Total $ 390 $ 40 $ 1,665 $4,400 $ 6,495 $ 6,412 $ 95 $ 15 $ 110 $ 290 (a) Excludes the $8.1 billion Bridge Agreement entered into in September 2015 that will be funded only to the extent necessary to provide financing for the Merger as discussed herein. (b) Excluding its subsidiaries. See "Project Credit Facilities" below and Note (I) under "Southern Power" for additional information. Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder. Southern Company intends to fund the cash consideration for the Merger using a mix of debt and equity. Southern Company finances its capital needs on a portfolio basis and expects to issue a minimum of $8.0 billion in debt prior to closing the Merger and a minimum of $1.2 billion in equity during 2016. This capital is expected to provide funding for the Merger, the proposed acquisition of PowerSecure International, Inc. (PowerSecure), and Southern Power and other Southern Company system capital projects. Total capital raised in 2016 may increase due to cash needed at the closing of the Merger, settlement of hedges, and incremental investment opportunities, including additional Southern Power projects in excess of its current capital plans. In addition, Southern Company entered into the $8.1 billion Bridge Agreement on September 30, 2015 to provide financing for the Merger in the event long-term financing is not available. As of March 31, 2016, Southern Company had no outstanding loans under the Bridge Agreement. See Note (I) under "Southern Company – Proposed Merger with AGL Resources" for additional information regarding the Merger. See Note 6 to the financial statements of Southern Company under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information regarding the Bridge Agreement. Southern Power Project Credit Facilities In connection with the construction of solar facilities by RE Tranquillity LLC, RE Roserock LLC, and RE Garland Holdings LLC, indirect subsidiaries of Southern Power, each subsidiary entered into separate credit agreements (Project Credit Facilities), which are non-recourse to Southern Power (other than the subsidiary party to the agreement). Each Project Credit Facility provides (a) a senior secured construction loan credit facility, (b) a senior secured bridge loan facility, and (c) a senior secured letter of credit facility that is secured by the membership interests of the respective project company. Proceeds from the Project Credit Facilities are being used to finance project costs related to the respective solar facilities currently under construction. Each Project Credit Facility is secured by the assets of the applicable project subsidiary and membership interests of the applicable project subsidiary. The table below summarizes each Project Credit Facility as of March 31, 2016 . Project Maturity Date Construction Loan Facility Bridge Loan Facility Total Total Undrawn Letter of Credit Facility Total Undrawn (in millions) Tranquillity Earlier of COD or December 31, 2016 $ 86 $ 172 $ 258 $ 52 $ 77 $ 26 Roserock Earlier of COD or November 30, 2016 63 180 243 121 23 16 Garland Earlier of COD or November 30, 2016 86 308 394 309 49 32 Total $ 235 $ 660 $ 895 $ 482 $ 149 $ 74 The Project Credit Facilities had total amounts outstanding as of March 31, 2016 of $413 million at a weighted average interest rate of 1.99% . For the three months ended March 31, 2016, these credit agreements had a maximum amount outstanding of $413 million , and an average amount outstanding of $260 million at a weighted average interest rate of 1.99% . Financing Activities The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2016 : Company (a) Senior Note Issuances Senior Note Maturities and Redemptions Revenue Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (b) (in millions) Alabama Power $ 400 $ 200 $ — $ 45 $ — Georgia Power 650 250 4 — 1 Mississippi Power — — — 1,100 426 Southern Power — — — 2 3 Other — — — — 4 Elimination (c) — — — (200 ) — Total $ 1,050 $ 450 $ 4 $ 947 $ 434 (a) Southern Company and Gulf Power did not issue or redeem any long-term debt during the first three months of 2016. (b) Includes reductions in capital lease obligations resulting from cash payments under capital leases. (c) Intercompany loans from Southern Company to Mississippi Power eliminated in Southern Company's Consolidated Financial Statements. Alabama Power In January 2016, Alabama Power issued $400 million aggregate principal amount of Series 2016A 4.30% Senior Notes due January 2, 2046. The proceeds were used to repay at maturity $200 million aggregate principal amount of Alabama Power's Series FF 5.20% Senior Notes due January 15, 2016 and for general corporate purposes, including Alabama Power's continuous construction program. In March 2016, Alabama Power entered into three bank term loan agreements with maturity dates of March 2021, in an aggregate principal amount of $45 million , one of which bears interest at 2.38% per annum and two of which bear interest based on three-month LIBOR. Georgia Power In March 2016, Georgia Power issued $325 million aggregate principal amount of Series 2016A 3.25% Senior Notes due April 1, 2026 and $325 million aggregate principal amount of Series 2016B 2.40% Senior Notes due April 1, 2021. An amount equal to the proceeds from the Series 2016A 3.25% Senior Notes due April 1, 2026 will be allocated to eligible green expenditures, including financing of or investments in solar power generation facilities or electric vehicle charging infrastructure, or payments under PPAs served by solar power or wind generation facilities. The proceeds from the Series 2016B 2.40% Senior Notes due April 1, 2021 were used to repay at maturity $250 million aggregate principal amount of Georgia Power's Series 2013B Floating Rate Senior Notes due March 15, 2016, to repay a portion of Georgia Power's short-term indebtedness, and for general corporate purposes, including Georgia Power's continuous construction program. Mississippi Power In January 2016, Mississippi Power issued a floating rate promissory note to Southern Company in an aggregate principal amount of up to $275 million , which matures on December 1, 2017, bearing interest based on one-month LIBOR. As of March 31, 2016, Mississippi Power had borrowed $100 million under this promissory note with a $50 million draw occurring on each of January 29, 2016 and March 14, 2016. In addition, on January 19, 2016, Mississippi Power borrowed $100 million from Southern Company pursuant to a promissory note issued in November 2015. On March 8, 2016, Mississippi Power entered into an unsecured term loan agreement for an aggregate amount of $1.2 billion to repay existing indebtedness and for other general corporate purposes. Mississippi Power borrowed $900 million under the term loan agreement and has the right to borrow the remaining $300 million on or before October 15, 2016, upon satisfaction of certain customary conditions. Mississippi Power used the initial proceeds to repay $900 million in maturing bank notes on March 8, 2016 and expects the remaining $300 million to be used to repay senior notes maturing in October 2016. The term loan pursuant to this agreement matures on April 1, 2018 and bears interest based on one-month LIBOR. Also in March 2016, Mississippi Power renewed a $10 million short-term note, which matures on June 30, 2016, bearing interest based on three-month LIBOR. Southern Power During the three months ended March 31, 2016, Southern Power's subsidiary repaid $3 million of long-term debt payable to Turner Renewable Energy, LLC (TRE) and borrowed $2 million due February 28, 2036 under promissory notes payable to TRE. During the three months ended March 31, 2016, Southern Power's subsidiaries borrowed $276 million pursuant to the Project Credit Facilities at a weighted average interest rate of 1.99% . In addition, Southern Power's subsidiaries issued $8 million in letters of credit. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Southern Company has a defined benefit, trusteed, pension plan covering substantially all employees. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2016 . Southern Company also provides certain defined benefit pension plans for a selected group of management and highly compensated employees. Benefits under these non-qualified pension plans are funded on a cash basis. In addition, Southern Company provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional operating companies fund related other postretirement trusts to the extent required by their respective regulatory commissions. See Note 2 to the financial statements of Southern Company, Alabama Power, Georgia Power, Gulf Power, and Mississippi Power in Item 8 of the Form 10-K for additional information. Components of the net periodic benefit costs for the three months ended March 31, 2016 were as follows: Pension Plans Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended March 31, 2016 Service cost $ 62 $ 14 $ 17 $ 3 $ 3 Interest cost 100 24 34 5 5 Expected return on plan assets (187 ) (46 ) (64 ) (9 ) (9 ) Amortization: Prior service costs 4 1 1 — — Net (gain)/loss 38 10 14 2 2 Net cost $ 17 $ 3 $ 2 $ 1 $ 1 Three Months Ended March 31, 2015 Service cost $ 64 $ 15 $ 18 $ 3 $ 3 Interest cost 111 26 38 5 5 Expected return on plan assets (181 ) (45 ) (63 ) (8 ) (8 ) Amortization: Prior service costs 6 2 3 — — Net (gain)/loss 54 14 19 3 3 Net cost $ 54 $ 12 $ 15 $ 3 $ 3 Postretirement Benefits Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended March 31, 2016 Service cost $ 5 $ 1 $ 2 $ — $ — Interest cost 18 5 8 1 1 Expected return on plan assets (14 ) (6 ) (6 ) — — Amortization: Prior service costs 2 1 — — — Net (gain)/loss 3 — 2 — — Net cost $ 14 $ 1 $ 6 $ 1 $ 1 Three Months Ended March 31, 2015 Service cost $ 6 $ 1 $ 2 $ — $ — Interest cost 19 5 8 1 1 Expected return on plan assets (15 ) (6 ) (6 ) — — Amortization: Prior service costs 1 1 — — — Net (gain)/loss 5 — 3 — — Net cost $ 16 $ 1 $ 7 $ 1 $ 1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Current and Deferred Income Taxes Southern Power ITC Carryforwards As of March 31, 2016 , Southern Power had federal ITC carryforwards which are expected to result in $694 million of federal income tax benefits compared to $551 million as of December 31, 2015. The carryforwards as of March 31, 2016 begin expiring in 2034 but are expected to be utilized by the end of 2021. Effective Tax Rate See Note 5 to the financial statements of each registrant in Item 8 of the Form 10-K for additional tax information. Southern Company Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity, and federal income tax benefits from ITCs and PTCs. Southern Company's effective tax rate was 30.8% for the three months ended March 31, 2016 compared to 34.3% for the corresponding period in 2015 . The effective tax rate decrease was primarily due to increased federal income tax benefits from ITCs and PTCs and lower pre-tax earnings in 2016 . Mississippi Power Mississippi Power's effective tax rate was (838.7)% for the three months ended March 31, 2016 compared to 10.0% for the corresponding period in 2015. The effective tax rate decrease was primarily due to an increase in tax benefits related to the estimated probable losses on construction of the Kemper IGCC. Southern Power Southern Power's effective tax rate was (84.0)% for the three months ended March 31, 2016 compared to 25.8% for the corresponding period in 2015 . The effective tax rate decrease was primarily due to increased federal income tax benefits from ITCs related to solar projects expected to be placed in service in 2016 and additional PTCs related to wind projects in 2016 compared to 2015. Unrecognized Tax Benefits See Note 5 to the financial statements of each registrant under "Unrecognized Tax Benefits" in Item 8 of the Form 10-K for additional information. Changes during 2016 for unrecognized tax benefits were as follows: Mississippi Power Southern Power Southern Company (in millions) Unrecognized tax benefits as of December 31, 2015 $ 421 $ 8 $ 433 Tax positions from current periods — 5 5 Balance as of March 31, 2016 $ 421 $ 13 $ 438 The tax positions from current periods primarily relate to federal income tax benefits from ITCs. The impact on the effective tax rate, if recognized, is as follows: As of March 31, 2016 As of December 31, 2015 Mississippi Power Southern Power Southern Company Southern Company (in millions) Tax positions impacting the effective tax rate $ (2 ) $ 13 $ 15 $ 10 Tax positions not impacting the effective tax rate 423 — 423 423 Balance of unrecognized tax benefits $ 421 $ 13 $ 438 $ 433 The tax positions impacting the effective tax rate primarily relate to federal income tax benefits from ITCs. The tax positions not impacting the effective tax rate relate to deductions for Kemper IGCC-related research and experimental (R&E) expenditures. See "Section 174 Research and Experimental Deduction" below for additional information. These amounts are presented on a gross basis without considering the related federal or state income tax impact. Accrued interest for unrecognized tax benefits was immaterial for all periods presented. All of the registrants classify interest on tax uncertainties as interest expense. None of the registrants accrued any penalties on uncertain tax positions. It is reasonably possible that the amount of the unrecognized tax benefits could change within 12 months . The settlement of federal and state audits could impact the balances significantly. At this time, an estimate of the range of reasonably possible outcomes cannot be determined. The IRS has finalized its audits of Southern Company's consolidated federal income tax returns through 2012. Southern Company has filed its 2013 and 2014 federal income tax returns and has received partial acceptance letters from the IRS; however, the IRS has not finalized its audits. Southern Company is a participant in the Compliance Assurance Process of the IRS. The audits for the Southern Company's state income tax returns have either been concluded, or the statute of limitations has expired, for years prior to 2011. Section 174 Research and Experimental Deduction Southern Company has reflected deductions for R&E expenditures related to the Kemper IGCC in its federal income tax calculations since 2013 and has filed amended federal income tax returns for 2008 through 2013 to also include such deductions. The Kemper IGCC is based on first-of-a-kind technology, and Southern Company and Mississippi Power believe that a significant portion of the plant costs qualify as deductible R&E expenditures under Internal Revenue Code Section 174. The IRS is currently reviewing the underlying support for the deduction, but has not completed its audit of these expenditures. Due to the uncertainty related to this tax position, Southern Company and Mississippi Power had related unrecognized tax benefits associated with these R&E deductions of approximately $423 million and associated interest of $12 million as of March 31, 2016 . The ultimate outcome of this matter cannot be determined at this time. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Southern Company, the traditional operating companies, and Southern Power are exposed to market risks, primarily commodity price risk and interest rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a gross basis. See Note (C) for additional information. In the statements of cash flows, the cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Energy-Related Derivatives The traditional operating companies and Southern Power enter into energy-related derivatives to hedge exposures to electricity, gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional operating companies have limited exposure to market volatility in commodity fuel prices and prices of electricity. Each of the traditional operating companies manages fuel-hedging programs, implemented per the guidelines of their respective state PSCs, through the use of financial derivative contracts, which is expected to continue to mitigate price volatility. The traditional operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in commodity fuel prices and prices of electricity because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted wholesale generating capacity is used to sell electricity. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts which are designated as regulatory hedges relate primarily to the traditional operating companies' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. • Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. • Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric industry. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. At March 31, 2016 , the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: Net Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company 235 2020 2017 Alabama Power 60 2019 — Georgia Power 65 2019 — Gulf Power 74 2020 — Mississippi Power 28 2018 — Southern Power 8 2016 2017 In addition to the volumes discussed in the above table, the traditional operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 4 million mmBtu for Southern Company and Georgia Power. For cash flow hedges, the amounts expected to be reclassified from accumulated OCI to earnings for the next 12-month period ending March 31, 2017 are immaterial for all registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may also enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings, providing an offset, with any difference representing ineffectiveness. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. At March 31, 2016 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company $ 1,500 3-month 2.14% November 2026 $ (55 ) Southern Company 1,200 3-month 2.60% November 2046 (127 ) Gulf Power 80 3-month 2.32% December 2026 (4 ) Cash Flow Hedges of Existing Debt Georgia Power 200 3-month 1.01% August 2016 — Fair Value Hedges on Existing Debt Southern Company 250 1.30% 3-month August 2017 1 Southern Company 300 2.75% 3-month June 2020 10 Georgia Power 250 5.40% 3-month June 2018 3 Georgia Power 200 4.25% 3-month December 2019 6 Georgia Power 500 1.95% 3-month December 2018 5 Derivatives not Designated as Hedges Southern Power 65 (a,d) 3-month 2.50% October 2016 (e) — Southern Power 47 (b,d) 3-month 2.21% October 2016 (e) — Southern Power 65 (c,d) 3-month 2.21% November 2016 (f) — Total $ 4,657 $ (161 ) (a) Swaption at RE Tranquillity LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (b) Swaption at RE Roserock LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (c) Swaption at RE Garland Holdings LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (d) Amortizing notional amount. (e) Represents the mandatory settlement date. Settlement will be based on a 15 -year amortizing swap. (f) Represents the mandatory settlement date. Settlement will be based on a 12 -year amortizing swap. The estimated pre-tax gains (losses) that will be reclassified from accumulated OCI to interest expense for the next 12-month period ending March 31, 2017 are immaterial for all registrants. Southern Company and certain subsidiaries have deferred gains and losses that are expected to be amortized into earnings through 2046. Derivative Financial Statement Presentation and Amounts At March 31, 2016 , the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: Asset Derivatives at March 31, 2016 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets $ 2 $ 1 $ 1 $ — $ — Other deferred charges and assets 5 2 3 — — Total derivatives designated as hedging instruments for regulatory purposes $ 7 $ 3 $ 4 $ — $ — N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets (*) $ 4 $ — $ — $ — $ — $ 4 Interest rate derivatives: Other current assets 18 — 7 — — — Other deferred charges and assets 14 — 7 — — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 36 $ — $ 14 $ — $ — $ 4 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets (*) $ 1 $ — $ — $ — $ — $ 1 Interest rate derivatives: Other current assets (*) 1 — — — — 1 Total derivatives not designated as hedging instruments $ 2 $ — $ — $ — $ — $ 2 Total asset derivatives $ 45 $ 3 $ 18 $ — $ — $ 6 (*) Southern Power includes current assets related to derivatives in "Assets from risk management activities." Liability Derivatives at March 31, 2016 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Liabilities from risk management activities (*) $ 124 $ 37 $ 9 $ 49 $ 29 Other deferred credits and liabilities 74 12 2 45 15 Total derivatives designated as hedging instruments for regulatory purposes $ 198 $ 49 $ 11 $ 94 $ 44 N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Liabilities from risk management activities (*) $ 2 $ — $ — $ — $ — $ 2 Interest rate derivatives: Liabilities from risk management activities (*) 193 — — 5 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 195 $ — $ — $ 5 $ — $ 2 Derivatives not designated as hedging instruments Energy-related derivatives: Liabilities from risk management activities (*) $ 1 $ — $ — $ — $ — $ 1 Total liability derivatives $ 394 $ 49 $ 11 $ 99 $ 44 $ 3 (*) Georgia Power, Mississippi Power, and Southern Power include current liabilities related to derivatives in "Other current liabilities." At December 31, 2015 , the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: Asset Derivatives at December 31, 2015 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets $ 3 $ 1 $ 2 $ — $ — N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets (*) $ 3 $ — $ — $ — $ — $ 3 Interest rate derivatives: Other current assets 19 — 5 1 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 22 $ — $ 5 $ 1 $ — $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets (*) $ 1 $ — $ — $ — $ — $ 1 Interest rate derivatives: Other current assets (*) 3 — — — — 3 Total derivatives not designated as hedging instruments $ 4 $ — $ — $ — $ — $ 4 Total asset derivatives $ 29 $ 1 $ 7 $ 1 $ — $ 7 (*) Southern Power includes current assets related to derivatives in "Assets from risk management activities." Liability Derivatives at December 31, 2015 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Liabilities from risk management activities (*) $ 130 $ 40 $ 12 $ 49 $ 29 Other deferred credits and liabilities 87 15 3 51 18 Total derivatives designated as hedging instruments for regulatory purposes $ 217 $ 55 $ 15 $ 100 $ 47 N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Liabilities from risk management activities (*) $ 2 $ — $ — $ — $ — $ 2 Interest rate derivatives: Liabilities from risk management activities 23 15 — — — — Other deferred credits and liabilities 7 — 6 — — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 32 $ 15 $ 6 $ — $ — $ 2 Derivatives not designated as hedging instruments Energy-related derivatives: Liabilities from risk management activities (*) $ 1 $ — $ — $ — $ — $ 1 Total liability derivatives $ 250 $ 70 $ 21 $ 100 $ 47 $ 3 (*) Georgia Power, Mississippi Power, and Southern Power include current liabilities related to derivatives in "Other current liabilities." The derivative contracts of Southern Company, the traditional operating companies, and Southern Power are not subject to master netting arrangements or similar agreements and are reported gross on each registrant's financial statements. Some of these energy-related and interest rate derivative contracts may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Amounts related to energy-related derivative contracts and interest rate derivative contracts at March 31, 2016 and December 31, 2015 are presented in the following tables. Derivative Contracts at March 31, 2016 Fair Value Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Assets Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 12 $ 3 $ 4 $ — $ — $ 5 Gross amounts not offset in the Balance Sheet (b) (10 ) (3 ) (3 ) — — (2 ) Net energy-related derivative assets $ 2 $ — $ 1 $ — $ — $ 3 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 33 $ — $ 14 $ — $ — $ 1 Gross amounts not offset in the Balance Sheet (b) (21 ) — — — — — Net interest rate derivative assets $ 12 $ — $ 14 $ — $ — $ 1 Liabilities Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 201 $ 49 $ 11 $ 94 $ 44 $ 3 Gross amounts not offset in the Balance Sheet (b) (10 ) (3 ) (3 ) — — (2 ) Net energy-related derivative liabilities $ 191 $ 46 $ 8 $ 94 $ 44 $ 1 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 193 $ — $ — $ 5 $ — $ — Gross amounts not offset in the Balance Sheet (b) (21 ) — — — — — Net interest rate derivative liabilities $ 172 $ — $ — $ 5 $ — $ — (a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. (b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. Derivative Contracts at December 31, 2015 Fair Value Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Assets Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 7 $ 1 $ 2 $ — $ — $ 4 Gross amounts not offset in the Balance Sheet (b) (6 ) (1 ) (2 ) — — (1 ) Net energy-related derivative assets $ 1 $ — $ — $ — $ — $ 3 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 22 $ — $ 5 $ 1 $ — $ 4 Gross amounts not offset in the Balance Sheet (b) (9 ) — (4 ) — — — Net interest rate derivative assets $ 13 $ — $ 1 $ 1 $ — $ 4 Liabilities Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 220 $ 55 $ 15 $ 100 $ 47 $ 3 Gross amounts not offset in the Balance Sheet (b) (6 ) (1 ) (2 ) — — (1 ) Net energy-related derivative liabilities $ 214 $ 54 $ 13 $ 100 $ 47 $ 2 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 30 $ 15 $ 6 $ — $ — $ — Gross amounts not offset in the Balance Sheet (b) (9 ) — (4 ) — — — Net interest rate derivative liabilities $ 21 $ 15 $ 2 $ — $ — $ — (a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. (b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. At March 31, 2016 and December 31, 2015 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at March 31, 2016 Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Energy-related derivatives: Other regulatory assets, current $ (124 ) $ (37 ) $ (9 ) $ (49 ) $ (29 ) Other regulatory assets, deferred (74 ) (12 ) (2 ) (45 ) (15 ) Other regulatory liabilities, current (a) 2 1 1 — — Other regulatory liabilities, deferred (b) 5 2 3 — — Total energy-related derivative gains (losses) $ (191 ) $ (46 ) $ (7 ) $ (94 ) $ (44 ) (a) Southern Company, Alabama Power, and Georgia Power include other regulatory liabilities, current in other current liabilities. (b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at December 31, 2015 Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Energy-related derivatives: Other regulatory assets, current $ (130 ) $ (40 ) $ (12 ) $ (49 ) $ (29 ) Other regulatory assets, deferred (87 ) (15 ) (3 ) (51 ) (18 ) Other regulatory liabilities, current (*) 3 1 2 — — Total energy-related derivative gains (losses) $ (214 ) $ (54 ) $ (13 ) $ (100 ) $ (47 ) (*) Southern Company, Alabama Power, and Georgia Power include other regulatory liabilities, current in other current liabilities. For the three months ended March 31, 2016 and 2015 , the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Statements of Income Location Amount 2016 2015 2016 2015 (in millions) (in millions) Southern Company Interest rate derivatives $ (190 ) $ (29 ) Interest expense, net of amounts capitalized $ (3 ) $ (2 ) Alabama Power Interest rate derivatives $ (4 ) $ (6 ) Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Georgia Power Interest rate derivatives $ — $ (23 ) Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Gulf Power Interest rate derivatives $ (5 ) $ — Interest expense, net of amounts capitalized $ — $ — For the three months ended March 31, 2016 and 2015 , the pre-tax effects of energy-related derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings were immaterial for all registrants. For the three months ended March 31, 2016 and 2015 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were as follows: Derivatives in Fair Value Hedging Relationships Gain (Loss) Derivative Category Statements of Income Location 2016 2015 (in millions) Southern Company Interest rate derivatives: Interest expense, net of amounts capitalized $ 20 $ 7 Georgia Power Interest rate derivatives: Interest expense, net of amounts capitalized $ 14 $ 6 For the three months ended March 31, 2016 and 2015 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were offset by changes to the carrying value of long-term debt. There was no material ineffectiveness recorded in earnings for any registrant for any period presented. For the three months ended March 31, 2016 and 2015 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments were immaterial for all registrants. Contingent Features The registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. At March 31, 2016 , the registrants' collateral posted with their derivative counterparties was immaterial. At March 31, 2016 , the fair value of derivative liabilities with contingent features was $49 million for all registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were $49 million and include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivatives executed with the same counterparty. Southern Company, the traditional operating companies, and Southern Power are exposed to losses related to financial instruments in the event of counterparties' nonperformance. Southern Company, the traditional operating companies, and Southern Power only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's and S&P or with counterparties who have posted collateral to cover potential credit exposure. Southern Company, the traditional operating companies, and Southern Power have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate Southern Company's, the traditional operating companies', and Southern Power's exposure to counterparty credit risk. Therefore, Southern Company, the traditional operating companies, and Southern Power do not anticipate a material adverse effect on the financial statements as a result of counterparty nonperformance. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Southern Company Proposed Merger with AGL Resources On August 23, 2015, Southern Company entered into the Merger Agreement to acquire AGL Resources. Under the terms of the Merger Agreement, subject to the satisfaction or waiver (if permissible under applicable law) of specified conditions, Merger Sub will be merged with and into AGL Resources. AGL Resources will survive the Merger and become a wholly-owned, direct subsidiary of Southern Company. The Merger will be accounted for using the acquisition method of accounting whereby the assets acquired and liabilities assumed are recognized at fair value as of the acquisition date. The excess of the purchase price over the fair values of AGL Resources' assets and liabilities will be recorded as goodwill. Southern Company expects total cash of $8.2 billion to be required to fund the purchase price of approximately $8.0 billion to acquire AGL Resources common stock, options to purchase shares of AGL Resources common stock, and restricted stock units payable in shares of AGL Resources common stock and to fund acquisition-related expenses and financing costs of approximately $200 million . Southern Company will also assume AGL Resources' outstanding indebtedness. Through May 5, 2016, the Maryland PSC, the Georgia PSC, the California Public Utilities Commission, and the Virginia State Corporation Commission have approved the Merger. On April 15, 2016, Southern Company, AGL Resources, and Northern Illinois Gas Company (collectively, the Joint Applicants) and the Retail Energy Supply Association filed a settlement agreement with the Illinois Commerce Commission. On April 28, 2016, the Joint Applicants, the Illinois Attorney General's Office, and the Citizens Utility Board filed a settlement agreement with the Illinois Commerce Commission. Collectively, these agreements resolve all remaining contested issues for Illinois Commerce Commission approval of the Merger. On May 5, 2016, Southern Company, AGL Resources, Merger Sub, Pivotal Utility Holdings, Inc. d/b/a Elizabethtown Gas, the Division of Rate Counsel, the Staff of the New Jersey Board of Public Utilities, and New Jersey Large Energy Users Coalition entered into a comprehensive settlement agreement relating to the New Jersey Board of Public Utilities review of the Merger. Additionally, the Federal Communications Commission (FCC) has approved the transfer of control over the FCC licenses of certain AGL Resources subsidiaries. Consummation of the Merger remains subject to the satisfaction or waiver of certain closing conditions, including, among others, (i) the approval of the Illinois Commerce Commission and the New Jersey Board of Public Utilities and other approvals required under applicable state laws, (ii) the absence of a judgment, order, decision, injunction, ruling, or other finding or agency requirement of a governmental entity prohibiting the consummation of the Merger, and (iii) other customary closing conditions, including (a) subject to certain materiality qualifiers, the accuracy of each party's representations and warranties and (b) each party's performance in all material respects of its obligations under the Merger Agreement. During the first quarter 2016, Southern Company recorded in its statements of income external transaction costs for financing, legal, and consulting services associated with the proposed Merger of approximately $20 million , of which $6 million is included in operating expenses and $14 million is included in other income and (expense). The ultimate outcome of these matters cannot be determined at this time. See Note 12 to the financial statements of Southern Company under "Southern Company – Proposed Merger with AGL Resources" in Item 8 of the Form 10-K for additional information. Merger Financing Southern Company intends to fund the cash consideration for the Merger using a mix of debt and equity. Southern Company expects to issue the debt to fund the cash consideration for the Merger in several tranches including long-dated maturities. The amount of debt issued at each maturity will depend on prevailing market conditions at the time of the offering and other factors. In addition, Southern Company entered into the $8.1 billion Bridge Agreement on September 30, 2015 to provide financing for the Merger in the event long-term financing is not available. See Note 6 to the financial statements of Southern Company under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information regarding the Bridge Agreement. Proposed Acquisition of PowerSecure On February 24, 2016, Southern Company entered into an Agreement and Plan of Merger to acquire PowerSecure. Under the terms of this merger agreement, the stockholders of PowerSecure will be entitled to receive $18.75 in cash for each share of common stock in a transaction with a total purchase price of approximately $431 million . Following this transaction, PowerSecure will become a wholly-owned subsidiary of Southern Company. This transaction is expected to close in May 2016. The ultimate outcome of this matter cannot be determined at this time. Southern Power See Note 2 to the financial statements of Southern Power and Note 12 to the financial statements of Southern Company under "Southern Power" in Item 8 of the Form 10-K for additional information. During the first quarter 2016, the fair values of the assets and liabilities acquired of Lost Hills, Blackwell, North Star, and Morelos were finalized and there were no changes. During 2016, in accordance with its overall growth strategy, Southern Power acquired or contracted to acquire through its wholly-owned subsidiaries, Southern Renewable Partnerships, LLC or Southern Renewable Energy, Inc., the projects set forth in the following table. Acquisition-related costs were expensed as incurred and were not material. The acquisitions do not include any contingent consideration unless specifically noted. Project Facility Seller; Acquisition Date Approx. Nameplate Capacity Location Southern Power Percentage Ownership Expected/Actual COD PPA PPA Contract Period Approx. Purchase Price (MW) (in millions) SOLAR Calipatria Solar Frontier Americas Holding, LLC 20 Imperial County, CA 90 % February 11, 2016 San Diego Gas & Electric Company 20 years $ 51 (a) East Pecos First Solar, Inc. March 4, 2016 120 Pecos County, TX 100 % Fourth quarter 2016 Austin Energy 15 years $ 41 (b) WIND Grant Wind Apex Clean Energy Holdings, LLC 151 Grant County, OK 100 % April 8, 2016 Western Farmers, East Texas, and Northeast Texas Electric Cooperative 20 years $ 258 (c) Passadumkeag Quantam Wind Acquisition I, LLC 40 Penobscot County, ME 100 % Second quarter 2016 Western Massachusetts Electric Company 15 years $ 127 (d) (a) Calipatria - The total purchase price, including the minority owner, TRE's 10% ownership interest and contingent consideration of $6 million , is approximately $57 million . As of March 31, 2016, the fair values of the assets and liabilities acquired through the business combination were recorded as follows: $58 million as property, plant, and equipment, $1 million as a transmission interconnection prepaid, and $2 million as payables; however, the allocation of the purchase price to individual assets has not been finalized. (b) East Pecos - The total purchase price is approximately $41 million . As of March 31, 2016, the fair values of the assets acquired through the business combination were recorded as $41 million to CWIP; however, the allocation of the purchase price to individual assets has not been finalized. Total construction costs, which include the acquisition price allocated to CWIP, are expected to be approximately $200 million to $220 million . The ultimate outcome of this matter cannot be