Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2023 |
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 Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,090,619,349 |
Entity Central Index Key | 0000092122 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
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 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 |
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 |
Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081 |
Trading Symbol | SO 81 |
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 Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 30,537,500 |
Entity Central Index Key | 0000003153 |
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 Small Business | false |
Entity Emerging Growth Company | 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 Small Business | false |
Entity Emerging Growth Company | 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 Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,000 |
Entity Central Index Key | 0001160661 |
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 Small Business | false |
Entity Emerging Growth Company | 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) - Southern - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (70) | 160 | (18) |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 66 | 59 | 200 | 163 |
Earnings from equity method investments | 32 | 28 | 110 | 109 |
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Dividends on preferred stock of subsidiaries | 0 | 3 | 0 | 10 |
Net income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Net Income | $ 1,422 | $ 1,472 | $ 3,121 | $ 3,611 |
Earnings per share - | ||||
Basic (in dollars per share) | $ 1.30 | $ 1.36 | $ 2.86 | $ 3.38 |
Diluted (in dollars per share) | $ 1.29 | $ 1.35 | $ 2.84 | $ 3.36 |
Average number of shares of common stock outstanding — (in millions) | ||||
Basic (in shares) | 1,092 | 1,082 | 1,092 | 1,070 |
Diluted (in shares) | 1,099 | 1,088 | 1,098 | 1,076 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | $ 5,139 | $ 5,961 | $ 12,597 | $ 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Total cost of sales | 126 | 92 | 381 | 275 |
Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 1,367 | 2,423 | 3,376 | 5,249 |
Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | 207 | 645 | 680 | 1,285 |
Natural gas | ||||
Operating Expenses: | ||||
Total cost of sales | $ 102 | $ 294 | $ 1,199 | $ 1,840 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Alternative revenue programs | ||||
Total operating revenues | $ 0 | $ (1) | $ 11 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated Net Income | $ 1,432 | $ 1,487 | $ 3,053 | $ 3,566 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 2 | 0 | (34) | (27) |
Reclassification adjustment for amounts included in net income, net of tax | 36 | 26 | 70 | 100 |
Pension and other postretirement benefit plans: | ||||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 2 | 1 | 8 |
Total other comprehensive income | 38 | 28 | 37 | 81 |
Comprehensive Income | 1,470 | 1,515 | 3,090 | 3,647 |
Dividends on preferred stock of subsidiaries | 0 | 3 | 0 | 10 |
Comprehensive income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Comprehensive Income | $ 1,460 | $ 1,500 | $ 3,158 | $ 3,692 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Changes in fair value, tax | $ 3 | $ 2 | $ (11) | $ (5) |
Qualifying hedges, reclassification adjustment, tax | 12 | 8 | 25 | 32 |
Reclassification adjustment for amounts included in net income, tax | $ 0 | $ 1 | $ 0 | $ 3 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - Southern - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Utilization of federal investment tax credits | 195 | 266 |
Allowance for equity funds used during construction | (200) | (163) |
Pension, postretirement, and other employee benefits | (397) | (322) |
Settlement of asset retirement obligations | (444) | (314) |
Stock based compensation expense | 119 | 116 |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (18) |
Storm damage accruals | 41 | 160 |
Natural gas cost under recovery – long-term | 0 | 207 |
Retail fuel cost under recovery – long-term | (157) | (1,701) |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Retail fuel cost under recovery | 513 | (104) |
Fossil fuel stock | (254) | (76) |
Materials and supplies | (271) | (138) |
Natural gas cost under recovery | 108 | (124) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Accrued taxes | 376 | 167 |
Accrued compensation | (197) | (123) |
Customer refunds | (177) | (52) |
Natural gas cost over recovery | 165 | 0 |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Nuclear decommissioning trust fund purchases | (885) | (858) |
Nuclear decommissioning trust fund sales | 879 | 854 |
Proceeds from dispositions | 165 | 120 |
Cost of removal, net of salvage | (421) | (518) |
Construction payables | 241 | 15 |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (298) | (349) |
Proceeds — | ||
Long-term debt | 7,812 | 3,800 |
Short-term borrowings | 250 | 1,200 |
Common stock | 26 | 1,803 |
Redemptions and repurchases — | ||
Long-term debt | (3,567) | (1,932) |
Short-term borrowings | (850) | (900) |
Capital contributions from noncontrolling interests | 21 | 73 |
Distributions to noncontrolling interests | (148) | (175) |
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Noncash transactions — | ||
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under operating leases | 76 | 27 |
Right-of-use assets obtained under finance leases | 3 | 114 |
Reassessment of right-of-use assets under operating leases | $ 0 | $ 40 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net cash paid for capitalized interest | $ 97 | $ 74 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - Southern - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts | 2,230 | 2,128 |
Unbilled revenues | 547 | 1,012 |
Under recovered fuel clause revenues | 757 | 10 |
Other accounts and notes | 553 | 637 |
Accumulated provision for uncollectible accounts | (78) | (71) |
Materials and supplies | 1,913 | 1,664 |
Fossil fuel for generation | 829 | 575 |
Natural gas for sale | 406 | 438 |
Prepaid expenses | 321 | 347 |
Assets from risk management activities, net of collateral | 36 | 115 |
Regulatory assets – asset retirement obligations | 358 | 332 |
Other regulatory assets | 996 | 968 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Other utility plant, net | 522 | 599 |
Nuclear fuel, at amortized cost | 862 | 843 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Goodwill | 5,161 | 5,161 |
Nuclear decommissioning trusts, at fair value | 2,207 | 2,145 |
Equity investments in unconsolidated subsidiaries | 1,376 | 1,443 |
Other intangible assets, net of amortization | 377 | 406 |
Miscellaneous property and investments | 651 | 602 |
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,467 | 1,531 |
Deferred charges related to income taxes | 889 | 866 |
Prepaid pension costs | 2,574 | 2,290 |
Unamortized loss on reacquired debt | 224 | 238 |
Deferred under recovered fuel clause revenues | 1,279 | 2,056 |
Regulatory assets – asset retirement obligations, deferred | 5,629 | 5,764 |
Other regulatory assets, deferred | 5,666 | 5,918 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Notes payable | 1,726 | 2,609 |
Accounts payable | 2,942 | 3,525 |
Customer deposits | 511 | 502 |
Accrued taxes — | ||
Accrued income taxes | 177 | 60 |
Other accrued taxes | 862 | 764 |
Accrued interest | 573 | 614 |
Accrued compensation | 936 | 1,127 |
Asset retirement obligations | 727 | 694 |
Liabilities from risk management activities, net of collateral | 232 | 178 |
Operating lease obligations | 181 | 197 |
Natural gas cost over recovery | 165 | 0 |
Other regulatory liabilities | 163 | 382 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Deferred credits related to income taxes | 4,813 | 5,235 |
Accumulated deferred ITCs | 2,071 | 2,133 |
Employee benefit obligations | 1,184 | 1,238 |
Operating lease obligations, deferred | 1,320 | 1,388 |
Asset retirement obligations, deferred | 9,872 | 10,146 |
Other cost of removal obligations | 1,940 | 1,903 |
Other regulatory liabilities, deferred | 660 | 733 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Stockholders' Equity | 35,304 | 34,532 |
Total Liabilities and Stockholders' Equity | $ 138,321 | $ 134,891 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Other intangible assets, amortization | $ 367 | $ 340 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Southern - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2021 | 1,061 | ||||||
Beginning balance (in shares) at Dec. 31, 2021 | (1) | ||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ (47) | $ 11,950 | $ 10,929 | $ (237) | $ 4,402 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 987 | 1,032 | (45) | ||||
Other comprehensive income | 42 | 42 | |||||
Stock issued (in shares) | 3 | ||||||
Stock issued | 38 | $ 7 | 31 | ||||
Stock-based compensation | 6 | 6 | |||||
Cash dividends on common stock | (702) | (702) | |||||
Capital contributions from noncontrolling interests | 73 | 73 | |||||
Distributions to noncontrolling interests | (98) | (98) | |||||
Other | 7 | $ (2) | 7 | 2 | |||
Ending balance (in shares) at Mar. 31, 2022 | 1,064 | ||||||
Ending balance (in shares) at Mar. 31, 2022 | (1) | ||||||
Ending balance at Mar. 31, 2022 | 32,629 | $ 5,286 | $ (49) | 11,994 | 11,261 | (195) | 4,332 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 1,085 | 1,107 | (22) | ||||
Other comprehensive income | 11 | 11 | |||||
Stock issued | 23 | $ 2 | 21 | ||||
Stock-based compensation | 14 | 14 | |||||
Cash dividends on common stock | (723) | (723) | |||||
Distributions to noncontrolling interests | (28) | (28) | |||||
Other | 2 | $ (2) | 4 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 1,064 | ||||||
Ending balance (in shares) at Jun. 30, 2022 | (1) | ||||||
Ending balance at Jun. 30, 2022 | 33,013 | $ 5,288 | $ (51) | 12,033 | 11,645 | (184) | 4,282 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 1,484 | 1,472 | 12 | ||||
Other comprehensive income | 28 | 28 | |||||
Stock issued (in shares) | 26 | ||||||
Stock issued | 1,742 | $ 129 | 1,613 | ||||
Stock-based compensation | 15 | 15 | |||||
Cash dividends on common stock | (741) | (741) | |||||
Distributions to noncontrolling interests | (57) | (57) | |||||
Other | (8) | $ (1) | (4) | (2) | (1) | ||
Ending balance (in shares) at Sep. 30, 2022 | 1,090 | ||||||
Ending balance (in shares) at Sep. 30, 2022 | (1) | ||||||
Ending balance at Sep. 30, 2022 | 35,476 | $ 5,417 | $ (52) | 13,657 | 12,374 | (157) | 4,237 |
Beginning balance (in shares) at Dec. 31, 2022 | 1,090 | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | (1) | ||||||
Beginning balance at Dec. 31, 2022 | 34,532 | $ 5,417 | $ (53) | 13,673 | 11,538 | (167) | 4,124 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 799 | 862 | (63) | ||||
Other comprehensive income | (44) | (44) | |||||
Stock issued (in shares) | 2 | ||||||
Stock issued | 15 | $ 4 | 11 | ||||
Stock-based compensation | 29 | 29 | |||||
Cash dividends on common stock | (742) | (742) | |||||
Capital contributions from noncontrolling interests | 21 | 21 | |||||
Distributions to noncontrolling interests | (48) | (48) | |||||
Other | 0 | $ (2) | 2 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 1,092 | ||||||
Ending balance (in shares) at Mar. 31, 2023 | (1) | ||||||
Ending balance at Mar. 31, 2023 | 34,562 | $ 5,421 | $ (55) | 13,715 | 11,658 | (211) | 4,034 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 823 | 838 | (15) | ||||
Other comprehensive income | 43 | 43 | |||||
Stock issued | 7 | $ 1 | 6 | ||||
Stock-based compensation | 19 | 19 | |||||
Cash dividends on common stock | (764) | (764) | |||||
Distributions to noncontrolling interests | (42) | (42) | |||||
Other | 0 | $ (1) | 2 | (1) | |||
Ending balance (in shares) at Jun. 30, 2023 | 1,092 | ||||||
Ending balance (in shares) at Jun. 30, 2023 | (1) | ||||||
Ending balance at Jun. 30, 2023 | 34,648 | $ 5,422 | $ (56) | 13,742 | 11,732 | (168) | 3,976 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 1,432 | 1,422 | 10 | ||||
Other comprehensive income | 38 | 38 | |||||
Stock issued | 4 | 4 | |||||
Stock-based compensation | 7 | 7 | |||||
Cash dividends on common stock | (765) | (765) | |||||
Distributions to noncontrolling interests | (59) | (59) | |||||
Other | (1) | $ (1) | (2) | 2 | |||
Ending balance (in shares) at Sep. 30, 2023 | 1,092 | ||||||
