Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2021 |
Document Transition Report | false |
Entity File Number | 1-3526 |
Entity Registrant Name | The Southern Company |
Entity Tax Identification Number | 58-0690070 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 30 Ivan Allen Jr. Boulevard, N.W. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-5000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,058,630,385 |
Entity Central Index Key | 0000092122 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Common Stock, par value $5 per share | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $5 per share |
Trading Symbol | SO |
Security Exchange Name | NYSE |
Series 2016A 5.25% Junior Subordinated Notes due 2076 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016A 5.25% Junior Subordinated Notes due 2076 |
Trading Symbol | SOJB |
Security Exchange Name | NYSE |
Series 2017B 5.25% Junior Subordinated Notes due 2077 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2017B 5.25% Junior Subordinated Notes due 2077 |
Trading Symbol | SOJC |
Security Exchange Name | NYSE |
2019 Series A Corporate Units | |
Document Information [Line Items] | |
Title of 12(b) Security | 2019 Series A Corporate Units |
Trading Symbol | SOLN |
Security Exchange Name | NYSE |
Series 2020A 4.95% Junior Subordinated Notes due 2080 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2020A 4.95% Junior Subordinated Notes due 2080 |
Trading Symbol | SOJD |
Security Exchange Name | NYSE |
Series 2020C 4.20% Junior Subordinated Notes due 2060 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2020C 4.20% Junior Subordinated Notes due 2060 |
Trading Symbol | SOJE |
Security Exchange Name | NYSE |
ALABAMA POWER CO | |
Document Information [Line Items] | |
Entity File Number | 1-3164 |
Entity Registrant Name | Alabama Power Company |
Entity Tax Identification Number | 63-0004250 |
Entity Incorporation, State or Country Code | AL |
Entity Address, Address Line One | 600 North 18th Street |
Entity Address, City or Town | Birmingham |
Entity Address, State or Province | AL |
Entity Address, Postal Zip Code | 35203 |
City Area Code | 205 |
Local Phone Number | 257-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 30,537,500 |
Entity Central Index Key | 0000003153 |
ALABAMA POWER CO | 5.00% Series Class A Preferred Stock | |
Document Information [Line Items] | |
Title of 12(b) Security | 5.00% Series Class A Preferred Stock |
Trading Symbol | ALP PR Q |
Security Exchange Name | NYSE |
GEORGIA POWER CO | |
Document Information [Line Items] | |
Entity File Number | 1-6468 |
Entity Registrant Name | Georgia Power Company |
Entity Tax Identification Number | 58-0257110 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | 241 Ralph McGill Boulevard, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-6526 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 9,261,500 |
Entity Central Index Key | 0000041091 |
GEORGIA POWER CO | Series 2017A 5.00% Junior Subordinated Notes due 2077 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2017A 5.00% Junior Subordinated Notes due 2077 |
Trading Symbol | GPJA |
Security Exchange Name | NYSE |
MISSISSIPPI POWER CO | |
Document Information [Line Items] | |
Entity File Number | 001-11229 |
Entity Registrant Name | Mississippi Power Company |
Entity Tax Identification Number | 64-0205820 |
Entity Incorporation, State or Country Code | MS |
Entity Address, Address Line One | 2992 West Beach Boulevard |
Entity Address, City or Town | Gulfport |
Entity Address, State or Province | MS |
Entity Address, Postal Zip Code | 39501 |
City Area Code | 228 |
Local Phone Number | 864-1211 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,121,000 |
Entity Central Index Key | 0000066904 |
SOUTHERN POWER CO | |
Document Information [Line Items] | |
Entity File Number | 001-37803 |
Entity Registrant Name | Southern Power Company |
Entity Tax Identification Number | 58-2598670 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 30 Ivan Allen Jr. Boulevard, N.W. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-5000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,000 |
Entity Central Index Key | 0001160661 |
SOUTHERN POWER CO | Series 2016A 1.000% Senior Notes due 2022 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016A 1.000% Senior Notes due 2022 |
Trading Symbol | SO/22B |
Security Exchange Name | NYSE |
SOUTHERN POWER CO | Series 2016B 1.850% Senior Notes due 2026 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016B 1.850% Senior Notes due 2026 |
Trading Symbol | SO/26A |
Security Exchange Name | NYSE |
SOUTHERN Co GAS | |
Document Information [Line Items] | |
Entity File Number | 1-14174 |
Entity Registrant Name | Southern Company Gas |
Entity Tax Identification Number | 58-2210952 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | Ten Peachtree Place, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 404 |
Local Phone Number | 584-4000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 100 |
Entity Central Index Key | 0001004155 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Revenues: | ||
Operating revenues | $ 5,910 | $ 5,018 |
Operating Expenses: | ||
Total cost of sales | 583 | 439 |
Other operations and maintenance | 1,372 | 1,296 |
Depreciation and amortization | 871 | 857 |
Taxes other than income taxes | 345 | 330 |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 |
(Gain) loss on dispositions, net | (44) | (39) |
Total operating expenses | 4,312 | 3,755 |
Operating Income | 1,598 | 1,263 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 46 | 34 |
Earnings from equity method investments | 45 | 42 |
Interest expense, net of amounts capitalized | (450) | (456) |
Other income (expense), net | 58 | 103 |
Total other income and (expense) | (301) | (277) |
Earnings Before Income Taxes | 1,297 | 986 |
Income taxes (benefit) | 190 | 145 |
Comprehensive Income | 1,135 | 794 |
Consolidated Net Income | 1,107 | 841 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net loss attributable to noncontrolling interests | (32) | (31) |
Net Income | $ 1,135 | $ 868 |
Earnings per share - | ||
Basic (in dollars per share) | $ 1.07 | $ 0.82 |
Diluted (in dollars per share) | $ 1.06 | $ 0.81 |
Average number of shares of common stock outstanding (in millions) | ||
Basic (in shares) | 1,060 | 1,057 |
Diluted (in shares) | 1,066 | 1,067 |
Retail electric revenues | ||
Operating Revenues: | ||
Operating revenues | $ 3,342 | $ 3,078 |
Wholesale electric revenues | ||
Operating Revenues: | ||
Operating revenues | 545 | 418 |
Other electric revenues | ||
Operating Revenues: | ||
Operating revenues | 170 | 151 |
Natural gas | ||
Operating Revenues: | ||
Operating revenues | 1,694 | 1,249 |
Operating Expenses: | ||
Total cost of sales | 583 | 439 |
Other | ||
Operating Revenues: | ||
Operating revenues | 159 | 122 |
Operating Expenses: | ||
Total cost of sales | 82 | 55 |
Fuel | ||
Operating Expenses: | ||
Total cost of sales | 848 | 636 |
Purchased power | ||
Operating Expenses: | ||
Total cost of sales | 207 | 181 |
Alternative revenue programs | ||
Operating Revenues: | ||
Operating revenues | 2 | 9 |
ALABAMA POWER CO | ||
Operating Revenues: | ||
Operating revenues | 1,559 | 1,351 |
Operating Expenses: | ||
Other operations and maintenance | 361 | 350 |
Depreciation and amortization | 211 | 200 |
Taxes other than income taxes | 103 | 106 |
Total operating expenses | 1,046 | 929 |
Operating Income | 513 | 422 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 12 | 10 |
Interest expense, net of amounts capitalized | (84) | (88) |
Other income (expense), net | 32 | 24 |
Total other income and (expense) | (40) | (54) |
Earnings Before Income Taxes | 473 | 368 |
Income taxes (benefit) | 110 | 84 |
Comprehensive Income | 364 | 285 |
Consolidated Net Income | 363 | 284 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net Income | 359 | 280 |
ALABAMA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Operating revenues | 1,352 | 1,205 |
ALABAMA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Operating revenues | 92 | 56 |
ALABAMA POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Operating revenues | 32 | 19 |
ALABAMA POWER CO | Other | ||
Operating Revenues: | ||
Operating revenues | 83 | 71 |
ALABAMA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of sales | 291 | 215 |
ALABAMA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of sales | 50 | 40 |
ALABAMA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of sales | 30 | 18 |
GEORGIA POWER CO | ||
Operating Revenues: | ||
Operating revenues | 1,970 | 1,825 |
Operating Expenses: | ||
Other operations and maintenance | 474 | 465 |
Depreciation and amortization | 338 | 352 |
Taxes other than income taxes | 116 | 113 |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 |
Total operating expenses | 1,569 | 1,419 |
Operating Income | 401 | 406 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (104) | (111) |
Other income (expense), net | 72 | 52 |
Total other income and (expense) | (32) | (59) |
Earnings Before Income Taxes | 369 | 347 |
Income taxes (benefit) | 18 | 16 |
Comprehensive Income | 353 | 330 |
Consolidated Net Income | 351 | 331 |
GEORGIA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Operating revenues | 1,787 | 1,675 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Operating revenues | 43 | 26 |
GEORGIA POWER CO | Other | ||
Operating Revenues: | ||
Operating revenues | 140 | 124 |
GEORGIA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of sales | 313 | 231 |
GEORGIA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of sales | 144 | 129 |
GEORGIA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of sales | 136 | 129 |
MISSISSIPPI POWER CO | ||
Operating Revenues: | ||
Operating revenues | 307 | 277 |
Operating Expenses: | ||
Other operations and maintenance | 68 | 76 |
Depreciation and amortization | 47 | 42 |
Taxes other than income taxes | 31 | 29 |
Total operating expenses | 252 | 231 |
Operating Income | 55 | 46 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (14) | (16) |
Other income (expense), net | 8 | 8 |
Total other income and (expense) | (6) | (8) |
Earnings Before Income Taxes | 49 | 38 |
Income taxes (benefit) | 4 | 6 |
Comprehensive Income | 45 | 32 |
Consolidated Net Income | 45 | 32 |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Operating revenues | 204 | 199 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Operating revenues | 63 | 51 |
MISSISSIPPI POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Operating revenues | 33 | 21 |
MISSISSIPPI POWER CO | Other | ||
Operating Revenues: | ||
Operating revenues | 7 | 6 |
MISSISSIPPI POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of sales | 101 | 79 |
MISSISSIPPI POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of sales | 5 | 5 |
SOUTHERN POWER CO | ||
Operating Revenues: | ||
Operating revenues | 440 | 375 |
Operating Expenses: | ||
Other operations and maintenance | 101 | 79 |
Depreciation and amortization | 119 | 117 |
Taxes other than income taxes | 12 | 9 |
(Gain) loss on dispositions, net | (39) | (39) |
Total operating expenses | 354 | 287 |
Operating Income | 86 | 88 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (38) | (39) |
Other income (expense), net | 7 | 2 |
Total other income and (expense) | (31) | (37) |
Earnings Before Income Taxes | 55 | 51 |
Income taxes (benefit) | (10) | 7 |
Comprehensive Income | 81 | 11 |
Consolidated Net Income | 65 | 44 |
Net loss attributable to noncontrolling interests | (32) | (31) |
Net Income | 97 | 75 |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Operating revenues | 355 | 286 |
SOUTHERN POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Operating revenues | 81 | 86 |
SOUTHERN POWER CO | Other | ||
Operating Revenues: | ||
Operating revenues | 4 | 3 |
SOUTHERN POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of sales | 141 | 107 |
SOUTHERN POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of sales | 20 | 14 |
SOUTHERN Co GAS | ||
Operating Revenues: | ||
Operating revenues | $ 1,694 | $ 1,249 |
Operating Expenses: | ||
Cost, Product and Service [Extensible List] | Natural gas | Natural gas |
Other operations and maintenance | $ 299 | $ 258 |
Depreciation and amortization | 130 | 120 |
Taxes other than income taxes | 81 | 72 |
Total operating expenses | 1,093 | 889 |
Operating Income | 601 | 360 |
Other Income and (Expense): | ||
Earnings from equity method investments | 41 | 43 |
Interest expense, net of amounts capitalized | (60) | (58) |
Other income (expense), net | (63) | 9 |
Total other income and (expense) | (82) | (6) |
Earnings Before Income Taxes | 519 | 354 |
Income taxes (benefit) | 121 | 79 |
Comprehensive Income | 402 | 260 |
Consolidated Net Income | 398 | 275 |
Net Income | 398 | 275 |
SOUTHERN Co GAS | Natural gas | ||
Operating Revenues: | ||
Operating revenues | 1,692 | 1,240 |
Operating Expenses: | ||
Total cost of sales | 583 | 439 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating Revenues: | ||
Operating revenues | $ 2 | $ 9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues | $ 5,910 | $ 5,018 |
Alternative revenue programs | ||
Operating revenues | 2 | 9 |
SOUTHERN Co GAS | ||
Operating revenues | 1,694 | 1,249 |
Revenue taxes collected | 54 | 47 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating revenues | $ 2 | $ 9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 1,107 | $ 841 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (30) | (86) |
Reclassification adjustment for amounts included in net income, net of tax | 55 | 38 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 3 | 1 |
Total other comprehensive income (loss) | 28 | (47) |
Comprehensive Income | 1,135 | 794 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Comprehensive loss attributable to noncontrolling interests | (32) | (31) |
Comprehensive Income (Loss) Attributable to Parent | 1,163 | 821 |
ALABAMA POWER CO | ||
Net income | 363 | 284 |
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | 1 |
Comprehensive Income | 364 | 285 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
GEORGIA POWER CO | ||
Net income | 351 | 331 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | (2) |
Reclassification adjustment for amounts included in net income, net of tax | 2 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 2 | (1) |
Comprehensive Income | 353 | 330 |
MISSISSIPPI POWER CO | ||
Net income | 45 | 32 |
Pension and other postretirement benefit plans: | ||
Comprehensive Income | 45 | 32 |
SOUTHERN POWER CO | ||
Net income | 65 | 44 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (33) | (62) |
Reclassification adjustment for amounts included in net income, net of tax | 48 | 28 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Total other comprehensive income (loss) | 16 | (33) |
Comprehensive Income | 81 | 11 |
Comprehensive loss attributable to noncontrolling interests | (32) | (31) |
Comprehensive Income (Loss) Attributable to Parent | 113 | 42 |
SOUTHERN Co GAS | ||
Net income | 398 | 275 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 1 | (20) |
Reclassification adjustment for amounts included in net income, net of tax | 3 | 5 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 4 | (15) |
Comprehensive Income | $ 402 | $ 260 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Qualifying hedges: | ||
Changes in fair value, tax | $ (10) | $ (30) |
Reclassification adjustment for amounts included in net income, tax | 18 | 13 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | 1 | 2 |
ALABAMA POWER CO | ||
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
GEORGIA POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | 0 | (1) |
Reclassification adjustment for amounts included in net income, tax | 0 | 1 |
SOUTHERN POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | (11) | (21) |
Reclassification adjustment for amounts included in net income, tax | 15 | 10 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
SOUTHERN Co GAS | ||
Qualifying hedges: | ||
Changes in fair value, tax | 0 | (7) |
Reclassification adjustment for amounts included in net income, tax | $ 1 | $ 2 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 1,107 | $ 841 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 964 | 949 |
Deferred income taxes | 140 | (58) |
Allowance for equity funds used during construction | (46) | (34) |
Pension, postretirement, and other employee benefits | (78) | (67) |
Settlement of asset retirement obligations | (109) | (86) |
Stock based compensation expense | 83 | 72 |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 |
Storm damage accruals | 54 | 56 |
(Gain) loss on dispositions, net | (41) | (38) |
Natural gas cost under recovery – long-term | (185) | 0 |
Other, net | 114 | 55 |
Changes in certain current assets and liabilities — | ||
-Receivables | 308 | 317 |
-Prepayments | (98) | (110) |
-Natural gas for sale, net of temporary LIFO liquidation | 456 | 246 |
-Natural gas cost under recovery | (487) | 0 |
-Other current assets | 63 | (67) |
-Accounts payable | (216) | (504) |
-Accrued taxes | (212) | (102) |
-Accrued compensation | (417) | (473) |
-Accrued interest | (90) | (60) |
-Customer refunds | 0 | (103) |
-Other current liabilities | (116) | 60 |
Net cash provided from operating activities | 1,242 | 894 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (345) | 0 |
Property additions | (1,678) | (1,560) |
Nuclear decommissioning trust fund purchases | (550) | (254) |
Nuclear decommissioning trust fund sales | 546 | 249 |
Proceeds from dispositions | 20 | 982 |
Cost of removal, net of salvage | (85) | (69) |
Change in construction payables, net | (116) | (141) |
Payments pursuant to LTSAs | (60) | (26) |
Other investing activities | 25 | (70) |
Net cash used for investing activities | (2,243) | (889) |
Financing Activities: | ||
Increase in notes payable, net | 182 | |
Decrease in notes payable, net | (685) | |
Proceeds — | ||
Long-term debt | 2,150 | 2,653 |
Common stock | 14 | 52 |
Short-term borrowings | 325 | 565 |
Redemptions and repurchases — | ||
Long-term debt | (384) | (1,481) |
Short-term borrowings | (25) | (100) |
Capital contributions from noncontrolling interests | 313 | 16 |
Distributions to noncontrolling interests | (46) | (48) |
Payment of common stock dividends | (678) | (655) |
Other financing activities | (117) | (132) |
Net cash provided from financing activities | 1,734 | 185 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 733 | 190 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,801 | 2,168 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 519 | 490 |
Income taxes, net | (51) | (16) |
Noncash transactions — | ||
Accrued property additions at end of period | 872 | 733 |
Contributions from noncontrolling interests | 89 | 0 |
Contributions of wind turbine equipment | 82 | 17 |
Right-of-use assets obtained under finance leases | 76 | 28 |
Interest capitalized | 21 | 20 |
ALABAMA POWER CO | ||
Operating Activities: | ||
Net income | 363 | 284 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 248 | 241 |
Deferred income taxes | 33 | 10 |
Allowance for equity funds used during construction | (12) | (10) |
Pension, postretirement, and other employee benefits | (29) | (25) |
Settlement of asset retirement obligations | (49) | (46) |
Other, net | (15) | 10 |
Changes in certain current assets and liabilities — | ||
-Receivables | 40 | 93 |
-Fossil fuel stock | 38 | (15) |
-Prepayments | (73) | (80) |
-Materials and supplies | (4) | (22) |
-Other current assets | (11) | (14) |
-Accounts payable | (299) | (305) |
-Accrued taxes | 104 | 100 |
-Accrued compensation | (105) | (111) |
-Retail fuel cost over recovery | (18) | 47 |
-Other current liabilities | (9) | (12) |
Net cash provided from operating activities | 214 | 155 |
Investing Activities: | ||
Property additions | (466) | (340) |
Nuclear decommissioning trust fund purchases | (310) | (81) |
Nuclear decommissioning trust fund sales | 310 | 81 |
Cost of removal, net of salvage | (23) | (15) |
Change in construction payables, net | 32 | (65) |
Other investing activities | (9) | (4) |
Net cash used for investing activities | (466) | (424) |
Redemptions and repurchases — | ||
Pollution control revenue bonds | 0 | (87) |
Capital contributions from parent company | 600 | 610 |
Payment of common stock dividends | (246) | (239) |
Other financing activities | (13) | (11) |
Net cash provided from financing activities | 341 | 273 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 89 | 4 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 530 | 894 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 619 | 898 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 93 | 92 |
Noncash transactions — | ||
Accrued property additions at end of period | 198 | 135 |
Right-of-use assets obtained under leases | 1 | 3 |
Interest capitalized | 3 | 3 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Net income | 351 | 331 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 384 | 396 |
Deferred income taxes | (86) | (73) |
Pension, postretirement, and other employee benefits | (43) | (40) |
Settlement of asset retirement obligations | (49) | (33) |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 |
Storm damage accruals | 53 | 53 |
Retail fuel cost over recovery – long-term | 0 | 90 |
Other, net | (19) | (52) |
Changes in certain current assets and liabilities — | ||
-Receivables | 176 | 22 |
-Fossil fuel stock | 10 | (42) |
-Other current assets | (7) | (15) |
-Accounts payable | (74) | (69) |
-Accrued taxes | (110) | (156) |
-Accrued compensation | (68) | (87) |
-Customer refunds | 0 | (107) |
-Other current liabilities | (77) | (5) |
Net cash provided from operating activities | 489 | 213 |
Investing Activities: | ||
Property additions | (775) | (849) |
Nuclear decommissioning trust fund purchases | (241) | (173) |
Nuclear decommissioning trust fund sales | 236 | 167 |
Proceeds from dispositions | 1 | 142 |
Cost of removal, net of salvage | (40) | (34) |
Change in construction payables, net | (103) | (46) |
Other investing activities | 9 | (2) |
Net cash used for investing activities | (913) | (795) |
Financing Activities: | ||
Increase in notes payable, net | 145 | 11 |
Proceeds — | ||
Senior notes | 750 | 1,500 |
Pollution control revenue bonds | 0 | 53 |
Short-term borrowings | 0 | 200 |
Redemptions and repurchases — | ||
Pollution control revenue bonds | 0 | (148) |
Senior notes | (325) | (950) |
FFB loan | (25) | (16) |
Capital contributions from parent company | 330 | 500 |
Payment of common stock dividends | (412) | (385) |
Other financing activities | (19) | (23) |
Net cash provided from financing activities | 444 | 742 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 20 | 160 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 9 | 52 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 29 | 212 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 128 | 122 |
Noncash transactions — | ||
Accrued property additions at end of period | 445 | 472 |
Right-of-use assets obtained under operating leases | 3 | 10 |
Interest capitalized | 15 | 11 |
MISSISSIPPI POWER CO | ||
Operating Activities: | ||
Net income | 45 | 32 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 53 | 44 |
Other, net | (10) | (3) |
Changes in certain current assets and liabilities — | ||
-Receivables | 7 | 14 |
-Other current assets | 1 | (10) |
-Accounts payable | (30) | (24) |
-Accrued taxes | (75) | (54) |
-Accrued compensation | (16) | (19) |
-Other current liabilities | (13) | 3 |
Net cash provided from operating activities | (38) | (17) |
Investing Activities: | ||
Property additions | (45) | (50) |
Change in construction payables, net | (8) | (10) |
Payments pursuant to LTSAs | (7) | (5) |
Other investing activities | (7) | (6) |
Net cash used for investing activities | (67) | (71) |
Financing Activities: | ||
Increase in notes payable, net | 29 | 0 |
Proceeds — | ||
Short-term borrowings | 0 | 40 |
Other long-term debt | 0 | 100 |
Redemptions and repurchases — | ||
Senior notes | 0 | (275) |
Capital contributions from parent company | 100 | 75 |
Return of capital to parent company | 0 | (37) |
Payment of common stock dividends | (39) | 0 |
Other financing activities | 0 | (1) |
Net cash provided from financing activities | 90 | (98) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (15) | (186) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 39 | 286 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 24 | 100 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 16 | 18 |
Noncash transactions — | ||
Accrued property additions at end of period | 26 | 25 |
Interest capitalized | 0 | 0 |
SOUTHERN POWER CO | ||
Operating Activities: | ||
Net income | 65 | 44 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 125 | 123 |
Deferred income taxes | (8) | (36) |
Amortization of investment tax credits | (15) | (14) |
(Gain) loss on dispositions, net | (39) | (39) |
Other, net | (4) | (10) |
Changes in certain current assets and liabilities — | ||
-Receivables | 23 | 5 |
-Prepaid income taxes | 16 | 51 |
-Other current assets | 3 | (2) |
-Accounts payable | 19 | (34) |
-Accrued taxes | 5 | 8 |
-Other current liabilities | (3) | (13) |
Net cash provided from operating activities | 187 | 83 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (345) | 0 |
Property additions | (147) | (47) |
Proceeds from dispositions | 17 | 660 |
Change in construction payables, net | (7) | (15) |
Payments pursuant to LTSAs | (27) | (15) |
Other investing activities | 5 | 17 |
Net cash used for investing activities | (504) | 600 |
Financing Activities: | ||
Increase in notes payable, net | 140 | |
Decrease in notes payable, net | (449) | |
Proceeds — | ||
Senior notes | 400 | 0 |
Redemptions and repurchases — | ||
Short-term borrowings | 0 | (100) |
Return of capital to parent company | (271) | 0 |
Capital contributions from noncontrolling interests | 313 | 16 |
Distributions to noncontrolling interests | (46) | (48) |
Payment of common stock dividends | (51) | (50) |
Other financing activities | (7) | (1) |
Net cash provided from financing activities | 478 | (632) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 161 | 51 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 182 | 279 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 343 | 330 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 26 | 28 |
Income taxes, net | (2) | (5) |
Noncash transactions — | ||
Accrued property additions at end of period | 60 | 27 |
Contributions from noncontrolling interests | 89 | 0 |
Contributions of wind turbine equipment | 82 | 17 |
Right-of-use assets obtained under operating leases | 65 | 0 |
Interest capitalized | 1 | 4 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Net income | 398 | 275 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 130 | 120 |
Deferred income taxes | 160 | 22 |
Mark-to-market adjustments | 64 | 13 |
Natural gas cost under recovery – long-term | (185) | 0 |
Other, net | 5 | (19) |
Changes in certain current assets and liabilities — | ||
-Receivables | 74 | 112 |
-Natural gas for sale, net of temporary LIFO liquidation | 456 | 246 |
-Natural gas cost under recovery | (487) | 0 |
-Other current assets | (34) | 33 |
-Accounts payable | (7) | (185) |
-Accrued taxes | 10 | 27 |
-Accrued compensation | 0 | (42) |
-Other current liabilities | (34) | 41 |
Net cash provided from operating activities | 550 | 643 |
Investing Activities: | ||
Property additions | (251) | (261) |
Proceeds from dispositions | 0 | 178 |
Cost of removal, net of salvage | (16) | (15) |
Change in construction payables, net | (47) | (18) |
Investment in unconsolidated subsidiaries | (1) | (77) |
Other investing activities | 7 | 0 |
Net cash used for investing activities | (308) | (193) |
Financing Activities: | ||
Decrease in notes payable, net | (127) | (39) |
Proceeds — | ||
Short-term borrowings | 300 | 0 |
Redemptions and repurchases — | ||
Redemptions — Medium-term notes | (30) | 0 |
Capital contributions from parent company | 39 | 0 |
Payment of common stock dividends | (132) | (133) |
Other financing activities | 0 | (13) |
Net cash provided from financing activities | 50 | (185) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 292 | 265 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 19 | 49 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 311 | 314 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 52 | 49 |
Income taxes, net | (1) | (12) |
Noncash transactions — | ||
Accrued property additions at end of period | 95 | 104 |
Interest capitalized | $ 2 | $ 2 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest capitalized | $ 21 | $ 20 |
ALABAMA POWER CO | ||
Interest capitalized | 3 | 3 |
GEORGIA POWER CO | ||
Interest capitalized | 15 | 11 |
MISSISSIPPI POWER CO | ||
Interest capitalized | 0 | 0 |
SOUTHERN POWER CO | ||
Interest capitalized | 1 | 4 |
SOUTHERN Co GAS | ||
Interest capitalized | $ 2 | $ 2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 1,770 | $ 1,065 |
Receivables — | ||
Customer accounts | 1,716 | 1,753 |
Energy marketing | 412 | 516 |
Unbilled revenues | 544 | 672 |
Other accounts and notes | 478 | 512 |
Accumulated provision for uncollectible accounts | (124) | (118) |
Materials and supplies | 1,504 | 1,478 |
Fossil fuel for generation | 494 | 550 |
Natural gas for sale | 197 | 460 |
Prepaid expenses | 657 | 276 |
Assets from risk management activities, net of collateral | 100 | 147 |
Regulatory assets – asset retirement obligations | 214 | 214 |
Natural gas cost under recovery | 487 | 0 |
Other regulatory assets | 788 | 810 |
Other current assets | 232 | 282 |
Total current assets | 9,469 | 8,617 |
Property, Plant, and Equipment: | ||
In service | 111,579 | 110,516 |
Less: Accumulated depreciation | 32,887 | 32,397 |
Plant in service, net of depreciation | 78,692 | 78,119 |
Nuclear fuel, at amortized cost | 820 | 818 |
Construction work in progress | 9,525 | 8,697 |
Total property, plant, and equipment | 89,037 | 87,634 |
Other Property and Investments: | ||
Goodwill | 5,280 | 5,280 |