determined at this time. (c) Grant Wind - Subsequent to March 31, 2016, Southern Power acquired all of the outstanding membership interests of Grant Wind, LLC. The purchase price includes approximately $23 million of contingent consideration which may be adjusted based on performance testing and production over the first 10 years of operation. (d) Passadumkeag - On March 11, 2016, Southern Power entered into an agreement to acquire all of the outstanding membership interests of Quantum Wind Acquisition I, LLC, which is expected to close in the second quarter 2016. The ultimate outcome of this matter cannot be determined at this time. Construction Projects During the first quarter 2016, in accordance with its overall growth strategy, Southern Power completed construction of and placed in service the Butler Solar Farm and Pawpaw solar facilities. In addition, Southern Power continued construction of the projects set forth in the table below. Through March 31, 2016 , total costs of construction incurred for the projects below were $2.2 billion , of which $1.5 billion remains in CWIP. The ultimate outcome of these matters cannot be determined at this time. Solar Facility Seller Approx. Nameplate Capacity Location Expected/Actual COD PPA Counterparties PPA Estimated Construction Costs (MW) (in millions) Butler CERSM, LLC and Community Energy, Inc. 103 Taylor County, GA Fourth quarter 2016 Georgia Power (a) 30 years $ 220 - 230 (b) Desert Stateline First Solar, Inc. 299 (c) San Bernardino County, CA Through third quarter 2016 Southern California Edison Company (SCE) 20 years $ 1,200 - 1,300 (d) Garland and Recurrent Energy, LLC 205 Kern County, CA Fourth quarter 2016 Third quarter 2016 SCE 15 years and $ 532 - 552 (e,f) Roserock Recurrent Energy, LLC 160 Pecos County, TX Fourth quarter 2016 Austin Energy 20 years $ 333 - 353 (e,f) Sandhills N/A 146 Taylor County, GA Fourth quarter 2016 Cobb, Flint, Irwin, Middle Georgia and Sawnee Electric Membership Corporations 25 years $ 260 - 280 Tranquillity Recurrent Energy, LLC 205 Fresno County, CA Third quarter 2016 Shell Energy North America (US), LP/SCE 18 years $ 473 - 493 (f,g) (a) Butler - Affiliate PPA subject to FERC approval. (b) Butler - Total estimated construction costs include the acquisition price of all outstanding membership interests of the related entity. (c) Desert Stateline - The facility has a total of 299 MWs, of which 110 MWs were placed in service in the fourth quarter 2015 and 76 MWs were placed in service in the first quarter 2016. Subsequent to March 31, 2016, 38 MWs were placed in service. The remaining 75 MWs are expected to be placed in service by the end of the third quarter 2016. (d) Desert Stateline - On March 29, 2016, Southern Power acquired an additional 15% interest in Desert Stateline. As a result, Southern Power and the class B member are entitled to 66% and 34% , respectively, of all cash distributions from Desert Stateline. In addition, Southern Power will continue to be entitled to substantially all of the federal tax benefits with respect to the transaction. Total estimated construction costs include the acquisition price allocated to CWIP; however, the allocation of the purchase price to individual assets has not been finalized. (e) Total estimated construction costs include the acquisition price allocated to CWIP. During the first quarter 2016, the allocation of the purchase price to individual assets was finalized with no changes. (f) Southern Power owns 100% of the class A membership interests and a wholly-owned subsidiary of the seller owns 100% of the class B membership interests. Southern Power and the class B member are entitled to 51% and 49% , respectively, of all cash distributions from the project. (g) Total estimated construction costs include the acquisition price allocated to CWIP; however, the allocation of the purchase price to individual assets has not been finalized. |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION The primary business of the Southern Company system is electricity sales by the traditional operating companies and Southern Power. The four traditional operating companies – Alabama Power, Georgia Power, Gulf Power, and Mississippi Power – are vertically integrated utilities providing electric service in four Southeastern states. Southern Power constructs, acquires, owns, and manages generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Southern Company's reportable business segments are the sale of electricity by the four traditional operating companies and Southern Power. Revenues from sales by Southern Power to the traditional operating companies were $97 million and $114 million for the three months ended March 31, 2016 and March 31, 2015 , respectively. The "All Other" column includes parent Southern Company, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include investments in telecommunications and leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three months ended March 31, 2016 and 2015 was as follows: Electric Utilities Traditional Operating Companies Southern Power Eliminations Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2016: Operating revenues $ 3,742 $ 315 $ (103 ) $ 3,954 $ 47 $ (36 ) $ 3,965 Segment net income (loss) (a)(b) 464 50 — 514 (26 ) (3 ) 485 Total assets at March 31, 2016 $ 69,240 $ 8,999 $ (396 ) $ 77,843 $ 2,070 $ (1,178 ) $ 78,735 Three Months Ended March 31, 2015: Operating revenues $ 3,948 $ 348 $ (124 ) $ 4,172 $ 40 $ (29 ) $ 4,183 Segment net income (loss) (a)(b) 477 33 — 510 3 (5 ) 508 Total assets at December 31, 2015 $ 69,052 $ 8,905 $ (397 ) $ 77,560 $ 1,819 $ (1,061 ) $ 78,318 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional operating companies includes pre-tax charges for estimated probable losses on the Kemper IGCC of $53 million ( $33 million after tax) and $9 million ( $6 million after tax) for the three months ended March 31, 2016 and 2015 , respectively. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" for additional information. Products and Services Electric Utilities' Revenues Period Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2016 $ 3,377 $ 396 $ 181 $ 3,954 Three Months Ended March 31, 2015 3,542 467 163 4,172 |
Introduction (Policies)
Introduction (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The condensed quarterly financial statements of each registrant included herein have been prepared by such registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2015 have been derived from the audited financial statements of each registrant. In the opinion of each registrant's management, the information regarding such registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2016 and 2015 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each registrant believes that the disclosures regarding such registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. |
Reclassification | Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASU 2016-02 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The accounting required by lessors is relatively unchanged and there is no change to the accounting for existing leveraged leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The registrants are currently evaluating the new standard and have not yet determined its ultimate impact; however, adoption of ASU 2016-02 is expected to have a significant impact on Southern Company and the traditional operating companies' balance sheets. On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 changes the accounting for income taxes and the cash flow presentation for share-based payment award transactions. Most significantly, entities are required to recognize all excess tax benefits and deficiencies related to the exercise or vesting of stock compensation as income tax expense or benefit in the income statement. Southern Company and the traditional operating companies currently recognize any excess tax benefits and deficiencies related to the exercise and vesting of stock compensation in additional paid-in capital. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. Southern Company and the traditional operating companies are currently evaluating the new standard and have not yet determined its ultimate impact. |
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (H) for additional information on how these derivatives are used. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. For fair value measurements of the investments within the nuclear decommissioning trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. See Note 1 to the financial statements of Southern Company, Alabama Power, and Georgia Power under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. "Other investments" include investments that are not traded in the open market. The fair value of these investments have been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. |
Earnings per Share | Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. |
Energy-Related Derivatives and Interest Rate Derivatives | Energy-Related Derivatives The traditional operating companies and Southern Power enter into energy-related derivatives to hedge exposures to electricity, gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional operating companies have limited exposure to market volatility in commodity fuel prices and prices of electricity. Each of the traditional operating companies manages fuel-hedging programs, implemented per the guidelines of their respective state PSCs, through the use of financial derivative contracts, which is expected to continue to mitigate price volatility. The traditional operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in commodity fuel prices and prices of electricity because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted wholesale generating capacity is used to sell electricity. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts which are designated as regulatory hedges relate primarily to the traditional operating companies' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. • Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. • Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric industry. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. Interest Rate Derivatives Southern Company and certain subsidiaries may also enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings, providing an offset, with any difference representing ineffectiveness. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. |
Contingencies and Regulatory 20
Contingencies and Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Recovery Balance of Each Regulatory Clause | The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Line Item March 31, 2016 December 31, 2015 (in millions) Rate CNP Compliance Under recovered regulatory clause revenues, current $ 22 $ 43 Rate CNP PPA Deferred under recovered regulatory clause revenues 105 99 Retail Energy Cost Recovery Other regulatory liabilities, current 173 238 Deferred over recovered regulatory clause revenues 64 — Natural Disaster Reserve Other regulatory liabilities, deferred 74 75 The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Location March 31, 2016 December 31, 2015 (in millions) Fuel Cost Recovery Other regulatory liabilities, current $ 20 $ 18 Purchased Power Capacity Recovery Under recovered regulatory clause revenues 4 1 Environmental Cost Recovery Under recovered regulatory clause revenues 17 19 Energy Conservation Cost Recovery Other regulatory liabilities, current 2 4 |
Current And Actual Cost Estimate for Kemper IGCC | Mississippi Power's Kemper IGCC 2010 project estimate, current cost estimate (which includes the impacts of the Mississippi Supreme Court's (Court) decision discussed herein under "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order"), and actual costs incurred as of March 31, 2016 , are as follows: Cost Category 2010 Project Estimate (f) Current Cost Estimate (a) Actual Costs (in billions) Plant Subject to Cost Cap (b)(g) $ 2.40 $ 5.35 $ 4.99 Lignite Mine and Equipment 0.21 0.23 0.23 CO 2 Pipeline Facilities 0.14 0.11 0.12 AFUDC (c) 0.17 0.71 0.62 Combined Cycle and Related Assets Placed in (d)(g) — 0.02 0.01 General Exceptions 0.05 0.10 0.09 Deferred Costs (e)(g) — 0.20 0.18 Additional DOE Grants (h) — (0.14 ) — Total Kemper IGCC $ 2.97 $ 6.58 $ 6.24 (a) Amounts in the Current Cost Estimate reflect estimated costs through September 30, 2016. (b) The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion , net of the Initial DOE Grants and excluding the Cost Cap Exceptions. The Current Cost Estimate and the Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" herein for additional information. The Current Cost Estimate and the Actual Costs reflect 100% of the costs of the Kemper IGCC. See note (g) for additional information. (c) Mississippi Power's original estimate included recovery of financing costs during construction rather than the accrual of AFUDC. This approach was not approved by the Mississippi PSC in 2012 as described in "Rate Recovery of Kemper IGCC Costs." The current estimate reflects the impact of a settlement agreement with the wholesale customers for cost-based rates under FERC's jurisdiction. See "FERC Matters" herein for additional information. (d) Incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014, net of costs related to energy sales. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" herein for additional information. (e) The 2012 MPSC CPCN Order approved deferral of non-capital Kemper IGCC-related costs during construction as described in "Rate Recovery of Kemper IGCC Costs – Regulatory Assets and Liabilities" herein. (f) The 2010 Project Estimate is the certificated cost estimate adjusted to include the certificated estimate for the CO 2 pipeline facilities approved in 2011 by the Mississippi PSC. (g) Beginning in the third quarter 2015, certain costs, including debt carrying costs (associated with assets placed in service and other non-CWIP accounts), that previously were deferred as regulatory assets are now being recognized through income; however, such costs continue to be included in the Current Cost Estimate and the Actual Costs at March 31, 2016 . (h) On April 8, 2016, Mississippi Power received approximately $137 million in additional grants from the DOE for the Kemper IGCC, which are expected to be used to reduce future rate impacts for customers. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | As of March 31, 2016 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using As of March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Interest rate derivatives — 33 — — 33 Nuclear decommissioning trusts (a) 624 898 — 16 1,538 Cash equivalents 503 — — — 503 Other investments 9 — 1 — 10 Total $ 1,136 $ 943 $ 1 $ 16 $ 2,096 Liabilities: Energy-related derivatives $ — $ 201 $ — $ — $ 201 Interest rate derivatives — 193 — — 193 Total $ — $ 394 $ — $ — $ 394 Alabama Power Assets: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Nuclear decommissioning trusts (b) Domestic equity 365 67 — — 432 Foreign equity 46 48 — — 94 U.S. Treasury and government agency securities — 25 — — 25 Corporate bonds 11 137 — — 148 Mortgage and asset backed securities — 21 — — 21 Private Equity — — — 16 16 Other — 9 — — 9 Cash equivalents 321 — — — 321 Total $ 743 $ 310 $ — $ 16 $ 1,069 Liabilities: Energy-related derivatives $ — $ 49 $ — $ — $ 49 Fair Value Measurements Using As of March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Georgia Power Assets: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Interest rate derivatives — 14 — — 14 Nuclear decommissioning trusts (b) (c) Domestic equity 180 1 — — 181 Foreign equity — 115 — — 115 U.S. Treasury and government agency securities — 111 — — 111 Municipal bonds — 66 — — 66 Corporate bonds — 146 — — 146 Mortgage and asset backed securities — 145 — — 145 Other 22 7 — — 29 Cash equivalents 57 — — — 57 Total $ 259 $ 609 $ — $ — $ 868 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Gulf Power Assets: Cash equivalents $ 20 $ — $ — $ — $ 20 Liabilities: Energy-related derivatives $ — $ 94 $ — $ — $ 94 Interest rate derivatives — 5 — — 5 Total $ — $ 99 $ — $ — $ 99 Mississippi Power Assets: Cash equivalents $ 24 $ — $ — $ — $ 24 Liabilities: Energy-related derivatives $ — $ 44 $ — $ — $ 44 Southern Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Interest rate derivatives — 1 — — 1 Cash equivalents 39 — — — 39 Total $ 39 $ 6 $ — $ — $ 45 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 (a) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. (c) Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2016 , approximately $58 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | As of March 31, 2016 , the fair value measurements of private equity investments held in the nuclear decommissioning trust that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows: As of March 31, 2016: Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period (in millions) Southern Company $ 16 $ 29 Not Applicable Not Applicable Alabama Power $ 16 $ 29 Not Applicable Not Applicable |
Financial instruments for which carrying amount did not equal fair value | As of March 31, 2016 , other financial instruments for which the carrying amount did not equal fair value were as follows: Carrying Amount Fair Value (in millions) Long-term debt, including securities due within one year: Southern Company $ 28,341 $ 29,827 Alabama Power $ 7,089 $ 7,688 Georgia Power $ 10,549 $ 11,400 Gulf Power $ 1,303 $ 1,366 Mississippi Power $ 3,209 $ 2,938 Southern Power $ 3,123 $ 3,171 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Earnings per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (in millions) As reported shares 916 910 Effect of options and performance share award units 6 5 Diluted shares 922 915 |