Ending balance (in shares) at Sep. 30, 2023 | (1) | ||||||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 5,422 | $ (57) | $ 13,751 | $ 12,391 | $ (130) | $ 3,927 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Southern (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends (in dollars per share) | $ 0.70 | $ 0.70 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.66 |
Condensed Statements of Income
Condensed Statements of Income (Unaudited) - APC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 66 | 59 | 200 | 163 |
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Total other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Consolidated Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Dividends on preferred stock of subsidiaries | 0 | 3 | 0 | 10 |
Net Income | 1,422 | 1,472 | 3,121 | 3,611 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Total cost of sales | 126 | 92 | 381 | 275 |
Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 1,367 | 2,423 | 3,376 | 5,249 |
Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | 207 | 645 | 680 | 1,285 |
Alabama Power | ||||
Operating Revenues: | ||||
Total operating revenues | 2,083 | 2,444 | 5,420 | 6,023 |
Operating Expenses: | ||||
Other operations and maintenance | 411 | 418 | 1,275 | 1,270 |
Depreciation and amortization | 351 | 220 | 1,045 | 652 |
Taxes other than income taxes | 110 | 106 | 333 | 309 |
Total operating expenses | 1,396 | 1,708 | 4,056 | 4,237 |
Operating Income | 687 | 736 | 1,364 | 1,786 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 23 | 18 | 65 | 51 |
Interest expense, net of amounts capitalized | (104) | (98) | (311) | (278) |
Total other income (expense), net | 38 | 38 | 117 | 101 |
Total other income and (expense) | (43) | (42) | (129) | (126) |
Earnings Before Income Taxes | 644 | 694 | 1,235 | 1,660 |
Income taxes | 79 | 166 | 103 | 394 |
Consolidated Net Income | 565 | 528 | 1,132 | 1,266 |
Dividends on preferred stock of subsidiaries | 0 | 3 | 0 | 10 |
Net Income | 565 | 525 | 1,132 | 1,256 |
Alabama Power | Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 1,860 | 2,008 | 4,708 | 5,015 |
Alabama Power | Wholesale revenues, non-affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 106 | 250 | 358 | 522 |
Alabama Power | Wholesale revenues, affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 14 | 70 | 43 | 170 |
Alabama Power | Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 103 | 116 | 311 | 316 |
Alabama Power | Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 402 | 666 | 1,013 | 1,399 |
Alabama Power | Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | 42 | 185 | 197 | 347 |
Alabama Power | Purchased power, affiliates | ||||
Operating Expenses: | ||||
Total cost of sales | $ 80 | $ 113 | $ 193 | $ 260 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Unaudited) - APC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Net Income | $ 1,432 | $ 1,487 | $ 3,053 | $ 3,566 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 2 | 0 | (34) | (27) |
Reclassification adjustment for amounts included in net income, net of tax | 36 | 26 | 70 | 100 |
Total other comprehensive income | 38 | 28 | 37 | 81 |
Comprehensive Income | 1,470 | 1,515 | 3,090 | 3,647 |
Alabama Power | ||||
Consolidated Net Income | 565 | 528 | 1,132 | 1,266 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 0 | 1 | 1 | (1) |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 | 1 | 3 |
Total other comprehensive income | 1 | 2 | 2 | 2 |
Comprehensive Income | $ 566 | $ 530 | $ 1,134 | $ 1,268 |
Condensed Statements of Compr_2
Condensed Statements of Comprehensive Income (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in fair value, tax | $ 3 | $ 2 | $ (11) | $ (5) |
Qualifying hedges, reclassification adjustment, tax | 12 | 8 | 25 | 32 |
Alabama Power | ||||
Changes in fair value, tax | 0 | 0 | 0 | 0 |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 0 | $ 0 | $ 1 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - APC - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Pension, postretirement, and other employee benefits | (397) | (322) |
Settlement of asset retirement obligations | (444) | (314) |
Retail fuel cost under recovery – long-term | (157) | (1,701) |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Fossil fuel stock | (254) | (76) |
Retail fuel cost under recovery | 513 | (104) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Accrued taxes | 376 | 167 |
Accrued compensation | (197) | (123) |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Nuclear decommissioning trust fund purchases | (885) | (858) |
Nuclear decommissioning trust fund sales | 879 | 854 |
Cost of removal, net of salvage | (421) | (518) |
Change in construction payables, net | 241 | 15 |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Financing Activities: | ||
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Noncash transactions — | ||
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under finance leases | 3 | 114 |
Alabama Power | ||
Operating Activities: | ||
Consolidated net income | 1,132 | 1,266 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 1,158 | 817 |
Deferred income taxes | (210) | 210 |
Pension, postretirement, and other employee benefits | (148) | (85) |
Settlement of asset retirement obligations | (188) | (139) |
Retail fuel cost under recovery – long-term | 0 | (413) |
Other, net | (21) | (98) |
Changes in certain current assets and liabilities — | ||
Receivables | (108) | (296) |
Fossil fuel stock | (113) | (40) |
Retail fuel cost under recovery | 334 | (93) |
Other current assets | (124) | (75) |
Accounts payable | (358) | (22) |
Accrued taxes | 271 | 110 |
Other current liabilities | (103) | (70) |
Net cash provided from operating activities | 1,522 | 1,072 |
Investing Activities: | ||
Property additions | (1,377) | (1,483) |
Nuclear decommissioning trust fund purchases | (226) | (273) |
Nuclear decommissioning trust fund sales | 226 | 273 |
Cost of removal, net of salvage | (128) | (163) |
Change in construction payables, net | (68) | 36 |
Other investing activities | 27 | (31) |
Net cash used for investing activities | (1,546) | (1,641) |
Financing Activities: | ||
Proceeds — Senior notes | 200 | 1,700 |
Revenue bonds | 326 | 0 |
Other long-term debt | 28 | 0 |
Redemptions — Senior notes | 0 | (550) |
Capital contributions from parent company | 380 | 660 |
Payment of common stock dividends | (856) | (762) |
Other financing activities | (12) | (81) |
Net cash provided from financing activities | 66 | 967 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 42 | 398 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 687 | 1,060 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 729 | 1,458 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 329 | 278 |
Income taxes, net | 152 | 178 |
Noncash transactions — | ||
Accrued property additions at end of period | 114 | 186 |
Right-of-use assets obtained under operating leases | 28 | 7 |
Right-of-use assets obtained under finance leases | $ 3 | $ 2 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net cash paid for capitalized interest | $ 97 | $ 74 |
Alabama Power | ||
Net cash paid for capitalized interest | $ 21 | $ 14 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - APC - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts, net and Affiliated | 2,230 | 2,128 |
Unbilled revenues | 547 | 1,012 |
Other accounts and notes | 553 | 637 |
Accumulated provision for uncollectible accounts | (78) | (71) |
Fossil fuel stock | 829 | 575 |
Materials and supplies | 1,913 | 1,664 |
Prepaid expenses | 321 | 347 |
Other regulatory assets | 996 | 968 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Other utility plant, net | 522 | 599 |
Nuclear fuel, at amortized cost | 862 | 843 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,207 | 2,145 |
Equity investments in unconsolidated subsidiaries | 1,376 | 1,443 |
Miscellaneous property and investments | 651 | 602 |
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,467 | 1,531 |
Deferred charges related to income taxes | 889 | 866 |
Regulatory assets – asset retirement obligations | 5,629 | 5,764 |
Other regulatory assets, deferred | 5,666 | 5,918 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Accounts payable — | ||
Customer deposits | 511 | 502 |
Accrued interest | 573 | 614 |
Accrued compensation | 936 | 1,127 |
Asset retirement obligations | 727 | 694 |
Other regulatory liabilities | 163 | 382 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Deferred credits related to income taxes | 4,813 | 5,235 |
Accumulated deferred ITCs | 2,071 | 2,133 |
Employee benefit obligations | 1,184 | 1,238 |
Operating lease obligations, deferred | 1,320 | 1,388 |
Asset retirement obligations, deferred | 9,872 | 10,146 |
Other regulatory liabilities, deferred | 660 | 733 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Stockholders' Equity | 35,304 | 34,532 |
Total Liabilities and Stockholders' Equity | 138,321 | 134,891 |
Alabama Power | ||
Current Assets: | ||
Cash and cash equivalents | 621 | 687 |
Receivables — | ||
Unbilled revenues | 162 | 174 |
Other accounts and notes | 114 | 153 |
Accumulated provision for uncollectible accounts | (16) | (14) |
Fossil fuel stock | 342 | 229 |
Materials and supplies | 624 | 557 |
Prepaid expenses | 72 | 65 |
Other regulatory assets | 549 | 474 |
Other current assets | 171 | 67 |
Total current assets | 3,376 | 2,924 |
Property, Plant, and Equipment: | ||
In service | 34,313 | 33,472 |
Less: Accumulated depreciation | 11,042 | 10,470 |
Plant in service, net of depreciation | 23,271 | 23,002 |
Other utility plant, net | 522 | 599 |
Nuclear fuel, at amortized cost | 240 | 239 |
Construction work in progress | 1,759 | 1,526 |
Total property, plant, and equipment | 25,792 | 25,366 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,165 | 1,127 |
Equity investments in unconsolidated subsidiaries | 53 | 57 |
Miscellaneous property and investments | 156 | 124 |
Total other property and investments | 1,374 | 1,308 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 88 | 71 |
Deferred charges related to income taxes | 263 | 250 |
Prepaid pension and other postretirement benefit costs | 735 | 657 |
Regulatory assets – asset retirement obligations | 1,881 | 1,845 |
Other regulatory assets, deferred | 1,706 | 2,107 |
Other deferred charges and assets | 455 | 442 |
Total deferred charges and other assets | 5,128 | 5,372 |
Total Assets | 35,670 | 34,970 |
Current Liabilities: | ||
Securities due within one year | 522 | 301 |
Accounts payable — | ||
Customer deposits | 105 | 106 |
Accrued taxes | 305 | 57 |
Accrued interest | 84 | 120 |
Accrued compensation | 193 | 229 |
Asset retirement obligations | 342 | 330 |
Other regulatory liabilities | 28 | 96 |
Other current liabilities | 158 | 91 |
Total current liabilities | 2,419 | 2,414 |
Long-term Debt | 10,661 | 10,329 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 4,082 | 3,981 |
Deferred credits related to income taxes | 1,626 | 1,925 |
Accumulated deferred ITCs | 76 | 81 |
Employee benefit obligations | 146 | 145 |
Operating lease obligations, deferred | 81 | 67 |
Asset retirement obligations, deferred | 3,859 | 3,957 |
Other regulatory liabilities, deferred | 284 | 315 |
Other deferred credits and liabilities | 85 | 69 |
Total deferred credits and other liabilities | 10,239 | 10,540 |
Total Liabilities | 23,319 | 23,283 |
Total Stockholders' Equity | 12,351 | 11,687 |
Total Liabilities and Stockholders' Equity | 35,670 | 34,970 |
Alabama Power | Nonrelated Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 624 | 431 |
Accounts payable — | ||
Affiliated and Other | 377 | 641 |
Alabama Power | Related Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 113 | 101 |
Accounts payable — | ||
Affiliated and Other | $ 305 | $ 443 |
Condensed Statements of Common
Condensed Statements of Common Stockholders' Equity (Unaudited) - APC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Alabama Power | Alabama Power Common Stock | Alabama Power Paid-In Capital | Alabama Power Retained Earnings (Accumulated Deficit) | Alabama Power Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2021 | 31 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ (237) | $ 10,713 | $ 1,222 | $ 6,056 | $ 3,448 | $ (13) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 347 | 347 | ||||||||
Capital contributions from parent company | 626 | 626 | ||||||||
Other comprehensive income | 42 | 42 | ||||||||
Cash dividends on common stock | (702) | (702) | (254) | (254) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 31 | |||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 11,432 | $ 1,222 | 6,682 | 3,541 | (13) |