Nuclear decommissioning trusts, at fair value | 2,346 | 2,303 |
Equity investments in unconsolidated subsidiaries | 1,368 | 1,362 |
Other intangible assets, net of amortization | 477 | 487 |
Leveraged leases | 562 | 556 |
Miscellaneous property and investments | 463 | 398 |
Total other property and investments | 10,496 | 10,386 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,821 | 1,802 |
Deferred charges related to income taxes | 803 | 796 |
Unamortized loss on reacquired debt | 274 | 280 |
Regulatory assets – asset retirement obligations, deferred | 4,966 | 4,934 |
Other regulatory assets, deferred | 7,263 | 7,198 |
Other deferred charges and assets | 1,264 | 1,288 |
Total deferred charges and other assets | 16,391 | 16,298 |
Total Assets | 125,393 | 122,935 |
Current Liabilities: | ||
Securities due within one year | 3,535 | 3,507 |
Notes payable | 1,092 | 609 |
Energy marketing trade payables | 475 | 494 |
Accounts payable — | ||
Accounts payable | 2,058 | 2,312 |
Customer deposits | 470 | 487 |
Accrued taxes — | ||
Accrued income taxes | 71 | 130 |
Other accrued taxes | 412 | 699 |
Accrued interest | 423 | 513 |
Accrued compensation | 584 | 1,025 |
Asset retirement obligations | 642 | 585 |
Operating lease obligations | 244 | 241 |
Other regulatory liabilities | 462 | 509 |
Other current liabilities | 1,118 | 968 |
Total current liabilities | 11,586 | 12,079 |
Long-term Debt | 46,727 | 45,073 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 8,839 | 8,175 |
Deferred credits related to income taxes | 5,676 | 5,767 |
Accumulated deferred ITCs | 2,214 | 2,235 |
Employee benefit obligations | 2,091 | 2,213 |
Operating lease obligations, deferred | 1,652 | 1,611 |
Asset retirement obligations, deferred | 10,043 | 10,099 |
Accrued environmental remediation | 208 | 216 |
Other cost of removal obligations | 2,215 | 2,211 |
Other regulatory liabilities, deferred | 226 | 251 |
Other deferred credits and liabilities | 557 | 480 |
Total deferred credits and other liabilities | 33,721 | 33,258 |
Total Liabilities | 92,034 | 90,410 |
Redeemable Preferred Stock of Subsidiaries | 291 | 291 |
Common Stockholder's Equity (See accompanying statements) | 33,068 | 32,234 |
Total Liabilities and Stockholders' Equity | 125,393 | 122,935 |
ALABAMA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 619 | 530 |
Receivables — | ||
Customer accounts | 394 | 429 |
Unbilled revenues | 124 | 152 |
Affiliated | 35 | 31 |
Other accounts and notes | 71 | 66 |
Accumulated provision for uncollectible accounts | (33) | (43) |
Materials and supplies | 550 | 546 |
Fossil fuel for generation | 197 | 235 |
Prepaid expenses | 114 | 42 |
Other regulatory assets | 224 | 226 |
Other current assets | 43 | 33 |
Total current assets | 2,338 | 2,247 |
Property, Plant, and Equipment: | ||
In service | 32,015 | 31,816 |
Less: Accumulated depreciation | 10,123 | 10,009 |
Plant in service, net of depreciation | 21,892 | 21,807 |
Nuclear fuel, at amortized cost | 268 | 270 |
Construction work in progress | 1,052 | 866 |
Total property, plant, and equipment | 23,212 | 22,943 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,198 | 1,157 |
Equity investments in unconsolidated subsidiaries | 63 | 63 |
Miscellaneous property and investments | 128 | 131 |
Total other property and investments | 1,389 | 1,351 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 140 | 151 |
Deferred charges related to income taxes | 237 | 235 |
Regulatory assets – asset retirement obligations, deferred | 1,446 | 1,441 |
Other regulatory assets, deferred | 2,161 | 2,162 |
Other deferred charges and assets | 282 | 273 |
Total deferred charges and other assets | 4,266 | 4,262 |
Total Assets | 31,205 | 30,803 |
Current Liabilities: | ||
Securities due within one year | 815 | 311 |
Accounts payable — | ||
Affiliated | 220 | 316 |
Other | 392 | 545 |
Customer deposits | 105 | 104 |
Accrued taxes — | ||
Accrued taxes | 257 | 152 |
Accrued interest | 75 | 90 |
Accrued compensation | 113 | 212 |
Asset retirement obligations | 275 | 254 |
Other regulatory liabilities | 98 | 108 |
Other current liabilities | 108 | 107 |
Total current liabilities | 2,458 | 2,199 |
Long-term Debt | 8,055 | 8,558 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,318 | 3,273 |
Deferred credits related to income taxes | 2,006 | 2,016 |
Accumulated deferred ITCs | 92 | 94 |
Employee benefit obligations | 187 | 214 |
Operating lease obligations, deferred | 112 | 119 |
Asset retirement obligations, deferred | 3,688 | 3,720 |
Other cost of removal obligations | 320 | 335 |
Other regulatory liabilities, deferred | 98 | 124 |
Other deferred credits and liabilities | 54 | 50 |
Total deferred credits and other liabilities | 9,875 | 9,945 |
Total Liabilities | 20,388 | 20,702 |
Redeemable Preferred Stock | 291 | 291 |
Common Stockholder's Equity (See accompanying statements) | 10,526 | 9,810 |
Total Liabilities and Stockholders' Equity | 31,205 | 30,803 |
GEORGIA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 29 | 9 |
Receivables — | ||
Customer accounts | 532 | 621 |
Unbilled revenues | 196 | 233 |
Joint owner accounts | 124 | 123 |
Affiliated | 22 | 21 |
Other accounts and notes | 35 | 67 |
Accumulated provision for uncollectible accounts | (26) | (26) |
Materials and supplies | 610 | 592 |
Fossil fuel for generation | 268 | 278 |
Regulatory assets – storm damage | 213 | 213 |
Regulatory assets – asset retirement obligations | 175 | 166 |
Other regulatory assets | 250 | 248 |
Other current assets | 114 | 143 |
Total current assets | 2,542 | 2,688 |
Property, Plant, and Equipment: | ||
In service | 39,857 | 39,682 |
Less: Accumulated depreciation | 12,421 | 12,251 |
Plant in service, net of depreciation | 27,436 | 27,431 |
Nuclear fuel, at amortized cost | 553 | 548 |
Construction work in progress | 7,394 | 6,857 |
Total property, plant, and equipment | 35,383 | 34,836 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,149 | 1,145 |
Equity investments in unconsolidated subsidiaries | 51 | 51 |
Miscellaneous property and investments | 66 | 63 |
Total other property and investments | 1,266 | 1,259 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,273 | 1,308 |
Deferred charges related to income taxes | 532 | 527 |
Regulatory assets – asset retirement obligations, deferred | 3,310 | 3,291 |
Other regulatory assets, deferred | 2,609 | 2,692 |
Other deferred charges and assets | 434 | 479 |
Total deferred charges and other assets | 8,158 | 8,297 |
Total Assets | 47,349 | 47,080 |
Current Liabilities: | ||
Securities due within one year | 87 | 542 |
Notes payable | 205 | 60 |
Accounts payable — | ||
Affiliated | 472 | 597 |
Other | 732 | 753 |
Customer deposits | 272 | 276 |
Accrued taxes — | ||
Accrued taxes | 239 | 407 |
Accrued interest | 96 | 130 |
Accrued compensation | 123 | 233 |
Asset retirement obligations | 304 | 287 |
Operating lease obligations | 151 | 151 |
Other regulatory liabilities | 235 | 228 |
Over recovered fuel clause revenues | 83 | 113 |
Other current liabilities | 242 | 254 |
Total current liabilities | 3,241 | 4,031 |
Long-term Debt | 13,278 | 12,428 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,303 | 3,272 |
Deferred credits related to income taxes | 2,517 | 2,588 |
Accumulated deferred ITCs | 271 | 273 |
Employee benefit obligations | 539 | 586 |
Operating lease obligations, deferred | 1,149 | 1,156 |
Asset retirement obligations, deferred | 5,971 | 5,978 |
Other deferred credits and liabilities | 306 | 267 |
Total deferred credits and other liabilities | 14,056 | 14,120 |
Total Liabilities | 30,575 | 30,579 |
Common Stockholder's Equity (See accompanying statements) | 16,774 | 16,501 |
Total Liabilities and Stockholders' Equity | 47,349 | 47,080 |
MISSISSIPPI POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 24 | 39 |
Receivables — | ||
Customer accounts | 50 | 34 |
Unbilled revenues | 33 | 38 |
Affiliated | 17 | 32 |
Other accounts and notes | 29 | 32 |
Materials and supplies | 67 | 65 |
Fossil fuel for generation | 17 | 24 |
Other regulatory assets | 49 | 60 |
Other current assets | 20 | 20 |
Total current assets | 306 | 344 |
Property, Plant, and Equipment: | ||
In service | 5,037 | 5,011 |
Less: Accumulated depreciation | 1,579 | 1,545 |
Plant in service, net of depreciation | 3,458 | 3,466 |
Construction work in progress | 163 | 146 |
Total property, plant, and equipment | 3,621 | 3,612 |
Other Property and Investments: | ||
Total other property and investments | 149 | 151 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 32 | 32 |
Regulatory assets – asset retirement obligations, deferred | 211 | 201 |
Other regulatory assets, deferred | 386 | 388 |
Accumulated deferred income taxes | 126 | 129 |
Other deferred charges and assets | 64 | 55 |
Total deferred charges and other assets | 819 | 805 |
Total Assets | 4,895 | 4,912 |
Current Liabilities: | ||
Securities due within one year | 421 | 406 |
Notes payable | 54 | 25 |
Accounts payable — | ||
Affiliated | 50 | 63 |
Other | 84 | 109 |
Accrued taxes — | ||
Accrued taxes | 39 | 114 |
Accrued interest | 14 | 15 |
Accrued compensation | 18 | 34 |
Asset retirement obligations | 40 | 27 |
Other regulatory liabilities | 36 | 49 |
Over recovered fuel clause revenues | 26 | 34 |
Other current liabilities | 38 | 40 |
Total current liabilities | 820 | 916 |
Long-term Debt | 996 | 1,013 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 463 | 447 |
Deferred credits related to income taxes | 285 | 287 |
Employee benefit obligations | 107 | 113 |
Asset retirement obligations, deferred | 134 | 150 |
Other cost of removal obligations | 194 | 194 |
Other regulatory liabilities, deferred | 14 | 15 |
Other deferred credits and liabilities | 34 | 35 |
Total deferred credits and other liabilities | 1,231 | 1,241 |
Total Liabilities | 3,047 | 3,170 |
Common Stockholder's Equity (See accompanying statements) | 1,848 | 1,742 |
Total Liabilities and Stockholders' Equity | 4,895 | 4,912 |
SOUTHERN POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 314 | 182 |
Receivables — | ||
Customer accounts | 123 | 125 |
Affiliated | 17 | 37 |
Other accounts and notes | 18 | 27 |
Materials and supplies | 157 | 157 |
Prepaid income taxes | 368 | 11 |
Other current assets | 31 | 36 |
Total current assets | 1,028 | 575 |
Property, Plant, and Equipment: | ||
In service | 14,313 | 13,904 |
Less: Accumulated depreciation | 2,916 | 2,842 |
Plant in service, net of depreciation | 11,397 | 11,062 |
Construction work in progress | 219 | 127 |
Total property, plant, and equipment | 11,616 | 11,189 |
Other Property and Investments: | ||
Intangible assets, net of amortization | 297 | 302 |
Equity investments in unconsolidated subsidiaries | 84 | 19 |
Miscellaneous property and investments | 84 | 19 |
Total other property and investments | 381 | 321 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 478 | 415 |
Prepaid LTSAs | 178 | 155 |
Accumulated deferred income taxes | 0 | 262 |
Income taxes receivable, non-current | 28 | 25 |
Other deferred charges and assets | 286 | 293 |
Total deferred charges and other assets | 970 | 1,150 |
Total Assets | 13,995 | 13,235 |
Current Liabilities: | ||
Securities due within one year | 300 | 299 |
Notes payable | 315 | 175 |
Accounts payable — | ||
Affiliated | 44 | 65 |
Other | 127 | 92 |
Accrued taxes — | ||
Accrued income taxes | 10 | 8 |
Other accrued taxes | 15 | 22 |
Accrued interest | 35 | 32 |
Other current liabilities | 132 | 132 |
Total current liabilities | 978 | 825 |
Long-term Debt | 3,730 | 3,393 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 230 | 123 |
Accumulated deferred ITCs | 1,658 | 1,672 |
Operating lease obligations, deferred | 487 | 426 |
Other deferred credits and liabilities | 168 | 165 |
Total deferred credits and other liabilities | 2,543 | 2,386 |
Total Liabilities | 7,251 | 6,604 |
Common Stockholder's Equity (See accompanying statements) | 6,744 | 6,631 |
Total Liabilities and Stockholders' Equity | 13,995 | 13,235 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 309 | 17 |
Receivables — | ||
Customer accounts | 452 | 353 |
Energy marketing | 412 | 516 |
Unbilled revenues | 161 | 219 |
Affiliated | 2 | 4 |
Other accounts and notes | 43 | 51 |
Accumulated provision for uncollectible accounts | (51) | (40) |
Natural gas for sale | 197 | 460 |
Prepaid expenses | 97 | 48 |
Assets from risk management activities, net of collateral | 68 | 118 |
Natural gas cost under recovery | 487 | 0 |
Other regulatory assets | 84 | 102 |
Other current assets | 39 | 38 |
Total current assets | 2,300 | 1,886 |
Property, Plant, and Equipment: | ||
In service | 17,866 | 17,611 |
Less: Accumulated depreciation | 4,893 | 4,821 |
Plant in service, net of depreciation | 12,973 | 12,790 |
Construction work in progress | 636 | 648 |
Total property, plant, and equipment | 13,609 | 13,438 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,290 | 1,290 |
Other intangible assets, net of amortization | 47 | 51 |
Miscellaneous property and investments | 20 | 19 |
Total other property and investments | 6,372 | 6,375 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 80 | 81 |
Other regulatory assets, deferred | 786 | 615 |
Other deferred charges and assets | 230 | 235 |
Total deferred charges and other assets | 1,096 | 931 |
Total Assets | 23,377 | 22,630 |
Current Liabilities: | ||
Securities due within one year | 302 | 333 |
Notes payable | 497 | 324 |
Energy marketing trade payables | 475 | 494 |
Accounts payable — | ||
Affiliated | 49 | 56 |
Other | 346 | 373 |
Customer deposits | 76 | 90 |
Accrued taxes — | ||
Accrued taxes | 94 | 83 |
Accrued interest | 68 | 58 |
Accrued compensation | 107 | 106 |
Other regulatory liabilities | 92 | 122 |
Temporary LIFO liquidation | 194 | 0 |
Other current liabilities | 166 | 150 |
Total current liabilities | 2,466 | 2,189 |
Long-term Debt | 6,286 | 6,293 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,427 | 1,265 |
Deferred credits related to income taxes | 839 | 847 |
Employee benefit obligations | 273 | 283 |
Operating lease obligations, deferred | 65 | 67 |
Accrued environmental remediation | 208 | 216 |
Other cost of removal obligations | 1,668 | 1,649 |
Other deferred credits and liabilities | 51 | 54 |
Total deferred credits and other liabilities | 4,531 | 4,381 |
Total Liabilities | 13,283 | 12,863 |
Common Stockholder's Equity (See accompanying statements) | 10,094 | 9,767 |
Total Liabilities and Stockholders' Equity | $ 23,377 | $ 22,630 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other intangible assets, amortization | $ 339 | $ 328 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | 94 | 89 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 199 | $ 195 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ALABAMA POWER CO | ALABAMA POWER COCommon Stock | ALABAMA POWER COPaid-In Capital | ALABAMA POWER CORetained Earnings (Accumulated Deficit) | ALABAMA POWER COAccumulated Other Comprehensive Income (Loss) | GEORGIA POWER CO | GEORGIA POWER COCommon Stock | GEORGIA POWER COPaid-In Capital | GEORGIA POWER CORetained Earnings (Accumulated Deficit) | GEORGIA POWER COAccumulated Other Comprehensive Income (Loss) | MISSISSIPPI POWER CO | MISSISSIPPI POWER COCommon Stock | MISSISSIPPI POWER COPaid-In Capital | MISSISSIPPI POWER CORetained Earnings (Accumulated Deficit) | MISSISSIPPI POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER CO | SOUTHERN POWER COTotal Common Stockholders' Equity | SOUTHERN POWER COPaid-In Capital | SOUTHERN POWER CORetained Earnings (Accumulated Deficit) | SOUTHERN POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER CONoncontrolling Interests | SOUTHERN Co GAS | SOUTHERN Co GASPaid-In Capital | SOUTHERN Co GASRetained Earnings (Accumulated Deficit) | SOUTHERN Co GASAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 5,257 | $ (42) | $ 11,734 | $ 10,877 | $ (321) | $ 4,254 | $ 8,955 | $ 1,222 | $ 4,755 | $ 3,001 | $ (23) | $ 15,065 | $ 398 | $ 10,962 | $ 3,756 | $ (51) | $ 1,652 | $ 38 | $ 4,449 | $ (2,832) | $ (3) | $ 6,622 | $ 2,368 | $ 909 | $ 1,485 | $ (26) | $ 4,254 | $ 9,506 | $ 9,697 | $ (198) | $ 7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Consolidated net income (loss) | 837 | 868 | (31) | |||||||||||||||||||||||||||||
Net income (loss) | 841 | 284 | 331 | 331 | 32 | 32 | 44 | 75 | 75 | (31) | 275 | 275 | ||||||||||||||||||||
Net income after dividends on preferred stock | 868 | 280 | 280 | 75 | 275 | |||||||||||||||||||||||||||
Capital contributions from parent company | 612 | 612 | 502 | 502 | 76 | 76 | ||||||||||||||||||||||||||
Return of capital to parent company | (37) | (37) | (2) | (2) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | (47) | (47) | 1 | 1 | (1) | (1) | (33) | (33) | (33) | (15) | (15) | |||||||||||||||||||||
Stock issued (in shares) | 3 | |||||||||||||||||||||||||||||||
Stock issued | 52 | $ 9 | 43 | |||||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (655) | (655) | (239) | (239) | (385) | (385) | (50) | (50) | (50) | (133) | (133) | |||||||||||||||||||||
Capital contributions from noncontrolling interests | 16 | 16 | 16 | 16 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (48) | (48) | (48) | (48) | ||||||||||||||||||||||||||||
Other | (3) | $ (2) | (2) | 1 | (1) | (1) | ||||||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 1,057 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 31,916 | $ 5,266 | $ (44) | 11,782 | 11,088 | (367) | 4,191 | 9,609 | $ 1,222 | 5,367 | 3,042 | (22) | 15,512 | $ 398 | 11,464 | 3,702 | (52) | 1,722 | $ 38 | 4,487 | (2,800) | (3) | 6,551 | 2,360 | 909 | 1,510 | (59) | 4,191 | 9,631 | 9,695 | (56) | (8) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,058 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 32,234 | $ 5,268 | $ (46) | 11,834 | 11,311 | (395) | 4,262 | 9,810 | $ 1,222 | 5,413 | 3,194 | (19) | 16,501 | $ 398 | 12,361 | 3,789 | (47) | 1,742 | $ 38 | 4,460 | (2,754) | (2) | 6,631 | 2,369 | 914 | 1,522 | (67) | 4,262 | 9,767 | 9,930 | (141) | (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Consolidated net income (loss) | 1,103 | 1,135 | (32) | |||||||||||||||||||||||||||||
Net income (loss) | 1,107 | 363 | 351 | 351 | 45 | 45 | 65 | 97 | 97 | (32) | 398 | 398 | ||||||||||||||||||||
Net income after dividends on preferred stock | 1,135 | 359 | 359 | 97 | 398 | |||||||||||||||||||||||||||
Capital contributions from parent company | 602 | 602 | 332 | 332 | 100 | 100 | 57 | 57 | ||||||||||||||||||||||||
Return of capital to parent company | (271) | (271) | (271) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | 28 | 28 | 1 | 1 | 2 | 2 | 16 | 16 | 16 | 4 | 4 | |||||||||||||||||||||
Stock issued (in shares) | 2 | |||||||||||||||||||||||||||||||
Stock issued | 14 | $ 5 | 9 | |||||||||||||||||||||||||||||
Stock-based compensation | 9 | 9 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (678) | (678) | (246) | (246) | (412) | (412) | (39) | (39) | (51) | (51) | (51) | (132) | (132) | |||||||||||||||||||
Capital contributions from noncontrolling interests | 403 | 403 | 403 | 403 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (46) | (46) | (46) | (46) | ||||||||||||||||||||||||||||
Other | 1 | 2 | (1) | (3) | (2) | (2) | 1 | (1) | (1) | |||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,060 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2021 | $ 33,068 | $ 5,273 | $ (46) | $ 11,854 | $ 11,768 | $ (367) | $ 4,586 | $ 10,526 | $ 1,222 | $ 6,015 | $ 3,307 | $ (18) | $ 16,774 | $ 398 | $ 12,693 | $ 3,728 | $ (45) | $ 1,848 | $ 38 | $ 4,560 | $ (2,748) | $ (2) | $ 6,744 | $ 2,158 | $ 641 | $ 1,569 | $ (52) | $ 4,586 | $ 10,094 | $ 9,987 | $ 125 | $ (18) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.64 | $ 0.62 |
Introduction
Introduction | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 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, 2021 and 2020. 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 and other factors, including the impacts of the COVID-19 pandemic, 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 overall results of operations, financial position, or cash flows of any Registrant. Goodwill and Other Intangible Assets Goodwill at March 31, 2021 and December 31, 2020 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 Goodwill is not amortized but is subject to an annual impairment test in the fourth quarter of the year and on an interim basis as events and changes in circumstances occur. Other intangible assets were as follows: At March 31, 2021 At December 31, 2020 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (139) $ 73 $ 212 $ (135) $ 77 Trade names 64 (33) 31 64 (31) 33 Storage and transportation contracts 64 (64) — 64 (64) — PPA fair value adjustments 390 (94) 296 390 (89) 301 Other 11 (9) 2 10 (9) 1 Total other intangible assets subject to amortization $ 741 $ (339) $ 402 $ 740 $ (328) $ 412 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 816 $ (339) $ 477 $ 815 $ (328) $ 487 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (94) $ 296 $ 390 $ (89) $ 301 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (122) $ 34 $ 156 $ (119) $ 37 Trade names 26 (13) 13 26 (12) 14 Wholesale gas services Storage and transportation contracts 64 (64) — 64 (64) — Total other intangible assets subject to amortization $ 246 $ (199) $ 47 $ 246 $ (195) $ 51 Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2021 (in millions) Southern Company (a) $ 11 Southern Power (b) 5 Southern Company Gas (c) 4 (a) Includes $5 million recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. (c) Relates to gas marketing services. Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2021 and/or December 31, 2020: Southern Southern Power Southern March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2021 December 31, 2020 (in millions) (in millions) (in millions) Cash and cash equivalents $ 1,770 $ 1,065 $ 314 $ 309 $ 17 Restricted cash (a) : Other current assets 2 2 — 2 2 Other deferred charges and assets 29 — 29 — — Total cash, cash equivalents, and restricted cash $ 1,801 $ 1,068 (b) $ 343 $ 311 $ 19 (a) For Southern Company Gas, reflects restricted cash held as collateral for workers' compensation, life insurance, and long-term disability insurance. For Southern Power, reflects restricted cash held for construction payables. (b) Total does not add due to rounding. Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas' natural gas distribution utilities record natural gas inventories on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated. Southern Company Gas recorded no material adjustments to natural gas inventories for either period presented. Nicor Gas' inventory decrement at March 31, 2021 is expected to be restored prior to year end. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY MATTERS See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters. The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2021 and December 31, 2020 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, 2020 (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, current $ 33 $ 28 Rate CNP PPA Other regulatory assets, deferred 58 58 Retail Energy Cost Recovery Other regulatory liabilities, current — 18 Other regulatory assets, deferred 15 — Natural Disaster Reserve Other regulatory liabilities, deferred 52 77 Georgia Power Fuel Cost Recovery Over recovered fuel clause revenues $ 83 $ 113 Mississippi Power Fuel Cost Recovery Over recovered regulatory clause liabilities $ 18 $ 24 Ad Valorem Tax Other regulatory assets, current 12 11 Other regulatory assets, deferred 45 41 Property Damage Reserve Other regulatory liabilities, deferred — 4 Other regulatory assets, deferred 1 — Southern Company Gas Natural Gas Cost Recovery (*) Other regulatory liabilities $ 12 $ 88 Natural gas cost under recovery 487 — Other regulatory assets, deferred 185 — (*) The significant change during the three months ended March 31, 2021 was primarily driven by an increase in the cost of gas purchased in February 2021 resulting from Winter Storm Uri. Alabama Power Certificate of Convenience and Necessity Energy Alabama, Gasp, Inc., and the Sierra Club filed requests for reconsideration and rehearing with the Alabama PSC regarding the certificate of convenience and necessity (CCN) issued to Alabama Power in August 2020, which authorized, among other things, the construction of Plant Barry Unit 8 and the acquisition of the Central Alabama Generating Station. In December 2020, the Alabama PSC issued an order denying the requests. On January 7, 2021, Energy Alabama and Gasp, Inc. filed judicial appeals regarding both the Alabama PSC's August 2020 CCN order and the December 2020 order denying reconsideration and rehearing. On February 23, 2021, Alabama Power filed a motion to intervene in the appeal and, on March 9, 2021, the Circuit Court of Montgomery County, Alabama granted the motion. At March 31, 2021, expenditures associated with the construction of Plant Barry Unit 8 included in CWIP totaled approximately $161 million. The ultimate outcome of this matter cannot be determined at this time. Plant Greene County Alabama Power jointly owns Plant Greene County with an affiliate, Mississippi Power. See Note 5 under "Joint Ownership Agreements" in Item 8 of the Form 10-K for additional information. On April 15, 2021, Mississippi Power filed its 2021 IRP with the Mississippi PSC, which includes a schedule to retire its 40% ownership interest in Plant Greene County Units 1 and 2 in December 2025 and 2026, respectively, consistent with each unit's remaining useful life. Mississippi Power's IRP is subject to a review period during which the Mississippi PSC may note any deficiencies which could require re-evaluation or resubmission of the IRP. If no deficiencies are noted, the Mississippi PSC's review will conclude on August 13, 2021. The Plant Greene County unit retirements identified by Mississippi Power require the completion of transmission and system reliability improvements, as well as agreement by Alabama Power. Alabama Power will continue to monitor the status of Mississippi Power's IRP and associated regulatory processes, as well as the transmission and system reliability improvements. Currently, Alabama Power plans to retire Plant Greene County Units 1 and 2 at the dates indicated. The ultimate outcome of this matter cannot be determined at this time. Georgia Power Rate Plan Effective January 1, 2021, Georgia Power reduced its amortization of costs associated with CCR AROs by approximately $90 million as approved by the Georgia PSC in conjunction with Georgia Power's annual compliance filings. In February 2020, the Georgia PSC denied a motion for reconsideration filed by the Sierra Club regarding the Georgia PSC's decision in the 2019 ARP allowing Georgia Power to recover compliance costs for CCR AROs, and, in December 2020, the Superior Court of Fulton County affirmed the decision of the Georgia PSC. On January 5, 2021, the Sierra Club filed a notice of appeal with the Georgia Court of Appeals. The ultimate outcome of this matter cannot be determined at this time. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information regarding Georgia Power's AROs. Nuclear Construction In 2009, the Georgia PSC certified construction of Plant Vogtle Units 3 and 4, in which Georgia Power holds a 45.7% ownership interest. In 2012, the NRC issued the related combined construction and operating licenses, which allowed full construction of the two AP1000 nuclear units (with electric generating capacity of approximately 1,100 MWs each) and related facilities to begin. Until March 2017, construction on Plant Vogtle Units 3 and 4 continued under the Vogtle 3 and 4 Agreement, which was a substantially fixed price agreement. In connection with the EPC Contractor's bankruptcy filing in March 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into several transitional arrangements to allow construction to continue. In July 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into the Vogtle Services Agreement, whereby Westinghouse provides facility design and engineering services, procurement and technical support, and staff augmentation on a time and materials cost basis. The Vogtle Services Agreement provides that it will continue until the start-up and testing of Plant Vogtle Units 3 and 4 are complete and electricity is generated and sold from both units. The Vogtle Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. In October 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, executed the Bechtel Agreement, a cost reimbursable plus fee arrangement, whereby Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, which is subject to adjustment based on Bechtel's performance against cost and schedule targets. Each Vogtle Owner is severally (not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to Bechtel under the Bechtel Agreement. The Vogtle Owners may terminate the Bechtel Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay amounts related to work performed prior to the termination (including the applicable portion of the base fee), certain termination-related costs, and, at certain stages of the work, the applicable portion of the at-risk fee. Bechtel may terminate the Bechtel Agreement under certain circumstances, including certain Vogtle Owner suspensions of work, certain breaches of the Bechtel Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for information on the Amended and Restated Loan Guarantee Agreement, including applicable covenants, events of default, mandatory prepayment events, and conditions to borrowing. Cost and Schedule Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by December 2021 and November 2022, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 8,619 Construction contingency estimate 136 Total project capital cost forecast (a)(b) 8,755 Net investment as of March 31, 2021 (b) (7,560) Remaining estimate to complete (a) $ 1,195 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $250 million, of which $118 million had been accrued through March 31, 2021. (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. Georgia Power estimates that its financing costs for construction of Plant Vogtle Units 3 and 4 will total approximately $3.0 billion, of which $2.7 billion had been incurred through March 31, 2021. As part of its ongoing processes, Southern Nuclear continues to evaluate cost and schedule forecasts on a regular basis to incorporate current information available, particularly in the areas of engineering support, commodity installation, system turnovers and related test results, and workforce statistics. Southern Nuclear establishes aggressive target values for monthly construction production and system turnover activities as part of a strategy that was designed to maintain margin to the regulatory-approved in-service dates of November 2021 for Unit 3 and November 2022 for Unit 4. In mid-March 2020, Southern Nuclear began implementing policies and procedures designed to mitigate the risk of transmission of COVID-19 at the construction site, including worker distancing measures, isolating individuals who have tested positive for COVID-19, are showing symptoms consistent with COVID-19, are being tested for COVID-19, or have been in close contact with such persons, requiring self-quarantine, and adopting additional precautionary measures. Since March 2020, the number of active cases at the site has fluctuated and impacted productivity levels and pace of activity completion. The lower productivity levels and slower pace of activity completion contributed to a backlog to the aggressive site work plan established at the beginning of 2020. Georgia Power estimates the productivity impacts of the COVID-19 pandemic have consumed approximately three Following the January 2021 milestone extensions, Southern Nuclear has been performing additional construction remediation work, primarily related to electrical commodity installations, necessary to ensure quality and design standards are met as system turnovers are completed to support hot functional testing and fuel load for Unit 3. Hot functional testing commenced in late April 2021 and the site work plan currently targets fuel load for Unit 3 in the third quarter 2021 and an in-service date of December 2021. As the site work plan includes minimal margin to these milestone dates, any delay could result in an in-service date in the first quarter 2022 for Unit 3. Achievement of the extended milestone dates established in January 2021 for Unit 4, which are expected to support a regulatory-approved in-service date of November 2022, primarily depends on overall construction productivity and production levels significantly improving as well as appropriate levels of craft laborers, particularly electrical and pipefitter craft labor, being added and maintained. Considering the factors above, during the first quarter 2021, approximately $84 million of the construction contingency established in the fourth quarter 2020 was assigned to the base capital cost forecast for costs primarily associated with the schedule extension for Unit 3 to December 2021, construction productivity, support resources, and construction remediation work. Georgia Power increased its total capital cost forecast as of March 31, 2021 by adding $48 million to the remaining construction contingency. After considering the significant level of uncertainty that exists regarding the future recoverability of these costs since the ultimate outcome of these matters is subject to the outcome of future assessments by management, as well as Georgia PSC decisions in future regulatory proceedings, Georgia Power recorded a pre-tax charge to income of $48 million ($36 million after tax) for the increase in the total project capital cost forecast as of March 31, 2021. As and when these amounts are spent, Georgia Power may request the Georgia PSC to evaluate those expenditures for rate recovery. In addition, the continuing effects of the COVID-19 pandemic could further disrupt or delay construction and testing activities at Plant Vogtle Units 3 and 4. Georgia Power's proportionate share of the estimated incremental cost associated with COVID-19 mitigation actions and impacts on construction productivity is currently estimated to be between $150 million and $190 million and is included in the total project capital cost forecast. Estimated costs associated with near-term COVID-19 mitigation actions and related impacts on construction productivity are also included in the total project capital cost forecast described above. As construction, including subcontract work, continues and testing and system turnover activities increase, challenges with management of contractors and vendors; subcontractor performance; supervision of craft labor and related productivity, particularly in the installation of electrical, mechanical, and instrumentation and controls commodities, ability to attract and retain craft labor, and/or related cost escalation; procurement, fabrication, delivery, assembly, installation, system turnover, and the initial testing and start-up, including any required engineering changes or any remediation related thereto, of plant systems, structures, or components (some of which are based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale), any of which may require additional labor and/or materials; or other issues could arise and change the projected schedule and estimated cost. 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. 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. In connection with the additional construction remediation work described above, Southern Nuclear reviewed the project's construction quality programs and, where needed, is implementing improvement plans consistent with these processes. Findings resulting from such inspections could require additional remediation and/or further NRC oversight. In addition, certain license amendment requests have been filed and approved or are pending before the NRC. On March 15, 2021, the NRC issued an appealable order denying the Blue Ridge Environmental Defense League's (BREDL) December 2020 motion to reopen proceedings on BREDL's petition challenging a license amendment request. The staff of the NRC has issued the requested amendment. In September 2020, Southern Nuclear notified the NRC of its intent to load fuel for Unit 3 in 2021. Various design and other licensing-based compliance matters, including the timely submittal by Southern Nuclear of the ITAAC documentation for each unit and the related reviews and approvals by the NRC necessary to support NRC authorization to load fuel, may arise, which may result in additional license amendments or require other resolution. If any license amendment requests or other licensing-based compliance issues, including inspections and ITAACs, are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs. The ultimate outcome of these matters cannot be determined at this time. However, any extension of the in-service date beyond December 2021 for Unit 3 or November 2022 for Unit 4 is currently estimated to result in additional base capital costs for Georgia Power of approximately $25 million per month for Unit 3 and approximately $15 million per month for Unit 4, as well as the related AFUDC. While Georgia Power is not precluded from seeking recovery of any future capital cost forecast increase, management will ultimately determine whether or not to seek recovery. Any further changes to the capital cost forecast that are not expected to be recoverable through regulated rates will be required to be charged to income and such charges could be material. Joint Owner Contracts In November 2017, the Vogtle Owners entered into an amendment to their joint ownership agreements for Plant Vogtle Units 3 and 4 to provide for, among other conditions, additional Vogtle Owner approval requirements. Effective in August 2018, the Vogtle Owners further amended the joint ownership agreements to clarify and provide procedures for certain provisions of the joint ownership agreements related to adverse events that require the vote of the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 to continue construction (as amended, and together with the November 2017 amendment, the Vogtle Joint Ownership Agreements). The Vogtle Joint Ownership Agreements also confirm that the Vogtle Owners' sole recourse against Georgia Power or Southern Nuclear for any action or inaction in connection with their performance as agent for the Vogtle Owners is limited to removal of Georgia Power and/or Southern Nuclear as agent, except in cases of willful misconduct. As a result of an increase in the total project capital cost forecast and Georgia Power's decision not to seek rate recovery of the increase in the base capital costs in conjunction with the nineteenth VCM report in 2018, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 were required to vote to continue construction. In September 2018, the Vogtle Owners unanimously voted to continue construction of Plant Vogtle Units 3 and 4. Amendments to the Vogtle Joint Ownership Agreements In connection with the vote to continue construction, Georgia Power entered into (i) a binding term sheet (Vogtle Owner Term Sheet) with the other Vogtle Owners and MEAG Power's wholly-owned subsidiaries MEAG Power SPVJ, LLC (MEAG SPVJ), MEAG Power SPVM, LLC (MEAG SPVM), and MEAG Power SPVP, LLC (MEAG SPVP) to take certain actions which partially mitigate potential financial exposure for the other Vogtle Owners, including additional amendments to the Vogtle Joint Ownership Agreements and the purchase of PTCs from the other Vogtle Owners at pre-established prices, and (ii) a term sheet (MEAG Term Sheet) with MEAG Power and MEAG SPVJ to provide up to $300 million of funding with respect to MEAG SPVJ's ownership interest in Plant Vogtle Units 3 and 4 under certain circumstances. In January 2019, Georgia Power, MEAG Power, and MEAG SPVJ entered into an agreement to implement the provisions of the MEAG Term Sheet. In February 2019, Georgia Power, the other Vogtle Owners, and MEAG Power's wholly-owned subsidiaries MEAG SPVJ, MEAG SPVM, and MEAG SPVP entered into certain amendments to the Vogtle Joint Ownership Agreements to implement the provisions of the Vogtle Owner Term Sheet (Global Amendments). As previously disclosed, pursuant to the Global Amendments: (i) each Vogtle Owner must pay its proportionate share of qualifying construction costs for Plant Vogtle Units 3 and 4 based on its ownership percentage up to the estimated cost at completion (EAC) for Plant Vogtle Units 3 and 4 which formed the basis of Georgia Power's forecast of $8.4 billion in the nineteenth VCM plus $800 million; (ii) Georgia Power will be responsible for 55.7% of actual qualifying construction costs between $800 million and $1.6 billion over the EAC in the nineteenth VCM (resulting in $80 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 44.3% of such costs pro rata in accordance with their respective ownership interests; and (iii) Georgia Power will be responsible for 65.7% of qualifying construction costs between $1.6 billion and $2.1 billion over the EAC in the nineteenth VCM (resulting in a further $100 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 34.3% of such costs pro rata in accordance with their respective ownership interests. If the EAC is revised and exceeds the EAC in the nineteenth VCM by more than $2.1 billion, each of the other Vogtle Owners will have a one-time option at the time the project budget forecast is so revised to tender a portion of its ownership interest to Georgia Power in exchange for Georgia Power's agreement to pay 100% of such Vogtle Owner's remaining share of total construction costs in excess of the EAC in the nineteenth VCM plus $2.1 billion. In addition, pursuant to the Global Amendments, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 must vote to continue construction if certain adverse events occur, including, among other events: (i) the bankruptcy of Toshiba; (ii) the termination or rejection in bankruptcy of certain agreements, including the Vogtle Services Agreement, the Bechtel Agreement, or the agency agreement with Southern Nuclear; (iii) Georgia Power's public announcement of its intention not to submit for rate recovery any portion of its investment in Plant Vogtle Units 3 and 4 or the Georgia PSC determines that any of Georgia Power's costs relating to the construction of Plant Vogtle Units 3 and 4 will not be recovered in retail rates, excluding any additional amounts paid by Georgia Power on behalf of the other Vogtle Owners pursuant to the Global Amendments described above and the first 6% of costs during any six-month VCM reporting period that are disallowed by the Georgia PSC for recovery, or for which Georgia Power elects not to seek cost recovery, through retail rates; and (iv) an incremental extension of one year or more over the most recently approved schedule. The ultimate outcome of these matters cannot be determined at this time. Regulatory Matters In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4 with a certified capital cost of $4.418 billion. In addition, in 2009 the Georgia PSC approved inclusion of the Plant Vogtle Units 3 and 4 related CWIP accounts in rate base, and the State of Georgia enacted the Georgia Nuclear Energy Financing Act, which allows Georgia Power to recover financing costs for Plant Vogtle Units 3 and 4. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff up to the certified capital cost of $4.418 billion. At March 31, 2021, Georgia Power had recovered approximately $2.6 billion of financing costs. Financing costs related to capital costs above $4.418 billion are being recognized through AFUDC and are expected to be recovered through retail rates over the life of Plant Vogtle Units 3 and 4; however, Georgia Power will not record AFUDC related to any capital costs in excess of the total deemed reasonable by the Georgia PSC (currently $7.3 billion) and not requested for rate recovery. In November 2020, the Georgia PSC approved Georgia Power's request to decrease the NCCR tariff by $142 million annually, effective January 1, 2021. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 of each year. In 2013, in connection with the eighth VCM report, the Georgia PSC approved a stipulation between Georgia Power and the staff of the Georgia PSC to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate in accordance with the 2009 certification order until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. In 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving certain prudency matters in connection with the fifteenth VCM report. In December 2017, the Georgia PSC voted to approve (and issued its related order on January 11, 2018) Georgia Power's seventeenth VCM report and modified the Vogtle Cost Settlement Agreement. The Vogtle Cost Settlement Agreement, as modified by the January 11, 2018 order, resolved the following regulatory matters related to Plant Vogtle Units 3 and 4: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report should be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement was reasonable and prudent and none of the $0.3 billion paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) (a) capital costs incurred up to $5.68 billion would be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, (b) Georgia Power would have the burden to show that any capital costs above $5.68 billion were prudent, and (c) a revised capital cost forecast of $7.3 billion (after reflecting the impact of payments received under the Guarantee Settlement Agreement and related customer refunds) was found reasonable; (iv) construction of Plant Vogtle Units 3 and 4 should be completed, with Southern Nuclear serving as project manager and Bechtel as primary contractor; (v) approved and deemed reasonable Georgia Power's revised schedule placing Plant Vogtle Units 3 and 4 in service in November 2021 and November 2022, respectively; (vi) confirmed that the revised cost forecast does not represent a cost cap and that prudence decisions on cost recovery will be made at a later date, consistent with applicable Georgia law; (vii) reduced the ROE used to calculate the NCCR tariff (a) from 10.95% (the ROE rate setting point authorized by the Georgia PSC in the 2013 alternate rate plan) to 10.00% effective January 1, 2016, (b) from 10.00% to 8.30%, effective January 1, 2020, and (c) from 8.30% to 5.30%, effective January 1, 2021 (provided that the ROE in no case will be less than Georgia Power's average cost of long-term debt); (viii) reduced the ROE used for AFUDC equity for Plant Vogtle Units 3 and 4 from 10.00% to Georgia Power's average cost of long-term debt, effective January 1, 2018; and (ix) agreed that upon Unit 3 reaching commercial operation, retail base rates would be adjusted to include the costs related to Unit 3 and common facilities deemed prudent in the Vogtle Cost Settlement Agreement. The January 11, 2018 order also stated that if Plant Vogtle Units 3 and 4 are not commercially operational by June 1, 2021 and June 1, 2022, respectively, the ROE used to calculate the NCCR tariff will be further reduced by 10 basis points each month (but not lower than Georgia Power's average cost of long-term debt) until the respective Unit is commercially operational. The ROE reductions negatively impacted earnings by approximately $150 million in 2020 and are estimated to have negative earnings impacts of approximately $265 million and $200 million in 2021 and 2022, respectively. In its January 11, 2018 order, the Georgia PSC also stated if other conditions change and assumptions upon which Georgia Power's seventeenth VCM report are based do not materialize, the Georgia PSC reserved the right to reconsider the decision to continue construction. The Georgia PSC has approved 23 VCM reports covering periods through June 30, 2020, including total construction capital costs incurred through that date of $8.1 billion (before $1.7 billion of payments received under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds). The Georgia PSC's order approving the twenty-third VCM report also instructed Georgia Power and the staff of the Georgia PSC to develop a mutually-agreeable recommendation to the Georgia PSC by the end of March 2021 regarding the procedure for and the timing, form, and substance of the rate adjustment filing related to the Unit 3 and common facility costs. On March 31, 2021, the staff of the Georgia PSC, on behalf of itself and Georgia Power, requested an extension through April 30, 2021. Georgia Power filed its twenty-fourth VCM report with the Georgia PSC on February 18, 2021, covering the period from July 1, 2020 through December 31, 2020, requesting approval of $670 million of construction capital costs incurred during that period. The ultimate outcome of these matters cannot be determined at this time. Mississippi Power Performance Evaluation Plan On March 15, 2021, Mississippi Power submitted its annual retail PEP filing for 2021 to the Mississippi PSC, which requested a 1.8%, or approximately $16 million, annual increase in revenues, primarily due to increased investment and amortization and lower sales. In accordance with the PEP rate schedule, the rate increase became effective with the first billing cycle of April 2021, subject to refund. The ultimate outcome of this matter cannot be determined at this time. Integrated Resource Plan In December 2020, the Mississippi PSC issued an order in the Reserve Margin Plan docket requiring Mississippi Power to incorporate into its 2021 IRP a schedule reflecting the retirement of 950 MWs of fossil-steam generation by year-end 2027 to reduce Mississippi Power's excess reserve margin. On April 15, 2021, Mississippi Power filed its 2021 IRP with the Mississippi PSC. The filing includes a schedule to retire Plant Watson Unit 4 (268 MWs) and Mississippi Power's 40% ownership interest in Plant Greene County Units 1 and 2 (103 MWs each) in December 2023, 2025, and 2026, respectively, consistent with each unit's remaining useful life in the most recent approved depreciation studies. In addition, the schedule reflects the early retirement of Mississippi Power's 50% undivided ownership interest in Plant Daniel Units 1 and 2 (502 MWs) by the end of 2027. The Plant Greene County unit retirements require the completion by Alabama Power of transmission and system reliability improvements, as well as agreement by Alabama Power. The remaining net book value of Plant Daniel Units 1 and 2 was approximately $531 million at March 31, 2021. Mississippi Power expects to reclassify the net book value remaining at retirement to a regulatory asset to be amortized over a period to be determined by the Mississippi PSC in future proceedings, consistent with the December 2020 order. The Plant Watson and Greene County units are expected to be fully depreciated upon retirement. The 2021 IRP is subject to a review period during which the Mississippi PSC may note any deficiencies which could require re-evaluation or resubmission of the IRP. If no deficiencies are noted, the Mississippi PSC's review will conclude on August 13, 2021. The ultimate outcome of this matter cannot be determined at this time. Ad Valorem Tax Adjustment On April 6, 2021, the Mississippi PSC approved Mississippi Power's annual ad valorem tax adjustment filing for 2021, which requested an annual increase in revenues of approximately $28 million, including approximately $19 million of ad valorem taxes previously recovered through PEP in accordance with the Mississippi Power Rate Case Settlement Agreement. The rate became effective with the first billing cycle of May 2021. Southern Company Gas Infrastructure Replacement Programs and Capital Projects Capital expenditures incurred under specific infrastructure replacement programs during the first three months of 2021 were as follows: Utility Program Three Months Ended (in millions) Nicor Gas Investing in Illinois $ 45 Virginia Natural Gas Steps to Advance Virginia's Energy 9 Total $ 54 Atlanta Gas Light On April 28, 2021, Atlanta Gas Light filed its first Integrated Capacity and Delivery Plan (i-CDP) with the Georgia PSC, which includes a series of ongoing and proposed pipeline safety, reliability, and growth programs for the next 10 years (2022 through 2031), as well as the required capital investments and related costs to implement the programs. The i-CDP reflects capital investments totaling approximately $0.5 billion to $0.6 billion annually. Recovery of the related revenue requirements will be included in either subsequent annual GRAM filings or the new System Reinforcement Rider for authorized large pressure improvement and system reliability projects. The i-CDP is subject to a five-month review period, which may be extended. The ultimate outcome of this matter cannot be determined at this time. Virginia Natural Gas On April 6, 2021, the Virginia State Corporation Commission approved a motion filed by Virginia Natural Gas to withdraw the application for its 9.5-mile interconnect project due to a change in the capacity needs of one of the project's customers. No further action is necessary and this matter is now concluded. Deferral of Incremental COVID-19 Costs Nicor Gas On March 18, 2021, the Illi |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIESSee Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, 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. The Registrants believe the pending legal challenges discussed below have no merit; however, the ultimate outcome of these matters cannot be determined at this time. Southern Company In February 2017, Jean Vineyard and Judy Mesirov each filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of Georgia. Each of these lawsuits names as defendants Southern Company, certain of its directors, certain of its current and former officers, and certain former Mississippi Power officers. In 2017, these two shareholder derivative lawsuits were consolidated in the U.S. District Court for the Northern District of Georgia. The complaints allege that the defendants caused Southern Company to make false or misleading statements regarding the Kemper County energy facility cost and schedule. Further, the complaints allege that the defendants were unjustly enriched and caused the waste of corporate assets and also allege that the individual defendants violated their fiduciary duties. In May 2017, Helen E. Piper Survivor's Trust filed a shareholder derivative lawsuit in the Superior Court of Gwinnett County, Georgia that names as defendants Southern Company, certain of its directors, certain of its current and former officers, and certain former Mississippi Power officers. The complaint alleges that the individual defendants, among other things, breached their fiduciary duties in connection with schedule delays and cost overruns associated with the construction of the Kemper County energy facility. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper County energy facility schedule and cost and failed to implement necessary internal controls to prevent harm to Southern Company. In August 2019, the court granted a motion filed by the plaintiff in July 2019 to substitute a new named plaintiff, Martin J. Kobuck, in place of Helen E. Piper Survivor's Trust. The plaintiffs in each of these cases seek to recover, on behalf of Southern Company, unspecified actual damages and, on each plaintiff's own behalf, attorneys' fees and costs in bringing the lawsuit. The plaintiffs also seek certain changes to Southern Company's corporate governance and internal processes. In 2018, the court in each case entered an order staying each lawsuit until 30 days after the settlement of a securities class action filed in January 2017 against Southern Company, certain of its current and former officers, and certain former Mississippi Power officers. In September 2020, the plaintiffs in each case filed a status report noting the settlement of the securities class action and informing the court that the parties had scheduled mediation, which occurred in November 2020. The parties in each case did not reach settlement but continue to explore possible resolution. Each case is stayed while the parties discuss potential resolution. Georgia Power In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state law claims. This case has been ruled upon and appealed numerous times over the last several years. In one recent appeal, the Georgia Supreme Court remanded the case and noted that the trial court could refer the matter to the Georgia PSC to interpret its tariffs. Following a motion by Georgia Power, in February 2019, the Superior Court of Fulton County ordered the parties to submit petitions to the Georgia PSC for a declaratory ruling and also conditionally certified the proposed class. In March 2019, Georgia Power and the plaintiffs filed petitions with the Georgia PSC seeking confirmation of the proper application of the municipal franchise fee schedule pursuant to the Georgia PSC's orders. Also in March 2019, Georgia Power appealed the class certification decision to the Georgia Court of Appeals. In October 2019, the Georgia PSC issued an order that found Georgia Power has appropriately implemented the municipal franchise fee schedule. In March 2020, the Georgia Court of Appeals vacated the Superior Court of Fulton County's February 2019 order granting conditional class certification and remanded the case to the Superior Court of Fulton County for further proceedings. In September 2020, the plaintiffs and Georgia Power each filed motions for summary judgment and the plaintiffs renewed their motion for class certification. On March 16, 2021, the Superior Court of Fulton County granted class certification and Georgia Power's motion for summary judgment. On March 22, 2021, the plaintiffs filed a notice of appeal, and, on April 2, 2021, Georgia Power filed a notice of cross appeal on the issue of class certification. The amount of any possible losses cannot be estimated at this time because, among other factors, it is unknown whether any losses would be subject to recovery from any municipalities. In July 2020, a group of individual plaintiffs filed a complaint in the Superior Court of Fulton County, Georgia against Georgia Power alleging that releases from Plant Scherer have impacted groundwater, surface water, and air, resulting in alleged personal injuries and property damage. The plaintiffs seek an unspecified amount of monetary damages including punitive damages, a medical monitoring fund, and injunctive relief. In September 2020, Georgia Power filed a motion to dismiss. The amount of any possible losses cannot be estimated at this time. Mississippi Power In 2018, Ray C. Turnage and 10 other individual plaintiffs filed a putative class action complaint against Mississippi Power and the three then-serving members of the Mississippi PSC in the U.S. District Court for the Southern District of Mississippi. Mississippi Power received Mississippi PSC approval in 2013 to charge a mirror CWIP rate premised upon including in its rate base pre-construction and construction costs for the Kemper IGCC prior to placing the Kemper IGCC into service. The Mississippi Supreme Court reversed that approval and ordered Mississippi Power to refund the amounts paid by customers under the previously-approved mirror CWIP rate. The plaintiffs allege that the initial approval process, and the amount approved, were improper. They also allege that Mississippi Power underpaid customers by up to $23.5 million in the refund process by applying an incorrect interest rate. The plaintiffs seek to recover, on behalf of themselves and their putative class, actual damages, punitive damages, pre-judgment interest, post-judgment interest, attorney's fees, and costs. In response to Mississippi Power and the Mississippi PSC each filing a motion to dismiss, the plaintiffs filed an amended complaint in March 2019. The amended complaint included four additional plaintiffs and additional claims for gross negligence, reckless conduct, and intentional wrongdoing. Mississippi Power and the Mississippi PSC each filed a motion to dismiss the amended complaint, which occurred in May 2020 and March 2020, respectively. Also in March 2020, the plaintiffs filed a motion seeking to name the new members of the Mississippi PSC, the Mississippi Development Authority, and Southern Company as additional defendants and add a cause of action against all defendants based on a dormant commerce clause theory under the U.S. Constitution. In July 2020, the plaintiffs filed a motion for leave to file a third amended complaint, which included the same federal claims as the proposed second amended complaint, as well as several additional state law claims based on the allegation that Mississippi Power failed to disclose the annual percentage rate of interest applicable to refunds. In November 2020, the court denied each of the plaintiffs' pending motions and entered final judgment in favor of Mississippi Power. On January 22, 2021, the court denied further motions by the plaintiffs to vacate the judgment and to file a revised second amended complaint. On February 19, 2021, the plaintiffs filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit. An adverse outcome in this proceeding could have a material impact on Mississippi Power's financial statements. See Note 3 to the financial statements under "Other Matters – Mississippi Power – Kemper County Energy Facility" in Item 8 of the Form 10-K for additional information. Environmental Remediation The Southern Company system must comply with environmental laws and regulations governing 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 electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental remediation costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. Georgia Power's environmental remediation liability was $16 million and $15 million at March 31, 2021 and December 31, 2020, respectively. Georgia Power has been designated or identified as a potentially responsible party at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act, and assessment and potential cleanup of such sites is expected. Southern Company Gas' environmental remediation liability was $240 million and $245 million as of March 31, 2021 and December 31, 2020, respectively, based on the estimated cost of environmental investigation and remediation associated with known former manufactured gas plant operating sites. The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of the applicable Registrants. Southern Company Gas PennEast Pipeline Project Work continues with state and federal agencies to obtain the required permits to begin construction of the PennEast Pipeline. Expected project costs for Southern Company Gas total approximately $300 million, excluding financing costs. The ultimate outcome of the PennEast Pipeline construction project cannot be determined at this time; however, any work delays, whether caused by judicial or regulatory action, abnormal weather, or other conditions, may result in additional cost or schedule modifications or, ultimately, in project cancellation, any of which could result in impairment of Southern Company Gas' investment ($93 million at March 31, 2021) and could have a significant impact on Southern Company's financial statements and a material impact on Southern Company Gas' financial statements. See Note (E) under "Southern Company Gas" for additional information. SNG As a 50% equity investor in SNG, Southern Company Gas is required to make additional capital contributions as necessary pursuant to the terms of its operating agreement with SNG. SNG has $300 million of debt maturing in June 2021 that it anticipates refinancing prior to its maturity. If SNG is unable to refinance or otherwise satisfy this debt obligation, Southern Company Gas has committed to fund up to $150 million as a contingent capital contribution. See Note (E) under "Southern Company Gas" for additional information. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers and Lease Income | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers and Lease Income | REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME Revenue from Contracts with Customers The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. See Note 1 to the financial statements under "Revenues" in Item 8 of the Form 10-K for additional information on the revenue policies of the Registrants. See "Lease Income" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2021 and 2020: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Operating revenues Retail electric revenues Residential $ 1,468 $ 628 $ 776 $ 64 $ — $ — Commercial 1,117 372 686 59 — — Industrial 668 320 284 64 — — Other 24 5 17 2 — — Total retail electric revenues 3,277 1,325 1,763 189 — — Natural gas distribution revenues Residential 614 — — — — 614 Commercial 170 — — — — 170 Transportation 288 — — — — 288 Industrial 16 — — — — 16 Other 97 — — — — 97 Total natural gas distribution revenues 1,185 — — — — 1,185 Wholesale electric revenues PPA energy revenues 212 43 13 4 156 — PPA capacity revenues 119 29 13 3 75 — Non-PPA revenues 67 32 9 88 61 — Total wholesale electric revenues 398 104 35 95 292 — Other natural gas revenues Wholesale gas services 1,590 — — — — 1,590 Gas marketing services 194 — — — — 194 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 1,791 — — — — 1,791 Other revenues 249 46 113 8 4 — Total revenue from contracts with customers 6,900 1,475 1,911 292 296 2,976 Other revenue sources (a) 1,306 84 59 15 144 1,014 Other adjustments (b) (2,296) — — — — (2,296) Total operating revenues $ 5,910 $ 1,559 $ 1,970 $ 307 $ 440 $ 1,694 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2020 Operating revenues Retail electric revenues Residential $ 1,370 $ 553 $ 760 $ 57 $ — $ — Commercial 1,146 364 720 62 — — Industrial 680 321 281 78 — — Other 23 5 16 2 — — Total retail electric revenues 3,219 1,243 1,777 199 — — Natural gas distribution revenues Residential 496 — — — — 496 Commercial 130 — — — — 130 Transportation 264 — — — — 264 Industrial 12 — — — — 12 Other 97 — — — — 97 Total natural gas distribution revenues 999 — — — — 999 Wholesale electric revenues PPA energy revenues 159 27 9 2 125 — PPA capacity revenues 105 27 12 1 66 — Non-PPA revenues 51 19 2 69 58 — Total wholesale electric revenues 315 73 23 72 249 — Other natural gas revenues Wholesale gas services 396 — — — — 396 Gas marketing services 163 — — — — 163 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 566 — — — — 566 Other revenues 192 37 95 5 3 — Total revenue from contracts with customers 5,291 1,353 1,895 276 252 1,565 Other revenue sources (a) 868 (2) (70) 1 123 825 Other adjustments (b) (1,141) — — — — (1,141) Total operating revenues $ 5,018 $ 1,351 $ 1,825 $ 277 $ 375 $ 1,249 (a) Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under "Southern Company Gas" for additional information on the components of wholesale gas services' operating revenues. Contract Balances The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2021 and December 31, 2020: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable As of March 31, 2021 $ 2,375 $ 567 $ 679 $ 87 $ 85 $ 778 As of December 31, 2020 2,614 632 806 77 112 788 Contract Assets As of March 31, 2021 $ 106 $ 1 $ 47 $ — $ — $ — As of December 31, 2020 158 2 71 — — — Contract Liabilities As of March 31, 2021 $ 75 $ 4 $ 34 $ 1 $ 1 $ 1 As of December 31, 2020 61 6 27 1 1 1 As of March 31, 2021 and December 31, 2020, Georgia Power had contract assets primarily related to unregulated service agreements, where payment is contingent on project completion, and fixed retail customer bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over a one-year contract term. Contract liabilities for Georgia Power relate to cash collections recognized in advance of revenue for certain unregulated service agreements. Alabama Power had contract liabilities for outstanding performance obligations primarily related to pole attachment and extended service agreements. Southern Company's unregulated distributed generation business had $55 million and $81 million of contract assets and $34 million and $27 million of contract liabilities at March 31, 2021 and December 31, 2020, respectively, for outstanding performance obligations. Revenues recognized in the three months ended March 31, 2021, which were included in contract liabilities at December 31, 2020, were immaterial for all Registrants. Remaining Performance Obligations The traditional electric operating companies and Southern Power have long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. These contracts primarily relate to PPAs whereby the traditional electric operating companies and Southern Power provide electricity and generation capacity to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at March 31, 2021 are expected to be recognized as follows: 2021 (remaining) 2022 2023 2024 2025 Thereafter (in millions) Southern Company $ 485 $ 408 $ 340 $ 327 $ 307 $ 2,666 Alabama Power 24 31 24 7 5 — Georgia Power 57 51 36 24 21 41 Southern Power 213 287 280 296 280 2,644 Revenue expected to be recognized for performance obligations remaining at March 31, 2021 w as immaterial for Mississippi Power and Southern Company Gas. Lease Income Lease income for the three months ended March 31, 2021 and 2020 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2021 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 55 21 10 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 142 $ 21 $ 10 $ 3 $ 111 $ 9 For the Three Months Ended March 31, 2020 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 51 6 16 — 24 9 Variable lease income 74 — — — 80 — Total lease income $ 128 $ 6 $ 16 $ 3 $ 104 $ 9 Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income for Alabama Power and Southern Power is included in wholesale revenues. |
Consolidated Entities and Equit
Consolidated Entities and Equity Method Investments | 3 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Consolidated Entities and Equity Method Investments | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTSSee Note 7 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Power Variable Interest Entities Southern Power has certain subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests. SP Solar and SP Wind At March 31, 2021 and December 31, 2020, SP Solar had total assets of $6.1 billion, total liabilities of $377 million and $387 million, respectively, and noncontrolling interests of $1.1 billion. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to Global Atlantic in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. At March 31, 2021 and December 31, 2020, SP Wind had total assets of $2.4 billion, total liabilities of $171 million and $138 million, respectively, and noncontrolling interests of $42 million and $43 million, respectively. Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. Other Variable Interest Entities Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax-equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights. At March 31, 2021 and December 31, 2020, the other VIEs had total assets of $1.9 billion and $1.1 billion, respectively, total liabilities of $260 million and $110 million, respectively, and noncontrolling interests of $926 million and $454 million, respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent. Equity Method Investments At March 31, 2021 and December 31, 2020, Southern Power had equity method investments in wind and battery storage projects totaling $84 million and $19 million, respectively. Southern Company Gas Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2021 and December 31, 2020 and related income from those investments for the three months ended March 31, 2021 and 2020 were as follows: Investment Balance March 31, 2021 December 31, 2020 (in millions) SNG $ 1,164 $ 1,167 PennEast Pipeline (*) 93 91 Other 33 32 Total $ 1,290 $ 1,290 (*) See Note (C) under "Other Matters – Southern Company Gas" for additional information. Earnings from Equity Method Investments Three Months Ended Three Months Ended (in millions) SNG $ 38 $ 37 PennEast Pipeline (a) 2 2 Other (a)(b) 1 4 Total $ 41 $ 43 (a) Earnings primarily result from AFUDC equity recorded by the project entity. (b) On March 24, 2020, Southern Company Gas completed the sale of its interests in Atlantic Coast Pipeline and Pivotal LNG. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financing | FINANCING Bank Credit Arrangements See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. At March 31, 2021, committed credit arrangements with banks were as follows: Expires Company 2021 2022 2023 2024 Total Unused Due within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,999 $ — Alabama Power 3 525 — 800 1,328 1,328 3 Georgia Power — — — 1,750 1,750 1,728 — Mississippi Power — 150 125 — 275 250 — Southern Power (a) — — — 600 600 568 — Southern Company Gas (b) — — — 1,750 1,750 1,745 — SEGCO 30 — — — 30 30 30 Southern Company $ 33 $ 675 $ 125 $ 6,900 $ 7,733 $ 7,648 $ 33 (a) Does not include Southern Power Company's $75 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2023, of which $12 million and $1 million, respectively, was unused at March 31, 2021. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.05 billion of this arrangement. Southern Company Gas' committed credit arrangement also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to this multi-year credit arrangement, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. 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. These bank credit arrangements, as well as the term loan arrangements of the Registrants, Nicor Gas, and SEGCO, contain covenants that limit debt levels and contain cross-acceleration or, in the case of Southern Power, cross-default provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. Such cross-default provisions to other indebtedness would trigger an event of default if Southern Power defaulted on indebtedness or guarantee obligations over a specified threshold. Such cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At March 31, 2021, the Registrants, Nicor Gas, and SEGCO were in compliance with all such covenants. None of the bank credit arrangements contain material adverse change clauses at the time of borrowings. A portion of the unused credit with banks is allocated to provide liquidity support to the revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants and Nicor Gas. The amount of variable rate revenue bonds of the traditional electric operating companies outstanding requiring liquidity support at March 31, 2021 was approximately $1.4 billion (comprised of approximately $854 million at Alabama Power, $550 million at Georgia Power, and $34 million at Mississippi Power). In addition, at March 31, 2021, Georgia Power and Mississippi Power had approximately $174 million and $50 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Earnings per Share For Southern Company, the only differences in computing basic and diluted earnings per share are attributable to awards outstanding under stock-based compensation plans and the equity units issued in 2019. Earnings per share dilution resulting from stock-based compensation plans and the equity units issuance is determined using the treasury stock method. See Note 8 to the financial statements under "Equity Units" in Item 8 of the Form 10-K for information on the equity units and Note 12 to the financial statements in Item 8 of the Form 10-K for information on stock-based compensation plans. Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in millions) As reported shares 1,060 1,057 Effect of stock-based compensation 6 7 Effect of equity units — 3 Diluted shares 1,066 1,067 An immaterial number of stock-based compensation awards was not included in the diluted earnings per share calculation because the awards were anti-dilutive for the three months ended March 31, 2021 and 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Current and Deferred Income Taxes Tax Credit and Net Operating Loss Carryforwards The utilization of each Registrant's estimated tax credit and state net operating loss carryforwards and related valuation allowances could be impacted by numerous factors, including the acquisition of additional renewable projects, the purchase of rights to additional PTCs of Plant Vogtle Units 3 and 4 pursuant to certain joint ownership agreements, potential impacts of the COVID-19 pandemic, changes in taxable income projections, and potential income tax rate changes. See Note (B) and Note 2 to the financial statements in Item 8 of the Form 10-K under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. Effective Tax Rate Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs primarily at Southern Power. Details of significant changes in the effective tax rate for the applicable Registrants are provided herein. Mississippi Power Mississippi Power's effective tax rate was 8.4% for the three months ended March 31, 2021 compared to 16.2% for the corresponding period in 2020. The effective tax rate decrease was primarily due to an increase in the flowback of excess deferred income taxes beginning in April 2020 as authorized in the Mississippi Power Rate Case Settlement Agreement. See Note 2 to the financial statements under "Mississippi Power – 2019 Base Rate Case" in Item 8 of the Form 10-K for additional information. Southern Power Southern Power's effective tax benefit rate was (17.3)% for the three months ended March 31, 2021 compared to an effective tax rate of 13.5% for the corresponding period in 2020. The effective tax rate decrease was primarily due to changes in state apportionment methodology resulting from tax legislation enacted by the State of Alabama in February 2021, as well as the tax impact from the sale of Plant Mankato in January 2020. See Note 15 to the financial statements under "Southern Power" in Item 8 of the Form 10-K for additional information. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2021. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three months ended March 31, 2021 and 2020 are presented in the following tables. Three Months Ended Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 109 $ 26 $ 28 $ 4 $ 2 $ 9 Interest cost 87 20 26 4 1 6 Expected return on plan assets (298) (72) (94) (14) (3) (21) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net (gain)/loss 78 21 25 4 1 3 Net periodic pension cost (income) $ (24) $ (5) $ (15) $ (2) $ 1 $ — Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 8 2 3 — — 1 Expected return on plan assets (19) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ — Three Months Ended Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 94 $ 22 $ 24 $ 4 $ 2 $ 8 Interest cost 108 25 33 5 1 8 Expected return on plan assets (275) (66) (87) (13) (3) (19) Amortization: Prior service costs 1 — — — — (1) Regulatory asset — — — — — 4 Net (gain)/loss 67 18 22 3 1 2 Net periodic pension cost (income) $ (5) $ (1) $ (8) $ (1) $ 1 $ 2 Postretirement Benefits Service cost $ 5 $ 2 $ 1 $ — $ — $ — Interest cost 13 3 5 — — 2 Expected return on plan assets (18) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ 1 $ (2) $ — $ — $ — $ 1 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS As of March 31, 2021, 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, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 372 $ 179 $ 34 $ — $ 585 Interest rate derivatives — 10 — — 10 Foreign currency derivatives — 41 — — 41 Investments in trusts: (b)(c) Domestic equity 782 214 — — 996 Foreign equity 145 197 — — 342 U.S. Treasury and government agency securities — 325 — — 325 Municipal bonds — 45 — — 45 Pooled funds – fixed income — 18 — — 18 Corporate bonds 5 436 — — 441 Mortgage and asset backed securities — 81 — — 81 Private equity — — — 83 83 Other 50 7 — — 57 Cash equivalents 1,121 11 — — 1,132 Other investments 9 33 — — 42 Total $ 2,484 $ 1,597 $ 34 $ 83 $ 4,198 Liabilities: Energy-related derivatives (a) $ 359 $ 158 $ 6 $ — $ 523 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 16 — 16 Total $ 359 $ 181 $ 22 $ — $ 562 Fair Value Measurements Using: As of March 31, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Nuclear decommissioning trusts: (b) Domestic equity 448 205 — — 653 Foreign equity 145 15 — — 160 U.S. Treasury and government agency securities — 20 — — 20 Municipal bonds — 1 — — 1 Corporate bonds 5 235 — — 240 Mortgage and asset backed securities — 26 — — 26 Private equity — — — 83 83 Other 27 — — — 27 Cash equivalents 401 11 — — 412 Other investments — 33 — — 33 Total $ 1,026 $ 558 $ — $ 83 $ 1,667 Liabilities: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Georgia Power Assets: Energy-related derivatives $ — $ 17 $ — $ — $ 17 Nuclear decommissioning trusts: (b)(c) Domestic equity 334 1 — — 335 Foreign equity — 179 — — 179 U.S. Treasury and government agency securities — 305 — — 305 Municipal bonds — 44 — — 44 Corporate bonds — 201 — — 201 Mortgage and asset backed securities — 55 — — 55 Other 23 7 — — 30 Total $ 357 $ 809 $ — $ — $ 1,166 Liabilities: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Fair Value Measurements Using: As of March 31, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Southern Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 41 — — 41 Cash equivalents 115 — — — 115 Total $ 115 $ 42 $ — $ — $ 157 Liabilities: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 16 — 16 Total $ — $ 24 $ 16 $ — $ 40 Southern Company Gas Assets: Energy-related derivatives (a) $ 372 $ 138 $ 34 $ — $ 544 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 3 — — 3 Pooled funds – fixed income — 18 — — 18 Cash equivalents and restricted cash 284 — — — 284 Total $ 656 $ 167 $ 34 $ — $ 857 Liabilities: Energy-related derivatives (a) $ 359 $ 139 $ 6 $ — $ 504 (a) Excludes cash collateral of $27 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2021, approximately $34 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. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2021 and 2020. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended Three Months Ended (in millions) Southern Company $ 39 $ (247) Alabama Power 41 (167) Georgia Power (2) (80) Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and 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 reflects 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 fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation 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. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby it is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligations are categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. "Other investments" include investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds. At March 31, 2021, the fair value measurements of private equity investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $83 million and unfunded commitments related to the private equity investments totaled $68 million. Private equity investments include high-quality private equity funds across several market sectors and funds that invest in real estate assets. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. At March 31, 2021, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in millions) Long-term debt, including securities due within one year: Carrying amount $ 50,035 $ 8,866 $ 13,220 $ 1,398 $ 4,030 $ 6,588 Fair value 54,113 9,821 14,291 1,507 4,347 7,264 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043. 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. Commodity Contracts with Level 3 Valuation Inputs As of March 31, 2021, the fair value of Southern Company Gas' Level 3 physical natural gas forward contracts was $28 million. Since commodity contracts classified as Level 3 typically include a combination of observable and unobservable components, the changes in fair value may include amounts due in part to observable market factors, or changes to assumptions on the unobservable components. The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2021 (in millions) Beginning balance $ 28 Instruments realized or otherwise settled during period (2) Changes in fair value 2 Ending balance $ 28 Changes in fair value of Level 3 instruments represent changes in gains and losses for the periods that are reported on Southern Company Gas' statements of income in natural gas revenues. The valuation of certain commodity contracts requires the use of certain unobservable inputs. All forward pricing used in the valuation of such contracts is directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange 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. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, 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 net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' 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 an approved cost recovery mechanism. • 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 accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. • 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 and natural gas industries. 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, 2021, the net volume of energy-related derivative contracts for natural gas positions, 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 Longest Longest (in millions) Southern Company (*) 907 2030 2031 Alabama Power 73 2024 — Georgia Power 125 2024 — Mississippi Power 85 2024 — Southern Power 9 2030 2021 Southern Company Gas (*) 615 2023 2031 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 4.4 billion mmBtu and short natural gas positions of 3.8 billion mmBtu as of March 31, 2021, which is also included in Southern Company's total volume. In addition to the volumes discussed above, the traditional electric operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess natural gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 39 million mmBtu for Southern Company, which includes 10 million mmBtu for Alabama Power, 12 million mmBtu for Georgia Power, 5 million mmBtu for Mississippi Power, and 12 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to earnings for the 12-month period ending March 31, 2022 are immaterial for all Registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may 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 derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. 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 on the same income statement line item. 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, 2021, the following interest rate derivatives were outstanding: Notional Interest Weighted Hedge Fair Value Gain (Loss) at March 31, 2021 (in millions) (in millions) Cash Flow Hedges of Existing Debt Mississippi Power $ 60 1-month LIBOR 0.58% December 2021 $ — Fair Value Hedges of Existing Debt Southern Company parent 1,500 2.35% 1-month LIBOR + 0.87% July 2021 10 Southern Company $ 1,560 $ 10 For cash flow hedge interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending March 31, 2022 total $(25) million for Southern Company and are immaterial for all other Registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2046 for the Southern Company parent entity, 2035 for Alabama Power, 2044 for Georgia Power, 2028 for Mississippi Power, and 2046 for Southern Company Gas. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. At March 31, 2021, the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2021 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 9 Southern Power 564 3.78% 500 1.85% June 2026 9 Total $ 1,241 € 1,100 $ 18 The estimated pre-tax gains (losses) related to Southern Power's foreign currency derivatives expected to be reclassified from accumulated OCI to earnings for the 12-month period ending March 31, 2022 are $2 million. Derivative Financial Statement Presentation and Amounts Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas enter into derivative contracts that 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. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheet are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 30 $ 4 $ 24 $ 11 Other deferred charges and assets/Other deferred credits and liabilities 16 15 18 19 Total derivatives designated as hedging instruments for regulatory purposes $ 46 $ 19 $ 42 $ 30 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 2 $ 1 $ 3 $ 5 Interest rate derivatives: Assets from risk management activities/Other current liabilities 10 — 20 — Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 23 — 23 Other deferred charges and assets/Other deferred credits and liabilities 41 — 87 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 53 $ 24 $ 110 $ 28 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 265 $ 265 $ 388 $ 331 Other deferred charges and assets/Other deferred credits and liabilities 272 237 270 232 Total derivatives not designated as hedging instruments $ 537 $ 502 $ 658 $ 563 Gross amounts recognized $ 636 $ 545 $ 810 $ 621 Gross amounts offset (a) (450) (477) (529) (557) Net amounts recognized in the Balance Sheets (b) $ 186 $ 68 $ 281 $ 64 As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 7 $ — $ 7 $ 2 Other deferred charges and assets/Other deferred credits and liabilities 5 4 5 5 Total derivatives designated as hedging instruments for regulatory purposes $ 12 $ 4 $ 12 $ 7 Gross amounts recognized $ 12 $ 4 $ 12 $ 7 Gross amounts offset (4) (4) (7) (7) Net amounts recognized in the Balance Sheets $ 8 $ — $ 5 $ — Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 11 $ 2 $ 7 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 6 6 8 8 Total derivatives designated as hedging instruments for regulatory purposes $ 17 $ 8 $ 15 $ 13 Gross amounts recognized $ 17 $ 8 $ 15 $ 13 Gross amounts offset (7) (7) (12) (12) Net amounts recognized in the Balance Sheets $ 10 $ 1 $ 3 $ 1 Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 6 $ 1 $ 4 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 5 5 5 6 Total derivatives designated as hedging instruments for regulatory purposes $ 11 $ 6 $ 9 $ 9 Gross amounts recognized $ 11 $ 6 $ 9 $ 9 Gross amounts offset (5) (5) (7) (7) Net amounts recognized in the Balance Sheets $ 6 $ 1 $ 2 $ 2 As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ — $ 2 $ 2 Foreign currency derivatives: Other current assets/Other current liabilities — 23 — 23 Other deferred charges and assets/Other deferred credits and liabilities 41 — 87 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 42 $ 23 $ 89 $ 25 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ — $ — $ — $ 1 Total derivatives not designated as hedging instruments $ — $ — $ — $ 1 Net amounts recognized in the Balance Sheets $ 42 $ 23 $ 89 $ 26 Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 6 $ 1 $ 6 $ 1 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 1 $ 6 $ 1 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 1 $ 1 $ 1 $ 3 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 1 $ 1 $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 265 $ 265 $ 388 $ 330 Other deferred charges and assets/Other deferred credits and liabilities 272 237 270 232 Total derivatives not designated as hedging instruments $ 537 $ 502 $ 658 $ 562 Gross amounts of recognized $ 544 $ 504 $ 665 $ 566 Gross amounts offset (a) (434) (461) (503) (531) Net amounts recognized in the Balance Sheets (b) $ 110 $ 43 $ 162 $ 35 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $27 million and $28 million as of March 31, 2021 and December 31, 2020, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. The traditional electric operating companies had immaterial energy-related derivatives not designated as hedging instruments at March 31, 2021 and no such instruments at December 31, 2020. At March 31, 2021 and December 31, 2020, 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 in the Balance Sheet Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At March 31, 2021: Energy-related derivatives: Other regulatory assets, deferred $ (2) $ — $ (1) $ (1) $ — Other regulatory liabilities, current 24 7 9 5 3 Other regulatory liabilities, deferred 3 1 1 1 — Total energy-related derivative gains (losses) $ 25 $ 8 $ 9 $ 5 $ 3 At December 31, 2020: Energy-related derivatives: Other regulatory assets, deferred $ (2) $ — $ (1) $ (1) $ — Other regulatory liabilities, current 12 5 2 1 4 Other regulatory liabilities, deferred 2 1 1 — — Total energy-related derivative gains (losses) $ 12 $ 6 $ 2 $ — $ 4 For the three months ended March 31, 2021 and 2020, the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2021 2020 (in millions) Southern Company Energy-related derivatives $ 5 $ (4) Interest rate derivatives 3 (26) Foreign currency derivatives (47) (83) Total $ (39) $ (113) Southern Power Energy-related derivatives $ 4 $ — Foreign currency derivatives (47) (83) Total $ (43) $ (83) Southern Company Gas Energy-related derivatives $ 1 $ (4) Interest rate derivatives — (23) Total $ 1 $ (27) For the three months ended March 31, 2021 and 2020, the pre-tax effects of energy-related derivatives and interest rate derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for the other Registrants. For the three months ended March 31, 2021 and 2020, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2021 2020 (in millions) Southern Company Total cost of natural gas $ 583 $ 439 Gain (loss) on energy-related cash flow hedges (a) (3) (7) Total depreciation and amortization 871 857 Gain (loss) on energy-related cash flow hedges (a) 3 (1) Total interest expense, net of amounts capitalized (450) (456) Gain (loss) on interest rate cash flow hedges (a) (7) (6) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Gain (loss) on interest rate fair value hedges (b) (10) 29 Total other income (expense), net 58 103 Gain (loss) on foreign currency cash flow hedges (a)(c) (60) (31) Southern Power Total depreciation and amortization $ 119 $ 117 Gain (loss) on energy-related cash flow hedges (a) 3 (1) Total interest expense, net of amounts capitalized (38) (39) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Total other income (expense), net 7 2 Gain (loss) on foreign currency cash flow hedges (a)(c) (60) (31) (a) Reclassified from accumulated OCI into earnings. (b) For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c) The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. For the three months ended March 31, 2021 and 2020, the pre-tax effects of cash flow and fair value hedge accounting on income for energy-related derivatives and interest rate derivatives were immaterial for the traditional electric operating companies and Southern Company Gas. As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items As of March 31, 2021 As of December 31, 2020 As of March 31, 2021 As of December 31, 2020 (in millions) (in millions) Southern Company Securities due within one year $ (1,505) $ (1,509) $ (5) $ (10) For the three months ended March 31, 2021 and 2020, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2021 2020 (in millions) Energy-related derivatives: Natural gas revenues (*) $ (17) $ 70 Cost of natural gas 7 7 Total derivatives in non-designated hedging relationships $ (10) $ 77 (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. For the three months ended March 31, 2021 and 2020, the pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for all other Registrants. Contingent Features Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas 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, 2021, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. At March 31, 2021, the Registrants had no interest rate derivative liabilities with contingent features. At March 31, 2021, the fair value of energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial for all Registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power 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. Following the sale of Gulf Power to NextEra Energy, Inc., Gulf Power is continuing to participate in the Southern Company power pool for a defined transition period that, subject to certain potential adjustments, is scheduled to end on January 1, 2024. 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. Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions and they may be required to post collateral based on the value of the positions in these accounts and the associated margin requirements. At March 31, 2021, cash collateral posted in these accounts was immaterial. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At March 31, 2021, cash collateral held on deposit in broker margin accounts was $27 million. The Registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The Registrants 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. The Registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk. Southern Company Gas uses established credit policies to determine and monitor the creditworthiness of counterparties, including requirements to post collateral or other credit security, as well as the quality of pledged collateral. Collateral or credit security is most often in the form of cash or letters of credit from an investment-grade financial institution, but may also include cash or U.S. government securities held by a trustee. Prior to entering a physical transaction, Southern Company Gas assigns its counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. Southern Company Gas utilizes netting agreements whenever possible to mitigate exposure to counterparty credit risk. Netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty across product lines and against cash collateral, provided the netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, counterparties are settled net, they are recorded on a gross basis on the balance sheet as energy marketing receivables and energy marketing payables. The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONSSee Note 15 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company The following table provides Southern Company's major classes of assets classified as held for sale at March 31, 2021 and December 31, 2020: Southern Company At March 31, At December 31, 2021 2020 (in millions) Assets Held for Sale: Total property, plant, and equipment $ 7 $ 8 Leveraged leases 52 52 Total Assets Held for Sale $ 59 $ 60 Southern Company's asset sales, both individually and combined, do not represent a strategic shift in operations that has, or is expected to have, a major effect on operations and financial results; therefore, none of the assets have been classified as discontinued operations for any of the periods presented. Southern Power Asset Acquisition During the three months ended March 31, 2021, Southern Power acquired a controlling membership interest in the wind facility listed below. Acquisition-related costs were expensed as incurred and were not material. Project Facility Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern Power Ownership Percentage COD PPA Contract Period Deuel Harvest (*) Wind Invenergy Renewables, LLC 300 Deuel County, SD 100% of Class B February 2021 25 years and 15 years (*) On March 26, 2021, Southern Power acquired a controlling interest in the facility and consolidates the project's operating results in its financial statements. On March 30, 2021, Southern Power completed a tax equity transaction whereby it received $220 million. The tax equity partner, which is the Class A member, and Invenergy Renewables, LLC each own a noncontrolling interest. Construction Projects During the three months ended March 31, 2021, Southern Power continued construction of the Garland and Tranquillity battery energy storage facilities and the Glass Sands wind facility. Total aggregate construction costs, excluding acquisition costs, are expected to be between $392 million and $460 million for the facilities under construction. At March 31, 2021, total costs of construction incurred for these projects were $158 million and are included in CWIP. The ultimate outcome of these matters cannot be determined at this time. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Under Construction at March 31, 2021 Garland Solar Storage (a) Battery energy storage system 88 Kern County, CA Third quarter 2021 20 years Tranquillity Solar Storage (a) Battery energy storage system 72 Fresno County, CA Fourth quarter 2021 20 years Glass Sands (b) Wind 118 Murray County, OK Fourth quarter 2021 12 years (a) In December 2020, Southern Power restructured its ownership of the project by contributing the Class A membership interests to an existing partnership and selling 100% of the Class B membership interests while retaining the controlling interest. Prior to commercial operation, Southern Power may restructure the project ownership again and enter into additional partnerships, but expects to retain the controlling interest. The ultimate outcome of this matter cannot be determined at this time. (b) In December 2020, Southern Power purchased 100% of the membership interests of the Glass Sands facility. Development Projects Southern Power continues to evaluate and refine the deployment of the remaining wind turbine equipment purchased in 2016 and 2017 to development and construction projects. During the three months ended March 31, 2021, gains on wind turbine equipment contributed to various equity method investments totaled approximately $37 million. Southern Company Gas Sale of Sequent On April 28, 2021, certain affiliates of Southern Company Gas entered into an agreement for the sale of Sequent for a purchase price of $50 million, plus working capital and certain other adjustments. The net book value of Sequent at March 31, 2021, excluding working capital, was $46 million; however, any potential gain or loss on the sale will be based, in large part, on the fair value of the open derivative positions as of the date of closing. See Notes (I) and (J) for information on fair value and derivatives outstanding at March 31, 2021. Southern Company Gas has existing agreements in place in which it guarantees the payment performance of Sequent. Southern Company Gas will continue to guarantee payment performance for Sequent after the transaction closes for a period of time as the buyer obtains releases from these obligations. As of March 31, 2021, the obligations subject to the payment performance guarantee totaled $279 million. Changes in the price of natural gas, market conditions, and the number of open contracts will change the amount that Southern Company Gas is required to guarantee for Sequent each month. The maximum potential exposure over the period of the payment performance guarantee generally is capped at $1 billion. At closing, the buyer (an investment-grade entity) will issue a payment performance guarantee to Southern Company Gas, equal to the outstanding guarantee obligation throughout this period. Further, Southern Company Gas will retain responsibility for certain potential obligations that may arise from transactions during Winter Storm Uri. The completion of the transaction is subject to the satisfaction or waiver of certain conditions, including, among other customary closing conditions, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction is expected to be completed during the third quarter 2021; however, the ultimate outcome of this matter cannot be determined at this time. Sale of Pivotal LNG In connection with its March 2020 sale of Pivotal LNG, Southern Company Gas was entitled to two $5 million payments contingent upon Dominion Modular LNG Holdings, Inc. meeting certain milestones related to Pivotal LNG. Southern Company Gas received the first payment on April 22, 2021 and expects to receive the second payment in August 2021. |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information | SEGMENT AND RELATED INFORMATION Southern Company The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy and battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments, wholesale gas services, and gas marketing services. Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. Revenues from sales by Southern Power to the traditional electric operating companies were $81 million for the three months ended March 31, 2021 and $86 million for the three months ended March 31, 2020. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies were immaterial for the three months ended March 31, 2021 and 2020. Revenues from sales of natural gas from Southern Company Gas to Southern Power were $12 million for the three months ended March 31, 2021 and $10 million for the three months ended March 31, 2020. The "All Other" column includes the Southern Company parent entity, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include providing energy solutions to electric utilities and their customers in the areas of distributed generation, energy storage and renewables, and energy efficiency, as well as 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, 2021 and 2020 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended March 31, 2021 Operating revenues $ 3,764 $ 440 $ (87) $ 4,117 $ 1,694 $ 134 $ (35) $ 5,910 Segment net income (loss) (a)(b)(c) 756 97 — 853 398 (108) (8) 1,135 At March 31, 2021 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 86,053 13,995 (637) 99,411 23,377 3,392 (787) 125,393 Three Months Ended March 31, 2020 Operating revenues $ 3,407 $ 375 $ (87) $ 3,695 $ 1,249 $ 114 $ (40) $ 5,018 Segment net income (loss) (a)(d) 642 75 — 717 275 (121) (3) 868 At December 31, 2020 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 85,486 13,235 (680) 98,041 22,630 3,168 (904) 122,935 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes a $48 million pre-tax charge ($36 million after tax) at Georgia Power for estimated loss on Plant Vogtle Units 3 and 4. See Note (B) under "Georgia Power – Nuclear Construction" for additional information. (c) For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes (E) and (K) under "Southern Power" for additional information. (d) For Southern Power, includes a $39 million pre-tax gain ($23 million gain after tax) on the sale of Plant Mankato. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Power" for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2021 $ 3,342 $ 545 $ 230 $ 4,117 Three Months Ended March 31, 2020 3,078 418 199 3,695 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2021 $ 1,192 $ 298 $ 195 $ 9 $ 1,694 Three Months Ended March 31, 2020 1,013 51 177 8 1,249 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein for additional information. Southern Company Gas Southern Company Gas manages its business through four reportable segments – gas distribution operations, gas pipeline investments, wholesale gas services, and gas marketing services. The non-reportable segments are combined and presented as all other. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information on the disposition activities described herein. Gas distribution operations is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states. Gas pipeline investments consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG, a 20% ownership interest in the PennEast Pipeline project, and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. Gas pipeline investments also included a 5% ownership interest in the Atlantic Coast Pipeline construction project prior to its sale on March 24, 2020. Wholesale gas services provides natural gas asset management and/or related logistics services for each of Southern Company Gas' utilities except Nicor Gas as well as for non-affiliated companies. The Virginia Natural Gas asset management agreement ended on March 31, 2021 and was not extended. Additionally, wholesale gas services engages in natural gas storage and gas pipeline arbitrage and related activities. See Note (K) under "Southern Company Gas" for information regarding the sale of Sequent, which is expected to be completed during the third quarter 2021. Gas marketing services provides natural gas marketing to end-use customers primarily in Georgia and Illinois through SouthStar. The all other column includes segments and subsidiaries that fall below the quantitative threshold for separate disclosure, including storage and fuels operations. The all other column included Jefferson Island through its sale on December 1, 2020 and Pivotal LNG through its sale on March 24, 2020. Business segment financial data for the three months ended March 31, 2021 and 2020 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2021 Operating revenues $ 1,200 $ 8 $ 298 $ 195 $ 1,701 $ 7 $ (14) $ 1,694 Segment net income (loss) 183 29 126 56 394 4 — 398 Total assets at March 31, 2021 20,161 1,596 939 1,553 24,249 11,477 (12,349) 23,377 Three Months Ended March 31, 2020 Operating revenues $ 1,020 $ 8 $ 51 $ 177 $ 1,256 $ 8 $ (15) $ 1,249 Segment net income (loss) 164 30 23 57 274 1 — 275 Total assets at December 31, 2020 19,090 1,597 850 1,503 23,040 11,336 (11,746) 22,630 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2021 $ 2,588 $ 63 $ 2,651 $ 2,353 $ 298 Three Months Ended March 31, 2020 1,185 29 1,214 1,163 51 |
Introduction (Policies)
Introduction (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 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, 2021 and 2020. 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 and other factors, including the impacts of the COVID-19 pandemic, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. |
Reclassifications | 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 overall results of operations, financial position, or cash flows of any Registrant. |
Goodwill | Goodwill is not amortized but is subject to an annual impairment test in the fourth quarter of the year and on an interim basis as events and changes in circumstances occur. |
Natural Gas for Sale | Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas' natural gas distribution utilities record natural gas inventories on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated. |
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and 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 reflects 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 fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation 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. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. |
Derivatives | Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange 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. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, 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 net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' 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 an approved cost recovery mechanism. • 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 accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. • 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 and natural gas industries. 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 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 Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. |
Introduction (Tables)
Introduction (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Goodwill at March 31, 2021 and December 31, 2020 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows: At March 31, 2021 At December 31, 2020 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (139) $ 73 $ 212 $ (135) $ 77 Trade names 64 (33) 31 64 (31) 33 Storage and transportation contracts 64 (64) — 64 (64) — PPA fair value adjustments 390 (94) 296 390 (89) 301 Other 11 (9) 2 10 (9) 1 Total other intangible assets subject to amortization $ 741 $ (339) $ 402 $ 740 $ (328) $ 412 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 816 $ (339) $ 477 $ 815 $ (328) $ 487 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (94) $ 296 $ 390 $ (89) $ 301 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (122) $ 34 $ 156 $ (119) $ 37 Trade names 26 (13) 13 26 (12) 14 Wholesale gas services Storage and transportation contracts 64 (64) — 64 (64) — Total other intangible assets subject to amortization $ 246 $ (199) $ 47 $ 246 $ (195) $ 51 |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows: At March 31, 2021 At December 31, 2020 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (139) $ 73 $ 212 $ (135) $ 77 Trade names 64 (33) 31 64 (31) 33 Storage and transportation contracts 64 (64) — 64 (64) — PPA fair value adjustments 390 (94) 296 390 (89) 301 Other 11 (9) 2 10 (9) 1 Total other intangible assets subject to amortization $ 741 $ (339) $ 402 $ 740 $ (328) $ 412 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 816 $ (339) $ 477 $ 815 $ (328) $ 487 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (94) $ 296 $ 390 $ (89) $ 301 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (122) $ 34 $ 156 $ (119) $ 37 Trade names 26 (13) 13 26 (12) 14 Wholesale gas services Storage and transportation contracts 64 (64) — 64 (64) — Total other intangible assets subject to amortization $ 246 $ (199) $ 47 $ 246 $ (195) $ 51 |
Schedule of Amortization of Other Intangible Assets | Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2021 (in millions) Southern Company (a) $ 11 Southern Power (b) 5 Southern Company Gas (c) 4 (a) Includes $5 million recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. (c) Relates to gas marketing services. |
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2021 and/or December 31, 2020: Southern Southern Power Southern March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2021 December 31, 2020 (in millions) (in millions) (in millions) Cash and cash equivalents $ 1,770 $ 1,065 $ 314 $ 309 $ 17 Restricted cash (a) : Other current assets 2 2 — 2 2 Other deferred charges and assets 29 — 29 — — Total cash, cash equivalents, and restricted cash $ 1,801 $ 1,068 (b) $ 343 $ 311 $ 19 (a) For Southern Company Gas, reflects restricted cash held as collateral for workers' compensation, life insurance, and long-term disability insurance. For Southern Power, reflects restricted cash held for construction payables. (b) Total does not add due to rounding. |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2021 and/or December 31, 2020: Southern Southern Power Southern March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2021 December 31, 2020 (in millions) (in millions) (in millions) Cash and cash equivalents $ 1,770 $ 1,065 $ 314 $ 309 $ 17 Restricted cash (a) : Other current assets 2 2 — 2 2 Other deferred charges and assets 29 — 29 — — Total cash, cash equivalents, and restricted cash $ 1,801 $ 1,068 (b) $ 343 $ 311 $ 19 (a) For Southern Company Gas, reflects restricted cash held as collateral for workers' compensation, life insurance, and long-term disability insurance. For Southern Power, reflects restricted cash held for construction payables. (b) Total does not add due to rounding. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Cost Recovery Clauses | The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2021 and December 31, 2020 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, 2020 (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, current $ 33 $ 28 Rate CNP PPA Other regulatory assets, deferred 58 58 Retail Energy Cost Recovery Other regulatory liabilities, current — 18 Other regulatory assets, deferred 15 — Natural Disaster Reserve Other regulatory liabilities, deferred 52 77 Georgia Power Fuel Cost Recovery Over recovered fuel clause revenues $ 83 $ 113 Mississippi Power Fuel Cost Recovery Over recovered regulatory clause liabilities $ 18 $ 24 Ad Valorem Tax Other regulatory assets, current 12 11 Other regulatory assets, deferred 45 41 Property Damage Reserve Other regulatory liabilities, deferred — 4 Other regulatory assets, deferred 1 — Southern Company Gas Natural Gas Cost Recovery (*) Other regulatory liabilities $ 12 $ 88 Natural gas cost under recovery 487 — Other regulatory assets, deferred 185 — (*) The significant change during the three months ended March 31, 2021 was primarily driven by an increase in the cost of gas purchased in February 2021 resulting from Winter Storm Uri. |
Nuclear Construction Cost and Schedule | Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by December 2021 and November 2022, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 8,619 Construction contingency estimate 136 Total project capital cost forecast (a)(b) 8,755 Net investment as of March 31, 2021 (b) (7,560) Remaining estimate to complete (a) $ 1,195 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $250 million, of which $118 million had been accrued through March 31, 2021. (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. |
Schedule of Infrastructure Replacement Programs and Capital Projects | Capital expenditures incurred under specific infrastructure replacement programs during the first three months of 2021 were as follows: Utility Program Three Months Ended (in millions) Nicor Gas Investing in Illinois $ 45 Virginia Natural Gas Steps to Advance Virginia's Energy 9 Total $ 54 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers and Lease Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2021 and 2020: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Operating revenues Retail electric revenues Residential $ 1,468 $ 628 $ 776 $ 64 $ — $ — Commercial 1,117 372 686 59 — — Industrial 668 320 284 64 — — Other 24 5 17 2 — — Total retail electric revenues 3,277 1,325 1,763 189 — — Natural gas distribution revenues Residential 614 — — — — 614 Commercial 170 — — — — 170 Transportation 288 — — — — 288 Industrial 16 — — — — 16 Other 97 — — — — 97 Total natural gas distribution revenues 1,185 — — — — 1,185 Wholesale electric revenues PPA energy revenues 212 43 13 4 156 — PPA capacity revenues 119 29 13 3 75 — Non-PPA revenues 67 32 9 88 61 — Total wholesale electric revenues 398 104 35 95 292 — Other natural gas revenues Wholesale gas services 1,590 — — — — 1,590 Gas marketing services 194 — — — — 194 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 1,791 — — — — 1,791 Other revenues 249 46 113 8 4 — Total revenue from contracts with customers 6,900 1,475 1,911 292 296 2,976 Other revenue sources (a) 1,306 84 59 15 144 1,014 Other adjustments (b) (2,296) — — — — (2,296) Total operating revenues $ 5,910 $ 1,559 $ 1,970 $ 307 $ 440 $ 1,694 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2020 Operating revenues Retail electric revenues Residential $ 1,370 $ 553 $ 760 $ 57 $ — $ — Commercial 1,146 364 720 62 — — Industrial 680 321 281 78 — — Other 23 5 16 2 — — Total retail electric revenues 3,219 1,243 1,777 199 — — Natural gas distribution revenues Residential 496 — — — — 496 Commercial 130 — — — — 130 Transportation 264 — — — — 264 Industrial 12 — — — — 12 Other 97 — — — — 97 Total natural gas distribution revenues 999 — — — — 999 Wholesale electric revenues PPA energy revenues 159 27 9 2 125 — PPA capacity revenues 105 27 12 1 66 — Non-PPA revenues 51 19 2 69 58 — Total wholesale electric revenues 315 73 23 72 249 — Other natural gas revenues Wholesale gas services 396 — — — — 396 Gas marketing services 163 — — — — 163 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 566 — — — — 566 Other revenues 192 37 95 5 3 — Total revenue from contracts with customers 5,291 1,353 1,895 276 252 1,565 Other revenue sources (a) 868 (2) (70) 1 123 825 Other adjustments (b) (1,141) — — — — (1,141) Total operating revenues $ 5,018 $ 1,351 $ 1,825 $ 277 $ 375 $ 1,249 (a) Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under "Southern Company Gas" for additional information on the components of wholesale gas services' operating revenues. |
Schedule of Contract Balances | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2021 and December 31, 2020: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable As of March 31, 2021 $ 2,375 $ 567 $ 679 $ 87 $ 85 $ 778 As of December 31, 2020 2,614 632 806 77 112 788 Contract Assets As of March 31, 2021 $ 106 $ 1 $ 47 $ — $ — $ — As of December 31, 2020 158 2 71 — — — Contract Liabilities As of March 31, 2021 $ 75 $ 4 $ 34 $ 1 $ 1 $ 1 As of December 31, 2020 61 6 27 1 1 1 |
Schedule of Remaining Performance Obligations | Revenues from contracts with customers related to these performance obligations remaining at March 31, 2021 are expected to be recognized as follows: 2021 (remaining) 2022 2023 2024 2025 Thereafter (in millions) Southern Company $ 485 $ 408 $ 340 $ 327 $ 307 $ 2,666 Alabama Power 24 31 24 7 5 — Georgia Power 57 51 36 24 21 41 Southern Power 213 287 280 296 280 2,644 |