Changes in Stockholders' Equity | The following table presents year-to-date changes in stockholders' equity of Southern Company: Number of Common Shares Common Preferred and Preference Stock of Subsidiaries Total Issued Treasury Noncontrolling Interests (*) (in thousands) (in millions) Balance at December 31, 2015 915,073 (3,352 ) $ 20,592 $ 609 $ 781 $ 21,982 Consolidated net income attributable to Southern Company — — 485 — — 485 Other comprehensive income (loss) — — (114 ) — — (114 ) Stock issued 6,572 — 270 — — 270 Stock-based compensation — — 60 — — 60 Cash dividends on common stock — — (497 ) — — (497 ) Contributions from noncontrolling interests — — — — 129 129 Distributions to noncontrolling interests — — — — (4 ) (4 ) Purchase of membership interests from noncontrolling interests — — — — (129 ) (129 ) Net income attributable to noncontrolling interests — — — — 1 1 Other — (35 ) 1 — — 1 Balance at March 31, 2016 921,645 (3,387 ) $ 20,797 $ 609 $ 778 $ 22,184 Balance at December 31, 2014 908,502 (725 ) $ 19,949 $ 756 $ 221 $ 20,926 Consolidated net income attributable to Southern Company — — 508 — — 508 Other comprehensive income (loss) — — (15 ) — — (15 ) Stock issued 3,094 — 112 — — 112 Stock-based compensation — — 53 — — 53 Stock repurchased, at cost — (2,599 ) (115 ) — — (115 ) Cash dividends on common stock — — (478 ) — — (478 ) Other — (11 ) 3 — — 3 Balance at March 31, 2015 911,596 (3,335 ) $ 20,017 $ 756 $ 221 $ 20,994 (*) Primarily related to Southern Power Company. |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit arrangements by company | The following table outlines the committed credit arrangements by company as of March 31, 2016 : Expires Executable Term Loans Due Within One Year Company 2016 2017 2018 2020 Total Unused One Year Two Years Term Out No Term Out (in millions) (in millions) (in millions) Southern Company (a) $ — $ — $ 1,000 $1,250 $ 2,250 $ 2,250 $ — $ — $ — $ — Alabama Power 40 — 500 800 1,340 1,340 — — — 40 Georgia Power — — — 1,750 1,750 1,732 — — — — Gulf Power 75 40 165 — 280 280 45 — 45 40 Mississippi Power 205 — — — 205 180 30 15 45 160 Southern Power Company (b) — — — 600 600 560 — — — — Other 70 — — — 70 70 20 — 20 50 Total $ 390 $ 40 $ 1,665 $4,400 $ 6,495 $ 6,412 $ 95 $ 15 $ 110 $ 290 (a) Excludes the $8.1 billion Bridge Agreement entered into in September 2015 that will be funded only to the extent necessary to provide financing for the Merger as discussed herein. (b) Excluding its subsidiaries. See "Project Credit Facilities" below and Note (I) under "Southern Power" for additional information. The table below summarizes each Project Credit Facility as of March 31, 2016 . Project Maturity Date Construction Loan Facility Bridge Loan Facility Total Total Undrawn Letter of Credit Facility Total Undrawn (in millions) Tranquillity Earlier of COD or December 31, 2016 $ 86 $ 172 $ 258 $ 52 $ 77 $ 26 Roserock Earlier of COD or November 30, 2016 63 180 243 121 23 16 Garland Earlier of COD or November 30, 2016 86 308 394 309 49 32 Total $ 235 $ 660 $ 895 $ 482 $ 149 $ 74 |
Schedule of Long-term Debt Financing Activities | The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2016 : Company (a) Senior Note Issuances Senior Note Maturities and Redemptions Revenue Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (b) (in millions) Alabama Power $ 400 $ 200 $ — $ 45 $ — Georgia Power 650 250 4 — 1 Mississippi Power — — — 1,100 426 Southern Power — — — 2 3 Other — — — — 4 Elimination (c) — — — (200 ) — Total $ 1,050 $ 450 $ 4 $ 947 $ 434 (a) Southern Company and Gulf Power did not issue or redeem any long-term debt during the first three months of 2016. (b) Includes reductions in capital lease obligations resulting from cash payments under capital leases. (c) Intercompany loans from Southern Company to Mississippi Power eliminated in Southern Company's Consolidated Financial Statements. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2016 were as follows: Pension Plans Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended March 31, 2016 Service cost $ 62 $ 14 $ 17 $ 3 $ 3 Interest cost 100 24 34 5 5 Expected return on plan assets (187 ) (46 ) (64 ) (9 ) (9 ) Amortization: Prior service costs 4 1 1 — — Net (gain)/loss 38 10 14 2 2 Net cost $ 17 $ 3 $ 2 $ 1 $ 1 Three Months Ended March 31, 2015 Service cost $ 64 $ 15 $ 18 $ 3 $ 3 Interest cost 111 26 38 5 5 Expected return on plan assets (181 ) (45 ) (63 ) (8 ) (8 ) Amortization: Prior service costs 6 2 3 — — Net (gain)/loss 54 14 19 3 3 Net cost $ 54 $ 12 $ 15 $ 3 $ 3 Postretirement Benefits Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended March 31, 2016 Service cost $ 5 $ 1 $ 2 $ — $ — Interest cost 18 5 8 1 1 Expected return on plan assets (14 ) (6 ) (6 ) — — Amortization: Prior service costs 2 1 — — — Net (gain)/loss 3 — 2 — — Net cost $ 14 $ 1 $ 6 $ 1 $ 1 Three Months Ended March 31, 2015 Service cost $ 6 $ 1 $ 2 $ — $ — Interest cost 19 5 8 1 1 Expected return on plan assets (15 ) (6 ) (6 ) — — Amortization: Prior service costs 1 1 — — — Net (gain)/loss 5 — 3 — — Net cost $ 16 $ 1 $ 7 $ 1 $ 1 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Change in Unrecognized Tax Benefits | Changes during 2016 for unrecognized tax benefits were as follows: Mississippi Power Southern Power Southern Company (in millions) Unrecognized tax benefits as of December 31, 2015 $ 421 $ 8 $ 433 Tax positions from current periods — 5 5 Balance as of March 31, 2016 $ 421 $ 13 $ 438 |
Impact on Effective Tax Rate, If Recognized | The impact on the effective tax rate, if recognized, is as follows: As of March 31, 2016 As of December 31, 2015 Mississippi Power Southern Power Southern Company Southern Company (in millions) Tax positions impacting the effective tax rate $ (2 ) $ 13 $ 15 $ 10 Tax positions not impacting the effective tax rate 423 — 423 423 Balance of unrecognized tax benefits $ 421 $ 13 $ 438 $ 433 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives | At March 31, 2016 , the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: Net Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company 235 2020 2017 Alabama Power 60 2019 — Georgia Power 65 2019 — Gulf Power 74 2020 — Mississippi Power 28 2018 — Southern Power 8 2016 2017 |
Notional amount of interest rate derivatives | At March 31, 2016 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company $ 1,500 3-month 2.14% November 2026 $ (55 ) Southern Company 1,200 3-month 2.60% November 2046 (127 ) Gulf Power 80 3-month 2.32% December 2026 (4 ) Cash Flow Hedges of Existing Debt Georgia Power 200 3-month 1.01% August 2016 — Fair Value Hedges on Existing Debt Southern Company 250 1.30% 3-month August 2017 1 Southern Company 300 2.75% 3-month June 2020 10 Georgia Power 250 5.40% 3-month June 2018 3 Georgia Power 200 4.25% 3-month December 2019 6 Georgia Power 500 1.95% 3-month December 2018 5 Derivatives not Designated as Hedges Southern Power 65 (a,d) 3-month 2.50% October 2016 (e) — Southern Power 47 (b,d) 3-month 2.21% October 2016 (e) — Southern Power 65 (c,d) 3-month 2.21% November 2016 (f) — Total $ 4,657 $ (161 ) (a) Swaption at RE Tranquillity LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (b) Swaption at RE Roserock LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (c) Swaption at RE Garland Holdings LLC. See Note 12 to the financial statements of Southern Company and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. (d) Amortizing notional amount. (e) Represents the mandatory settlement date. Settlement will be based on a 15 -year amortizing swap. (f) Represents the mandatory settlement date. Settlement will be based on a 12 -year amortizing swap. |
Fair value of energy-related derivatives and interest rate derivatives | At March 31, 2016 , the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: Asset Derivatives at March 31, 2016 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets $ 2 $ 1 $ 1 $ — $ — Other deferred charges and assets 5 2 3 — — Total derivatives designated as hedging instruments for regulatory purposes $ 7 $ 3 $ 4 $ — $ — N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets (*) $ 4 $ — $ — $ — $ — $ 4 Interest rate derivatives: Other current assets 18 — 7 — — — Other deferred charges and assets 14 — 7 — — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 36 $ — $ 14 $ — $ — $ 4 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets (*) $ 1 $ — $ — $ — $ — $ 1 Interest rate derivatives: Other current assets (*) 1 — — — — 1 Total derivatives not designated as hedging instruments $ 2 $ — $ — $ — $ — $ 2 Total asset derivatives $ 45 $ 3 $ 18 $ — $ — $ 6 (*) Southern Power includes current assets related to derivatives in "Assets from risk management activities." Liability Derivatives at March 31, 2016 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Liabilities from risk management activities (*) $ 124 $ 37 $ 9 $ 49 $ 29 Other deferred credits and liabilities 74 12 2 45 15 Total derivatives designated as hedging instruments for regulatory purposes $ 198 $ 49 $ 11 $ 94 $ 44 N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Liabilities from risk management activities (*) $ 2 $ — $ — $ — $ — $ 2 Interest rate derivatives: Liabilities from risk management activities (*) 193 — — 5 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 195 $ — $ — $ 5 $ — $ 2 Derivatives not designated as hedging instruments Energy-related derivatives: Liabilities from risk management activities (*) $ 1 $ — $ — $ — $ — $ 1 Total liability derivatives $ 394 $ 49 $ 11 $ 99 $ 44 $ 3 (*) Georgia Power, Mississippi Power, and Southern Power include current liabilities related to derivatives in "Other current liabilities." At December 31, 2015 , the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: Asset Derivatives at December 31, 2015 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets $ 3 $ 1 $ 2 $ — $ — N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets (*) $ 3 $ — $ — $ — $ — $ 3 Interest rate derivatives: Other current assets 19 — 5 1 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 22 $ — $ 5 $ 1 $ — $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets (*) $ 1 $ — $ — $ — $ — $ 1 Interest rate derivatives: Other current assets (*) 3 — — — — 3 Total derivatives not designated as hedging instruments $ 4 $ — $ — $ — $ — $ 4 Total asset derivatives $ 29 $ 1 $ 7 $ 1 $ — $ 7 (*) Southern Power includes current assets related to derivatives in "Assets from risk management activities." Liability Derivatives at December 31, 2015 Fair Value Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Liabilities from risk management activities (*) $ 130 $ 40 $ 12 $ 49 $ 29 Other deferred credits and liabilities 87 15 3 51 18 Total derivatives designated as hedging instruments for regulatory purposes $ 217 $ 55 $ 15 $ 100 $ 47 N/A Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Liabilities from risk management activities (*) $ 2 $ — $ — $ — $ — $ 2 Interest rate derivatives: Liabilities from risk management activities 23 15 — — — — Other deferred credits and liabilities 7 — 6 — — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 32 $ 15 $ 6 $ — $ — $ 2 Derivatives not designated as hedging instruments Energy-related derivatives: Liabilities from risk management activities (*) $ 1 $ — $ — $ — $ — $ 1 Total liability derivatives $ 250 $ 70 $ 21 $ 100 $ 47 $ 3 (*) Georgia Power, Mississippi Power, and Southern Power include current liabilities related to derivatives in "Other current liabilities." |
Offsetting disclosure tables | Amounts related to energy-related derivative contracts and interest rate derivative contracts at March 31, 2016 and December 31, 2015 are presented in the following tables. Derivative Contracts at March 31, 2016 Fair Value Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Assets Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 12 $ 3 $ 4 $ — $ — $ 5 Gross amounts not offset in the Balance Sheet (b) (10 ) (3 ) (3 ) — — (2 ) Net energy-related derivative assets $ 2 $ — $ 1 $ — $ — $ 3 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 33 $ — $ 14 $ — $ — $ 1 Gross amounts not offset in the Balance Sheet (b) (21 ) — — — — — Net interest rate derivative assets $ 12 $ — $ 14 $ — $ — $ 1 Liabilities Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 201 $ 49 $ 11 $ 94 $ 44 $ 3 Gross amounts not offset in the Balance Sheet (b) (10 ) (3 ) (3 ) — — (2 ) Net energy-related derivative liabilities $ 191 $ 46 $ 8 $ 94 $ 44 $ 1 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 193 $ — $ — $ 5 $ — $ — Gross amounts not offset in the Balance Sheet (b) (21 ) — — — — — Net interest rate derivative liabilities $ 172 $ — $ — $ 5 $ — $ — (a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. (b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. Derivative Contracts at December 31, 2015 Fair Value Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power Southern Power (in millions) Assets Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 7 $ 1 $ 2 $ — $ — $ 4 Gross amounts not offset in the Balance Sheet (b) (6 ) (1 ) (2 ) — — (1 ) Net energy-related derivative assets $ 1 $ — $ — $ — $ — $ 3 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 22 $ — $ 5 $ 1 $ — $ 4 Gross amounts not offset in the Balance Sheet (b) (9 ) — (4 ) — — — Net interest rate derivative assets $ 13 $ — $ 1 $ 1 $ — $ 4 Liabilities Energy-related derivatives: Energy-related derivatives presented in the Balance Sheet (a) $ 220 $ 55 $ 15 $ 100 $ 47 $ 3 Gross amounts not offset in the Balance Sheet (b) (6 ) (1 ) (2 ) — — (1 ) Net energy-related derivative liabilities $ 214 $ 54 $ 13 $ 100 $ 47 $ 2 Interest rate derivatives: Interest rate derivatives presented in the Balance Sheet (a) $ 30 $ 15 $ 6 $ — $ — $ — Gross amounts not offset in the Balance Sheet (b) (9 ) — (4 ) — — — Net interest rate derivative liabilities $ 21 $ 15 $ 2 $ — $ — $ — (a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. (b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. |
Pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments | At March 31, 2016 and December 31, 2015 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at March 31, 2016 Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Energy-related derivatives: Other regulatory assets, current $ (124 ) $ (37 ) $ (9 ) $ (49 ) $ (29 ) Other regulatory assets, deferred (74 ) (12 ) (2 ) (45 ) (15 ) Other regulatory liabilities, current (a) 2 1 1 — — Other regulatory liabilities, deferred (b) 5 2 3 — — Total energy-related derivative gains (losses) $ (191 ) $ (46 ) $ (7 ) $ (94 ) $ (44 ) (a) Southern Company, Alabama Power, and Georgia Power include other regulatory liabilities, current in other current liabilities. (b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at December 31, 2015 Derivative Category and Balance Sheet Location Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Energy-related derivatives: Other regulatory assets, current $ (130 ) $ (40 ) $ (12 ) $ (49 ) $ (29 ) Other regulatory assets, deferred (87 ) (15 ) (3 ) (51 ) (18 ) Other regulatory liabilities, current (*) 3 1 2 — — Total energy-related derivative gains (losses) $ (214 ) $ (54 ) $ (13 ) $ (100 ) $ (47 ) (*) Southern Company, Alabama Power, and Georgia Power include other regulatory liabilities, current in other current liabilities. |
Pre-tax effects of interest rate derivatives, designated as cash flow hedging instruments | For the three months ended March 31, 2016 and 2015 , the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Statements of Income Location Amount 2016 2015 2016 2015 (in millions) (in millions) Southern Company Interest rate derivatives $ (190 ) $ (29 ) Interest expense, net of amounts capitalized $ (3 ) $ (2 ) Alabama Power Interest rate derivatives $ (4 ) $ (6 ) Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Georgia Power Interest rate derivatives $ — $ (23 ) Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Gulf Power Interest rate derivatives $ (5 ) $ — Interest expense, net of amounts capitalized $ — $ — |
Pre-tax effects of interest rate derivatives, designated as fair value hedging instruments | For the three months ended March 31, 2016 and 2015 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were as follows: Derivatives in Fair Value Hedging Relationships Gain (Loss) Derivative Category Statements of Income Location 2016 2015 (in millions) Southern Company Interest rate derivatives: Interest expense, net of amounts capitalized $ 20 $ 7 Georgia Power Interest rate derivatives: Interest expense, net of amounts capitalized $ 14 $ 6 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | During 2016, in accordance with its overall growth strategy, Southern Power acquired or contracted to acquire through its wholly-owned subsidiaries, Southern Renewable Partnerships, LLC or Southern Renewable Energy, Inc., the projects set forth in the following table. Acquisition-related costs were expensed as incurred and were not material. The acquisitions do not include any contingent consideration unless specifically noted. Project Facility Seller; Acquisition Date Approx. Nameplate Capacity Location Southern Power Percentage Ownership Expected/Actual COD PPA PPA Contract Period Approx. Purchase Price (MW) (in millions) SOLAR Calipatria Solar Frontier Americas Holding, LLC 20 Imperial County, CA 90 % February 11, 2016 San Diego Gas & Electric Company 20 years $ 51 (a) East Pecos First Solar, Inc. March 4, 2016 120 Pecos County, TX 100 % Fourth quarter 2016 Austin Energy 15 years $ 41 (b) WIND Grant Wind Apex Clean Energy Holdings, LLC 151 Grant County, OK 100 % April 8, 2016 Western Farmers, East Texas, and Northeast Texas Electric Cooperative 20 years $ 258 (c) Passadumkeag Quantam Wind Acquisition I, LLC 40 Penobscot County, ME 100 % Second quarter 2016 Western Massachusetts Electric Company 15 years $ 127 (d) (a) Calipatria - The total purchase price, including the minority owner, TRE's 10% ownership interest and contingent consideration of $6 million , is approximately $57 million . As of March 31, 2016, the fair values of the assets and liabilities acquired through the business combination were recorded as follows: $58 million as property, plant, and equipment, $1 million as a transmission interconnection prepaid, and $2 million as payables; however, the allocation of the purchase price to individual assets has not been finalized. (b) East Pecos - The total purchase price is approximately $41 million . As of March 31, 2016, the fair values of the assets acquired through the business combination were recorded as $41 million to CWIP; however, the allocation of the purchase price to individual assets has not been finalized. Total construction costs, which include the acquisition price allocated to CWIP, are expected to be approximately $200 million to $220 million . The ultimate outcome of this matter cannot be determined at this time. (c) Grant Wind - Subsequent to March 31, 2016, Southern Power acquired all of the outstanding membership interests of Grant Wind, LLC. The purchase price includes approximately $23 million of contingent consideration which may be adjusted based on performance testing and production over the first 10 years of operation. (d) Passadumkeag - On March 11, 2016, Southern Power entered into an agreement to acquire all of the outstanding membership interests of Quantum Wind Acquisition I, LLC, which is expected to close in the second quarter 2016. The ultimate outcome of this matter cannot be determined at this time. |