Beginning balance (in shares) at Dec. 31, 2021 | 31 | |||||||||
Beginning balance at Dec. 31, 2021 | 32,276 | 5,279 | 11,950 | 10,929 | (237) | 10,713 | $ 1,222 | 6,056 | 3,448 | (13) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 3,611 | 1,256 | ||||||||
Ending balance (in shares) at Sep. 30, 2022 | 31 | |||||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | (157) | 11,874 | $ 1,222 | 6,721 | 3,941 | (10) |
Beginning balance (in shares) at Mar. 31, 2022 | 31 | |||||||||
Beginning balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 11,432 | $ 1,222 | 6,682 | 3,541 | (13) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 383 | 383 | ||||||||
Capital contributions from parent company | 32 | 32 | ||||||||
Other comprehensive income | 11 | 11 | 1 | 1 | ||||||
Cash dividends on common stock | (723) | (723) | (254) | (254) | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 31 | |||||||||
Ending balance at Jun. 30, 2022 | 33,013 | 5,288 | 12,033 | 11,645 | (184) | 11,594 | $ 1,222 | 6,714 | 3,670 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 1,472 | 525 | 525 | |||||||
Capital contributions from parent company | 7 | 7 | ||||||||
Other comprehensive income | 28 | 28 | 2 | 2 | ||||||
Cash dividends on common stock | (741) | (741) | (254) | (254) | ||||||
Ending balance (in shares) at Sep. 30, 2022 | 31 | |||||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | (157) | 11,874 | $ 1,222 | 6,721 | 3,941 | (10) |
Beginning balance (in shares) at Dec. 31, 2022 | 31 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 11,687 | $ 1,222 | 6,710 | 3,764 | (9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 255 | 255 | ||||||||
Capital contributions from parent company | 330 | 330 | ||||||||
Other comprehensive income | (44) | (44) | ||||||||
Cash dividends on common stock | (742) | (742) | (285) | (285) | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 31 | |||||||||
Ending balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | (211) | 11,987 | $ 1,222 | 7,040 | 3,734 | (9) |
Beginning balance (in shares) at Dec. 31, 2022 | 31 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 11,687 | $ 1,222 | 6,710 | 3,764 | (9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 3,121 | 1,132 | ||||||||
Ending balance (in shares) at Sep. 30, 2023 | 31 | |||||||||
Ending balance at Sep. 30, 2023 | 35,304 | 5,422 | 13,751 | 12,391 | (130) | 12,351 | $ 1,222 | 7,097 | 4,040 | (8) |
Beginning balance (in shares) at Mar. 31, 2023 | 31 | |||||||||
Beginning balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | (211) | 11,987 | $ 1,222 | 7,040 | 3,734 | (9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 312 | 312 | ||||||||
Capital contributions from parent company | 29 | 29 | ||||||||
Other comprehensive income | 43 | 43 | ||||||||
Cash dividends on common stock | (764) | (764) | (286) | (286) | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 31 | |||||||||
Ending balance at Jun. 30, 2023 | 34,648 | 5,422 | 13,742 | 11,732 | (168) | 12,042 | $ 1,222 | 7,069 | 3,760 | (9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 1,422 | 565 | 565 | |||||||
Capital contributions from parent company | 28 | 28 | ||||||||
Other comprehensive income | 38 | 38 | 1 | 1 | ||||||
Cash dividends on common stock | (765) | (765) | (285) | (285) | ||||||
Ending balance (in shares) at Sep. 30, 2023 | 31 | |||||||||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 5,422 | $ 13,751 | $ 12,391 | $ (130) | $ 12,351 | $ 1,222 | $ 7,097 | $ 4,040 | $ (8) |
Condensed Statements of Incom_2
Condensed Statements of Income (Unaudited) - GPC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (70) | 160 | (18) |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 66 | 59 | 200 | 163 |
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Cost of Goods and Services Sold | 126 | 92 | 381 | 275 |
Fuel | ||||
Operating Expenses: | ||||
Cost of Goods and Services Sold | 1,367 | 2,423 | 3,376 | 5,249 |
Purchased power | ||||
Operating Expenses: | ||||
Cost of Goods and Services Sold | 207 | 645 | 680 | 1,285 |
GEORGIA POWER CO | ||||
Operating Revenues: | ||||
Total operating revenues | 3,237 | 3,889 | 7,805 | 9,218 |
Operating Expenses: | ||||
Other operations and maintenance | 512 | 595 | 1,505 | 1,686 |
Depreciation and amortization | 429 | 359 | 1,248 | 1,066 |
Taxes other than income taxes | 144 | 155 | 406 | 420 |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (70) | 160 | (18) |
Total operating expenses | 2,173 | 2,755 | 5,687 | 6,841 |
Operating Income | 1,064 | 1,134 | 2,118 | 2,377 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 37 | 37 | 121 | 102 |
Interest expense, net of amounts capitalized | (166) | (123) | (472) | (347) |
Other income (expense), net | 45 | 36 | 125 | 140 |
Total other income and (expense) | (84) | (50) | (226) | (105) |
Earnings Before Income Taxes | 980 | 1,084 | 1,892 | 2,272 |
Income taxes | 200 | 226 | 345 | 421 |
Net Income | 780 | 858 | 1,547 | 1,851 |
GEORGIA POWER CO | Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 2,996 | 3,703 | 7,142 | 8,629 |
GEORGIA POWER CO | Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 69 | 56 | 147 | 186 |
GEORGIA POWER CO | Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 172 | 130 | 516 | 403 |
GEORGIA POWER CO | Fuel | ||||
Operating Expenses: | ||||
Cost of Goods and Services Sold | 576 | 841 | 1,392 | 1,887 |
GEORGIA POWER CO | Purchased power | ||||
Operating Expenses: | ||||
Cost of Goods and Services Sold | 131 | 304 | 397 | 700 |
GEORGIA POWER CO | Purchased power, affiliates | ||||
Operating Expenses: | ||||
Cost of Goods and Services Sold | $ 221 | $ 571 | $ 579 | $ 1,100 |
Condensed Statements of Compr_3
Condensed Statements of Comprehensive Income (Unaudited) - GPC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Net Income | $ 1,432 | $ 1,487 | $ 3,053 | $ 3,566 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 2 | 0 | (34) | (27) |
Reclassification adjustment for amounts included in net income, net of tax | 36 | 26 | 70 | 100 |
Total other comprehensive income | 38 | 28 | 37 | 81 |
Comprehensive Income | 1,470 | 1,515 | 3,090 | 3,647 |
GEORGIA POWER CO | ||||
Consolidated Net Income | 780 | 858 | 1,547 | 1,851 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 0 | 0 | (1) | 23 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 | 3 | 4 |
Total other comprehensive income | 1 | 1 | 2 | 27 |
Comprehensive Income | $ 781 | $ 859 | $ 1,549 | $ 1,878 |
Condensed Statements of Compr_4
Condensed Statements of Comprehensive Income (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in fair value, tax | $ 3 | $ 2 | $ (11) | $ (5) |
Qualifying hedges, reclassification adjustment, tax | 12 | 8 | 25 | 32 |
GEORGIA POWER CO | ||||
Changes in fair value, tax | 0 | 0 | (1) | 8 |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 0 | $ 1 | $ 1 |
Condensed Statements of Cash _3
Condensed Statements of Cash Flows (Unaudited) - GPC - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Allowance for equity funds used during construction | (200) | (163) |
Pension, postretirement, and other employee benefits | (397) | (322) |
Settlement of asset retirement obligations | (444) | (314) |
Storm damage accruals | 41 | 160 |
Retail fuel cost under recovery – long-term | (157) | (1,701) |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (18) |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Retail fuel cost under recovery | 513 | (104) |
Fossil fuel stock | (254) | (76) |
Materials and supplies | (271) | (138) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Accrued taxes | 376 | 167 |
Customer refunds | (177) | (52) |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Nuclear decommissioning trust fund purchases | (885) | (858) |
Nuclear decommissioning trust fund sales | 879 | 854 |
Cost of removal, net of salvage | (421) | (518) |
Proceeds from dispositions | 165 | 120 |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Proceeds — | ||
Short-term borrowings | 250 | 1,200 |
Redemptions and repurchases — | ||
Short-term borrowings | (850) | (900) |
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Noncash transactions — | ||
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under operating leases | 76 | 27 |
Right-of-use assets obtained under finance leases | 3 | 114 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Consolidated net income | 1,547 | 1,851 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 1,411 | 1,211 |
Deferred income taxes | 102 | 266 |
Allowance for equity funds used during construction | (121) | (102) |
Pension, postretirement, and other employee benefits | (207) | (178) |
Settlement of asset retirement obligations | (228) | (149) |
Storm damage accruals | 24 | 160 |
Retail fuel cost under recovery – long-term | (157) | (1,287) |
Estimated loss on Plant Vogtle Units 3 and 4 | 160 | (18) |
Other, net | (12) | (22) |
Changes in certain current assets and liabilities — | ||
Receivables | (311) | (321) |
Retail fuel cost under recovery | 204 | 0 |
Fossil fuel stock | (138) | (23) |
Materials and supplies | (135) | (67) |
Contract assets | (57) | (51) |
Other current assets | 16 | (72) |
Accounts payable | (142) | 211 |
Accrued taxes | 118 | 151 |
Customer refunds | (121) | 1 |
Other current liabilities | 16 | (79) |
Net cash provided from operating activities | 1,969 | 1,482 |
Investing Activities: | ||
Property additions | (3,501) | (2,556) |
Nuclear decommissioning trust fund purchases | (659) | (585) |
Nuclear decommissioning trust fund sales | 654 | 581 |
Cost of removal, net of salvage | (191) | (250) |
Change in construction payables, net of joint owner portion | 338 | 148 |
Proceeds from dispositions | 59 | 56 |
Other investing activities | (76) | (47) |
Net cash used for investing activities | (3,376) | (2,653) |
Financing Activities: | ||
Increase in notes payable, net | 50 | 415 |
Proceeds — | ||
Proceeds — Senior notes | 1,750 | 1,500 |
Short-term borrowings | 250 | 650 |
Revenue bonds | 229 | 0 |
Redemptions and repurchases — | ||
Redemptions — Senior notes | (800) | (400) |
Short-term borrowings | (650) | (250) |
FFB loan | (64) | (66) |
Revenue bonds | 0 | (53) |
Other long-term debt | 0 | (125) |
Capital contributions from parent company | 1,837 | 813 |
Payment of common stock dividends | (1,392) | (1,268) |
Other financing activities | (27) | (45) |
Net cash provided from financing activities | 1,183 | 1,171 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (224) | 0 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 480 | 33 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 256 | 33 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 439 | 332 |
Income taxes, net | 74 | 151 |
Noncash transactions — | ||
Accrued property additions at end of period | 942 | 609 |
Right-of-use assets obtained under operating leases | 17 | 7 |
Right-of-use assets obtained under finance leases | 18 | 112 |
ALABAMA POWER CO | ||
Operating Activities: | ||
Consolidated net income | 1,132 | 1,266 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 1,158 | 817 |
Deferred income taxes | (210) | 210 |
Allowance for equity funds used during construction | (65) | (51) |
Pension, postretirement, and other employee benefits | (148) | (85) |
Settlement of asset retirement obligations | (188) | (139) |
Retail fuel cost under recovery – long-term | 0 | (413) |
Other, net | (21) | (98) |
Changes in certain current assets and liabilities — | ||
Receivables | (108) | (296) |
Retail fuel cost under recovery | 334 | (93) |
Fossil fuel stock | (113) | (40) |
Other current assets | (124) | (75) |
Accounts payable | (358) | (22) |
Accrued taxes | 271 | 110 |
Other current liabilities | (103) | (70) |
Net cash provided from operating activities | 1,522 | 1,072 |
Investing Activities: | ||
Property additions | (1,377) | (1,483) |
Nuclear decommissioning trust fund purchases | (226) | (273) |
Nuclear decommissioning trust fund sales | 226 | 273 |
Cost of removal, net of salvage | (128) | (163) |
Other investing activities | 27 | (31) |
Net cash used for investing activities | (1,546) | (1,641) |
Proceeds — | ||
Proceeds — Senior notes | 200 | 1,700 |
Redemptions and repurchases — | ||
Redemptions — Senior notes | 0 | (550) |
Capital contributions from parent company | 380 | 660 |
Payment of common stock dividends | (856) | (762) |
Other financing activities | (12) | (81) |