Schedule of Lease Income | Lease income for the three months ended March 31, 2021 and 2020 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2021 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 55 21 10 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 142 $ 21 $ 10 $ 3 $ 111 $ 9 For the Three Months Ended March 31, 2020 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 51 6 16 — 24 9 Variable lease income 74 — — — 80 — Total lease income $ 128 $ 6 $ 16 $ 3 $ 104 $ 9 |
Consolidated Entities and Equ_2
Consolidated Entities and Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Equity Method Investments | The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2021 and December 31, 2020 and related income from those investments for the three months ended March 31, 2021 and 2020 were as follows: Investment Balance March 31, 2021 December 31, 2020 (in millions) SNG $ 1,164 $ 1,167 PennEast Pipeline (*) 93 91 Other 33 32 Total $ 1,290 $ 1,290 (*) See Note (C) under "Other Matters – Southern Company Gas" for additional information. |
Schedule of Earnings from Equity Method Investments | Earnings from Equity Method Investments Three Months Ended Three Months Ended (in millions) SNG $ 38 $ 37 PennEast Pipeline (a) 2 2 Other (a)(b) 1 4 Total $ 41 $ 43 (a) Earnings primarily result from AFUDC equity recorded by the project entity. (b) On March 24, 2020, Southern Company Gas completed the sale of its interests in Atlantic Coast Pipeline and Pivotal LNG. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Arrangements | At March 31, 2021, committed credit arrangements with banks were as follows: Expires Company 2021 2022 2023 2024 Total Unused Due within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,999 $ — Alabama Power 3 525 — 800 1,328 1,328 3 Georgia Power — — — 1,750 1,750 1,728 — Mississippi Power — 150 125 — 275 250 — Southern Power (a) — — — 600 600 568 — Southern Company Gas (b) — — — 1,750 1,750 1,745 — SEGCO 30 — — — 30 30 30 Southern Company $ 33 $ 675 $ 125 $ 6,900 $ 7,733 $ 7,648 $ 33 (a) Does not include Southern Power Company's $75 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2023, of which $12 million and $1 million, respectively, was unused at March 31, 2021. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.05 billion of this arrangement. Southern Company Gas' committed credit arrangement also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to this multi-year credit arrangement, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. |
Schedule of Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in millions) As reported shares 1,060 1,057 Effect of stock-based compensation 6 7 Effect of equity units — 3 Diluted shares 1,066 1,067 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2021 and 2020 are presented in the following tables. Three Months Ended Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 109 $ 26 $ 28 $ 4 $ 2 $ 9 Interest cost 87 20 26 4 1 6 Expected return on plan assets (298) (72) (94) (14) (3) (21) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net (gain)/loss 78 21 25 4 1 3 Net periodic pension cost (income) $ (24) $ (5) $ (15) $ (2) $ 1 $ — Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 8 2 3 — — 1 Expected return on plan assets (19) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ — Three Months Ended Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 94 $ 22 $ 24 $ 4 $ 2 $ 8 Interest cost 108 25 33 5 1 8 Expected return on plan assets (275) (66) (87) (13) (3) (19) Amortization: Prior service costs 1 — — — — (1) Regulatory asset — — — — — 4 Net (gain)/loss 67 18 22 3 1 2 Net periodic pension cost (income) $ (5) $ (1) $ (8) $ (1) $ 1 $ 2 Postretirement Benefits Service cost $ 5 $ 2 $ 1 $ — $ — $ — Interest cost 13 3 5 — — 2 Expected return on plan assets (18) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ 1 $ (2) $ — $ — $ — $ 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | As of March 31, 2021, 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, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 372 $ 179 $ 34 $ — $ 585 Interest rate derivatives — 10 — — 10 Foreign currency derivatives — 41 — — 41 Investments in trusts: (b)(c) Domestic equity 782 214 — — 996 Foreign equity 145 197 — — 342 U.S. Treasury and government agency securities — 325 — — 325 Municipal bonds — 45 — — 45 Pooled funds – fixed income — 18 — — 18 Corporate bonds 5 436 — — 441 Mortgage and asset backed securities — 81 — — 81 Private equity — — — 83 83 Other 50 7 — — 57 Cash equivalents 1,121 11 — — 1,132 Other investments 9 33 — — 42 Total $ 2,484 $ 1,597 $ 34 $ 83 $ 4,198 Liabilities: Energy-related derivatives (a) $ 359 $ 158 $ 6 $ — $ 523 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 16 — 16 Total $ 359 $ 181 $ 22 $ — $ 562 Fair Value Measurements Using: As of March 31, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Nuclear decommissioning trusts: (b) Domestic equity 448 205 — — 653 Foreign equity 145 15 — — 160 U.S. Treasury and government agency securities — 20 — — 20 Municipal bonds — 1 — — 1 Corporate bonds 5 235 — — 240 Mortgage and asset backed securities — 26 — — 26 Private equity — — — 83 83 Other 27 — — — 27 Cash equivalents 401 11 — — 412 Other investments — 33 — — 33 Total $ 1,026 $ 558 $ — $ 83 $ 1,667 Liabilities: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Georgia Power Assets: Energy-related derivatives $ — $ 17 $ — $ — $ 17 Nuclear decommissioning trusts: (b)(c) Domestic equity 334 1 — — 335 Foreign equity — 179 — — 179 U.S. Treasury and government agency securities — 305 — — 305 Municipal bonds — 44 — — 44 Corporate bonds — 201 — — 201 Mortgage and asset backed securities — 55 — — 55 Other 23 7 — — 30 Total $ 357 $ 809 $ — $ — $ 1,166 Liabilities: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Fair Value Measurements Using: As of March 31, 2021: Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Southern Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 41 — — 41 Cash equivalents 115 — — — 115 Total $ 115 $ 42 $ — $ — $ 157 Liabilities: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 16 — 16 Total $ — $ 24 $ 16 $ — $ 40 Southern Company Gas Assets: Energy-related derivatives (a) $ 372 $ 138 $ 34 $ — $ 544 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 3 — — 3 Pooled funds – fixed income — 18 — — 18 Cash equivalents and restricted cash 284 — — — 284 Total $ 656 $ 167 $ 34 $ — $ 857 Liabilities: Energy-related derivatives (a) $ 359 $ 139 $ 6 $ — $ 504 (a) Excludes cash collateral of $27 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2021, approximately $34 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. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. |
Schedule of Increase (Decrease) In Fair Value Of Funds | The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2021 and 2020. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended Three Months Ended (in millions) Southern Company $ 39 $ (247) Alabama Power 41 (167) Georgia Power (2) (80) |
Schedule of Financial Instruments for which Carrying Amount Did Not Equal Fair Value | At March 31, 2021, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in millions) Long-term debt, including securities due within one year: Carrying amount $ 50,035 $ 8,866 $ 13,220 $ 1,398 $ 4,030 $ 6,588 Fair value 54,113 9,821 14,291 1,507 4,347 7,264 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043. |
Schedule of Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component | The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2021 (in millions) Beginning balance $ 28 Instruments realized or otherwise settled during period (2) Changes in fair value 2 Ending balance $ 28 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Energy-Related Derivatives | At March 31, 2021, the net volume of energy-related derivative contracts for natural gas positions, 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 Longest Longest (in millions) Southern Company (*) 907 2030 2031 Alabama Power 73 2024 — Georgia Power 125 2024 — Mississippi Power 85 2024 — Southern Power 9 2030 2021 Southern Company Gas (*) 615 2023 2031 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 4.4 billion mmBtu and short natural gas positions of 3.8 billion mmBtu as of March 31, 2021, which is also included in Southern Company's total volume. |
Schedule of Interest Rate Derivatives | At March 31, 2021, the following interest rate derivatives were outstanding: Notional Interest Weighted Hedge Fair Value Gain (Loss) at March 31, 2021 (in millions) (in millions) Cash Flow Hedges of Existing Debt Mississippi Power $ 60 1-month LIBOR 0.58% December 2021 $ — Fair Value Hedges of Existing Debt Southern Company parent 1,500 2.35% 1-month LIBOR + 0.87% July 2021 10 Southern Company $ 1,560 $ 10 |
Schedule of Foreign Currency Derivatives | At March 31, 2021, the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2021 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 9 Southern Power 564 3.78% 500 1.85% June 2026 9 Total $ 1,241 € 1,100 $ 18 |
Schedule of Derivative Category and Balance Sheet Location | The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 30 $ 4 $ 24 $ 11 Other deferred charges and assets/Other deferred credits and liabilities 16 15 18 19 Total derivatives designated as hedging instruments for regulatory purposes $ 46 $ 19 $ 42 $ 30 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 2 $ 1 $ 3 $ 5 Interest rate derivatives: Assets from risk management activities/Other current liabilities 10 — 20 — Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 23 — 23 Other deferred charges and assets/Other deferred credits and liabilities 41 — 87 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 53 $ 24 $ 110 $ 28 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 265 $ 265 $ 388 $ 331 Other deferred charges and assets/Other deferred credits and liabilities 272 237 270 232 Total derivatives not designated as hedging instruments $ 537 $ 502 $ 658 $ 563 Gross amounts recognized $ 636 $ 545 $ 810 $ 621 Gross amounts offset (a) (450) (477) (529) (557) Net amounts recognized in the Balance Sheets (b) $ 186 $ 68 $ 281 $ 64 As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 7 $ — $ 7 $ 2 Other deferred charges and assets/Other deferred credits and liabilities 5 4 5 5 Total derivatives designated as hedging instruments for regulatory purposes $ 12 $ 4 $ 12 $ 7 Gross amounts recognized $ 12 $ 4 $ 12 $ 7 Gross amounts offset (4) (4) (7) (7) Net amounts recognized in the Balance Sheets $ 8 $ — $ 5 $ — Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 11 $ 2 $ 7 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 6 6 8 8 Total derivatives designated as hedging instruments for regulatory purposes $ 17 $ 8 $ 15 $ 13 Gross amounts recognized $ 17 $ 8 $ 15 $ 13 Gross amounts offset (7) (7) (12) (12) Net amounts recognized in the Balance Sheets $ 10 $ 1 $ 3 $ 1 Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 6 $ 1 $ 4 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 5 5 5 6 Total derivatives designated as hedging instruments for regulatory purposes $ 11 $ 6 $ 9 $ 9 Gross amounts recognized $ 11 $ 6 $ 9 $ 9 Gross amounts offset (5) (5) (7) (7) Net amounts recognized in the Balance Sheets $ 6 $ 1 $ 2 $ 2 As of March 31, 2021 As of December 31, 2020 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ — $ 2 $ 2 Foreign currency derivatives: Other current assets/Other current liabilities — 23 — 23 Other deferred charges and assets/Other deferred credits and liabilities 41 — 87 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 42 $ 23 $ 89 $ 25 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ — $ — $ — $ 1 Total derivatives not designated as hedging instruments $ — $ — $ — $ 1 Net amounts recognized in the Balance Sheets $ 42 $ 23 $ 89 $ 26 Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 6 $ 1 $ 6 $ 1 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 1 $ 6 $ 1 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 1 $ 1 $ 1 $ 3 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 1 $ 1 $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 265 $ 265 $ 388 $ 330 Other deferred charges and assets/Other deferred credits and liabilities 272 237 270 232 Total derivatives not designated as hedging instruments $ 537 $ 502 $ 658 $ 562 Gross amounts of recognized $ 544 $ 504 $ 665 $ 566 Gross amounts offset (a) (434) (461) (503) (531) Net amounts recognized in the Balance Sheets (b) $ 110 $ 43 $ 162 $ 35 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $27 million and $28 million as of March 31, 2021 and December 31, 2020, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. |
Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) | At March 31, 2021 and December 31, 2020, 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 in the Balance Sheet Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At March 31, 2021: Energy-related derivatives: Other regulatory assets, deferred $ (2) $ — $ (1) $ (1) $ — Other regulatory liabilities, current 24 7 9 5 3 Other regulatory liabilities, deferred 3 1 1 1 — Total energy-related derivative gains (losses) $ 25 $ 8 $ 9 $ 5 $ 3 At December 31, 2020: Energy-related derivatives: Other regulatory assets, deferred $ (2) $ — $ (1) $ (1) $ — Other regulatory liabilities, current 12 5 2 1 4 Other regulatory liabilities, deferred 2 1 1 — — Total energy-related derivative gains (losses) $ 12 $ 6 $ 2 $ — $ 4 |
Schedule of Pre-Tax Effects of Cash Flow Hedging on AOCI | For the three months ended March 31, 2021 and 2020, the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2021 2020 (in millions) Southern Company Energy-related derivatives $ 5 $ (4) Interest rate derivatives 3 (26) Foreign currency derivatives (47) (83) Total $ (39) $ (113) Southern Power Energy-related derivatives $ 4 $ — Foreign currency derivatives (47) (83) Total $ (43) $ (83) Southern Company Gas Energy-related derivatives $ 1 $ (4) Interest rate derivatives — (23) Total $ 1 $ (27) |
Schedule of Pre-Tax Effects of Cash Flow and Fair Value Hedging on Income | For the three months ended March 31, 2021 and 2020, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2021 2020 (in millions) Southern Company Total cost of natural gas $ 583 $ 439 Gain (loss) on energy-related cash flow hedges (a) (3) (7) Total depreciation and amortization 871 857 Gain (loss) on energy-related cash flow hedges (a) 3 (1) Total interest expense, net of amounts capitalized (450) (456) Gain (loss) on interest rate cash flow hedges (a) (7) (6) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Gain (loss) on interest rate fair value hedges (b) (10) 29 Total other income (expense), net 58 103 Gain (loss) on foreign currency cash flow hedges (a)(c) (60) (31) Southern Power Total depreciation and amortization $ 119 $ 117 Gain (loss) on energy-related cash flow hedges (a) 3 (1) Total interest expense, net of amounts capitalized (38) (39) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Total other income (expense), net 7 2 Gain (loss) on foreign currency cash flow hedges (a)(c) (60) (31) (a) Reclassified from accumulated OCI into earnings. (b) For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c) The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items As of March 31, 2021 As of December 31, 2020 As of March 31, 2021 As of December 31, 2020 (in millions) (in millions) Southern Company Securities due within one year $ (1,505) $ (1,509) $ (5) $ (10) |
Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income | For the three months ended March 31, 2021 and 2020, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2021 2020 (in millions) Energy-related derivatives: Natural gas revenues (*) $ (17) $ 70 Cost of natural gas 7 7 Total derivatives in non-designated hedging relationships $ (10) $ 77 (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Assets Held for Sale | The following table provides Southern Company's major classes of assets classified as held for sale at March 31, 2021 and December 31, 2020: Southern Company At March 31, At December 31, 2021 2020 (in millions) Assets Held for Sale: Total property, plant, and equipment $ 7 $ 8 Leveraged leases 52 52 Total Assets Held for Sale $ 59 $ 60 |
Schedule of Asset Acquisitions | During the three months ended March 31, 2021, Southern Power acquired a controlling membership interest in the wind facility listed below. Acquisition-related costs were expensed as incurred and were not material. Project Facility Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern Power Ownership Percentage COD PPA Contract Period Deuel Harvest (*) Wind Invenergy Renewables, LLC 300 Deuel County, SD 100% of Class B February 2021 25 years and 15 years (*) On March 26, 2021, Southern Power acquired a controlling interest in the facility and consolidates the project's operating results in its financial statements. On March 30, 2021, Southern Power completed a tax equity transaction whereby it received $220 million. The tax equity partner, which is the Class A member, and Invenergy Renewables, LLC each own a noncontrolling interest. |
Schedule of Construction Projects | Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Under Construction at March 31, 2021 Garland Solar Storage (a) Battery energy storage system 88 Kern County, CA Third quarter 2021 20 years Tranquillity Solar Storage (a) Battery energy storage system 72 Fresno County, CA Fourth quarter 2021 20 years Glass Sands (b) Wind 118 Murray County, OK Fourth quarter 2021 12 years (a) In December 2020, Southern Power restructured its ownership of the project by contributing the Class A membership interests to an existing partnership and selling 100% of the Class B membership interests while retaining the controlling interest. Prior to commercial operation, Southern Power may restructure the project ownership again and enter into additional partnerships, but expects to retain the controlling interest. The ultimate outcome of this matter cannot be determined at this time. (b) In December 2020, Southern Power purchased 100% of the membership interests of the Glass Sands facility. |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Business Segments | Financial data for business segments and products and services for the three months ended March 31, 2021 and 2020 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended March 31, 2021 Operating revenues $ 3,764 $ 440 $ (87) $ 4,117 $ 1,694 $ 134 $ (35) $ 5,910 Segment net income (loss) (a)(b)(c) 756 97 — 853 398 (108) (8) 1,135 At March 31, 2021 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 86,053 13,995 (637) 99,411 23,377 3,392 (787) 125,393 Three Months Ended March 31, 2020 Operating revenues $ 3,407 $ 375 $ (87) $ 3,695 $ 1,249 $ 114 $ (40) $ 5,018 Segment net income (loss) (a)(d) 642 75 — 717 275 (121) (3) 868 At December 31, 2020 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 85,486 13,235 (680) 98,041 22,630 3,168 (904) 122,935 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes a $48 million pre-tax charge ($36 million after tax) at Georgia Power for estimated loss on Plant Vogtle Units 3 and 4. See Note (B) under "Georgia Power – Nuclear Construction" for additional information. (c) For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes (E) and (K) under "Southern Power" for additional information. (d) For Southern Power, includes a $39 million pre-tax gain ($23 million gain after tax) on the sale of Plant Mankato. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Power" for additional information. Business segment financial data for the three months ended March 31, 2021 and 2020 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2021 Operating revenues $ 1,200 $ 8 $ 298 $ 195 $ 1,701 $ 7 $ (14) $ 1,694 Segment net income (loss) 183 29 126 56 394 4 — 398 Total assets at March 31, 2021 20,161 1,596 939 1,553 24,249 11,477 (12,349) 23,377 Three Months Ended March 31, 2020 Operating revenues $ 1,020 $ 8 $ 51 $ 177 $ 1,256 $ 8 $ (15) $ 1,249 Segment net income (loss) 164 30 23 57 274 1 — 275 Total assets at December 31, 2020 19,090 1,597 850 1,503 23,040 11,336 (11,746) 22,630 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2021 $ 2,588 $ 63 $ 2,651 $ 2,353 $ 298 Three Months Ended March 31, 2020 1,185 29 1,214 1,163 51 |
Schedule of Financial Data for Products and Services | Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2021 $ 3,342 $ 545 $ 230 $ 4,117 Three Months Ended March 31, 2020 3,078 418 199 3,695 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2021 $ 1,192 $ 298 $ 195 $ 9 $ 1,694 Three Months Ended March 31, 2020 1,013 51 177 8 1,249 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein for additional information. |
Introduction - Schedule of Good
Introduction - Schedule of Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 5,280 | $ 5,280 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,015 | 5,015 |
SOUTHERN Co GAS | Gas distribution operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,034 | 4,034 |
SOUTHERN Co GAS | Gas marketing services | ||
Goodwill [Line Items] | ||
Goodwill | $ 981 | $ 981 |
Introduction - Schedule of Othe
Introduction - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | $ 741 | $ 740 |
Accumulated Amortization | (339) | (328) |
Other Intangible Assets, Net | 402 | 412 |
Other intangible assets not subject to amortization: | ||
Federal Communications Commission licenses | 75 | 75 |
Total other intangible assets | ||
Gross Carrying Amount | 816 | 815 |
Accumulated Amortization | (339) | (328) |
Other Intangible Assets, Net | 477 | 487 |
Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 212 | 212 |
Accumulated Amortization | (139) | (135) |
Other Intangible Assets, Net | 73 | 77 |
Total other intangible assets | ||
Accumulated Amortization | (139) | (135) |
Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (33) | (31) |
Other Intangible Assets, Net | 31 | 33 |
Total other intangible assets | ||
Accumulated Amortization | (33) | (31) |
Storage and transportation contracts | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (64) | (64) |
Other Intangible Assets, Net | 0 | 0 |
Total other intangible assets | ||
Accumulated Amortization | (64) | (64) |
PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (94) | (89) |
Other Intangible Assets, Net | 296 | 301 |
Total other intangible assets | ||
Accumulated Amortization | (94) | (89) |
Other | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 11 | 10 |
Accumulated Amortization | (9) | (9) |
Other Intangible Assets, Net | 2 | 1 |
Total other intangible assets | ||
Accumulated Amortization | (9) | (9) |
SOUTHERN POWER CO | ||
Other intangible assets subject to amortization: | ||
Accumulated Amortization | (94) | (89) |
Total other intangible assets | ||
Accumulated Amortization | (94) | (89) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (94) | (89) |
Other Intangible Assets, Net | 296 | 301 |
Total other intangible assets | ||
Accumulated Amortization | (94) | (89) |
SOUTHERN Co GAS | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 246 | 246 |
Accumulated Amortization | (199) | (195) |
Other Intangible Assets, Net | 47 | 51 |
Total other intangible assets | ||
Accumulated Amortization | (199) | (195) |
Other Intangible Assets, Net | 47 | 51 |
SOUTHERN Co GAS | Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (122) | (119) |
Other Intangible Assets, Net | 34 | 37 |
Total other intangible assets | ||
Accumulated Amortization | (122) | (119) |
SOUTHERN Co GAS | Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (13) | (12) |
Other Intangible Assets, Net | 13 | 14 |
Total other intangible assets | ||
Accumulated Amortization | (13) | (12) |
SOUTHERN Co GAS | Storage and transportation contracts | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (64) | (64) |
Other Intangible Assets, Net | 0 | 0 |
Total other intangible assets | ||
Accumulated Amortization | $ (64) | $ (64) |
Introduction - Schedule of Amor
Introduction - Schedule of Amortization of Other Intangible Assets (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 11 |
Decrease in operating revenues | 5 |
SOUTHERN POWER CO | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 5 |
SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 4 |
Introduction - Schedule of Rest
Introduction - Schedule of Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,770 | $ 1,065 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 1,801 | 1,068 | $ 2,168 | $ 1,978 |
Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 2 | 2 | ||
Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 29 | 0 | ||
SOUTHERN POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 314 | 182 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 343 | 182 | 330 | 279 |
SOUTHERN POWER CO | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 0 | |||
SOUTHERN POWER CO | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 29 | |||
SOUTHERN Co GAS | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 309 | 17 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 311 | 19 | $ 314 | $ 49 |
SOUTHERN Co GAS | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 2 | 2 | ||
SOUTHERN Co GAS | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | $ 0 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Cost Recovery Clauses (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | $ 487 | $ 0 |
ALABAMA POWER CO | Other regulatory liabilities, current | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | 33 | 28 |
Retail Energy Cost Recovery | 0 | 18 |
ALABAMA POWER CO | Other regulatory liabilities, deferred | ||
Loss Contingencies [Line Items] | ||
Natural Disaster Reserve | 52 | 77 |
ALABAMA POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Rate CNP PPA | 58 | 58 |
Retail Energy Cost Recovery | 15 | 0 |
GEORGIA POWER CO | Over recovered fuel clause revenues | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 83 | 113 |
MISSISSIPPI POWER CO | Other regulatory liabilities, deferred | ||
Loss Contingencies [Line Items] | ||
Property Damage Reserve | 0 | 4 |
MISSISSIPPI POWER CO | Over recovered regulatory clause liabilities | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 18 | 24 |
MISSISSIPPI POWER CO | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 12 | 11 |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 45 | 41 |
Property Damage Reserve | 1 | 0 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 487 | 0 |
SOUTHERN Co GAS | Other regulatory liabilities | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 12 | 88 |
SOUTHERN Co GAS | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 487 | 0 |
SOUTHERN Co GAS | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | $ 185 | $ 0 |
Regulatory Matters - APC (Detai
Regulatory Matters - APC (Details) - USD ($) $ in Millions | Apr. 15, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | $ 9,525 | $ 8,697 | |
ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | 1,052 | 866 | |
ALABAMA POWER CO | Plant Barry Unit 8 | |||
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | 161 | ||
MISSISSIPPI POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | $ 163 | $ 146 | |
MISSISSIPPI POWER CO | Plant Greene County Units 1 and 2 | ALABAMA POWER CO | Subsequent Event | |||
Public Utilities, General Disclosures [Line Items] | |||
Proportionate ownership share | 40.00% |
Regulatory Matters - GPC Rate P
Regulatory Matters - GPC Rate Plan (Details) $ in Millions | Jan. 01, 2021USD ($) |
GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | |
Public Utilities, General Disclosures [Line Items] | |
Approved reduction in amortization of CCR ARO costs | $ 90 |
Regulatory Matters - GPC Nuclea
Regulatory Matters - GPC Nuclear Construction (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2012utilityMW | Aug. 31, 2018 | |
Loss Contingencies [Line Items] | ||||
Estimated loss on Plant Vogtle Units 3 and 4 | $ 48 | $ 0 | ||
GEORGIA POWER CO | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | $ 0 | ||
Estimated loss on Plant Vogtle Units 3 and 4, net of tax | $ 36 | |||
GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | ||||
Loss Contingencies [Line Items] | ||||
Proportionate ownership share | 45.70% | |||
Number of construction units approved | utility | 2 | |||
Electric generating capacity in mega watts under consortium agreement | MW | 1,100 | |||
Estimated cost to complete, construction contingency estimate, financing costs | $ 3,000 | |||
Estimated cost to complete, construction contingency estimate, financing costs, incurred to date | 2,700 | |||
Construction contingency estimate | 84 | |||
Construction contingency estimate, additional amount | 48 | |||
Base project capital cost forecast, monthly | 25 | |||
Monthly AFUDC | $ 15 | |||
Percentage of ownership interest required for voting for continuing construction | 90.00% | |||
GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | Vogtle Owners | ||||
Loss Contingencies [Line Items] | ||||
Period of notice required in the event letters of credit are not renewed | 30 days | |||
Minimum | GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | COVID-19 | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss, loss of productivity, term | 3 months | |||
Estimate of possible loss | $ 150 | |||
Maximum | GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | COVID-19 | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss, loss of productivity, term | 4 months | |||
Estimate of possible loss | $ 190 |
Regulatory Matters - GPC Nucl_2
Regulatory Matters - GPC Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO - Plant Vogtle Units 3 And 4 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Loss Contingencies [Line Items] | ||
Base project capital cost forecast | $ 8,619 | |
Construction contingency estimate | 136 | |
Total project capital cost forecast | 8,755 | |
Net investment as of March 31, 2021 | (7,560) | |
Remaining estimate to complete | 1,195 | |
Expected capitalized costs | 250 | |
Capitalized interest accrued | 118 | |
Twenty Third Vogtle Construction Monitoring Report | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations | 1,700 | $ 1,700 |
Customer refund | $ 188 | $ 188 |
Regulatory Matters - GPC Amendm