Schedule of Construction Projects | Through March 31, 2016 , total costs of construction incurred for the projects below were $2.2 billion , of which $1.5 billion remains in CWIP. The ultimate outcome of these matters cannot be determined at this time. Solar Facility Seller Approx. Nameplate Capacity Location Expected/Actual COD PPA Counterparties PPA Estimated Construction Costs (MW) (in millions) Butler CERSM, LLC and Community Energy, Inc. 103 Taylor County, GA Fourth quarter 2016 Georgia Power (a) 30 years $ 220 - 230 (b) Desert Stateline First Solar, Inc. 299 (c) San Bernardino County, CA Through third quarter 2016 Southern California Edison Company (SCE) 20 years $ 1,200 - 1,300 (d) Garland and Recurrent Energy, LLC 205 Kern County, CA Fourth quarter 2016 Third quarter 2016 SCE 15 years and $ 532 - 552 (e,f) Roserock Recurrent Energy, LLC 160 Pecos County, TX Fourth quarter 2016 Austin Energy 20 years $ 333 - 353 (e,f) Sandhills N/A 146 Taylor County, GA Fourth quarter 2016 Cobb, Flint, Irwin, Middle Georgia and Sawnee Electric Membership Corporations 25 years $ 260 - 280 Tranquillity Recurrent Energy, LLC 205 Fresno County, CA Third quarter 2016 Shell Energy North America (US), LP/SCE 18 years $ 473 - 493 (f,g) (a) Butler - Affiliate PPA subject to FERC approval. (b) Butler - Total estimated construction costs include the acquisition price of all outstanding membership interests of the related entity. (c) Desert Stateline - The facility has a total of 299 MWs, of which 110 MWs were placed in service in the fourth quarter 2015 and 76 MWs were placed in service in the first quarter 2016. Subsequent to March 31, 2016, 38 MWs were placed in service. The remaining 75 MWs are expected to be placed in service by the end of the third quarter 2016. (d) Desert Stateline - On March 29, 2016, Southern Power acquired an additional 15% interest in Desert Stateline. As a result, Southern Power and the class B member are entitled to 66% and 34% , respectively, of all cash distributions from Desert Stateline. In addition, Southern Power will continue to be entitled to substantially all of the federal tax benefits with respect to the transaction. Total estimated construction costs include the acquisition price allocated to CWIP; however, the allocation of the purchase price to individual assets has not been finalized. (e) Total estimated construction costs include the acquisition price allocated to CWIP. During the first quarter 2016, the allocation of the purchase price to individual assets was finalized with no changes. (f) Southern Power owns 100% of the class A membership interests and a wholly-owned subsidiary of the seller owns 100% of the class B membership interests. Southern Power and the class B member are entitled to 51% and 49% , respectively, of all cash distributions from the project. |
Segment and Related Informati28
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Financial data for business segments | Financial data for business segments and products and services for the three months ended March 31, 2016 and 2015 was as follows: Electric Utilities Traditional Operating Companies Southern Power Eliminations Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2016: Operating revenues $ 3,742 $ 315 $ (103 ) $ 3,954 $ 47 $ (36 ) $ 3,965 Segment net income (loss) (a)(b) 464 50 — 514 (26 ) (3 ) 485 Total assets at March 31, 2016 $ 69,240 $ 8,999 $ (396 ) $ 77,843 $ 2,070 $ (1,178 ) $ 78,735 Three Months Ended March 31, 2015: Operating revenues $ 3,948 $ 348 $ (124 ) $ 4,172 $ 40 $ (29 ) $ 4,183 Segment net income (loss) (a)(b) 477 33 — 510 3 (5 ) 508 Total assets at December 31, 2015 $ 69,052 $ 8,905 $ (397 ) $ 77,560 $ 1,819 $ (1,061 ) $ 78,318 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional operating companies includes pre-tax charges for estimated probable losses on the Kemper IGCC of $53 million ( $33 million after tax) and $9 million ( $6 million after tax) for the three months ended March 31, 2016 and 2015 , respectively. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" for additional information. |
Financial data for products and services | Products and Services Electric Utilities' Revenues Period Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2016 $ 3,377 $ 396 $ 181 $ 3,954 Three Months Ended March 31, 2015 3,542 467 163 4,172 |
Contingencies and Regulatory 29
Contingencies and Regulatory Matters - Recovery Balance of Each Regulatory Clause - Alabama Power (Details) - Alabama Power [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Under recovered regulatory clause revenues, current [Member] | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | $ 22 | $ 43 |
Deferred under recovered regulatory clause revenues [Member] | ||
Loss Contingencies [Line Items] | ||
Rate CNP PPA | 105 | 99 |
Other regulatory liabilities, current [Member] | ||
Loss Contingencies [Line Items] | ||
Retail Energy Cost Recovery | 173 | 238 |
Deferred Over Recovered Regulatory Clause Revenues [Member] | ||
Loss Contingencies [Line Items] | ||
Retail Energy Cost Recovery | 64 | 0 |
Other regulatory liabilities, deferred [Member] | ||
Loss Contingencies [Line Items] | ||
Natural Disaster Reserve | $ 74 | $ 75 |
Contingencies and Regulatory 30
Contingencies and Regulatory Matters - Recovery Balance of Each Regulatory Clause - Gulf Power (Details) - Gulf Power [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Under recovered regulatory clause revenues [Member] | ||
Loss Contingencies [Line Items] | ||
Purchased Power Capacity Recovery | $ 4 | $ 1 |
Other regulatory liabilities, current [Member] | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 20 | 18 |
Environmental Cost Recovery | 17 | 19 |
Energy Conservation Cost Recovery | $ 2 | $ 4 |
Contingencies and Regulatory 31
Contingencies and Regulatory Matters - Current And Actual Cost Estimate (Details) - Mississippi Power [Member] - USD ($) $ in Millions | Apr. 08, 2016 | Mar. 31, 2016 | Dec. 31, 2012 | Oct. 06, 2014 |
Loss Contingencies [Line Items] | ||||
Cost Related to Grant Funding | $ 245 | |||
Kemper IGCC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Plant Subject to Cost Cap | $ 4,990 | $ 2,880 | ||
Lignite Mine and Equipment | 230 | |||
CO2 Pipeline Facilities | 120 | |||
AFUDC | 620 | |||
Combined Cycle and Related Assets Placed in Service – Incremental | 10 | |||
General Exceptions | 90 | |||
Deferred Costs | 180 | |||
Total Kemper IGCC, Actual Costs | 6,240 | |||
Cost Related to Grant Funding | $ 0 | |||
Purchase of Interest | 100.00% | 15.00% | ||
Project Estimate [Member] | Kemper IGCC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Plant Subject to Cost Cap | $ 2,400 | |||
Lignite Mine and Equipment | 210 | |||
CO2 Pipeline Facilities | 140 | |||
AFUDC | 170 | |||
Combined Cycle and Related Assets Placed in Service – Incremental | 0 | |||
General Exceptions | 50 | |||
Deferred Costs | 0 | |||
Total Kemper IGCC, Actual Costs | 2,970 | |||
Cost Related to Grant Funding | 0 | |||
Current Estimate [Member] | Kemper IGCC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Plant Subject to Cost Cap | 5,350 | |||
Lignite Mine and Equipment | 230 | |||
CO2 Pipeline Facilities | 110 | |||
AFUDC | 710 | |||
Combined Cycle and Related Assets Placed in Service – Incremental | 20 | |||
General Exceptions | 100 | |||
Deferred Costs | 200 | |||
Total Kemper IGCC, Actual Costs | 6,580 | |||
Cost Related to Grant Funding | $ (140) | |||
Subsequent Event [Member] | Kemper IGCC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Government Grants Received | $ 137 |
Contingencies and Regulatory 32
Contingencies and Regulatory Matters - Narrative (Details) | May. 01, 2016USD ($) | Apr. 08, 2016USD ($) | Dec. 03, 2015USD ($) | Jul. 07, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 15, 2015USD ($) | Jan. 01, 2014USD ($) | Mar. 19, 2013 | Dec. 31, 2015USD ($) | Feb. 28, 2013USD ($) | Jan. 31, 2013USD ($) | Mar. 31, 2016USD ($)clausemiMW | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2010 | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Mar. 31, 2016USD ($)mi | Dec. 31, 2022 | Apr. 14, 2016USD ($) | Apr. 01, 2016USD ($) | Feb. 01, 2016USD ($) | Jan. 13, 2016USD ($) | Jan. 05, 2016USD ($) | Jul. 10, 2015USD ($) | Oct. 06, 2014 |
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Maximum Borrowing Capacity | $ 6,495,000,000 | $ 6,495,000,000 | |||||||||||||||||||||||||||||
Construction in Progress, Gross | $ 9,082,000,000 | 9,406,000,000 | $ 9,082,000,000 | $ 9,082,000,000 | 9,406,000,000 | ||||||||||||||||||||||||||
Other Regulatory Assets Deferred | 4,989,000,000 | 4,957,000,000 | 4,989,000,000 | 4,989,000,000 | 4,957,000,000 | ||||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 402,000,000 | 394,000,000 | 402,000,000 | 402,000,000 | 394,000,000 | ||||||||||||||||||||||||||
Kemper IGCC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Pre-Tax Charge To Income | 53,000,000 | $ 9,000,000 | |||||||||||||||||||||||||||||
After Tax Charge To Income | 33,000,000 | $ 6,000,000 | |||||||||||||||||||||||||||||
Georgia Power [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 28,000,000 | 28,000,000 | |||||||||||||||||||||||||||||
Additional Construction Capital Costs | $ 3,100,000,000 | 5,440,000,000 | 160,000,000 | ||||||||||||||||||||||||||||
Percentage of Proportionate Share Owed in Consortium Agreement | 45.70% | ||||||||||||||||||||||||||||||
Maximum Borrowing Capacity | $ 1,750,000,000 | 1,750,000,000 | |||||||||||||||||||||||||||||
Increase (Decrease) In Projected Certified Construction Capital Costs | 5.00% | ||||||||||||||||||||||||||||||
Estimated In-service Capital Cost | $ 4,400,000,000 | ||||||||||||||||||||||||||||||
Amendment To Estimated In-service Capital Cost | $ 4,800,000,000 | ||||||||||||||||||||||||||||||
Delay Of Estimated In-service Date | 18 months | ||||||||||||||||||||||||||||||
Construction in Progress, Gross | 4,775,000,000 | $ 4,817,000,000 | 4,775,000,000 | 4,775,000,000 | 4,817,000,000 | ||||||||||||||||||||||||||
Other Regulatory Assets Deferred | 2,152,000,000 | 2,138,000,000 | 2,152,000,000 | 2,152,000,000 | 2,138,000,000 | ||||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 123,000,000 | 126,000,000 | 123,000,000 | 123,000,000 | 126,000,000 | ||||||||||||||||||||||||||
Georgia Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Additional Construction Capital Costs | $ 114,000,000 | ||||||||||||||||||||||||||||||
Georgia Power [Member] | Other Current Liabilities [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Over Recovered Fuel Balance | 177,000,000 | 177,000,000 | |||||||||||||||||||||||||||||
Georgia Power [Member] | Other deferred credits and liabilities [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Over Recovered Fuel Balance | 116,000,000 | 116,000,000 | 116,000,000 | ||||||||||||||||||||||||||||
Georgia Power [Member] | Plant Vogtle Units 3 And 4 [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Maximum Borrowing Capacity | $ 920,000,000 | ||||||||||||||||||||||||||||||
Estimated In-service Capital Cost | $ 5,000,000,000 | ||||||||||||||||||||||||||||||
Monthly Operational Readiness Costs | $ 10,000,000 | ||||||||||||||||||||||||||||||
Monthly Financing Costs | 27,000,000 | ||||||||||||||||||||||||||||||
Construction Financing Costs | 2,400,000,000 | ||||||||||||||||||||||||||||||
Construction in Progress, Gross | 3,700,000,000 | 3,700,000,000 | |||||||||||||||||||||||||||||
Georgia Power [Member] | Plant Vogtle Units 3 And 4 [Member] | Pending Litigation [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Project Settlement Cost To Be Capitalized | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||||||||||||||||||||
Project Settlement Cost To Be Capitalized, Amount Paid To Date | 241,000,000 | 241,000,000 | 241,000,000 | ||||||||||||||||||||||||||||
Gulf Power [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 46,000,000 | 46,000,000 | |||||||||||||||||||||||||||||
Maximum Borrowing Capacity | 280,000,000 | 280,000,000 | |||||||||||||||||||||||||||||
Construction in Progress, Gross | 48,000,000 | 57,000,000 | 48,000,000 | 48,000,000 | 57,000,000 | ||||||||||||||||||||||||||
Reduction In Depreciation Expense | $ 62,500,000 | ||||||||||||||||||||||||||||||
Reduction In Depreciation Expense Year One | $ 5,600,000 | 20,100,000 | $ 8,400,000 | ||||||||||||||||||||||||||||
Number Of Regulatory Clauses | clause | 4 | ||||||||||||||||||||||||||||||
Other Regulatory Assets Deferred | 427,000,000 | $ 420,000,000 | 427,000,000 | 427,000,000 | 420,000,000 | ||||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Ownership Percentage in Project One | 50.00% | ||||||||||||||||||||||||||||||
Over Recovered Fuel Cost | 71,000,000 | 80,000,000 | 71,000,000 | 71,000,000 | 80,000,000 | ||||||||||||||||||||||||||
Approved Increase (Decrease) in Annual Billing Based on Fuel Cost Recovery Rate | $ (36,000,000) | $ (120,000,000) | |||||||||||||||||||||||||||||
Maximum Borrowing Capacity | 205,000,000 | 205,000,000 | |||||||||||||||||||||||||||||
Construction in Progress, Gross | 2,254,000,000 | $ 2,400,000,000 | 2,254,000,000 | 2,254,000,000 | $ 2,400,000,000 | ||||||||||||||||||||||||||
Annual PEP Filing Rate Increase Amount | $ 5,000,000 | ||||||||||||||||||||||||||||||
Plant Capacity Under Coal Gasification Combined Cycle Technology (in MWs) | MW | 582 | ||||||||||||||||||||||||||||||
Co Two Pipeline Infrastructure (in miles) | mi | 61 | 61 | |||||||||||||||||||||||||||||
Costs associated with CCP12 grant funds | $ 245,000,000 | ||||||||||||||||||||||||||||||
Other Property And Investments | $ 6,000,000 | $ 6,000,000 | |||||||||||||||||||||||||||||
Lignite Mining Costs | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||||||
Materials, Supplies, and Other | 45,000,000 | 45,000,000 | |||||||||||||||||||||||||||||
Cost deferred in other regulatory assets | 22,000,000 | 22,000,000 | |||||||||||||||||||||||||||||
Other Regulatory Assets Deferred | 525,000,000 | 520,000,000 | 525,000,000 | 525,000,000 | 520,000,000 | ||||||||||||||||||||||||||
Other deferred charges and assets | 11,000,000 | 11,000,000 | |||||||||||||||||||||||||||||
Increase Retail Rates In Year One | 15.00% | ||||||||||||||||||||||||||||||
Increase Retail Rates In Year Two | 3.00% | ||||||||||||||||||||||||||||||
Settlement Agreement Collection Amount To Mitigate Rate Impact Year Two | $ 156,000,000 | ||||||||||||||||||||||||||||||
Retail Rate Recovery | $ 342,000,000 | ||||||||||||||||||||||||||||||
Carrying Costs Associated With Retail Rate Recovery | $ 29,000,000 | ||||||||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 95,000,000 | 101,000,000 | 95,000,000 | 95,000,000 | 101,000,000 | ||||||||||||||||||||||||||
Regulatory Liabilities | $ 3,000,000 | $ 3,000,000 | |||||||||||||||||||||||||||||
Percentage of Carbon Dioxide Captured from Project | 70.00% | 70.00% | |||||||||||||||||||||||||||||
Percentage of Contract to Purchase Carbon Dioxide from Project | 30.00% | 30.00% | |||||||||||||||||||||||||||||
Mississippi Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Costs Due To Extension Of In-service Date | $ 25,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Costs Due To Extension Of In-service Date | 35,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Construction in Progress [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Loss Contingency, Estimate of Possible Loss | 2,470,000,000 | $ 2,470,000,000 | |||||||||||||||||||||||||||||
Mississippi Power [Member] | MRA Revenue [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Over Recovered Fuel Cost | 24,000,000 | 25,000,000 | $ 24,000,000 | $ 24,000,000 | 25,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Electricity Generation Plant, Non-Nuclear [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Cost | $ 2,400,000,000 | 2,400,000,000 | |||||||||||||||||||||||||||||
Alternate Financing | $ 1,000,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Cost | 4,990,000,000 | $ 2,880,000,000 | |||||||||||||||||||||||||||||
Costs associated with CCP12 grant funds | 0 | ||||||||||||||||||||||||||||||
Other Regulatory Assets Deferred | 196,000,000 | 196,000,000 | |||||||||||||||||||||||||||||
Pre-Tax Charge To Income | 53,000,000 | 2,470,000,000 | |||||||||||||||||||||||||||||
After Tax Charge To Income | 33,000,000 | $ 1,520,000,000 | |||||||||||||||||||||||||||||
Monthly Charge Of Allowance For Equity Funds Used During Construction | 14,000,000 | ||||||||||||||||||||||||||||||
Monthly Cost Regulatory Assets Deferred | $ 2,000,000 | ||||||||||||||||||||||||||||||
Purchase of Interest | 100.00% | 100.00% | 15.00% | ||||||||||||||||||||||||||||
Maximum Cap Construction Cost | $ 6,240,000,000 | ||||||||||||||||||||||||||||||
Regulatory Assets | 120,000,000 | $ 120,000,000 | |||||||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 98,000,000 | 98,000,000 | |||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Current Estimate [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Cost | 5,350,000,000 | ||||||||||||||||||||||||||||||
Costs associated with CCP12 grant funds | (140,000,000) | ||||||||||||||||||||||||||||||
Maximum Cap Construction Cost | $ 6,580,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | In-Service Asset Proposal [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
PSC Retail Rate Increase (Decrease) | $ 126,000,000 | $ 159,000,000 | |||||||||||||||||||||||||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 49.733% | ||||||||||||||||||||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.225% | ||||||||||||||||||||||||||||||
Customer Refund | $ 11,000,000 | ||||||||||||||||||||||||||||||
Period to File Subsequent Rate Request | 18 months | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Amortization Period of Regulatory Assets and Liabilities | 2 years | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Amortization Period of Regulatory Assets and Liabilities | 10 years | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Property, Plant and Equipment [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Cost | $ 3,610,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Other current assets [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Estimated Cost | 1,000,000 | ||||||||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Current Assets [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Regulatory Assets | $ 22,000,000 | $ 22,000,000 | |||||||||||||||||||||||||||||
Mississippi Power [Member] | Mine [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Term of Management Fee Contract | 40 years | ||||||||||||||||||||||||||||||
Subsequent Event [Member] | Georgia Power [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Rate ECR Increase Decrease | 15.00% | ||||||||||||||||||||||||||||||
Approved Increase (Decrease) in Annual Billing Based on Fuel Cost Recovery Rate | $ (313,000,000) | ||||||||||||||||||||||||||||||
Subsequent Event [Member] | Mississippi Power [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Increase in Base Rate Under Cost Based Electric Tariff Due to Settlement | $ 7,000,000 | ||||||||||||||||||||||||||||||
Increase (Decrease) in Revenue to be Received from Base Rate Change | $ 5,000,000 | ||||||||||||||||||||||||||||||
AFUDC Cost | $ 6,000,000 | ||||||||||||||||||||||||||||||