Net cash provided from financing activities | 66 | 967 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 42 | 398 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 687 | 1,060 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 729 | 1,458 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 329 | 278 |
Income taxes, net | 152 | 178 |
Noncash transactions — | ||
Accrued property additions at end of period | 114 | 186 |
Right-of-use assets obtained under finance leases | $ 3 | $ 2 |
Condensed Statements of Cash _4
Condensed Statements of Cash Flows (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net cash paid for capitalized interest | $ 97 | $ 74 |
GEORGIA POWER CO | ||
Net cash paid for capitalized interest | $ 63 | $ 52 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) - GPC - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts, net and Affiliated | 2,230 | 2,128 |
Unbilled revenues | 547 | 1,012 |
Other accounts and notes | 553 | 637 |
Fossil fuel stock | 829 | 575 |
Materials and supplies | 1,913 | 1,664 |
Regulatory assets – asset retirement obligations | 358 | 332 |
Other regulatory assets | 996 | 968 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Nuclear fuel, at amortized cost | 862 | 843 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,207 | 2,145 |
Equity investments in unconsolidated subsidiaries | 1,376 | 1,443 |
Miscellaneous property and investments | 651 | 602 |
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,467 | 1,531 |
Deferred charges related to income taxes | 889 | 866 |
Prepaid pension costs | 2,574 | 2,290 |
Deferred under recovered fuel clause revenues | 1,279 | 2,056 |
Regulatory assets – asset retirement obligations, deferred | 5,629 | 5,764 |
Other regulatory assets, deferred | 5,666 | 5,918 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Notes payable | 1,726 | 2,609 |
Accounts payable — | ||
Customer deposits | 511 | 502 |
Accrued interest | 573 | 614 |
Accrued compensation | 936 | 1,127 |
Operating lease obligations | 181 | 197 |
Asset retirement obligations | 727 | 694 |
Other regulatory liabilities | 163 | 382 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Deferred credits related to income taxes | 4,813 | 5,235 |
Accumulated deferred ITCs | 2,071 | 2,133 |
Employee benefit obligations | 1,184 | 1,238 |
Operating lease obligations, deferred | 1,320 | 1,388 |
Asset retirement obligations, deferred | 9,872 | 10,146 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Stockholders' Equity | 35,304 | 34,532 |
Total Liabilities and Stockholders' Equity | 138,321 | 134,891 |
GEORGIA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 173 | 364 |
Receivables — | ||
Unbilled revenues | 250 | 309 |
Under recovered fuel clause revenues | 730 | 0 |
Joint owner accounts | 157 | 128 |
Other accounts and notes | 70 | 62 |
Fossil fuel stock | 429 | 291 |
Materials and supplies | 856 | 729 |
Regulatory assets – asset retirement obligations | 183 | 158 |
Other regulatory assets | 379 | 324 |
Other current assets | 266 | 246 |
Total current assets | 4,624 | 3,399 |
Property, Plant, and Equipment: | ||
In service | 48,083 | 41,879 |
Less: Accumulated depreciation | 13,771 | 13,115 |
Plant in service, net of depreciation | 34,312 | 28,764 |
Nuclear fuel, at amortized cost | 622 | 604 |
Construction work in progress | 5,055 | 8,103 |
Total property, plant, and equipment | 39,989 | 37,471 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,042 | 1,018 |
Equity investments in unconsolidated subsidiaries | 47 | 51 |
Miscellaneous property and investments | 131 | 107 |
Total other property and investments | 1,220 | 1,176 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 914 | 1,007 |
Deferred charges related to income taxes | 595 | 583 |
Prepaid pension costs | 839 | 738 |
Deferred under recovered fuel clause revenues | 1,279 | 2,056 |
Regulatory assets – asset retirement obligations, deferred | 3,508 | 3,671 |
Other regulatory assets, deferred | 2,685 | 2,522 |
Other deferred charges and assets | 496 | 540 |
Total deferred charges and other assets | 10,316 | 11,117 |
Total Assets | 56,149 | 53,163 |
Current Liabilities: | ||
Securities due within one year | 503 | 901 |
Notes payable | 1,250 | 1,600 |
Accounts payable — | ||
Customer deposits | 251 | 252 |
Accrued taxes | 620 | 508 |
Accrued interest | 178 | 157 |
Accrued compensation | 205 | 254 |
Operating lease obligations | 134 | 151 |
Asset retirement obligations | 328 | 295 |
Other regulatory liabilities | 22 | 170 |
Other current liabilities | 421 | 286 |
Total current liabilities | 6,314 | 6,578 |
Long-term Debt | 15,522 | 14,009 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,914 | 3,707 |
Deferred credits related to income taxes | 2,171 | 2,244 |
Accumulated deferred ITCs | 311 | 319 |
Employee benefit obligations | 291 | 318 |
Operating lease obligations, deferred | 744 | 851 |
Asset retirement obligations, deferred | 5,567 | 5,739 |
Other deferred credits and liabilities | 458 | 540 |
Total deferred credits and other liabilities | 13,456 | 13,718 |
Total Liabilities | 35,292 | 34,305 |
Total Stockholders' Equity | 20,857 | 18,858 |
Total Liabilities and Stockholders' Equity | 56,149 | 53,163 |
GEORGIA POWER CO | Nonrelated Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 1,056 | 735 |
Accounts payable — | ||
Affiliated and Other | 1,632 | 1,076 |
GEORGIA POWER CO | Related Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 75 | 53 |
Accounts payable — | ||
Affiliated and Other | $ 770 | $ 928 |
Condensed Statements of Commo_2
Condensed Statements of Common Stockholders' Equity (Unaudited) - GPC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | GEORGIA POWER CO | GEORGIA POWER CO Common Stock | GEORGIA POWER CO Paid-In Capital | GEORGIA POWER CO Retained Earnings (Accumulated Deficit) | GEORGIA POWER CO Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2021 | 9 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ (237) | $ 17,234 | $ 398 | $ 14,153 | $ 2,724 | $ (41) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 385 | 385 | ||||||||
Capital contributions from parent company | 443 | 443 | ||||||||
Other comprehensive income | 42 | 42 | 10 | 10 | ||||||
Cash dividends on common stock | (702) | (702) | (423) | (423) | ||||||
Other | 7 | 7 | 2 | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 9 | |||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 17,649 | $ 398 | 14,596 | 2,686 | (31) |
Beginning balance (in shares) at Dec. 31, 2021 | 9 | |||||||||
Beginning balance at Dec. 31, 2021 | 32,276 | 5,279 | 11,950 | 10,929 | (237) | 17,234 | $ 398 | 14,153 | 2,724 | (41) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 3,566 | 1,851 | ||||||||
Ending balance (in shares) at Sep. 30, 2022 | 9 | |||||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | (157) | 18,657 | $ 398 | 14,966 | 3,307 | (14) |
Beginning balance (in shares) at Mar. 31, 2022 | 9 | |||||||||
Beginning balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 17,649 | $ 398 | 14,596 | 2,686 | (31) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 608 | 608 | ||||||||
Capital contributions from parent company | 46 | 46 | ||||||||
Other comprehensive income | 11 | 11 | 16 | 16 | ||||||
Cash dividends on common stock | (723) | (723) | (422) | (422) | ||||||
Other | 2 | 4 | ||||||||
Ending balance (in shares) at Jun. 30, 2022 | 9 | |||||||||
Ending balance at Jun. 30, 2022 | 33,013 | 5,288 | 12,033 | 11,645 | (184) | 17,897 | $ 398 | 14,642 | 2,872 | (15) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 1,487 | 858 | 858 | |||||||
Capital contributions from parent company | 324 | 324 | ||||||||
Other comprehensive income | 28 | 28 | 1 | 1 | ||||||
Cash dividends on common stock | (741) | (741) | (423) | (423) | ||||||
Other | (8) | (4) | (2) | (1) | ||||||
Ending balance (in shares) at Sep. 30, 2022 | 9 | |||||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | (157) | 18,657 | $ 398 | 14,966 | 3,307 | (14) |
Beginning balance (in shares) at Dec. 31, 2022 | 9 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 18,858 | $ 398 | 15,626 | 2,846 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 296 | 296 | ||||||||
Capital contributions from parent company | 752 | 752 | ||||||||
Other comprehensive income | (44) | (44) | ||||||||
Cash dividends on common stock | (742) | (742) | (464) | (464) | ||||||
Other | 0 | 2 | 1 | 1 | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 9 | |||||||||
Ending balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | (211) | 19,443 | $ 398 | 16,378 | 2,679 | (12) |
Beginning balance (in shares) at Dec. 31, 2022 | 9 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 18,858 | $ 398 | 15,626 | 2,846 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 3,053 | 1,547 | ||||||||
Ending balance (in shares) at Sep. 30, 2023 | 9 | |||||||||
Ending balance at Sep. 30, 2023 | 35,304 | 5,422 | 13,751 | 12,391 | (130) | 20,857 | $ 398 | 17,467 | 3,002 | (10) |
Beginning balance (in shares) at Mar. 31, 2023 | 9 | |||||||||
Beginning balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | (211) | 19,443 | $ 398 | 16,378 | 2,679 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 471 | 471 | ||||||||
Capital contributions from parent company | 33 | 33 | ||||||||
Other comprehensive income | 43 | 43 | 1 | 1 | ||||||
Cash dividends on common stock | (764) | (764) | (464) | (464) | ||||||
Other | 0 | 2 | ||||||||
Ending balance (in shares) at Jun. 30, 2023 | 9 | |||||||||
Ending balance at Jun. 30, 2023 | 34,648 | 5,422 | 13,742 | 11,732 | (168) | 19,484 | $ 398 | 16,411 | 2,686 | (11) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 1,432 | 780 | 780 | |||||||
Capital contributions from parent company | 1,056 | 1,056 | ||||||||
Other comprehensive income | 38 | 38 | 1 | 1 | ||||||
Cash dividends on common stock | (765) | (765) | (464) | (464) | ||||||
Other | (1) | (2) | 2 | |||||||
Ending balance (in shares) at Sep. 30, 2023 | 9 | |||||||||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 5,422 | $ 13,751 | $ 12,391 | $ (130) | $ 20,857 | $ 398 | $ 17,467 | $ 3,002 | $ (10) |
Condensed Statements of Incom_3
Condensed Statements of Income (Unaudited) - MPC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Total cost of sales | 126 | 92 | 381 | 275 |
Mississippi Power | ||||
Operating Revenues: | ||||
Total operating revenues | 436 | 510 | 1,137 | 1,279 |
Operating Expenses: | ||||
Other operations and maintenance | 84 | 86 | 258 | 252 |
Depreciation and amortization | 48 | 45 | 139 | 135 |
Taxes other than income taxes | 32 | 32 | 92 | 93 |
Total operating expenses | 333 | 425 | 905 | 1,081 |
Operating Income | 103 | 85 | 232 | 198 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (19) | (15) | (53) | (42) |
Other income (expense), net | 9 | 9 | 29 | 32 |
Total other income and (expense) | (10) | (6) | (24) | (10) |
Earnings Before Income Taxes | 93 | 79 | 208 | 188 |
Income taxes | 18 | 17 | 35 | 38 |
Net Income | 75 | 62 | 173 | 150 |
Mississippi Power | Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 284 | 250 | 747 | 718 |
Mississippi Power | Wholesale revenues, non-affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 77 | 60 | 201 | 191 |
Mississippi Power | Wholesale revenues, affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 65 | 187 | 158 | 336 |
Mississippi Power | Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 10 | 13 | 31 | 34 |
Mississippi Power | Fuel and purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | $ 169 | $ 262 | $ 416 | $ 601 |
Condensed Statements of Cash _5
Condensed Statements of Cash Flows (Unaudited) - MPC - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Pension, postretirement, and other employee benefits | (397) | (322) |
Settlement of asset retirement obligations | (444) | (314) |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Retail fuel cost under recovery | 513 | (104) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Accrued taxes | 376 | 167 |
Accrued compensation | (197) | (123) |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Cost of removal, net of salvage | (421) | (518) |
Construction payables | 241 | 15 |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Financing Activities: | ||
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Noncash transactions — | ||
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under operating leases | 76 | 27 |
Mississippi Power | ||
Operating Activities: | ||
Consolidated net income | 173 | 150 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 171 | 164 |
Deferred income taxes | (10) | (4) |
Pension, postretirement, and other employee benefits | (15) | (12) |
Settlement of asset retirement obligations | (12) | (15) |
Other, net | 12 | 36 |