Regulatory Matters - GPC Amendments to the Vogtle Joint Ownership Agreements (Details) - Plant Vogtle Units 3 And 4 - Georgia Power - USD ($) $ in Millions | Jan. 11, 2018 | Mar. 31, 2021 | Aug. 31, 2018 |
Public Utilities, General Disclosures [Line Items] | |||
Production tax credits, aggregate purchase price, maximum | $ 300 | ||
Preliminary estimated cost to complete | $ 8,755 | ||
Additional construction capital costs | $ 3,300 | ||
Remaining share of construction costs, agreement to pay, percentage | 100.00% | ||
Percentage of ownership interest required for voting for continuing construction | 90.00% | ||
Percentage of costs, disallowed for recovery | 6.00% | ||
Costs disallowed for recovery, period | 6 months | ||
Public utilities, extension project schedule, term | 1 year | ||
Category I | |||
Public Utilities, General Disclosures [Line Items] | |||
Preliminary estimated cost to complete | $ 8,400 | ||
Additional construction capital costs, threshold | $ 800 | ||
Category II | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 55.70% | ||
Additional construction capital costs | $ 80 | ||
Category II | Vogtle Owners | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 44.30% | ||
Category II | Minimum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 800 | ||
Category II | Maximum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 1,600 | ||
Category III | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 65.70% | ||
Additional construction capital costs | $ 100 | ||
Category III | Vogtle Owners | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 34.30% | ||
Category III | Maximum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 2,100 |
Regulatory Matters - GPC Nucl_3
Regulatory Matters - GPC Nuclear Construction Regulatory Matters (Details) - Plant Vogtle Units 3 And 4 - Georgia Power $ in Millions | Jan. 01, 2021 | Aug. 31, 2020USD ($) | Jan. 01, 2020 | Jan. 11, 2018USD ($) | Jan. 01, 2016 | Nov. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)report | Dec. 31, 2009USD ($) | Dec. 31, 2013 |
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Estimated in-service capital cost | $ 4,418 | ||||||||||||
Financing costs collected, net of tax | $ 2,600 | ||||||||||||
Cost settlement agreement revised forecast, net of payments | $ 7,300 | ||||||||||||
Requested decrease in NCCR tariff | $ 142 | ||||||||||||
Additional construction capital costs | 3,300 | ||||||||||||
Payments for contractor settlement agreement | 300 | ||||||||||||
Amendment to estimated in-service capital cost | $ 5,680 | ||||||||||||
Retail rate of return on common equity | 10.95% | ||||||||||||
Public utilities, approved return on equity percentage | 5.30% | 8.30% | 10.00% | ||||||||||
Public utilities, approved return on equity, monthly percentage decrease | 0.10% | ||||||||||||
Return on equity reduction, negative impact on earnings | $ 150 | ||||||||||||
Twenty Third Vogtle Construction Monitoring Report | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of approved construction management reports | report | 23 | ||||||||||||
Requested capital construction costs | $ 8,100 | ||||||||||||
Guarantor obligations | $ 1,700 | 1,700 | |||||||||||
Customer refund | $ 188 | $ 188 | |||||||||||
Twenty Fourth Vogtle Construction Monitoring Report | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested capital construction costs | $ 670 | ||||||||||||
Scenario, Forecast | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Return on equity reduction, negative impact on earnings | $ 200 | $ 265 |
Regulatory Matters - MPC (Detai
Regulatory Matters - MPC (Details) - MISSISSIPPI POWER CO $ in Millions | Apr. 06, 2021USD ($) | Mar. 15, 2021USD ($) | Apr. 15, 2021MW | Mar. 31, 2021USD ($) | Dec. 31, 2020MW |
Loss Contingencies [Line Items] | |||||
Requested revenues increase percentage | 1.80% | ||||
Requested revenues increase amount | $ | $ 16 | ||||
Required fossil-stream generation retirements (in MWs) | MW | 950 | ||||
Plant Daniel Units 1 and 2 | |||||
Loss Contingencies [Line Items] | |||||
Remaining net book value | $ | $ 531 | ||||
Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Requested revenues increase amount | $ | $ 28 | ||||
Public utilities, valorem taxes previously recovered, amount | $ | $ 19 | ||||
Subsequent Event | Plant Watson Unit 4 | |||||
Loss Contingencies [Line Items] | |||||
Required fossil-stream generation retirements (in MWs) | MW | 268 | ||||
Subsequent Event | Plant Greene County Units 1 and 2 | |||||
Loss Contingencies [Line Items] | |||||
Required fossil-stream generation retirements (in MWs) | MW | 103 | ||||
Subsequent Event | Plant Greene County Units 1 and 2 | ALABAMA POWER CO | |||||
Loss Contingencies [Line Items] | |||||
Proportionate ownership share | 40.00% | ||||
Subsequent Event | Plant Daniel Units 1 and 2 | |||||
Loss Contingencies [Line Items] | |||||
Required fossil-stream generation retirements (in MWs) | MW | 502 | ||||
Proportionate ownership share | 50.00% |
Regulatory Matters - GAS Narrat
Regulatory Matters - GAS Narrative (Details) - Subsequent Event $ in Billions | Apr. 28, 2021USD ($) | Apr. 06, 2021mi |
Virginia Natural Gas | ||
Loss Contingencies [Line Items] | ||
Motion filed to withdraw project application, header improvement project, scope of project | mi | 9.5 | |
Atlanta Gas Light | ||
Loss Contingencies [Line Items] | ||
Integrated capacity delivery plan, capital budgets and related operations and maintenance spending, term | 10 years | |
Integrated capacity delivery plan, review period | 5 months | |
Atlanta Gas Light | Minimum | ||
Loss Contingencies [Line Items] | ||
Integrated capacity delivery plan, capital forecast plan, amount, years one through three | $ 0.5 | |
Atlanta Gas Light | Maximum | ||
Loss Contingencies [Line Items] | ||
Integrated capacity delivery plan, capital forecast plan, amount, years one through three | $ 0.6 |
Regulatory Matters - GAS Schedu
Regulatory Matters - GAS Schedule of Infrastructure Replacement Programs and Capital Projects (Details) - SOUTHERN Co GAS $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 54 |
Investing in Illinois | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 45 |
Steps to Advance Virginia's Energy | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 9 |
Contingencies - General Litigat
Contingencies - General Litigation Matters (Details) - Pending Litigation $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2019plaintiff | Dec. 31, 2018USD ($)plaintiffdefendant | Dec. 31, 2017claim | |
Shareholder Derivative Lawsuits | |||
Loss Contingencies [Line Items] | |||
Pending number of claims | claim | 2 | ||
Stay period | 30 days | ||
MISSISSIPPI POWER CO | Purported Violations of Mississippi Consumer Protection Act | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | plaintiff | 4 | 10 | |
Number of defendants | defendant | 3 | ||
Underpayment of refunds | $ | $ 23.5 |
Contingencies - Environmental R
Contingencies - Environmental Remediation (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
GEORGIA POWER CO | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 16 | $ 15 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 240 | $ 245 |
Contingencies - Other Matters (
Contingencies - Other Matters (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 1,368 | $ 1,362 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 1,290 | 1,290 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Loss Contingencies [Line Items] | ||
Construction contingency estimate | 300 | |
Equity investments in unconsolidated subsidiaries | 93 | 91 |
SOUTHERN Co GAS | SNG | ||
Loss Contingencies [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 1,164 | $ 1,167 |
Ownership percentage, equity method investment | 50.00% | |
Commitment to fund contingent capital contribution | $ 150 | |
SNG | ||
Loss Contingencies [Line Items] | ||
Debt maturing in June 2021 | $ 300 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers and Lease Income - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 6,900 | $ 5,291 |
Total operating revenues | 5,910 | 5,018 |
Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,277 | 3,219 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,468 | 1,370 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,117 | 1,146 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 668 | 680 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 24 | 23 |
Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,185 | 999 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 614 | 496 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 170 | 130 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 288 | 264 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 16 | 12 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 97 | 97 |
Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 398 | 315 |
PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 212 | 159 |
PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 119 | 105 |
Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 67 | 51 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,791 | 566 |
Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,590 | 396 |
Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 194 | 163 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 7 | 7 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 249 | 192 |
Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 1,306 | 868 |
Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | (2,296) | (1,141) |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,475 | 1,353 |
Total operating revenues | 1,559 | 1,351 |
ALABAMA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,325 | 1,243 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 628 | 553 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 372 | 364 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 320 | 321 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5 | 5 |
ALABAMA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 104 | 73 |
ALABAMA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 43 | 27 |
ALABAMA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 29 | 27 |
ALABAMA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 32 | 19 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 46 | 37 |
ALABAMA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 84 | (2) |
ALABAMA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,911 | 1,895 |
Total operating revenues | 1,970 | 1,825 |
GEORGIA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,763 | 1,777 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 776 | 760 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 686 | 720 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 284 | 281 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 17 | 16 |
GEORGIA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 35 | 23 |
GEORGIA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 13 | 9 |
GEORGIA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 13 | 12 |
GEORGIA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 9 | 2 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 113 | 95 |
GEORGIA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 59 | (70) |
GEORGIA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 292 | 276 |
Total operating revenues | 307 | 277 |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 189 | 199 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 64 | 57 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 59 | 62 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 64 | 78 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2 | 2 |
MISSISSIPPI POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 95 | 72 |
MISSISSIPPI POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4 | 2 |
MISSISSIPPI POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3 | 1 |
MISSISSIPPI POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 88 | 69 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 8 | 5 |
MISSISSIPPI POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 15 | 1 |
MISSISSIPPI POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 296 | 252 |
Total operating revenues | 440 | 375 |
SOUTHERN POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 292 | 249 |
SOUTHERN POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 156 | 125 |
SOUTHERN POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 75 | 66 |
SOUTHERN POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 61 | 58 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4 | 3 |
SOUTHERN POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 144 | 123 |
SOUTHERN POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,976 | 1,565 |
Total operating revenues | 1,694 | 1,249 |
SOUTHERN Co GAS | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,185 | 999 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 614 | 496 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 170 | 130 |
SOUTHERN Co GAS | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 288 | 264 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 16 | 12 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 97 | 97 |
SOUTHERN Co GAS | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,791 | 566 |
SOUTHERN Co GAS | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,590 | 396 |
SOUTHERN Co GAS | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 194 | 163 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 7 | 7 |
SOUTHERN Co GAS | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 1,014 | 825 |
SOUTHERN Co GAS | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ (2,296) | $ (1,141) |
Revenue from Contracts with C_4
Revenue from Contracts with Customers and Lease Income - Schedule of Contract Balances (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | $ 2,375 | $ 2,614 |
Contract Assets | 106 | 158 |
Contract Liabilities | 75 | 61 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 567 | 632 |
Contract Assets | 1 | 2 |
Contract Liabilities | 4 | 6 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 679 | 806 |
Contract Assets | 47 | 71 |
Contract Liabilities | 34 | 27 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 87 | 77 |
Contract Assets | 0 | 0 |
Contract Liabilities | 1 | 1 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 85 | 112 |
Contract Assets | 0 | 0 |
Contract Liabilities | 1 | 1 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 778 | 788 |
Contract Assets | 0 | 0 |
Contract Liabilities | $ 1 | $ 1 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers and Lease Income - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 106 | $ 158 |
Contract liabilities | 75 | 61 |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 55 | 81 |
Contract liabilities | 34 | 27 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 47 | 71 |
Contract liabilities | $ 34 | $ 27 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers and Lease Income - Schedule of Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 485 |
Performance obligation, expected timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 408 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 340 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 327 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 307 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,666 |
Performance obligation, expected timing of satisfaction | |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 9 months |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 31 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 7 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 5 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 57 |
Performance obligation, expected timing of satisfaction | 9 months |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 51 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 36 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 21 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 41 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 213 |
Performance obligation, expected timing of satisfaction | 9 months |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 287 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 280 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 296 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 280 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,644 |
Performance obligation, expected timing of satisfaction |
Revenue from Contracts with C_7
Revenue from Contracts with Customers and Lease Income - Schedule of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | $ 3 | $ 3 |
Lease income - operating leases | 55 | 51 |
Variable lease income | 84 | 74 |
Total lease income | 142 | 128 |
ALABAMA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 21 | 6 |
Variable lease income | 0 | 0 |
Total lease income | 21 | 6 |
GEORGIA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 10 | 16 |
Variable lease income | 0 | 0 |
Total lease income | 10 | 16 |
MISSISSIPPI POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 3 | 3 |
Lease income - operating leases | 0 | 0 |
Variable lease income | 0 | 0 |
Total lease income | 3 | 3 |
SOUTHERN POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 21 | 24 |
Variable lease income | 90 | 80 |
Total lease income | 111 | 104 |
SOUTHERN Co GAS | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 9 | 9 |
Variable lease income | 0 | 0 |
Total lease income | $ 9 | $ 9 |
Consolidated Entities and Equ_3
Consolidated Entities and Equity Method Investments - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)investor | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 125,393 | $ 122,935 |
Liabilities | 92,034 | 90,410 |
Equity method investments | 463 | 398 |
SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 13,995 | 13,235 |
Liabilities | 7,251 | 6,604 |
Equity method investments | $ 84 | 19 |
SP Solar Holdings I, LP | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 67.00% | |
SP Solar Holdings I, LP | Global Atlantic | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 33.00% | |
Variable Interest Entity, Primary Beneficiary | SP Solar Holdings I, LP | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 6,100 | |
Liabilities | 377 | 387 |
Noncontrolling interests related to other partners' interests | 1,100 | 1,100 |
Variable Interest Entity, Primary Beneficiary | SP Wind | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2,400 | |
Liabilities | 171 | 138 |
Noncontrolling interests related to other partners' interests | $ 42 | 43 |
Distribution made to limited partner, cash distributions paid, percentage | 60.00% | |
Number of financial investors | investor | 3 | |
Variable Interest Entity, Primary Beneficiary | SP Wind | Financial Investors | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 40.00% | |
Variable Interest Entity, Primary Beneficiary | Other Variable Interest Entities | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 1,900 | 1,100 |
Liabilities | 260 | 110 |
Noncontrolling interests related to other partners' interests | $ 926 | $ 454 |
Consolidated Entities and Equ_4
Consolidated Entities and Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,368 | $ 1,362 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,290 | 1,290 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,164 | 1,167 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 93 | 91 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 33 | $ 32 |
Consolidated Entities and Equ_5
Consolidated Entities and Equity Method Investments - Schedule of Earnings from Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 45 | $ 42 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 41 | 43 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 38 | 37 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 2 | 2 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 1 | $ 4 |
Financing - Schedule of Credit
Financing - Schedule of Credit Arrangements (Details) | Mar. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Expires, 2021 | $ 33,000,000 |
Expires, 2022 | 675,000,000 |
Expires, 2023 | 125,000,000 |
Expires, 2024 | 6,900,000,000 |
Total | 7,733,000,000 |
Unused | 7,648,000,000 |
Due within One Year | 33,000,000 |
Southern Company parent | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 2,000,000,000 |
Total | 2,000,000,000 |
Unused | 1,999,000,000 |
Due within One Year | 0 |
ALABAMA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 3,000,000 |
Expires, 2022 | 525,000,000 |
Expires, 2023 | 0 |
Expires, 2024 | 800,000,000 |
Total | 1,328,000,000 |
Unused | 1,328,000,000 |
Due within One Year | 3,000,000 |
GEORGIA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,728,000,000 |
Due within One Year | 0 |
MISSISSIPPI POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 0 |
Expires, 2022 | 150,000,000 |
Expires, 2023 | 125,000,000 |
Expires, 2024 | 0 |
Total | 275,000,000 |
Unused | 250,000,000 |
Due within One Year | 0 |
SOUTHERN POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 600,000,000 |
Total | 600,000,000 |
Unused | 568,000,000 |
Due within One Year | 0 |
SOUTHERN POWER CO | Continuing Letter of Credit Facility A | |
Line of Credit Facility [Line Items] | |
Expires, 2023 | 75,000,000 |
Unused | 12,000,000 |
SOUTHERN POWER CO | Continuing Letter of Credit Facility B | |
Line of Credit Facility [Line Items] | |
Expires, 2023 | 60,000,000 |
Unused | 1,000,000 |
SOUTHERN Co GAS | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,745,000,000 |
Due within One Year | 0 |
SEGCO | |
Line of Credit Facility [Line Items] | |
Expires, 2021 | 30,000,000 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Total | 30,000,000 |
Unused | 30,000,000 |
Due within One Year | 30,000,000 |
Southern Company Gas Capital | |
Line of Credit Facility [Line Items] | |
Total | 1,050,000,000 |
Nicor Gas | |
Line of Credit Facility [Line Items] | |
Total | $ 700,000,000 |
Financing - Narrative (Details)
Financing - Narrative (Details) $ in Millions | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Variable rate pollution control revenue bonds outstanding | $ 1,400 |
ALABAMA POWER CO | |
Debt Instrument [Line Items] | |
Variable rate pollution control revenue bonds outstanding | 854 |
GEORGIA POWER CO | |
Debt Instrument [Line Items] | |
Variable rate pollution control revenue bonds outstanding | 550 |
Fixed rate pollution control revenue bonds outstanding | 174 |
MISSISSIPPI POWER CO | |
Debt Instrument [Line Items] | |
Variable rate pollution control revenue bonds outstanding | 34 |
Fixed rate pollution control revenue bonds outstanding | $ 50 |
Financing - Schedule of Shares
Financing - Schedule of Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | ||
As reported shares (in shares) | 1,060 | 1,057 |
Effect of stock-based compensation (in shares) | 6 | 7 |
Effect of equity units (in shares) | 0 | 3 |
Diluted shares (in shares) | 1,066 | 1,067 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
MISSISSIPPI POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 8.40% | 16.20% |
SOUTHERN POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | (17.30%) | 13.50% |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | |
Pension Plans and Postretirement Plans | ||
Service cost | 109,000,000 | $ 94,000,000 |
Interest cost | 87,000,000 | 108,000,000 |
Expected return on plan assets | (298,000,000) | (275,000,000) |
Amortization: | ||
Prior service costs | 0 | 1,000,000 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 78,000,000 | 67,000,000 |
Net periodic pension cost (income) | (24,000,000) | (5,000,000) |
Pension Plans | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 26,000,000 | 22,000,000 |
Interest cost | 20,000,000 | 25,000,000 |
Expected return on plan assets | (72,000,000) | (66,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 21,000,000 | 18,000,000 |
Net periodic pension cost (income) | (5,000,000) | (1,000,000) |
Pension Plans | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 28,000,000 | 24,000,000 |
Interest cost | 26,000,000 | 33,000,000 |
Expected return on plan assets | (94,000,000) | (87,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 25,000,000 | 22,000,000 |
Net periodic pension cost (income) | (15,000,000) | (8,000,000) |
Pension Plans | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 4,000,000 | 4,000,000 |
Interest cost | 4,000,000 | 5,000,000 |
Expected return on plan assets | (14,000,000) | (13,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 4,000,000 | 3,000,000 |
Net periodic pension cost (income) | (2,000,000) | (1,000,000) |
Pension Plans | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 2,000,000 |
Interest cost | 1,000,000 | 1,000,000 |
Expected return on plan assets | (3,000,000) | (3,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 1,000,000 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 |
Pension Plans | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 9,000,000 | 8,000,000 |
Interest cost | 6,000,000 | 8,000,000 |
Expected return on plan assets | (21,000,000) | (19,000,000) |
Amortization: | ||
Prior service costs | (1,000,000) | (1,000,000) |
Regulatory asset | 4,000,000 | 4,000,000 |
Net (gain)/loss | 3,000,000 | 2,000,000 |
Net periodic pension cost (income) | 0 | 2,000,000 |
Postretirement Benefits | ||
Pension Plans and Postretirement Plans | ||
Service cost | 6,000,000 | 5,000,000 |
Interest cost | 8,000,000 | 13,000,000 |
Expected return on plan assets | (19,000,000) | (18,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 1,000,000 |
Net periodic pension cost (income) | (4,000,000) | 1,000,000 |
Postretirement Benefits | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 2,000,000 |
Interest cost | 2,000,000 | 3,000,000 |
Expected return on plan assets | (7,000,000) | (7,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | (4,000,000) | (2,000,000) |
Postretirement Benefits | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 1,000,000 |
Interest cost | 3,000,000 | 5,000,000 |
Expected return on plan assets | (7,000,000) | (7,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 1,000,000 |
Net periodic pension cost (income) | (1,000,000) | 0 |
Postretirement Benefits | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1,000,000 | 2,000,000 |
Expected return on plan assets | (2,000,000) | (2,000,000) |
Amortization: | ||
Regulatory asset | 2,000,000 | 2,000,000 |
Net (gain)/loss | (1,000,000) | (1,000,000) |
Net periodic pension cost (income) | $ 0 | $ 1,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Derivatives | $ 186 | $ 281 |
Liabilities: | ||
Derivatives | 68 | 64 |
Collateral already posted, assets, aggregate fair value | 27 | |
ALABAMA POWER CO | ||
Assets: | ||
Derivatives | 8 | 5 |
Liabilities: | ||
Derivatives | 0 | 0 |
GEORGIA POWER CO | ||
Assets: | ||
Derivatives | 10 | 3 |
Investments in trusts | 34 | |
Liabilities: | ||
Derivatives | 1 | 1 |
MISSISSIPPI POWER CO | ||
Assets: | ||
Derivatives | 6 | 2 |
Liabilities: | ||
Derivatives | 1 | 2 |
SOUTHERN POWER CO | ||
Assets: | ||
Derivatives | 42 | 89 |
Liabilities: | ||
Derivatives | 23 | 26 |
SOUTHERN Co GAS | ||
Assets: | ||
Derivatives | 110 | 162 |
Liabilities: | ||
Derivatives | 43 | 35 |
Collateral already posted, assets, aggregate fair value | 27 | $ 28 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 1,132 | |
Other investments | 42 | |
Total | 4,198 | |
Liabilities: | ||
Contingent consideration | 16 | |
Total | 562 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 1,121 | |
Other investments | 9 | |
Total | 2,484 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 359 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 11 | |
Other investments | 33 | |
Total | 1,597 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 181 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 34 | |
Liabilities: | ||
Contingent consideration | 16 | |
Total | 22 | |
Fair Value, Measurements, Recurring | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 83 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | ||
Assets: | ||
Derivatives | 585 | |
Liabilities: | ||
Derivatives | 523 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 372 | |
Liabilities: | ||
Derivatives | 359 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 179 | |
Liabilities: | ||
Derivatives | 158 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 34 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | ||
Assets: | ||
Derivatives | 10 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 10 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Assets: | ||
Derivatives | 41 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 41 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Investments in trusts | 996 | |
Fair Value, Measurements, Recurring | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 782 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 214 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Foreign equity | ||
Assets: | ||
Investments in trusts | 342 | |
Fair Value, Measurements, Recurring | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 145 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 197 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 325 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 325 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Assets: | ||
Investments in trusts | 45 | |
Fair Value, Measurements, Recurring | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 45 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | ||
Assets: | ||
Investments in trusts | 18 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 18 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Investments in trusts | 441 | |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 436 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 81 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 81 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | ||
Assets: | ||
Investments in trusts | 83 | |
Fair Value, Measurements, Recurring | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 83 | |
Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Investments in trusts | 57 | |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 50 | |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 7 | |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | ||
Assets: | ||
Cash equivalents | 412 | |
Other investments | 33 | |
Total | 1,667 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 401 | |
Other investments | 0 | |
Total | 1,026 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 11 | |
Other investments | 33 | |
Total | 558 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 83 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 12 | |
Liabilities: | ||
Derivatives | 4 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 12 | |
Liabilities: | ||
Derivatives | 4 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 653 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 448 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 205 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 160 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 145 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 15 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 20 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 20 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 240 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 235 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 26 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 26 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | ||
Assets: | ||
Investments in trusts | 83 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 83 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 27 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 27 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | ||
Assets: | ||
Total | 1,166 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total | 357 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 809 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 17 | |
Liabilities: | ||
Derivatives | 8 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 17 | |
Liabilities: | ||
Derivatives | 8 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 335 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 334 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 179 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 179 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 305 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 305 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 44 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 44 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 201 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 201 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 55 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 55 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 30 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 23 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 7 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 11 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 11 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | ||
Assets: | ||
Cash equivalents | 115 | |
Total | 157 | |
Liabilities: | ||
Contingent consideration | 16 | |
Total | 40 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 115 | |
Total | 115 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 42 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 24 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Contingent consideration | 16 | |
Total | 16 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 1 | |
Liabilities: | ||
Derivatives | 1 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 1 | |
Liabilities: | ||
Derivatives | 1 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | ||
Assets: | ||
Derivatives | 41 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 41 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | ||
Assets: | ||
Cash equivalents | 284 | |
Total | 857 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 284 | |
Total | 656 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 167 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 34 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | ||
Assets: | ||
Derivatives | 544 | |
Liabilities: | ||
Derivatives | 504 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 372 | |
Liabilities: | ||
Derivatives | 359 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 138 | |
Liabilities: | ||
Derivatives | 139 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 34 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | ||
Assets: | ||
Non-qualified deferred compensation trusts | 18 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 18 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Increase (Decrease) In Fair Value Of Funds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ 39 | $ (247) |
ALABAMA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | 41 | (167) |
GEORGIA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (2) | $ (80) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Mar. 31, 2021USD ($)$ / MMBTU |
ALABAMA POWER CO | Private equity | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 83 |
Unfunded commitments | 68 |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value of derivatives | $ 28 |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Minimum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Measurement input (usd per mmbtu) | $ / MMBTU | (0.07) |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Maximum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Measurement input (usd per mmbtu) | $ / MMBTU | 0.30 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Mar. 31, 2021USD ($) |
Long-term debt, including securities due within one year: | |
Carrying amount | $ 50,035 |
Fair value | 54,113 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 8,866 |
Fair value | 9,821 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 13,220 |
Fair value | 14,291 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1,398 |
Fair value | 1,507 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 4,030 |
Fair value | 4,347 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 6,588 |
Fair value | $ 7,264 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component (Details) - SOUTHERN Co GAS $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 28 |
Instruments realized or otherwise settled during period | (2) |
Changes in fair value | 2 |
Ending balance | $ 28 |
Derivatives - Schedule of Energ
Derivatives - Schedule of Energy-Related Derivatives (Details) - Energy-related, Natural Gas MMBTU in Millions | Mar. 31, 2021MMBTU |
Energy-related derivative contracts | |
Net Purchased mmBtu | 907 |
ALABAMA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 73 |
GEORGIA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 125 |
MISSISSIPPI POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 85 |
SOUTHERN POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 9 |
SOUTHERN Co GAS | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 615 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Long | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 4,400 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Short | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 3,800 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) MMBTU in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)MMBTU | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 39 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ | $ (25,000,000) | |
Collateral already posted, assets, aggregate fair value | $ | $ 27,000,000 | |
ALABAMA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 10 | |
GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 12 | |
MISSISSIPPI POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 5 | |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 12 | |
Parent Company and Southern Power | ||
Derivative [Line Items] | ||
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | $ | $ 2,000,000 | |
Registrants | Derivative Counterparties | ||
Derivative [Line Items] | ||
Collateral already posted, assets, aggregate fair value | $ | 0 | |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Collateral already posted, assets, aggregate fair value | $ | $ 27,000,000 | $ 28,000,000 |
Derivatives - Schedule of Inter
Derivatives - Schedule of Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 1,560 |
Fair Value Gain (Loss) at March 31, 2021 | 10 |
MISSISSIPPI POWER CO | Cash Flow Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 60 |
Weighted Average Interest Rate Paid | 0.58% |
Fair Value Gain (Loss) at March 31, 2021 | $ 0 |
Southern Company parent | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 1,500 |
Interest Rate Received | 2.35% |
Fair Value Gain (Loss) at March 31, 2021 | $ 10 |
London Interbank Offered Rate (LIBOR) | Southern Company parent | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.87% |
Derivatives - Schedule of Forei
Derivatives - Schedule of Foreign Currency Derivatives (Details) - 3 months ended Mar. 31, 2021 - Cash Flow Hedges of Existing Debt - Foreign currency derivatives € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 1,241 | |
Receive Notional | € | € 1,100 | |
Fair Value Gain (Loss) at March 31, 2021 | 18 | |
SOUTHERN POWER CO | June 2022 | ||
Derivative [Line Items] | ||
Pay Notional | $ 677 | |
Pay Rate | 2.95% | |
Receive Notional | € | 600 | |
Receive Rate | 1.00% | |
Fair Value Gain (Loss) at March 31, 2021 | $ 9 | |
SOUTHERN POWER CO | June 2026 | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | € 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) at March 31, 2021 | $ 9 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Category and Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | $ 636 | $ 810 |
Derivative asset, Gross amounts offset | (450) | (529) |
Derivative asset, net amounts recognized in the balance sheets | 186 | 281 |
Derivative liability, gross amount recognized | 545 | 621 |
Derivative liability, Gross amounts offset | (477) | (557) |
Derivative liability, net amounts recognized in the balance sheets | 68 | 64 |
Collateral already posted, assets, aggregate fair value | 27 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 537 | 658 |
Derivative liability, gross amount recognized | 502 | 563 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 265 | 388 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 265 | 331 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 272 | 270 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 237 | 232 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 46 | 42 |
Derivative liability, gross amount recognized | 19 | 30 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 30 | 24 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 4 | 11 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 16 | 18 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 15 | 19 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 53 | 110 |
Derivative liability, gross amount recognized | 24 | 28 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 2 | 3 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 5 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 10 | 20 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 23 | 23 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 41 | 87 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 12 | 12 |
Derivative asset, Gross amounts offset | (4) | (7) |
Derivative asset, net amounts recognized in the balance sheets | 8 | 5 |
Derivative liability, gross amount recognized | 4 | 7 |
Derivative liability, Gross amounts offset | (4) | (7) |
Derivative liability, net amounts recognized in the balance sheets | 0 | 0 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 12 | 12 |
Derivative liability, gross amount recognized | 4 | 7 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 7 | 7 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 2 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 5 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 4 | 5 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 17 | 15 |
Derivative asset, Gross amounts offset | (7) | (12) |
Derivative asset, net amounts recognized in the balance sheets | 10 | 3 |
Derivative liability, gross amount recognized | 8 | 13 |
Derivative liability, Gross amounts offset | (7) | (12) |
Derivative liability, net amounts recognized in the balance sheets | 1 | 1 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 17 | 15 |
Derivative liability, gross amount recognized | 8 | 13 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 11 | 7 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 5 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 8 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 6 | 8 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 11 | 9 |
Derivative asset, Gross amounts offset | (5) | (7) |
Derivative asset, net amounts recognized in the balance sheets | 6 | 2 |
Derivative liability, gross amount recognized | 6 | 9 |
Derivative liability, Gross amounts offset | (5) | (7) |
Derivative liability, net amounts recognized in the balance sheets | 1 | 2 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 11 | 9 |
Derivative liability, gross amount recognized | 6 | 9 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 4 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 3 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 5 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 5 | 6 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, net amounts recognized in the balance sheets | 42 | 89 |
Derivative liability, net amounts recognized in the balance sheets | 23 | 26 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
Derivative liability, gross amount recognized | 0 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 1 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 42 | 89 |
Derivative liability, gross amount recognized | 23 | 25 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 2 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 2 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 23 | 23 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 41 | 87 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 544 | 665 |
Derivative asset, Gross amounts offset | (434) | (503) |
Derivative asset, net amounts recognized in the balance sheets | 110 | 162 |
Derivative liability, gross amount recognized | 504 | 566 |
Derivative liability, Gross amounts offset | (461) | (531) |
Derivative liability, net amounts recognized in the balance sheets | 43 | 35 |
Collateral already posted, assets, aggregate fair value | 27 | 28 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 537 | 658 |
Derivative liability, gross amount recognized | 502 | 562 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 265 | 388 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 265 | 330 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 272 | 270 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 237 | 232 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 6 |
Derivative liability, gross amount recognized | 1 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 6 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 1 |
Derivative liability, gross amount recognized | 1 | 3 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | $ 1 | $ 3 |
Derivatives - Schedule of Pre-t
Derivatives - Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) (Details) - Energy-related derivatives - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ 25 | $ 12 |
Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (2) | (2) |
Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 24 | 12 |
Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 3 | 2 |
ALABAMA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 8 | 6 |
ALABAMA POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 0 | 0 |
ALABAMA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 7 | 5 |
ALABAMA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 1 | 1 |
GEORGIA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 9 | 2 |
GEORGIA POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (1) | (1) |
GEORGIA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 9 | 2 |
GEORGIA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 1 | 1 |
MISSISSIPPI POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 5 | 0 |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (1) | (1) |
MISSISSIPPI POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 5 | 1 |
MISSISSIPPI POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 1 | 0 |
SOUTHERN Co GAS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 3 | 4 |
SOUTHERN Co GAS | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 0 | 0 |
SOUTHERN Co GAS | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 3 | 4 |
SOUTHERN Co GAS | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ 0 | $ 0 |
Derivatives - Schedule of Pre_2
Derivatives - Schedule of Pre-Tax Effects of Cash Flow Hedging on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | $ (39) | $ (113) |
Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 5 | (4) |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 3 | (26) |
Foreign currency derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (47) | (83) |
Southern Power | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (43) | (83) |
Southern Power | Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 4 | 0 |
Southern Power | Foreign currency derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (47) | (83) |
SOUTHERN Co GAS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 1 | (27) |
SOUTHERN Co GAS | Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 1 | (4) |
SOUTHERN Co GAS | Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | $ 0 | $ (23) |
Derivatives - Schedule of Pre_3
Derivatives - Schedule of Pre-Tax Effects of Cash Flow and Fair Value Hedging on Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Total cost of sales | $ 583 | $ 439 |
Depreciation and amortization | 871 | 857 |
Total interest expense, net of amounts capitalized | (450) | (456) |
Total other income (expense), net | 58 | 103 |
Cash Flow Hedging | Energy-related derivatives | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (3) | (7) |
Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 3 | (1) |
Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (7) | (6) |
Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (6) | (6) |
Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (60) | (31) |
Fair Value Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (10) | 29 |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Depreciation and amortization | 119 | 117 |
Total interest expense, net of amounts capitalized | (38) | (39) |
Total other income (expense), net | 7 | 2 |
SOUTHERN POWER CO | Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 3 | (1) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (6) | (6) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | $ (60) | $ (31) |
Derivatives - Schedule of Cumul
Derivatives - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging - Securities due within one year - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (1,505) | $ (1,509) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ (5) | $ (10) |
Derivatives - Schedule of Pre_4
Derivatives - Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income (Details) - Derivatives not designated as hedging instruments - Energy-related derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (10) | $ 77 |
Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (17) | 70 |
Cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 7 | $ 7 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Schedule of Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets Held for Sale: | ||
Total property, plant, and equipment | $ 7 | $ 8 |
Leveraged leases | 52 | 52 |
Total Assets Held for Sale | $ 59 | $ 60 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Asset Acquisition (Details) - SOUTHERN POWER CO - Deuel Harvest $ in Millions | Mar. 30, 2021USD ($) | Feb. 28, 2021MW |
Business Acquisition [Line Items] | ||
Approximate nameplate capacity (in MWs) | MW | 300 | |
Proceeds from tax equity transaction | $ | $ 220 | |
Maximum | ||
Business Acquisition [Line Items] | ||
PPA Contract Period | 25 years | |
Minimum | ||
Business Acquisition [Line Items] | ||
PPA Contract Period | 15 years | |
Deuel Harvest | ||
Business Acquisition [Line Items] | ||
Ownership percentage by parent | 100.00% |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Southern Power Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Construction work in progress | $ 9,525 | $ 8,697 | |
Gain on equipment contribution | 44 | $ 39 | |
SOUTHERN POWER CO | |||
Business Acquisition [Line Items] | |||
Construction work in progress | 219 | $ 127 | |
Gain on equipment contribution | 39 | $ 39 | |
SOUTHERN POWER CO | Series of Construction Projects | |||
Business Acquisition [Line Items] | |||
Construction work in progress | 158 | ||
SOUTHERN POWER CO | Series of Construction Projects | Minimum | |||
Business Acquisition [Line Items] | |||
Estimated future construction payments | 392 | ||
SOUTHERN POWER CO | Series of Construction Projects | Maximum | |||
Business Acquisition [Line Items] | |||
Estimated future construction payments | $ 460 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Schedule of Construction Projects (Details) - SOUTHERN POWER CO - MW | 1 Months Ended | 3 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Garland Solar Storage | Garland Solar Storage | Class B Membership Interest | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest, ownership by parent, percentage sold | 100.00% | |
Tranquillity Solar Storage | Tranquillity Solar Storage | Class B Membership Interest | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest, ownership by parent, percentage sold | 100.00% | |
Glass Sands | Glass Sands | ||
Business Acquisition [Line Items] | ||
Ownership percentage by parent | 100.00% | |
Scenario, Forecast | Garland Solar Storage | ||
Business Acquisition [Line Items] | ||
Approximate Nameplate Capacity (MW) | 88 | |
PPA Contract Period | 20 years | |
Scenario, Forecast | Tranquillity Solar Storage | ||
Business Acquisition [Line Items] | ||
Approximate Nameplate Capacity (MW) | 72 | |
PPA Contract Period | 20 years | |
Scenario, Forecast | Glass Sands | ||
Business Acquisition [Line Items] | ||
Approximate Nameplate Capacity (MW) | 118 | |
PPA Contract Period | 12 years |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Southern Company Gas Narrative (Details) - SOUTHERN Co GAS - Disposal Group, Disposed of by Sale $ in Millions | Aug. 31, 2021USD ($) | Apr. 28, 2021USD ($) | Apr. 22, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020payment |
Pivotal LNG | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of contingent milestone payments | payment | 2 | ||||
Sequent | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net book value excluding working capital | $ 46 | ||||
Guarantor obligations, current carrying value | 279 | ||||
Guarantor obligations | $ 1,000 | ||||
Sequent | Subsequent Event | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale price | $ 50 | ||||
Scenario, Forecast | Pivotal LNG | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Contingent milestone payment, amount | $ 5 | $ 5 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)segmentstate | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 3 | |
Operating revenues | $ 6,900 | $ 5,291 |
SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 296 | 252 |
SOUTHERN POWER CO | Traditional Electric Operating Companies | Wholesale revenues, affiliates | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 81 | 86 |
SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 4 | |
Operating revenues | $ 2,976 | 1,565 |
Number of reportable segments | segment | 4 | |
SOUTHERN Co GAS | SOUTHERN POWER CO | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 12 | $ 10 |
Southern Natural Gas Company, LLC | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
PennEast Pipelines | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 20.00% | |
Dalton Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
Atlantic Coast Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 5.00% |
Segment and Related Informati_4
Segment and Related Information - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 5,910 | $ 5,018 | |
Segment net income (loss) | 1,135 | 868 | |
Goodwill | 5,280 | $ 5,280 | |
Total assets | 125,393 | 122,935 | |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 | |
Gain on sale | 41 | 38 | |
SOUTHERN POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 440 | 375 | |
Segment net income (loss) | 97 | 75 | |
Total assets | 13,995 | 13,235 | |
Gain on sale | 39 | 39 | |
SOUTHERN POWER CO | Wind Generating Facility | |||
Segment Reporting Information [Line Items] | |||
Gain on sale | 37 | ||
Gain on sale, net of tax | 28 | ||
SOUTHERN POWER CO | Disposal Group, Disposed of by Sale | Plant Mankato | |||
Segment Reporting Information [Line Items] | |||
Gain on sale | 39 | ||
Gain on sale, net of tax | 23 | ||
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,694 | 1,249 | |
Segment net income (loss) | 398 | 275 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 23,377 | 22,630 | |
GEORGIA POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,970 | 1,825 | |
Total assets | 47,349 | 47,080 | |
Estimated loss on Plant Vogtle Units 3 and 4 | 48 | 0 | |
Estimated loss on Plant Vogtle Units 3 and 4, net of tax | 36 | ||
Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 4,117 | 3,695 | |
Segment net income (loss) | 853 | 717 | |
Goodwill | 2 | 2 | |
Total assets | 99,411 | 98,041 | |
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,694 | 1,249 | |
Gas distribution operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 4,034 | 4,034 | |
Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 298 | 51 | |
Gas marketing services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 981 | 981 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,701 | 1,256 | |
Segment net income (loss) | 394 | 274 | |
Total assets | 24,249 | 23,040 | |
Operating Segments | Traditional Electric Operating Companies | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,764 | 3,407 | |
Segment net income (loss) | 756 | 642 | |
Goodwill | 0 | 0 | |
Total assets | 86,053 | 85,486 | |
Operating Segments | SOUTHERN POWER CO | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 440 | 375 | |
Segment net income (loss) | 97 | 75 | |
Goodwill | 2 | 2 | |
Total assets | 13,995 | 13,235 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,694 | 1,249 | |
Segment net income (loss) | 398 | 275 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 23,377 | 22,630 | |
Operating Segments | All Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 134 | 114 | |
Segment net income (loss) | (108) | (121) | |
Goodwill | 263 | 263 | |
Total assets | 3,392 | 3,168 | |
Operating Segments | All Other | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7 | 8 | |
Segment net income (loss) | 4 | 1 | |
Total assets | 11,477 | 11,336 | |
Operating Segments | Gas distribution operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,200 | 1,020 | |
Segment net income (loss) | 183 | 164 | |
Total assets | 20,161 | 19,090 | |
Operating Segments | Gas Pipeline Investments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 8 | |
Segment net income (loss) | 29 | 30 | |
Total assets | 1,596 | 1,597 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 298 | 51 | |
Segment net income (loss) | 126 | 23 | |
Total assets | 939 | 850 | |
Operating Segments | Gas marketing services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 195 | 177 | |
Segment net income (loss) | 56 | 57 | |
Total assets | 1,553 | 1,503 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (35) | (40) | |
Segment net income (loss) | (8) | (3) | |
Goodwill | 0 | 0 | |
Total assets | (787) | (904) | |
Eliminations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (14) | (15) | |
Segment net income (loss) | 0 | 0 | |
Total assets | (12,349) | (11,746) | |
Eliminations | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (87) | (87) | |
Segment net income (loss) | 0 | $ 0 | |
Goodwill | 0 | 0 | |
Total assets | $ (637) | $ (680) |
Segment and Related Informati_5
Segment and Related Information - Schedule of Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Concentration Risk [Line Items] | ||
Operating revenues | $ 5,910 | $ 5,018 |
Less Gross Gas Costs | 583 | 439 |
Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,342 | 3,078 |
Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 545 | 418 |
Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 170 | 151 |
Electric Utilities' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 4,117 | 3,695 |
Electric Utilities' Revenues | Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,342 | 3,078 |
Electric Utilities' Revenues | Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 545 | 418 |
Electric Utilities' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 230 | 199 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,694 | 1,249 |
Southern Company Gas' Revenues | Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,192 | 1,013 |
Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 298 | 51 |
Southern Company Gas' Revenues | Gas marketing services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 195 | 177 |
Southern Company Gas' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 9 | 8 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,694 | 1,249 |
Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 298 | 51 |
Less Gross Gas Costs | 2,353 | 1,163 |
Third Party Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 2,588 | 1,185 |
Intercompany Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 63 | 29 |
Total Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | $ 2,651 | $ 1,214 |