Subsequent Event [Member] | Mississippi Power [Member] | Kemper IGCC [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Government Grants Received | $ 137,000,000 | ||||||||||||||||||||||||||||||
Scenario, Forecast [Member] | Georgia Power And Atlanta Gas Light Company [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Percentage Basis, Net Merger Savings | 40.00% | ||||||||||||||||||||||||||||||
Customers [Member] | Scenario, Forecast [Member] | |||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||
Percentage Basis, Net Merger Savings | 60.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Energy-related derivatives | $ 12 | |
Interest rate derivatives | 33 | |
Nuclear decommissioning trusts | 1,538 | |
Cash equivalents | 503 | |
Other investments | 10 | |
Total | 2,096 | |
Liabilities: | ||
Energy-related derivatives | 201 | |
Interest rate derivatives | 193 | |
Total | 394 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Nuclear decommissioning trusts | 624 | |
Cash equivalents | 503 | |
Other investments | 9 | |
Total | 1,136 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Energy-related derivatives | 12 | |
Interest rate derivatives | 33 | |
Nuclear decommissioning trusts | 898 | |
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 943 | |
Liabilities: | ||
Energy-related derivatives | 201 | |
Interest rate derivatives | 193 | |
Total | 394 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Nuclear decommissioning trusts | 0 | |
Cash equivalents | 0 | |
Other investments | 1 | |
Total | 1 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Nuclear decommissioning trusts | 16 | |
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 16 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Alabama Power [Member] | ||
Assets: | ||
Energy-related derivatives | 3 | $ 1 |
Liabilities: | ||
Energy-related derivatives | 49 | 70 |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Energy-related derivatives | 3 | |
Cash equivalents | 321 | |
Total | 1,069 | |
Liabilities: | ||
Energy-related derivatives | 49 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 432 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 94 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 25 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 148 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 21 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 16 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 9 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 321 | |
Total | 743 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 365 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 46 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 11 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private Equity Funds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Energy-related derivatives | 3 | |
Cash equivalents | 0 | |
Total | 310 | |
Liabilities: | ||
Energy-related derivatives | 49 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 67 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 48 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 25 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 137 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 21 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Equity Funds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 9 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 0 | |
Total | 16 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Private Equity Funds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 16 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | ||
Assets: | ||
Energy-related derivatives | 18 | 7 |
Nuclear decommissioning trusts | 58 | |
Liabilities: | ||
Energy-related derivatives | 11 | 21 |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Energy-related derivatives | 4 | |
Interest rate derivatives | 14 | |
Cash equivalents | 57 | |
Total | 868 | |
Liabilities: | ||
Energy-related derivatives | 11 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 181 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 115 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 111 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 66 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 146 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 145 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 29 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 57 | |
Total | 259 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 180 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 22 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Energy-related derivatives | 4 | |
Interest rate derivatives | 14 | |
Cash equivalents | 0 | |
Total | 609 | |
Liabilities: | ||
Energy-related derivatives | 11 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 1 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 115 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 111 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 66 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 146 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 145 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Domestic Equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Foreign equity [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | U.S. Treasury and government agency securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Municipal bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Corporate bonds [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Mortgage and asset backed securities [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | Other investments [Member] | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
Gulf Power [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | 1 |
Liabilities: | ||
Energy-related derivatives | 99 | 100 |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 20 | |
Liabilities: | ||
Energy-related derivatives | 94 | |
Interest rate derivatives | 5 | |
Total | 99 | |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash equivalents | 20 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 94 | |
Interest rate derivatives | 5 | |
Total | 99 | |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
Mississippi Power [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | 0 |
Liabilities: | ||
Energy-related derivatives | 44 | 47 |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 24 | |
Liabilities: | ||
Energy-related derivatives | 44 | |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash equivalents | 24 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 44 | |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Southern Power [Member] | ||
Assets: | ||
Energy-related derivatives | 6 | 7 |
Liabilities: | ||
Energy-related derivatives | 3 | $ 3 |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Energy-related derivatives | 5 | |
Interest rate derivatives | 1 | |
Cash equivalents | 39 | |
Total | 45 | |
Liabilities: | ||
Energy-related derivatives | 3 | |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 39 | |
Total | 39 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Energy-related derivatives | 5 | |
Interest rate derivatives | 1 | |
Cash equivalents | 0 | |
Total | 6 | |
Liabilities: | ||
Energy-related derivatives | 3 | |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Net Asset Value As A Practical Expedient [Member] | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements Of Investments Calculated At Net Asset Value Per Share (Details) - Private Equity Funds [Member] $ in Millions | Mar. 31, 2016USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 16 |
Unfunded Commitments | 29 |
Alabama Power [Member] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 16 |
Unfunded Commitments | $ 29 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Mar. 31, 2016USD ($) |
Southern Company [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | $ 28,341 |
Long-term debt, including securities due within one year, Fair Value | 29,827 |
Alabama Power [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | 7,089 |
Long-term debt, including securities due within one year, Fair Value | 7,688 |
Georgia Power [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | 10,549 |
Long-term debt, including securities due within one year, Fair Value | 11,400 |
Gulf Power [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | 1,303 |
Long-term debt, including securities due within one year, Fair Value | 1,366 |
Mississippi Power [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | 3,209 |
Long-term debt, including securities due within one year, Fair Value | 2,938 |
Southern Power [Member] | |
Long-term debt: | |
Long-term debt, including securities due within one year, Carrying Amount | 3,123 |
Long-term debt, including securities due within one year, Fair Value | $ 3,171 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (20) | $ (33) |
Private Equity Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 10 years | |
Alabama Power [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (11) | (15) |
Georgia Power [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (9) | $ (18) |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings per Share | ||
As reported shares | 916 | 910 |
Diluted shares | 922 | 915 |
Southern Company [Member] | ||
Earnings per Share | ||
As reported shares | 916 | 910 |
Effect of options and performance share award units | 6 | 5 |
Diluted shares | 922 | 915 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in Stockholders' Equity | ||
Beginning Balance, Treasury Shares | (3,400) | |
Beginning Balance | $ 21,982 | $ 20,926 |
Consolidated net income attributable to Southern Company | 485 | 508 |
Other comprehensive income (loss) | (114) | (15) |
Stock issued | 270 | 112 |
Stock-based compensation | 60 | 53 |
Stock repurchased, at cost | (115) | |
Cash dividends on common stock | (497) | (478) |
Contributions from noncontrolling interests | 129 | |
Distributions to noncontrolling interests | (4) | |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 129 | |
Payments to Noncontrolling Interests | 4 | 0 |
Net income attributable to noncontrolling interests | 1 | |
Other | $ 1 | 3 |
Beginning Balance, Treasury Shares | (3,400) | |
Ending Balance | $ 22,184 | $ 20,994 |
Number of Common shares Issued [Member] | ||
Changes in Stockholders' Equity | ||
Beginning Balance, Shares | 915,073 | 908,502 |
Stock issued, Shares | 6,572 | 3,094 |
Ending Balance, Shares | 921,645 | 911,596 |
Number of Common shares Treasury [Member] | ||
Changes in Stockholders' Equity | ||
Beginning Balance, Treasury Shares | (3,352) | (725) |
Stock repurchased, at cost, Shares | (2,599) | |
Other, Shares | (35) | (11) |
Beginning Balance, Treasury Shares | (3,387) | (3,335) |
Common Stockholders' Equity [Member] | ||
Changes in Stockholders' Equity | ||
Beginning Balance | $ 20,592 | $ 19,949 |
Consolidated net income attributable to Southern Company | 485 | 508 |
Other comprehensive income (loss) | (114) | (15) |
Stock issued | 270 | 112 |
Stock-based compensation | 60 | 53 |
Stock repurchased, at cost | (115) | |
Cash dividends on common stock | (497) | (478) |
Other | 1 | 3 |
Ending Balance | 20,797 | 20,017 |
Preferred And Preference Stock [Member] | ||
Changes in Stockholders' Equity | ||
Beginning Balance | 609 | 756 |
Stock issued | 0 | |
Other | 0 | |
Ending Balance | 609 | 756 |
Noncontrolling Interest [Member] | ||
Changes in Stockholders' Equity | ||
Beginning Balance | 781 | 221 |
Contributions from noncontrolling interests | 129 | |
Distributions to noncontrolling interests | (4) | |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 129 | |
Net income attributable to noncontrolling interests | 1 | |
Ending Balance | $ 778 | $ 221 |
Financing - Schedule of Credit
Financing - Schedule of Credit Arrangements (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Line of Credit Facility [Line Items] | ||
Expires, 2016 | $ 390,000,000 | |
Expires, 2017 | 40,000,000 | |
Expires, 2018 | 1,665,000,000 | |
Expires, 2020 | 4,400,000,000 | |
Total | 6,495,000,000 | |
Unused | 6,412,000,000 | |
Executable Term Loans, One Year | 95,000,000 | |
Executable Term Loans, Two Years | 15,000,000 | |
Due Within One Year, Term Out | 110,000,000 | |
Due Within One Year, No Term Out | 290,000,000 | |
Bridge Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Total | $ 8,100,000,000 | |
Southern Company [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 0 | |
Expires, 2017 | 0 | |
Expires, 2018 | 1,000,000,000 | |
Expires, 2020 | 1,250,000,000 | |
Total | 2,250,000,000 | |
Unused | 2,250,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 0 | |
Due Within One Year, No Term Out | 0 | |
Alabama Power [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 40,000,000 | |
Expires, 2017 | 0 | |
Expires, 2018 | 500,000,000 | |
Expires, 2020 | 800,000,000 | |
Total | 1,340,000,000 | |
Unused | 1,340,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 0 | |
Due Within One Year, No Term Out | 40,000,000 | |
Georgia Power [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 0 | |
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2020 | 1,750,000,000 | |
Total | 1,750,000,000 | |
Unused | 1,732,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 0 | |
Due Within One Year, No Term Out | 0 | |
Gulf Power [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 75,000,000 | |
Expires, 2017 | 40,000,000 | |
Expires, 2018 | 165,000,000 | |
Expires, 2020 | 0 | |
Total | 280,000,000 | |
Unused | 280,000,000 | |
Executable Term Loans, One Year | 45,000,000 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 45,000,000 | |
Due Within One Year, No Term Out | 40,000,000 | |
Mississippi Power [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 205,000,000 | |
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2020 | 0 | |
Total | 205,000,000 | |
Unused | 180,000,000 | |
Executable Term Loans, One Year | 30,000,000 | |
Executable Term Loans, Two Years | 15,000,000 | |
Due Within One Year, Term Out | 45,000,000 | |
Due Within One Year, No Term Out | 160,000,000 | |
Southern Power [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 0 | |
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2020 | 600,000,000 | |
Total | 600,000,000 | |
Unused | 560,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 0 | |
Due Within One Year, No Term Out | 0 | |
Other [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2016 | 70,000,000 | |
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2020 | 0 | |
Total | 70,000,000 | |
Unused | 70,000,000 | |
Executable Term Loans, One Year | 20,000,000 | |
Executable Term Loans, Two Years | 0 | |
Due Within One Year, Term Out | 20,000,000 | |
Due Within One Year, No Term Out | $ 50,000,000 |
Financing -Schedule of Line of
Financing -Schedule of Line of Credit Facilities (Details) | Mar. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | $ 6,495,000,000 |
Remaining Borrowing Capacity | 6,412,000,000 |
Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 600,000,000 |
Remaining Borrowing Capacity | 560,000,000 |
Construction Loans [Member] | Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 235,000,000 |
Construction Loans [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 86,000,000 |
Construction Loans [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 63,000,000 |
Construction Loans [Member] | Southern Power [Member] | RE Garland Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 86,000,000 |
Bridge Loan [Member] | Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 660,000,000 |
Bridge Loan [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 172,000,000 |
Bridge Loan [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 180,000,000 |
Bridge Loan [Member] | Southern Power [Member] | RE Garland Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 308,000,000 |
Construction Loan And Bridge Loan [Member] | Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 895,000,000 |
Remaining Borrowing Capacity | 482,000,000 |
Construction Loan And Bridge Loan [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 258,000,000 |
Remaining Borrowing Capacity | 52,000,000 |
Construction Loan And Bridge Loan [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 243,000,000 |
Remaining Borrowing Capacity | 121,000,000 |
Construction Loan And Bridge Loan [Member] | Southern Power [Member] | RE Garland Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 394,000,000 |
Remaining Borrowing Capacity | 309,000,000 |
Letter of Credit [Member] | Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 149,000,000 |
Remaining Borrowing Capacity | 74,000,000 |
Letter of Credit [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 77,000,000 |
Remaining Borrowing Capacity | 26,000,000 |
Letter of Credit [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 23,000,000 |
Remaining Borrowing Capacity | 16,000,000 |
Letter of Credit [Member] | Southern Power [Member] | RE Garland Holdings, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | 49,000,000 |
Remaining Borrowing Capacity | $ 32,000,000 |
Financing - Schedule of Long-Te
Financing - Schedule of Long-Term Debt Financing Activities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Senior Note Issuances | $ 1,050 |
Senior Note Maturities and Redemptions | 450 |
Revenue Bond Maturities Redemptions and Repurchases | 4 |
Other Long-Term Debt Issuances | 947 |
Other Long-Term Debt Redemptions and Maturities | 434 |
Consolidation, Eliminations [Member] | |
Debt Instrument [Line Items] | |
Other Long-Term Debt Issuances | (200) |
Alabama Power [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 400 |
Senior Note Maturities and Redemptions | 200 |
Revenue Bond Maturities Redemptions and Repurchases | 0 |
Other Long-Term Debt Issuances | 45 |
Other Long-Term Debt Redemptions and Maturities | 0 |
Georgia Power [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 650 |
Senior Note Maturities and Redemptions | 250 |
Revenue Bond Maturities Redemptions and Repurchases | 4 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 1 |
Mississippi Power [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities Redemptions and Repurchases | 0 |
Other Long-Term Debt Issuances | 1,100 |
Other Long-Term Debt Redemptions and Maturities | 426 |
Southern Power [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities Redemptions and Repurchases | 0 |
Other Long-Term Debt Issuances | 2 |
Other Long-Term Debt Redemptions and Maturities | 3 |
Other [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities Redemptions and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | $ 4 |
Financing - Narrative (Details)
Financing - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2016 | Mar. 31, 2016 | Mar. 14, 2016 | Mar. 08, 2016 | Jan. 29, 2016 | Jan. 19, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | |||||||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | $ 1,800,000,000 | ||||||