Changes in certain current assets and liabilities — | ||
Receivables | 55 | (49) |
Retail fuel cost under recovery | (24) | (9) |
Other current assets | 14 | (17) |
Accounts payable | (83) | 41 |
Accrued taxes | (16) | (3) |
Accrued compensation | (5) | (5) |
Other current liabilities | 0 | 2 |
Net cash provided from operating activities | 260 | 279 |
Investing Activities: | ||
Property additions | (231) | (165) |
Cost of removal, net of salvage | (21) | (20) |
Construction payables | (5) | (9) |
Payments pursuant to LTSAs | (21) | (23) |
Other investing activities | (2) | (2) |
Net cash used for investing activities | (280) | (219) |
Financing Activities: | ||
Increase in notes payable, net | 20 | 0 |
Proceeds — Senior notes | 100 | 0 |
Capital contributions from parent company | 8 | 55 |
Payment of common stock dividends | (139) | (128) |
Other financing activities | (1) | 1 |
Net cash provided from financing activities | (12) | (72) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (32) | (12) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 59 | 61 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 27 | 49 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 53 | 49 |
Income taxes, net | 33 | 18 |
Noncash transactions — | ||
Accrued property additions at end of period | 20 | 16 |
Right-of-use assets obtained under operating leases | 1 | 0 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Consolidated net income | 1,547 | 1,851 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 1,411 | 1,211 |
Deferred income taxes | 102 | 266 |
Pension, postretirement, and other employee benefits | (207) | (178) |
Settlement of asset retirement obligations | (228) | (149) |
Other, net | (12) | (22) |
Changes in certain current assets and liabilities — | ||
Receivables | (311) | (321) |
Retail fuel cost under recovery | 204 | 0 |
Other current assets | 16 | (72) |
Accounts payable | (142) | 211 |
Accrued taxes | 118 | 151 |
Other current liabilities | 16 | (79) |
Net cash provided from operating activities | 1,969 | 1,482 |
Investing Activities: | ||
Property additions | (3,501) | (2,556) |
Cost of removal, net of salvage | (191) | (250) |
Other investing activities | (76) | (47) |
Net cash used for investing activities | (3,376) | (2,653) |
Financing Activities: | ||
Increase in notes payable, net | 50 | 415 |
Proceeds — Senior notes | 1,750 | 1,500 |
Capital contributions from parent company | 1,837 | 813 |
Payment of common stock dividends | (1,392) | (1,268) |
Other financing activities | (27) | (45) |
Net cash provided from financing activities | 1,183 | 1,171 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (224) | 0 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 480 | 33 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 256 | 33 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 439 | 332 |
Income taxes, net | 74 | 151 |
Noncash transactions — | ||
Accrued property additions at end of period | 942 | 609 |
Right-of-use assets obtained under operating leases | $ 17 | $ 7 |
Condensed Balance Sheets (Una_3
Condensed Balance Sheets (Unaudited) - MPC - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts, net and Affiliated | 2,230 | 2,128 |
Unbilled revenues | 547 | 1,012 |
Other accounts and notes | 553 | 637 |
Fossil fuel stock | 829 | 575 |
Materials and supplies | 1,913 | 1,664 |
Other regulatory assets | 996 | 968 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 889 | 866 |
Prepaid pension costs | 2,574 | 2,290 |
Regulatory assets – asset retirement obligations | 5,629 | 5,764 |
Other regulatory assets, deferred | 5,666 | 5,918 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Notes payable | 1,726 | 2,609 |
Accounts payable — | ||
Accrued compensation | 936 | 1,127 |
Asset retirement obligations | 727 | 694 |
Other regulatory liabilities | 163 | 382 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Deferred credits related to income taxes | 4,813 | 5,235 |
Employee benefit obligations | 1,184 | 1,238 |
Asset retirement obligations, deferred | 9,872 | 10,146 |
Other cost of removal obligations | 1,940 | 1,903 |
Other regulatory liabilities, deferred | 660 | 733 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Liabilities and Stockholders' Equity | 138,321 | 134,891 |
Mississippi Power | ||
Current Assets: | ||
Cash and cash equivalents | 27 | 59 |
Receivables — | ||
Unbilled revenues | 41 | 47 |
Other accounts and notes | 22 | 35 |
Fossil fuel stock | 37 | 44 |
Materials and supplies | 85 | 80 |
Other regulatory assets | 54 | 72 |
Other current assets | 10 | 38 |
Total current assets | 392 | 504 |
Property, Plant, and Equipment: | ||
In service | 5,473 | 5,254 |
Less: Accumulated depreciation | 1,763 | 1,689 |
Plant in service, net of depreciation | 3,710 | 3,565 |
Construction work in progress | 183 | 208 |
Total property, plant, and equipment | 3,893 | 3,773 |
Other Property and Investments: | ||
Total other property and investments | 160 | 167 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 29 | 30 |
Prepaid pension costs | 123 | 109 |
Regulatory assets – asset retirement obligations | 241 | 239 |
Other regulatory assets, deferred | 246 | 249 |
Accumulated deferred income taxes | 95 | 107 |
Other deferred charges and assets | 79 | 94 |
Total deferred charges and other assets | 813 | 828 |
Total Assets | 5,258 | 5,272 |
Current Liabilities: | ||
Securities due within one year | 201 | 1 |
Notes payable | 20 | 0 |
Accounts payable — | ||
Accrued taxes | 108 | 124 |
Accrued compensation | 32 | 37 |
Asset retirement obligations | 26 | 37 |
Other regulatory liabilities | 30 | 43 |
Other current liabilities | 74 | 85 |
Total current liabilities | 631 | 554 |
Long-term Debt | 1,443 | 1,544 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 466 | 466 |
Deferred credits related to income taxes | 229 | 253 |
Employee benefit obligations | 67 | 69 |
Asset retirement obligations, deferred | 145 | 142 |
Other cost of removal obligations | 192 | 196 |
Other regulatory liabilities, deferred | 81 | 96 |
Other deferred credits and liabilities | 30 | 21 |
Total deferred credits and other liabilities | 1,210 | 1,243 |
Total Liabilities | 3,284 | 3,341 |
Total common stockholders' equity | 1,974 | 1,931 |
Total Liabilities and Stockholders' Equity | 5,258 | 5,272 |
Mississippi Power | Nonrelated Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 78 | 47 |
Accounts payable — | ||
Affiliated and Other | 61 | 106 |
Mississippi Power | Related Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 38 | 82 |
Accounts payable — | ||
Affiliated and Other | $ 79 | $ 121 |
Condensed Statements of Commo_3
Condensed Statements of Common Stockholders' Equity (Unaudited) - MPC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Mississippi Power | Mississippi Power Common Stock | Mississippi Power Paid-In Capital | Mississippi Power Retained Earnings (Accumulated Deficit) |
Beginning balance (in shares) at Dec. 31, 2021 | 1 | |||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ 1,867 | $ 38 | $ 4,582 | $ (2,753) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 42 | 42 | ||||||
Capital contributions from parent company | 51 | 51 | ||||||
Cash dividends on common stock | (702) | (702) | (43) | (43) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 1 | |||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | 1,917 | $ 38 | 4,633 | (2,754) |
Beginning balance (in shares) at Dec. 31, 2021 | 1 | |||||||
Beginning balance at Dec. 31, 2021 | 32,276 | 5,279 | 11,950 | 10,929 | 1,867 | $ 38 | 4,582 | (2,753) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,566 | 150 | ||||||
Ending balance (in shares) at Sep. 30, 2022 | 1 | |||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | 1,946 | $ 38 | 4,639 | (2,731) |
Beginning balance (in shares) at Mar. 31, 2022 | 1 | |||||||
Beginning balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | 1,917 | $ 38 | 4,633 | (2,754) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 45 | 45 | ||||||
Capital contributions from parent company | 1 | 1 | ||||||
Cash dividends on common stock | (723) | (723) | (42) | (42) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 1 | |||||||
Ending balance at Jun. 30, 2022 | 33,013 | 5,288 | 12,033 | 11,645 | 1,921 | $ 38 | 4,634 | (2,751) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,487 | 62 | 62 | |||||
Capital contributions from parent company | 5 | 5 | ||||||
Cash dividends on common stock | (741) | (741) | (42) | (42) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 1 | |||||||
Ending balance at Sep. 30, 2022 | 35,476 | 5,417 | 13,657 | 12,374 | 1,946 | $ 38 | 4,639 | (2,731) |
Beginning balance (in shares) at Dec. 31, 2022 | 1 | |||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | 1,931 | $ 38 | 4,652 | (2,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 58 | 58 | ||||||
Cash dividends on common stock | (742) | (742) | (46) | (46) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 1 | |||||||
Ending balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | 1,943 | $ 38 | 4,652 | (2,747) |
Beginning balance (in shares) at Dec. 31, 2022 | 1 | |||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | 1,931 | $ 38 | 4,652 | (2,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,053 | 173 | ||||||
Ending balance (in shares) at Sep. 30, 2023 | 1 | |||||||
Ending balance at Sep. 30, 2023 | 35,304 | 5,422 | 13,751 | 12,391 | 1,974 | $ 38 | 4,661 | (2,725) |
Beginning balance (in shares) at Mar. 31, 2023 | 1 | |||||||
Beginning balance at Mar. 31, 2023 | 34,562 | 5,421 | 13,715 | 11,658 | 1,943 | $ 38 | 4,652 | (2,747) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 40 | 40 | ||||||
Capital contributions from parent company | 12 | 12 | ||||||
Cash dividends on common stock | (764) | (764) | (47) | (47) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 1 | |||||||
Ending balance at Jun. 30, 2023 | 34,648 | 5,422 | 13,742 | 11,732 | 1,948 | $ 38 | 4,664 | (2,754) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,432 | 75 | 75 | |||||
Return of capital to parent company | (3) | (3) | ||||||
Cash dividends on common stock | (765) | (765) | (46) | (46) | ||||
Ending balance (in shares) at Sep. 30, 2023 | 1 | |||||||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 5,422 | $ 13,751 | $ 12,391 | $ 1,974 | $ 38 | $ 4,661 | $ (2,725) |
Condensed Consolidated Statem_9
Condensed Consolidated Statements of Income (Unaudited) - SPC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Net income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Net Income | 1,422 | 1,472 | 3,121 | 3,611 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Total cost of sales | 126 | 92 | 381 | 275 |
Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 1,367 | 2,423 | 3,376 | 5,249 |
Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | 207 | 645 | 680 | 1,285 |
SOUTHERN POWER CO | ||||
Operating Revenues: | ||||
Total operating revenues | 653 | 1,180 | 1,686 | 2,618 |
Operating Expenses: | ||||
Other operations and maintenance | 104 | 113 | 327 | 332 |
Depreciation and amortization | 130 | 133 | 380 | 384 |
Taxes other than income taxes | 13 | 13 | 38 | 38 |
Gain on dispositions, net | 0 | 0 | (20) | (2) |
Total operating expenses | 476 | 1,008 | 1,338 | 2,259 |
Operating Income | 177 | 172 | 348 | 359 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (32) | (32) | (98) | (105) |
Other income (expense), net | 4 | 3 | 8 | 5 |
Total other income and (expense) | (28) | (29) | (90) | (100) |
Earnings Before Income Taxes | 149 | 143 | 258 | 259 |
Income taxes | 39 | 36 | 38 | 49 |
Net Income | 110 | 107 | 220 | 210 |
Net income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Net Income | 100 | 95 | 288 | 265 |
SOUTHERN POWER CO | Wholesale revenues, non-affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 479 | 835 | 1,234 | 1,918 |
SOUTHERN POWER CO | Wholesale revenues, affiliates | ||||
Operating Revenues: | ||||
Total operating revenues | 156 | 336 | 406 | 673 |
SOUTHERN POWER CO | Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 18 | 9 | 46 | 27 |
SOUTHERN POWER CO | Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 196 | 605 | 526 | 1,274 |
SOUTHERN POWER CO | Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | $ 33 | $ 144 | $ 87 | $ 233 |
Condensed Consolidated State_10
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Net Income | $ 1,432 | $ 1,487 | $ 3,053 | $ 3,566 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 2 | 0 | (34) | (27) |
Reclassification adjustment for amounts included in net income, net of tax | 36 | 26 | 70 | 100 |