Maximum Borrowing Capacity | 6,495,000,000 | ||||||
Remaining Borrowing Capacity | 6,412,000,000 | ||||||
Bridge Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | $ 8,100,000,000 | ||||||
Scenario, Plan [Member] | Bridge Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Expected Debt Issuance (minimum) | 8,000,000,000 | ||||||
Expected Equity Issuance (maximum) | 1,200,000,000 | ||||||
Alabama Power [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 810,000,000 | ||||||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 167,000,000 | ||||||
Maximum Borrowing Capacity | 1,340,000,000 | ||||||
Remaining Borrowing Capacity | 1,340,000,000 | ||||||
Alabama Power [Member] | Series FF [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||
Alabama Power [Member] | Senior Notes [Member] | Series 2016A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | ||||||
Alabama Power [Member] | Unsecured Debt [Member] | Series FF [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption Amount Of Principal Notes | $ 200,000,000 | ||||||
Alabama Power [Member] | Bank Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 45,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.38% | ||||||
Georgia Power [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | $ 868,000,000 | ||||||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 69,000,000 | ||||||
Maximum Borrowing Capacity | 1,750,000,000 | ||||||
Remaining Borrowing Capacity | 1,732,000,000 | ||||||
Georgia Power [Member] | Senior Notes [Member] | Series 2016A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 325,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||||
Georgia Power [Member] | Senior Notes [Member] | Series 2016B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 325,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | ||||||
Georgia Power [Member] | Unsecured Debt [Member] | Series 2013B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption Amount Of Principal Notes | $ 250,000,000 | ||||||
Gulf Power [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 82,000,000 | ||||||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 33,000,000 | ||||||
Maximum Borrowing Capacity | 280,000,000 | ||||||
Remaining Borrowing Capacity | 280,000,000 | ||||||
Mississippi Power [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 40,000,000 | ||||||
Maximum Borrowing Capacity | 205,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 100,000,000 | $ 50,000,000 | $ 50,000,000 | $ 100,000,000 | |||
Promissory Note | $ 275,000,000 | ||||||
Remaining Borrowing Capacity | 180,000,000 | ||||||
Mississippi Power [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption Amount Of Principal Notes | $ 300,000,000 | ||||||
Mississippi Power [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | 1,200,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 900,000,000 | ||||||
Remaining Borrowing Capacity | 300,000,000 | ||||||
Mississippi Power [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption Amount Of Principal Notes | $ 900,000,000 | ||||||
Mississippi Power [Member] | Notes Payable, Other Payables [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 10,000,000 | ||||||
Traditional Operating Companies [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 269,000,000 | ||||||
Southern Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | 2,250,000,000 | ||||||
Remaining Borrowing Capacity | 2,250,000,000 | ||||||
Southern Power [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | 600,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 276,000,000 | ||||||
Debt, Weighted Average Interest Rate | 1.99% | ||||||
Remaining Borrowing Capacity | $ 560,000,000 | ||||||
Early Repayment of Senior Debt | 3,000,000 | ||||||
Southern Power [Member] | TRE Debt Due 2036 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Promissory Note | 2,000,000 | ||||||
Southern Power [Member] | Project Credit Facilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | 413,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 413,000,000 | ||||||
Debt, Weighted Average Interest Rate | 1.99% | ||||||
Line of Credit Facility, Average Amount Outstanding | $ 260,000,000 | ||||||
Southern Power [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Borrowing Capacity | 149,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 8,000,000 | ||||||
Remaining Borrowing Capacity | $ 74,000,000 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plans [Member] | Southern Company [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | $ 62 | $ 64 |
Interest cost | 100 | 111 |
Expected return on plan assets | (187) | (181) |
Amortization: | ||
Prior service costs | 4 | 6 |
Net (gain)/loss | 38 | 54 |
Net cost | 17 | 54 |
Pension Plans [Member] | Alabama Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 14 | 15 |
Interest cost | 24 | 26 |
Expected return on plan assets | (46) | (45) |
Amortization: | ||
Prior service costs | 1 | 2 |
Net (gain)/loss | 10 | 14 |
Net cost | 3 | 12 |
Pension Plans [Member] | Georgia Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 17 | 18 |
Interest cost | 34 | 38 |
Expected return on plan assets | (64) | (63) |
Amortization: | ||
Prior service costs | 1 | 3 |
Net (gain)/loss | 14 | 19 |
Net cost | 2 | 15 |
Pension Plans [Member] | Gulf Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 3 | 3 |
Interest cost | 5 | 5 |
Expected return on plan assets | (9) | (8) |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 2 | 3 |
Net cost | 1 | 3 |
Pension Plans [Member] | Mississippi Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 3 | 3 |
Interest cost | 5 | 5 |
Expected return on plan assets | (9) | (8) |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 2 | 3 |
Net cost | 1 | 3 |
Other Postretirement Benefits [Member] | Southern Company [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 5 | 6 |
Interest cost | 18 | 19 |
Expected return on plan assets | (14) | (15) |
Amortization: | ||
Prior service costs | 2 | 1 |
Net (gain)/loss | 3 | 5 |
Net cost | 14 | 16 |
Other Postretirement Benefits [Member] | Alabama Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1 | 1 |
Interest cost | 5 | 5 |
Expected return on plan assets | (6) | (6) |
Amortization: | ||
Prior service costs | 1 | 1 |
Net (gain)/loss | 0 | 0 |
Net cost | 1 | 1 |
Other Postretirement Benefits [Member] | Georgia Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2 | 2 |
Interest cost | 8 | 8 |
Expected return on plan assets | (6) | (6) |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 2 | 3 |
Net cost | 6 | 7 |
Other Postretirement Benefits [Member] | Gulf Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net cost | 1 | 1 |
Other Postretirement Benefits [Member] | Mississippi Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net cost | $ 1 | $ 1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Effective tax rate | 30.80% | 34.30% | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits as of December 31, 2015 | $ 433 | ||
Tax positions from current periods | 5 | ||
Balance as of March 31, 2016 | 438 | ||
Tax positions impacting the effective tax rate | 15 | $ 10 | |
Tax positions not impacting the effective tax rate | 423 | 423 | |
Kemper IGCC [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of March 31, 2016 | 423 | ||
Unrecognized tax benefit, associated interest | $ 12 | ||
Mississippi Power [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective tax rate | (838.70%) | 10.00% | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits as of December 31, 2015 | $ 421 | ||
Tax positions from current periods | 0 | ||
Balance as of March 31, 2016 | 421 | ||
Tax positions impacting the effective tax rate | (2) | ||
Tax positions not impacting the effective tax rate | 423 | ||
Mississippi Power [Member] | Kemper IGCC [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of March 31, 2016 | 423 | ||
Unrecognized tax benefit, associated interest | 12 | ||
Southern Power [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 694 | $ 551 | |
Effective tax rate | (84.00%) | 25.80% | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits as of December 31, 2015 | $ 8 | ||
Tax positions from current periods | 5 | ||
Balance as of March 31, 2016 | 13 | ||
Tax positions impacting the effective tax rate | 13 | ||
Tax positions not impacting the effective tax rate | $ 0 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivatives and Gains (Losses) (Details) BTU in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)BTU | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 4,657 |
Fair Value Gain (Loss) at March 31, 2016 | (161) |
Southern Company [Member] | Maturity Date November 2026 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 1,500 |
Weighted Average Interest Rate Paid | 2.14% |
Fair Value Gain (Loss) at March 31, 2016 | $ (55) |
Southern Company [Member] | Maturity Date November 2046 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 1,200 |
Weighted Average Interest Rate Paid | 2.60% |
Fair Value Gain (Loss) at March 31, 2016 | $ (127) |
Southern Company [Member] | Maturity Date August 2017 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 250 |
Interest Rate Received | 1.30% |
Fair Value Gain (Loss) at March 31, 2016 | $ 1 |
Southern Company [Member] | Maturity Date August 2017 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.17% |
Southern Company [Member] | Maturity Date June 2020 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 300 |
Interest Rate Received | 2.75% |
Fair Value Gain (Loss) at March 31, 2016 | $ 10 |
Southern Company [Member] | Maturity Date June 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.92% |
Southern Company [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 235 |
Longest Hedge Date | 2,020 |
Longest Non-Hedge Date | 2,017 |
Alabama Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 60 |
Longest Hedge Date | 2,019 |
Georgia Power [Member] | Maturity Date August 2016 [Member] | Cash Flow Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 200 |
Weighted Average Interest Rate Paid | 1.01% |
Fair Value Gain (Loss) at March 31, 2016 | $ 0 |
Georgia Power [Member] | Maturity Date August 2016 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Cash Flow Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Interest Rate Received | 0.40% |
Georgia Power [Member] | Maturity Date June 2018 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 250 |
Interest Rate Received | 5.40% |
Fair Value Gain (Loss) at March 31, 2016 | $ 3 |
Georgia Power [Member] | Maturity Date June 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Weighted Average Interest Rate Paid | 4.02% |
Georgia Power [Member] | Maturity Date December 2019 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 200 |
Interest Rate Received | 4.25% |
Fair Value Gain (Loss) at March 31, 2016 | $ 6 |
Georgia Power [Member] | Maturity Date December 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Weighted Average Interest Rate Paid | 2.46% |
Georgia Power [Member] | Maturity Date December 2018 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 500 |
Interest Rate Received | 1.95% |
Fair Value Gain (Loss) at March 31, 2016 | $ 5 |
Georgia Power [Member] | Maturity Date December 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.76% |
Georgia Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 65 |
Longest Hedge Date | 2,019 |
Gulf Power [Member] | Maturity Date December 2026 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 80 |
Weighted Average Interest Rate Paid | 2.32% |
Fair Value Gain (Loss) at March 31, 2016 | $ (4) |
Gulf Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 74 |
Longest Hedge Date | 2,020 |
Mississippi Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 28 |
Longest Hedge Date | 2,018 |
Southern Power [Member] | Maturity Date October 2016 [Member] | Not Designated as Hedging Instrument [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 65 |
Weighted Average Interest Rate Paid | 2.50% |
Fair Value Gain (Loss) at March 31, 2016 | $ 0 |
Derivative, Term of Contract | 15 years |
Southern Power [Member] | Maturity Date November 2016 [Member] | Not Designated as Hedging Instrument [Member] | |
Notional amount of interest rate derivatives | |
Derivative, Term of Contract | 12 years |
Southern Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 8 |
Longest Hedge Date | 2,016 |
Longest Non-Hedge Date | 2,017 |
RE Roserock Holdings, LLC [Member] | Southern Power [Member] | Maturity Date October 2016 [Member] | Not Designated as Hedging Instrument [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 47 |
Weighted Average Interest Rate Paid | 2.21% |
Fair Value Gain (Loss) at March 31, 2016 | $ 0 |
RE Garland and Garland A Holdings, LLC [Member] | Southern Power [Member] | Maturity Date November 2016 [Member] | Not Designated as Hedging Instrument [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | $ 65 |
Weighted Average Interest Rate Paid | 2.21% |
Fair Value Gain (Loss) at March 31, 2016 | $ 0 |
Derivatives - Balance Sheet Pre
Derivatives - Balance Sheet Presentation (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Southern Company [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | $ 45 | $ 29 |
Derivatives, liabilities | 394 | 250 |
Southern Company [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 4 |
Southern Company [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 1 |
Southern Company [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
Southern Company [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 3 |
Southern Company [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 7 | |
Derivatives, liabilities | 198 | 217 |
Southern Company [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 3 |
Southern Company [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | |
Southern Company [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 124 | 130 |
Southern Company [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 74 | 87 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 36 | 22 |
Derivatives, liabilities | 195 | 32 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 3 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 2 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 18 | 19 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 14 | |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 193 | 23 |
Southern Company [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 7 | |
Alabama Power [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 1 |
Derivatives, liabilities | 49 | 70 |
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Alabama Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | |
Derivatives, liabilities | 49 | 55 |
Alabama Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 1 |
Alabama Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | |
Alabama Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 37 | 40 |
Alabama Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 12 | 15 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 0 | 15 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 15 |
Alabama Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | |
Georgia Power [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 18 | 7 |
Derivatives, liabilities | 11 | 21 |
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Georgia Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | |
Derivatives, liabilities | 11 | 15 |
Georgia Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
Georgia Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | |
Georgia Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 9 | 12 |
Georgia Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 3 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 14 | 5 |
Derivatives, liabilities | 0 | 6 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 7 | 5 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 7 | |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Georgia Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 6 | |
Gulf Power [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Derivatives, liabilities | 99 | 100 |
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Gulf Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Derivatives, liabilities | 94 | 100 |
Gulf Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Gulf Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Gulf Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 49 | 49 |
Gulf Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 45 | 51 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Derivatives, liabilities | 5 | 0 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 5 | 0 |
Gulf Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | |
Mississippi Power [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 44 | 47 |
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Derivatives, liabilities | 44 | 47 |
Mississippi Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Mississippi Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 29 | 29 |
Mississippi Power [Member] | Hedging Instruments for Regulatory Purposes [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 15 | 18 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 0 | 0 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Mississippi Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | |
Southern Power [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 6 | 7 |
Derivatives, liabilities | 3 | 3 |
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 4 |
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 1 |
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 3 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 3 |
Derivatives, liabilities | 2 | 2 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 3 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 2 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Liabilities from risk management activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | $ 0 | 0 |
Southern Power [Member] | Cash Flow and Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | $ 0 |
Derivatives - Balance Sheet Off
Derivatives - Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Southern Company [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | $ 45 | $ 29 |
Derivatives presented in the Balance Sheet, liabilities | 394 | 250 |
Southern Company [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 2 | 1 |
Net interest rate derivative liabilities | 191 | 214 |
Southern Company [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 12 | 7 |
Derivatives presented in the Balance Sheet, liabilities | 201 | 220 |
Southern Company [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | (10) | (6) |