Reclassification adjustment for amounts included in net income, net of tax | 0 | 2 | 1 | 8 |
Total other comprehensive income | 38 | 28 | 37 | 81 |
Comprehensive income | 1,470 | 1,515 | 3,090 | 3,647 |
Comprehensive income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Comprehensive Income | 1,460 | 1,500 | 3,158 | 3,692 |
SOUTHERN POWER CO | ||||
Consolidated Net Income | 110 | 107 | 220 | 210 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | (13) | (35) | (17) | (106) |
Reclassification adjustment for amounts included in net income, net of tax | 17 | 28 | 24 | 106 |
Reclassification adjustment for amounts included in net income, net of tax | 0 | 0 | 0 | 1 |
Total other comprehensive income | 4 | (7) | 7 | 1 |
Comprehensive income | 114 | 100 | 227 | 211 |
Comprehensive income (loss) attributable to noncontrolling interests | 10 | 12 | (68) | (55) |
Comprehensive Income | $ 104 | $ 88 | $ 295 | $ 266 |
Condensed Consolidated State_11
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in fair value, tax | $ 3 | $ 2 | $ (11) | $ (5) |
Qualifying hedges, reclassification adjustment, tax | 12 | 8 | 25 | 32 |
Reclassification adjustment for amounts included in net income, tax | 0 | 1 | 0 | 3 |
SOUTHERN POWER CO | ||||
Changes in fair value, tax | (2) | (11) | (3) | (35) |
Qualifying hedges, reclassification adjustment, tax | 4 | 9 | 6 | 35 |
Reclassification adjustment for amounts included in net income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated State_12
Condensed Consolidated Statements of Cash Flows (Unaudited) - SPC - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Utilization of federal investment tax credits | 195 | 266 |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Accrued taxes | 376 | 167 |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (298) | (349) |
Capital contributions from noncontrolling interests | 21 | 73 |
Distributions to noncontrolling interests | (148) | (175) |
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Noncash transactions — | ||
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under operating leases | 76 | 27 |
Reassessment of right-of-use assets under operating leases | 0 | 40 |
SOUTHERN POWER CO | ||
Operating Activities: | ||
Consolidated net income | 220 | 210 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 395 | 404 |
Deferred income taxes | 1 | 21 |
Utilization of federal investment tax credits | 179 | 218 |
Amortization of investment tax credits | (44) | (44) |
Gain on dispositions, net | (20) | (2) |
Other, net | 4 | 1 |
Changes in certain current assets and liabilities — | ||
Receivables | 100 | (124) |
Prepaid income taxes | 31 | 22 |
Other current assets | (14) | (15) |
Accounts payable | (70) | 95 |
Accrued taxes | 9 | 55 |
Other current liabilities | 8 | (14) |
Net cash provided from operating activities | 799 | 827 |
Investing Activities: | ||
Acquisitions, net of cash acquired | (181) | 0 |
Property additions | (40) | (64) |
Proceeds from dispositions | 59 | 48 |
Change in construction payables | (18) | (60) |
Payments pursuant to LTSAs | (49) | (52) |
Other investing activities | 5 | 0 |
Net cash used for investing activities | (224) | (128) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 136 | |
Increase (decrease) in notes payable, net | (5) | |
Redemptions — Senior notes | (290) | (677) |
Capital contributions from parent company | 16 | 330 |
Capital contributions from noncontrolling interests | 21 | 73 |
Distributions to noncontrolling interests | (148) | (175) |
Payment of common stock dividends | (189) | (148) |
Other financing activities | 3 | (1) |
Net cash provided from financing activities | (451) | (603) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 124 | 96 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 133 | 135 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 257 | 231 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 103 | 120 |
Income taxes, net | (124) | (202) |
Noncash transactions — | ||
Accrued property additions at end of period | 23 | 30 |
Right-of-use assets obtained under operating leases | 7 | 0 |
Reassessment of right-of-use assets under operating leases | $ 0 | $ 40 |
Condensed Consolidated State_13
Condensed Consolidated Statements of Cash Flows (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net cash paid for capitalized interest | $ 97 | $ 74 |
SOUTHERN POWER CO | ||
Net cash paid for capitalized interest | $ 1 | $ 0 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Unaudited) - SPC - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts, net and Affiliated | 2,230 | 2,128 |
Other | 553 | 637 |
Materials and supplies | 1,913 | 1,664 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 1,376 | 1,443 |
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,467 | 1,531 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Notes payable | 1,726 | 2,609 |
Accounts payable — | ||
Accrued interest | 573 | 614 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Accumulated deferred ITCs | 2,071 | 2,133 |
Operating lease obligations | 1,320 | 1,388 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Stockholders' Equity (See accompanying statements) | 35,304 | 34,532 |
Total Liabilities and Stockholders' Equity | 138,321 | 134,891 |
SOUTHERN POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 236 | 131 |
Receivables — | ||
Other | 44 | 70 |
Materials and supplies | 84 | 88 |
Prepaid income taxes | 130 | 5 |
Other current assets | 71 | 50 |
Total current assets | 789 | 621 |
Property, Plant, and Equipment: | ||
In service | 14,678 | 14,658 |
Less: Accumulated depreciation | 4,001 | 3,661 |
Plant in service, net of depreciation | 10,677 | 10,997 |
Construction work in progress | 224 | 41 |
Total property, plant, and equipment | 10,901 | 11,038 |
Other Property and Investments: | ||
Intangible assets, net of amortization | 248 | 263 |
Equity investments in unconsolidated subsidiaries | 0 | 49 |
Net investment in sales-type leases | 150 | 154 |
Total other property and investments | 398 | 466 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 490 | 489 |
Prepaid LTSAs | 225 | 193 |
Other deferred charges and assets | 287 | 274 |
Total deferred charges and other assets | 1,002 | 956 |
Total Assets | 13,090 | 13,081 |
Current Liabilities: | ||
Securities due within one year | 0 | 290 |
Notes payable | 359 | 225 |
Accounts payable — | ||
Accrued taxes | 33 | 24 |
Accrued interest | 22 | 28 |
Other current liabilities | 117 | 111 |
Total current liabilities | 654 | 884 |
Long-term Debt | 2,687 | 2,689 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 619 | 279 |
Accumulated deferred ITCs | 1,512 | 1,556 |
Operating lease obligations | 516 | 514 |
Other deferred credits and liabilities | 259 | 243 |
Total deferred credits and other liabilities | 2,906 | 2,592 |
Total Liabilities | 6,247 | 6,165 |
Total Stockholders' Equity (See accompanying statements) | 6,843 | 6,916 |
Total Liabilities and Stockholders' Equity | 13,090 | 13,081 |
SOUTHERN POWER CO | Nonrelated Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 164 | 226 |
Accounts payable — | ||
Affiliated and Other | 43 | 67 |
SOUTHERN POWER CO | Related Party | ||
Receivables — | ||
Customer accounts, net and Affiliated | 60 | 51 |
Accounts payable — | ||
Affiliated and Other | $ 80 | $ 139 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other intangible assets, amortization | $ 367 | $ 340 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | $ 143 | $ 129 |
Condensed Consolidated State_14
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - SPC - USD ($) $ in Millions | Total | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | SOUTHERN POWER CO | SOUTHERN POWER CO Total Common Stockholders' Equity | SOUTHERN POWER CO Paid-In Capital | SOUTHERN POWER CO Retained Earnings (Accumulated Deficit) | SOUTHERN POWER CO Accumulated Other Comprehensive Income (Loss) | SOUTHERN POWER CO Noncontrolling Interests |
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 11,950 | $ 10,929 | $ (237) | $ 4,402 | $ 6,598 | $ 2,196 | $ 638 | $ 1,585 | $ (27) | $ 4,402 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 27 | 72 | 72 | (45) | |||||||
Other comprehensive income | 42 | 42 | 5 | 5 | 5 | ||||||
Cash dividends on common stock | (702) | (702) | (49) | (49) | (49) | ||||||
Capital contributions from noncontrolling interests | 73 | 73 | 73 | 73 | |||||||
Distributions to noncontrolling interests | (98) | (98) | (98) | (98) | |||||||
Other | 7 | 7 | 2 | ||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 4,332 | 6,556 | 2,224 | 638 | 1,608 | (22) | 4,332 |
Beginning balance at Dec. 31, 2021 | 32,276 | 11,950 | 10,929 | (237) | 4,402 | 6,598 | 2,196 | 638 | 1,585 | (27) | 4,402 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 3,566 | 210 | |||||||||
Ending balance at Sep. 30, 2022 | 35,476 | 13,657 | 12,374 | (157) | 4,237 | 6,880 | 2,643 | 969 | 1,701 | (27) | 4,237 |
Beginning balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 4,332 | 6,556 | 2,224 | 638 | 1,608 | (22) | 4,332 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 76 | 98 | 98 | (22) | |||||||
Capital contributions from parent company | 322 | 322 | 322 | ||||||||
Other comprehensive income | 11 | 11 | 3 | 3 | 3 | ||||||
Cash dividends on common stock | (723) | (723) | (50) | (50) | (50) | ||||||
Distributions to noncontrolling interests | (28) | (28) | (28) | (28) | |||||||
Other | 2 | 4 | |||||||||
Ending balance at Jun. 30, 2022 | 33,013 | 12,033 | 11,645 | (184) | 4,282 | 6,879 | 2,597 | 960 | 1,656 | (19) | 4,282 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 1,487 | 107 | 95 | 95 | 12 | ||||||
Capital contributions from parent company | 9 | 9 | 9 | ||||||||
Other comprehensive income | 28 | 28 | (7) | (7) | (7) | ||||||
Cash dividends on common stock | (741) | (741) | (49) | (49) | (49) | ||||||
Distributions to noncontrolling interests | (57) | (57) | (57) | (57) | |||||||
Other | (8) | (4) | (2) | (1) | (2) | (2) | (1) | (1) | |||
Ending balance at Sep. 30, 2022 | 35,476 | 13,657 | 12,374 | (157) | 4,237 | 6,880 | 2,643 | 969 | 1,701 | (27) | 4,237 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 4,124 | 6,916 | 2,792 | 1,069 | 1,741 | (18) | 4,124 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 39 | 102 | 102 | (63) | |||||||
Other comprehensive income | (44) | (44) | (7) | (7) | (7) | ||||||
Cash dividends on common stock | (742) | (742) | (63) | (63) | (63) | ||||||
Capital contributions from noncontrolling interests | 21 | 21 | 21 | 21 | |||||||
Distributions to noncontrolling interests | (48) | (48) | (48) | (48) | |||||||
Other | 0 | 2 | |||||||||
Ending balance at Mar. 31, 2023 | 34,562 | 13,715 | 11,658 | (211) | 4,034 | 6,858 | 2,824 | 1,069 | 1,780 | (25) | 4,034 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 4,124 | 6,916 | 2,792 | 1,069 | 1,741 | (18) | 4,124 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 3,053 | 220 | |||||||||
Ending balance at Sep. 30, 2023 | 35,304 | 13,751 | 12,391 | (130) | 3,927 | 6,843 | 2,916 | 1,087 | 1,839 | (10) | 3,927 |
Beginning balance at Mar. 31, 2023 | 34,562 | 13,715 | 11,658 | (211) | 4,034 | 6,858 | 2,824 | 1,069 | 1,780 | (25) | 4,034 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 70 | 85 | 85 | (15) | |||||||
Capital contributions from parent company | 14 | 14 | 14 | ||||||||
Other comprehensive income | 43 | 43 | 10 | 10 | 10 | ||||||
Cash dividends on common stock | (764) | (764) | (63) | (63) | (63) | ||||||
Distributions to noncontrolling interests | (42) | (42) | (42) | (42) | |||||||
Other | 0 | 2 | (1) | 0 | 1 | 1 | (1) | ||||
Ending balance at Jun. 30, 2023 | 34,648 | 13,742 | 11,732 | (168) | 3,976 | 6,847 | 2,871 | 1,083 | 1,802 | (14) | 3,976 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Consolidated Net Income | 1,432 | 110 | 100 | 100 | 10 | ||||||
Capital contributions from parent company | 3 | 3 | 3 | ||||||||
Other comprehensive income | 38 | 38 | 4 | 4 | 4 | ||||||
Cash dividends on common stock | (765) | (765) | (63) | (63) | (63) | ||||||
Distributions to noncontrolling interests | (59) | (59) | (59) | (59) | |||||||
Other | (1) | (2) | 2 | 1 | 1 | 1 | 0 | 0 | 0 | ||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 13,751 | $ 12,391 | $ (130) | $ 3,927 | $ 6,843 | $ 2,916 | $ 1,087 | $ 1,839 | $ (10) | $ 3,927 |
Condensed Consolidated State_15
Condensed Consolidated Statements of Income (Unaudited) - GAS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Operating Expenses: | ||||
Other operations and maintenance | 1,424 | 1,527 | 4,352 | 4,568 |
Depreciation and amortization | 1,143 | 922 | 3,365 | 2,728 |
Taxes other than income taxes | 341 | 352 | 1,076 | 1,073 |
Total operating expenses | 4,870 | 6,185 | 14,589 | 17,000 |
Operating Income | 2,110 | 2,193 | 4,619 | 5,232 |
Other Income and (Expense): | ||||
Earnings from equity method investments | 32 | 28 | 110 | 109 |
Interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Other income (expense), net | 141 | 132 | 428 | 414 |
Total other income and (expense) | (381) | (292) | (1,074) | (775) |
Earnings Before Income Taxes | 1,729 | 1,901 | 3,545 | 4,457 |
Income taxes | 297 | 414 | 492 | 891 |
Net Income | 1,432 | 1,487 | 3,053 | 3,566 |
Retail electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other electric revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Natural gas | ||||
Operating Expenses: | ||||
Total cost of sales | 102 | 294 | 1,199 | 1,840 |
Other revenues | ||||
Operating Revenues: | ||||
Total operating revenues | 222 | 178 | 662 | 519 |
Operating Expenses: | ||||
Total cost of sales | 126 | 92 | 381 | 275 |
Fuel | ||||
Operating Expenses: | ||||
Total cost of sales | 1,367 | 2,423 | 3,376 | 5,249 |
Purchased power | ||||
Operating Expenses: | ||||
Total cost of sales | 207 | 645 | 680 | 1,285 |
SOUTHERN Co GAS | ||||
Operating Revenues: | ||||
Total operating revenues | $ 689 | $ 857 | $ 3,417 | $ 3,998 |
Operating Expenses: | ||||
Cost, Product and Service [Extensible Enumeration] | Natural gas | Natural gas | Natural gas | Natural gas |
Other operations and maintenance | $ 264 | $ 252 | $ 879 | $ 824 |
Depreciation and amortization | 145 | 140 | 429 | 414 |
Taxes other than income taxes | 42 | 45 | 203 | 208 |
Total operating expenses | 553 | 731 | 2,710 | 3,286 |
Operating Income | 136 | 126 | 707 | 712 |
Other Income and (Expense): | ||||
Earnings from equity method investments | 32 | 34 | 104 | 105 |
Interest expense, net of amounts capitalized | (77) | (65) | (226) | (187) |
Other income (expense), net | 19 | 15 | 50 | 47 |
Total other income and (expense) | (26) | (16) | (72) | (35) |
Earnings Before Income Taxes | 110 | 110 | 635 | 677 |
Income taxes | 28 | 27 | 160 | 161 |
Net Income | 82 | 83 | 475 | 516 |
SOUTHERN Co GAS | Natural gas | ||||
Operating Revenues: | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Operating Expenses: | ||||
Total cost of sales | $ 102 | $ 294 | $ 1,199 | $ 1,840 |
Condensed Consolidated State_16
Condensed Consolidated Statements of Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
SOUTHERN Co GAS | ||||
Revenue taxes collected | $ 11 | $ 15 | $ 103 | $ 118 |
Condensed Consolidated State_17
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Net Income | $ 1,432 | $ 1,487 | $ 3,053 | $ 3,566 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 2 | 0 | (34) | (27) |
Reclassification adjustment for amounts included in net income, net of tax | 36 | 26 | 70 | 100 |
Total other comprehensive income | 38 | 28 | 37 | 81 |
Comprehensive Income | 1,470 | 1,515 | 3,090 | 3,647 |
SOUTHERN Co GAS | ||||
Consolidated Net Income | 82 | 83 | 475 | 516 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | (6) | 19 | (30) | 39 |
Reclassification adjustment for amounts included in net income, net of tax | 16 | (5) | 37 | (17) |
Total other comprehensive income | 10 | 14 | 7 | 22 |
Comprehensive Income | $ 92 | $ 97 | $ 482 | $ 538 |
Condensed Consolidated State_18
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in fair value, tax | $ 3 | $ 2 | $ (11) | $ (5) |
Qualifying hedges, reclassification adjustment, tax | 12 | 8 | 25 | 32 |
SOUTHERN Co GAS | ||||
Changes in fair value, tax | (2) | 8 | (11) | 16 |
Qualifying hedges, reclassification adjustment, tax | $ 7 | $ (2) | $ 15 | $ (7) |
Condensed Consolidated State_19
Condensed Consolidated Statements of Cash Flows (Unaudited) - GAS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Consolidated net income | $ 3,053 | $ 3,566 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 3,699 | 3,084 |
Deferred income taxes | (52) | 608 |
Natural gas cost under recovery – long-term | 0 | 207 |
Other, net | (67) | (119) |
Changes in certain current assets and liabilities — | ||
Receivables | 524 | (316) |
Natural gas cost under recovery | 108 | (124) |
Other current assets | (32) | (310) |
Accounts payable | (1,031) | 805 |
Other current liabilities | 66 | (82) |
Net cash provided from operating activities | 5,740 | 5,017 |
Investing Activities: | ||
Property additions | (6,561) | (5,502) |
Cost of removal, net of salvage | (421) | (518) |
Change in construction payables, net | 241 | 15 |
Other investing activities | (139) | (63) |
Net cash used for investing activities | (6,721) | (5,952) |
Financing Activities: | ||
Decrease in notes payable, net | (298) | (349) |
Proceeds — | ||
Short-term borrowings | 250 | 1,200 |
Redemptions — | ||
Short-term borrowings | (850) | (900) |
Payment of common stock dividends | (2,271) | (2,166) |
Other financing activities | (141) | (235) |
Net cash provided from financing activities | 834 | 1,119 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (147) | 184 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 2,037 | 1,829 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,890 | 2,013 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 1,694 | 1,425 |
Income taxes, net | 11 | 160 |
Accrued property additions at end of period | 1,224 | 872 |
Right-of-use assets obtained under operating leases | 76 | 27 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Consolidated net income | 475 | 516 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 429 | 414 |
Deferred income taxes | 75 | 109 |
Natural gas cost under recovery – long-term | 0 | 207 |
Other, net | (15) | (12) |
Changes in certain current assets and liabilities — | ||
Receivables | 776 | 301 |
Natural gas for sale, net of temporary LIFO liquidation | 31 | (136) |
Prepaid income taxes | 12 | (77) |
Natural gas cost under recovery | 108 | (124) |
Other current assets | (32) | 7 |
Accounts payable | (346) | 342 |
Natural gas cost over recovery | 165 | 0 |
Other current liabilities | (34) | (15) |
Net cash provided from operating activities | 1,644 | 1,532 |
Investing Activities: | ||
Property additions | (1,151) | (1,063) |
Cost of removal, net of salvage | (82) | (84) |
Change in construction payables, net | (38) | (103) |
Other investing activities | 45 | 11 |
Net cash used for investing activities | (1,226) | (1,239) |
Financing Activities: | ||
Decrease in notes payable, net | (493) | (749) |
Proceeds — | ||
Proceeds — Senior notes | 500 | 500 |
First mortgage bonds | 125 | 100 |
Short-term borrowings | 0 | 50 |
Other long-term debt | 29 | 0 |
Redemptions — | ||
Short-term borrowings | (200) | (150) |
Medium-term notes | 0 | (46) |
Capital contributions from parent company | 377 | 357 |
Payment of common stock dividends | (439) | (389) |
Other financing activities | (1) | 14 |
Net cash provided from financing activities | (102) | (313) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 316 | (20) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 83 | 48 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 399 | 28 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 214 | 186 |
Income taxes, net | 70 | 193 |
Accrued property additions at end of period | 139 | 10 |
Right-of-use assets obtained under operating leases | $ 3 | $ 0 |
Condensed Consolidated State_20
Condensed Consolidated Statements of Cash Flows (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net cash paid for capitalized interest | $ 97 | $ 74 |
SOUTHERN Co GAS | ||
Net cash paid for capitalized interest | $ 12 | $ 7 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheets (Unaudited) - GAS - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,676 | $ 1,917 |
Receivables — | ||
Customer accounts | 2,230 | 2,128 |
Unbilled revenues | 547 | 1,012 |
Other accounts and notes | 553 | 637 |
Accumulated provision for uncollectible accounts | (78) | (71) |
Natural gas for sale | 406 | 438 |
Prepaid expenses | 321 | 347 |
Other regulatory assets | 996 | 968 |
Other current assets | 544 | 344 |
Total current assets | 11,088 | 10,416 |
Property, Plant, and Equipment: | ||
In service | 125,573 | 117,529 |
Less: Accumulated depreciation | 37,199 | 35,297 |
Plant in service, net of depreciation | 88,374 | 82,232 |
Construction work in progress | 8,496 | 10,896 |
Total property, plant, and equipment | 98,254 | 94,570 |
Other Property and Investments: | ||
Goodwill | 5,161 | 5,161 |
Equity investments in unconsolidated subsidiaries | 1,376 | 1,443 |
Other intangible assets, net of amortization | 377 | 406 |
Miscellaneous property and investments | 651 | 602 |
Total other property and investments | 9,772 | 9,757 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,467 | 1,531 |
Prepaid pension costs | 2,574 | 2,290 |
Other regulatory assets, deferred | 5,666 | 5,918 |
Other deferred charges and assets | 1,479 | 1,485 |
Total deferred charges and other assets | 19,207 | 20,148 |
Total Assets | 138,321 | 134,891 |
Current Liabilities: | ||
Securities due within one year | 3,076 | 4,285 |
Notes payable | 1,726 | 2,609 |
Accounts payable — | ||
Customer deposits | 511 | 502 |
Accrued interest | 573 | 614 |
Accrued compensation | 936 | 1,127 |
Natural gas cost over recovery | 165 | 0 |
Other regulatory liabilities | 163 | 382 |
Other current liabilities | 943 | 787 |
Total current liabilities | 13,214 | 15,724 |
Long-term Debt | 56,003 | 50,656 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,774 | 10,036 |
Deferred credits related to income taxes | 4,813 | 5,235 |
Employee benefit obligations | 1,184 | 1,238 |
Operating lease obligations | 1,320 | 1,388 |
Other cost of removal obligations | 1,940 | 1,903 |
Other deferred credits and liabilities | 1,166 | 1,167 |
Total deferred credits and other liabilities | 33,800 | 33,979 |
Total Liabilities | 103,017 | 100,359 |
Total Stockholders' Equity | 35,304 | 34,532 |
Total Liabilities and Stockholders' Equity | 138,321 | 134,891 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 397 | 81 |
Receivables — | ||
Customer accounts | 242 | 616 |
Unbilled revenues | 74 | 453 |
Other accounts and notes | 52 | 76 |
Accumulated provision for uncollectible accounts | (53) | (50) |
Natural gas for sale | 406 | 438 |
Prepaid expenses | 92 | 93 |
Natural gas cost under recovery | 0 | 108 |
Other regulatory assets | 144 | 119 |
Other current assets | 108 | 104 |
Total current assets | 1,462 | 2,038 |
Property, Plant, and Equipment: | ||
In service | 20,459 | 19,723 |
Less: Accumulated depreciation | 5,454 | 5,276 |
Plant in service, net of depreciation | 15,005 | 14,447 |
Construction work in progress | 1,158 | 909 |
Total property, plant, and equipment | 16,163 | 15,356 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,243 | 1,276 |
Other intangible assets, net of amortization | 19 | 26 |
Miscellaneous property and investments | 24 | 28 |
Total other property and investments | 6,301 | 6,345 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 47 | 57 |
Prepaid pension costs | 205 | 183 |
Other regulatory assets, deferred | 483 | 497 |
Other deferred charges and assets | 162 | 145 |
Total deferred charges and other assets | 897 | 882 |
Total Assets | 24,823 | 24,621 |
Current Liabilities: | ||
Securities due within one year | 400 | 400 |
Notes payable | 75 | 768 |
Accounts payable — | ||
Customer deposits | 133 | 125 |
Accrued taxes | 75 | 77 |
Accrued interest | 79 | 67 |
Accrued compensation | 85 | 105 |
Natural gas cost over recovery | 165 | 0 |
Other regulatory liabilities | 44 | 36 |
Other current liabilities | 146 | 187 |
Total current liabilities | 1,638 | 2,570 |
Long-term Debt | 7,657 | 7,042 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,629 | 1,560 |
Deferred credits related to income taxes | 766 | 788 |
Employee benefit obligations | 108 | 120 |
Operating lease obligations | 40 | 51 |
Other cost of removal obligations | 1,748 | 1,707 |
Accrued environmental remediation | 202 | 207 |
Other deferred credits and liabilities | 202 | 179 |
Total deferred credits and other liabilities | 4,695 | 4,612 |
Total Liabilities | 13,990 | 14,224 |
Total Stockholders' Equity | 10,833 | 10,397 |
Total Liabilities and Stockholders' Equity | 24,823 | 24,621 |
SOUTHERN Co GAS | Related Party | ||
Accounts payable — | ||
Affiliated and Other | 62 | 104 |
SOUTHERN Co GAS | Nonrelated Party | ||
Accounts payable — | ||
Affiliated and Other | $ 374 | $ 701 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheets (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other intangible assets, amortization | $ 367 | $ 340 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 163 | $ 156 |