Gross amounts not offset in the Balance Sheet, liabilities | (10) | (6) |
Southern Company [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 12 | 13 |
Net interest rate derivative liabilities | 172 | 21 |
Southern Company [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 33 | 22 |
Derivatives presented in the Balance Sheet, liabilities | 193 | 30 |
Southern Company [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | (21) | (9) |
Gross amounts not offset in the Balance Sheet, liabilities | (21) | (9) |
Alabama Power [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 3 | 1 |
Derivatives presented in the Balance Sheet, liabilities | 49 | 70 |
Alabama Power [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 0 |
Net interest rate derivative liabilities | 46 | 54 |
Alabama Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 3 | 1 |
Derivatives presented in the Balance Sheet, liabilities | 49 | 55 |
Alabama Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | (3) | (1) |
Gross amounts not offset in the Balance Sheet, liabilities | (3) | (1) |
Alabama Power [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 0 |
Net interest rate derivative liabilities | 0 | 15 |
Alabama Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 0 |
Derivatives presented in the Balance Sheet, liabilities | 0 | 15 |
Alabama Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | 0 |
Georgia Power [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 18 | 7 |
Derivatives presented in the Balance Sheet, liabilities | 11 | 21 |
Georgia Power [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 1 | 0 |
Net interest rate derivative liabilities | 8 | 13 |
Georgia Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 4 | 2 |
Derivatives presented in the Balance Sheet, liabilities | 11 | 15 |
Georgia Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | (3) | (2) |
Gross amounts not offset in the Balance Sheet, liabilities | (3) | (2) |
Georgia Power [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 14 | 1 |
Net interest rate derivative liabilities | 0 | 2 |
Georgia Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 14 | 5 |
Derivatives presented in the Balance Sheet, liabilities | 0 | 6 |
Georgia Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | (4) |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | (4) |
Gulf Power [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 1 |
Derivatives presented in the Balance Sheet, liabilities | 99 | 100 |
Gulf Power [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 0 |
Net interest rate derivative liabilities | 94 | 100 |
Gulf Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 0 |
Derivatives presented in the Balance Sheet, liabilities | 94 | 100 |
Gulf Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | 0 |
Gulf Power [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 1 |
Net interest rate derivative liabilities | 5 | 0 |
Gulf Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 1 |
Derivatives presented in the Balance Sheet, liabilities | 5 | 0 |
Gulf Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | 0 |
Mississippi Power [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 0 |
Derivatives presented in the Balance Sheet, liabilities | 44 | 47 |
Mississippi Power [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 0 |
Net interest rate derivative liabilities | 44 | 47 |
Mississippi Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 0 |
Derivatives presented in the Balance Sheet, liabilities | 44 | 47 |
Mississippi Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | 0 |
Mississippi Power [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 0 | 0 |
Net interest rate derivative liabilities | 0 | 0 |
Mississippi Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 0 | 0 |
Derivatives presented in the Balance Sheet, liabilities | 0 | 0 |
Mississippi Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | 0 | 0 |
Southern Power [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 6 | 7 |
Derivatives presented in the Balance Sheet, liabilities | 3 | 3 |
Southern Power [Member] | Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 3 | 3 |
Net interest rate derivative liabilities | 1 | 2 |
Southern Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 5 | 4 |
Derivatives presented in the Balance Sheet, liabilities | 3 | 3 |
Southern Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | (2) | (1) |
Gross amounts not offset in the Balance Sheet, liabilities | (2) | (1) |
Southern Power [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net derivative assets | 1 | 4 |
Net interest rate derivative liabilities | 0 | 0 |
Southern Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives presented in the Balance Sheet, assets | 1 | 4 |
Derivatives presented in the Balance Sheet, liabilities | 0 | 0 |
Southern Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||
Derivative [Line Items] | ||
Gross amounts not offset in the Balance Sheet, assets | 0 | 0 |
Gross amounts not offset in the Balance Sheet, liabilities | $ 0 | $ 0 |
Derivatives - Pre-tax Effects o
Derivatives - Pre-tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Southern Company [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | $ (191) | $ (214) | |
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory assets, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (124) | (130) | |
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory assets, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (74) | (87) | |
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 2 | 3 | |
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 5 | ||
Southern Company [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (190) | $ (29) | |
Southern Company [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (3) | (2) | |
Alabama Power [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (46) | (54) | |
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (37) | (40) | |
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (12) | (15) | |
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 1 | 1 | |
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 2 | ||
Alabama Power [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (4) | (6) | |
Alabama Power [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | (1) | |
Georgia Power [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (7) | (13) | |
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (9) | (12) | |
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (2) | (3) | |
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 1 | 2 | |
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 3 | ||
Georgia Power [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | (23) | |
Georgia Power [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | (1) | |
Gulf Power [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (94) | (100) | |
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (49) | (49) | |
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (45) | (51) | |
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | 0 | |
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | ||
Gulf Power [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (5) | 0 | |
Gulf Power [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | $ 0 | |
Mississippi Power [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (44) | (47) | |
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (29) | (29) | |
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory assets, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | (15) | (18) | |
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, current [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | $ 0 | |
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities, deferred [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | $ 0 |
Derivatives - Pre-tax Effects49
Derivatives - Pre-tax Effects of Derivatives Designated as Fair Value Hedging Instruments (Details) - Interest Rate Contract [Member] - Interest Expense [Member] - Fair Value Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Southern Company [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) | $ 20 | $ 7 |
Georgia Power [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) | $ 14 | $ 6 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) BTU in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)BTU | |
Derivative [Line Items] | |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | $ | $ 49 |
Southern Company [Member] | |
Derivative [Line Items] | |
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | BTU | 4 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisitions (Details) $ in Millions | Apr. 08, 2016USD ($)MW | Feb. 11, 2016USD ($)MW | Dec. 31, 2016USD ($)MW | Jun. 30, 2016USD ($)MW | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Construction work in progress | $ 9,406 | $ 9,082 | ||||
Southern Power [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Construction work in progress | 1,535 | 1,137 | ||||
Business Combination, Contingent Consideration, Liability | 21 | $ 36 | ||||
Southern Power [Member] | 70SM1 8ME, LCC (Calipatria) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 20 | |||||
Southern Power Percentage Ownership | 90.00% | |||||
PPA Contract Period | 20 years | |||||
Approx. Purchase Price | $ 51 | |||||
Southern Power [Member] | East Pecos [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Construction work in progress | 41 | |||||
Southern Power [Member] | East Pecos [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated Future Construction Payments | 200 | |||||
Southern Power [Member] | East Pecos [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated Future Construction Payments | 220 | |||||
Southern Power [Member] | Turner Renewable Energy [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 10.00% | |||||
Southern Power and Turner Renewable Energy [Member] | 70SM1 8ME, LCC (Calipatria) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approx. Purchase Price | $ 57 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 58 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 2 | |||||
Business Combination, Contingent Consideration, Liability | $ 6 | |||||
Scenario, Forecast [Member] | Southern Power [Member] | Grant Wind, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approx. Nameplate Capacity, Wind (MW) | MW | 151 | |||||
Southern Power Percentage Ownership | 100.00% | |||||
PPA Contract Period | 20 years | |||||
Approx. Purchase Price | $ 258 | |||||
Scenario, Forecast [Member] | Southern Power [Member] | East Pecos [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 120 | |||||
Southern Power Percentage Ownership | 100.00% | |||||
PPA Contract Period | 15 years | |||||
Approx. Purchase Price | $ 41 | |||||
Scenario, Forecast [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 40 | |||||
Southern Power Percentage Ownership | 100.00% | |||||
PPA Contract Period | 15 years | |||||
Approx. Purchase Price | $ 127 | |||||
Property, Plant and Equipment [Member] | Southern Power and Turner Renewable Energy [Member] | 70SM1 8ME, LCC (Calipatria) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 1 | |||||
Subsequent Event [Member] | Southern Power [Member] | Grant Wind, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $ 23 | |||||
Period Of Operation For Performance Testing And Production | 10 years |
Acquisitions - Schedule of Cons
Acquisitions - Schedule of Construction Projects (Details) $ in Millions | 3 Months Ended | 10 Months Ended | |||||
Dec. 31, 2016USD ($)MW | Sep. 30, 2016MW | Sep. 30, 2016USD ($)MW | May. 05, 2016MW | Mar. 31, 2016MW | Mar. 29, 2016 | Dec. 31, 2015MW | |
Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Capacity Of Small Power Production Facility | MW | 76 | 110 | |||||
Southern Power Percentage Ownership | 15.00% | ||||||
Class A Membership Interest [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage Of Entitled Cash Distributions | 66.00% | ||||||
Class A Membership Interest [Member] | Southern Power [Member] | Tranquillity, Roserock, Garland and Garland A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Southern Power Percentage Ownership | 100.00% | ||||||
Percentage Of Entitled Cash Distributions | 51.00% | ||||||
Class B Membership Interest [Member] | First Solar [Member] | Desert Stateline Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage Of Entitled Cash Distributions | 34.00% | ||||||
Class B Membership Interest [Member] | First Solar [Member] | Tranquillity, Roserock, Garland and Garland A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Southern Power Percentage Ownership | 100.00% | ||||||
Class B Membership Interest [Member] | Recurrent Energy [Member] | Tranquillity, Roserock, Garland and Garland A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage Of Entitled Cash Distributions | 49.00% | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Sandhills [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 146 | ||||||
PPA Contract Period | 25 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Sandhills [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 260 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Sandhills [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 280 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Butler Solar LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 103 | ||||||
PPA Contract Period | 30 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Butler Solar LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 220 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Butler Solar LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 230 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Garland Holdings, LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
PPA Contract Period | 15 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 205 | ||||||
PPA Contract Period | 18 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 473 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Tranquility Holdings, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 493 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Capacity Of Small Power Production Facility | MW | 75 | 75 | |||||
Approx. Nameplate Capacity, Solar (MW) | MW | 299 | 299 | |||||
PPA Contract Period | 20 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 1,200 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 1,300 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Garland and Garland A Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 205 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Garland and Garland A Holdings, LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 532 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Garland and Garland A Holdings, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 552 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approx. Nameplate Capacity, Solar (MW) | MW | 160 | ||||||
PPA Contract Period | 20 years | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 333 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Roserock Holdings, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Construction Costs | $ 353 | ||||||
Scenario, Forecast [Member] | Southern Power [Member] | RE Garland and Garland A Holdings, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
PPA Contract Period | 20 years | ||||||
Subsequent Event [Member] | Southern Power [Member] | Desert Stateline Holdings, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Capacity Of Small Power Production Facility | MW | 38 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | Feb. 24, 2016 | Aug. 23, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | |||||
Maximum Borrowing Capacity | $ 6,495,000,000 | ||||
Construction in Progress, Gross | 9,406,000,000 | $ 9,082,000,000 | |||
Bridge Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | 20,000,000 | ||||
Maximum Borrowing Capacity | $ 8,100,000,000 | ||||
Scenario, Plan [Member] | PowerSecure International, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 431,000,000 | ||||
Business Acquisition, Share Price | $ 18.75 | ||||
Scenario, Plan [Member] | Bridge Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Approx. Purchase Price | $ 8,200,000,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 8,000,000,000 | ||||
Business Combination, Acquisition Related Costs | $ 200,000,000 | ||||
Southern Power [Member] | |||||
Business Acquisition [Line Items] | |||||
Maximum Borrowing Capacity | 600,000,000 | ||||
Total Cost | 2,200,000,000 | ||||
Construction in Progress, Gross | 1,535,000,000 | $ 1,137,000,000 | |||
Operating Expense [Member] | Bridge Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | 6,000,000 | ||||
Other Income Expense Net [Member] | Bridge Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 14,000,000 |
Segment and Related Informati54
Segment and Related Information - Financial Data for Business Segments (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)state | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of States in which Entity Operates | state | 4 | ||
Operating revenues | $ 3,965 | $ 4,183 | |
Segment net income (loss) | 485 | 508 | |
Total assets | 78,735 | $ 78,318 | |
Kemper IGCC [Member] | |||
Segment Reporting Information [Line Items] | |||
Pre-Tax Charge To Income | 53 | 9 | |
After Tax Charge To Income | 33 | 6 | |
Electric Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,954 | 4,172 | |
Segment net income (loss) | 514 | 510 | |
Total assets | 77,843 | 77,560 | |
Intersegment Eliminations [Member] | Electric Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (103) | (124) | |
Segment net income (loss) | 0 | 0 | |
Total assets | (396) | (397) | |
Consolidation Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (36) | (29) | |
Segment net income (loss) | (3) | (5) | |
Total assets | (1,178) | (1,061) | |
Traditional Operating Companies [Member] | Electric Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,742 | 3,948 | |
Segment net income (loss) | 464 | 477 | |
Total assets | 69,240 | 69,052 | |
Southern Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 97 | 114 | |
Southern Power [Member] | Electric Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 315 | 348 | |
Segment net income (loss) | 50 | 33 | |
Total assets | 8,999 | 8,905 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 47 | 40 | |
Segment net income (loss) | (26) | $ 3 | |
Total assets | $ 2,070 | $ 1,819 |
Segment and Related Informati55
Segment and Related Information - Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | $ 3,954 | $ 4,172 |
Retail [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | 3,377 | 3,542 |
Wholesale [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | 396 | 467 |
Other [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | $ 181 | $ 163 |