Condensed Consolidated State_21
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - GAS - USD ($) $ in Millions | Total | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | SOUTHERN Co GAS | SOUTHERN Co GAS Paid-In Capital | SOUTHERN Co GAS Retained Earnings (Accumulated Deficit) | SOUTHERN Co GAS Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 11,950 | $ 10,929 | $ (237) | $ 9,916 | $ 10,024 | $ (132) | $ 24 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 319 | 319 | ||||||
Capital contributions from parent company | 50 | 50 | ||||||
Other comprehensive income | 42 | 42 | 20 | 20 | ||||
Cash dividends on common stock | (702) | (702) | (130) | (130) | ||||
Other | 7 | 7 | 2 | |||||
Ending balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 10,175 | 10,074 | 57 | 44 |
Beginning balance at Dec. 31, 2021 | 32,276 | 11,950 | 10,929 | (237) | 9,916 | 10,024 | (132) | 24 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 3,566 | 516 | ||||||
Ending balance at Sep. 30, 2022 | 35,476 | 13,657 | 12,374 | (157) | 10,438 | 10,397 | (5) | 46 |
Beginning balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 10,175 | 10,074 | 57 | 44 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 115 | 115 | ||||||
Capital contributions from parent company | 312 | 312 | ||||||
Other comprehensive income | 11 | 11 | (12) | (12) | ||||
Cash dividends on common stock | (723) | (723) | (130) | (130) | ||||
Other | 2 | 4 | ||||||
Ending balance at Jun. 30, 2022 | 33,013 | 12,033 | 11,645 | (184) | 10,460 | 10,386 | 42 | 32 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 1,487 | 83 | 83 | |||||
Capital contributions from parent company | 11 | 11 | ||||||
Other comprehensive income | 28 | 28 | 14 | 14 | ||||
Cash dividends on common stock | (741) | (741) | (130) | (130) | ||||
Other | (8) | (4) | (2) | (1) | ||||
Ending balance at Sep. 30, 2022 | 35,476 | 13,657 | 12,374 | (157) | 10,438 | 10,397 | (5) | 46 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 10,397 | 10,445 | (79) | 31 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 309 | 309 | ||||||
Capital contributions from parent company | 203 | 203 | ||||||
Other comprehensive income | (44) | (44) | (10) | (10) | ||||
Cash dividends on common stock | (742) | (742) | (146) | (146) | ||||
Other | 0 | 2 | 0 | 1 | (1) | |||
Ending balance at Mar. 31, 2023 | 34,562 | 13,715 | 11,658 | (211) | 10,753 | 10,649 | 83 | 21 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 10,397 | 10,445 | (79) | 31 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 3,053 | 475 | ||||||
Ending balance at Sep. 30, 2023 | 35,304 | 13,751 | 12,391 | (130) | 10,833 | 10,838 | (43) | 38 |
Beginning balance at Mar. 31, 2023 | 34,562 | 13,715 | 11,658 | (211) | 10,753 | 10,649 | 83 | 21 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 85 | 85 | ||||||
Capital contributions from parent company | 40 | 40 | ||||||
Other comprehensive income | 43 | 43 | 7 | 7 | ||||
Cash dividends on common stock | (764) | (764) | (147) | (147) | ||||
Other | 0 | 2 | ||||||
Ending balance at Jun. 30, 2023 | 34,648 | 13,742 | 11,732 | (168) | 10,738 | 10,689 | 21 | 28 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Consolidated Net Income | 1,432 | 82 | 82 | |||||
Capital contributions from parent company | 149 | 149 | ||||||
Other comprehensive income | 38 | 38 | 10 | 10 | ||||
Cash dividends on common stock | (765) | (765) | (146) | (146) | ||||
Other | (1) | (2) | 2 | |||||
Ending balance at Sep. 30, 2023 | $ 35,304 | $ 13,751 | $ 12,391 | $ (130) | $ 10,833 | $ 10,838 | $ (43) | $ 38 |
Introduction
Introduction | 9 Months Ended |
Sep. 30, 2023 | |
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 at December 31, 2022 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 September 30, 2023 and 2022. 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, 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. Recently Adopted Accounting Standards In March 2020 and December 2022, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , respectively, providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR through December 31, 2024. See Note 1 to the financial statements under "Recently Adopted Accounting Standards" in Item 8 of the Form 10-K for additional information on the temporary guidance. Certain provisions in PPAs at Southern Power include references to LIBOR. Contract amendments have been executed to change to a SOFR-based interest rate. Southern Power adopted and applied the practical expedients guidance to these PPAs. Additionally, the Registrants referenced LIBOR for certain debt and hedging arrangements. As of July 1, 2023, all of the debt and hedging arrangements of the Registrants have transitioned to a SOFR-based interest rate based on the terms of the agreements. There were no material impacts from the transition to SOFR and no impacts to any existing accounting conclusions. See Note (J) under "Interest Rate Derivatives" for additional information. Goodwill and Other Intangible Assets Goodwill at September 30, 2023 and December 31, 2022 was as follows: Goodwill (in millions) Southern Company $ 5,161 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 during the fourth quarter of each year, or more frequently if goodwill impairment indicators arise. Other intangible assets were as follows: At September 30, 2023 At December 31, 2022 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Subject to amortization: Customer relationships $ 211 $ (169) $ 42 $ 212 $ (162) $ 50 Trade names 63 (50) 13 64 (44) 20 PPA fair value adjustments 390 (143) 247 390 (129) 261 Other 5 (5) — 5 (5) — Total subject to amortization $ 669 $ (367) $ 302 $ 671 $ (340) $ 331 Not subject to amortization: FCC licenses 75 — 75 75 — 75 Total other intangible assets $ 744 $ (367) $ 377 $ 746 $ (340) $ 406 Southern Power (*) PPA fair value adjustments $ 390 $ (143) $ 247 $ 390 $ (129) $ 261 Southern Company Gas (*) Gas marketing services Customer relationships $ 156 $ (143) $ 13 $ 156 $ (139) $ 17 Trade names 26 (20) 6 26 (17) 9 Total other intangible assets $ 182 $ (163) $ 19 $ 182 $ (156) $ 26 (*) All subject to amortization. Amortization associated with other intangible assets was as follows: Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 (in millions) Southern Company (a) $ 10 $ 27 $ 11 $ 30 Southern Power (b) 5 14 5 15 Southern Company Gas 3 7 4 9 (a) Includes $5 million, $14 million, $5 million, and $15 million for the three and nine months ended September 30, 2023 and 2022, respectively, recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. Cash, Cash Equivalents, and 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 applicable Registrants: Southern Company Alabama Power Georgia Power Southern Power Southern (in millions) At September 30, 2023 Cash and cash equivalents $ 1,676 $ 621 $ 173 $ 236 $ 397 Restricted cash (a) : Other current assets 176 108 48 18 2 Other deferred charges and assets 38 — 35 3 — Total cash, cash equivalents, and restricted cash (b) $ 1,890 $ 729 $ 256 $ 257 $ 399 At December 31, 2022 Cash and cash equivalents $ 1,917 $ 687 $ 364 $ 131 $ 81 Restricted cash (a) : Other current assets 62 — 60 — 2 Other deferred charges and assets 58 — 56 3 — Total cash, cash equivalents, and restricted cash (b) $ 2,037 $ 687 $ 480 $ 133 $ 83 (a) For Alabama Power, balance at September 30, 2023 reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2023. For Georgia Power, reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects $18 million at September 30, 2023 resulting from an arbitration interim award held to fund future replacement costs and $3 million at both September 30, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. See Note (C) under "General Litigation Matters – Southern Power" for additional information. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may not add due to rounding. Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas records 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 September 30, 2023 is expected to be restored prior to year-end. Storm Damage Reserves See Note 1 to the financial statements in Item 8 of the Form 10-K under "Storm Damage and Reliability Reserves" for additional information. Storm damage reserve activity for the traditional electric operating companies during the nine months ended September 30, 2023 was as follows: Southern Company (*) Alabama Power Georgia Power (*) Mississippi (in millions) Balance at December 31, 2022 $ 216 $ 97 $ 83 $ 36 Accrual 42 9 24 9 Weather-related damages (242) (35) (204) (3) Balance at September 30, 2023 $ 16 $ 71 $ (97) $ 42 (*) See Note (B) under "Georgia Power – Storm Damage Recovery" for additional information. Asset Retirement Obligations See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. Following initial criticality on March 6, 2023, Georgia Power recorded AROs of approximately $90 million related to Plant Vogtle Unit 3. See Note (B) under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. In September 2023, Georgia Power recorded a net decrease of approximately $175 million to its AROs related to the CCR Rule and the related state rule resulting from changes in estimates, including lower future inflation rates and the timing of closure activities. In June 2023, Alabama Power completed an updated decommissioning cost site study for Plant Farley. The estimated cost of decommissioning based on the study resulted in a decrease in Alabama Power's ARO liability of approximately $15 million. See "Nuclear Decommissioning" herein for additional information. Nuclear Decommissioning See Note 6 to the financial statements in Item 8 of the Form 10-K under "Nuclear Decommissioning" for additional information. Site study cost is the estimate to decommission a specific facility as of the site study year. The decommissioning cost estimates are based on removal of the plant from service and prompt dismantlement. The actual decommissioning costs may vary from these estimates because of changes in the assumed date of decommissioning, changes in NRC requirements, or changes in the assumptions used in making these estimates. The estimated costs of decommissioning Plant Farley based on Alabama Power's June 2023 site study are as follows: Plant Farley Decommissioning periods: Beginning year 2037 Completion year 2087 (in millions) Site study costs: Radiated structures $ 1,402 Spent fuel management 513 Non-radiated structures 133 Total site study costs $ 2,048 For ratemaking purposes, Alabama Power's decommissioning costs are based on the site study. Significant assumptions used to determine these costs for ratemaking were an estimated inflation rate of 4.5% and an estimated trust earnings rate of 7.0%. Amounts previously contributed to the external trust funds are currently projected to be adequate to meet the updated decommissioning obligations. Alabama Power's site-specific estimates of decommissioning costs for Plant Farley are updated every five years. The next site study for Alabama Power is expected to be completed in 2028. Projections of funds are reviewed with the Alabama PSC to ensure that, over time, the deposits and earnings of the funds in the external trust will provide adequate funding to cover the site-specific costs. If necessary, Alabama Power would seek the Alabama PSC's approval to address any changes in a manner consistent with NRC and other applicable requirements. Income Taxes In the third quarter 2023, Georgia Power started generating advanced nuclear PTCs for Plant Vogtle Unit 3 beginning on the in-service date of July 31, 2023. PTCs are recognized as an income tax benefit based on KWH production. In addition, pursuant to the Global Amendments to the Vogtle Joint Ownership Agreements (as defined in Note (B) under "Georgia Power – Nuclear Construction – Joint Owner Contracts"), Georgia Power is purchasing advanced nuclear PTCs for Plant Vogtle Unit 3 from certain other Vogtle Owners. The gain recognized on the purchase of the joint owner PTCs is recognized as an income tax benefit. See Note 1 to the financial statements under "Income Taxes" in Item 8 of the Form 10-K for additional information regarding accounting policies related to income taxes. See Note (B) under "Georgia Power – Nuclear Construction" for additional information regarding Plant Vogtle Units 3 and 4. Also see Note (G) under "Current and Deferred Income Taxes" for additional information. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022 were as follows: Regulatory Clause Balance Sheet Line Item September 30, December 31, 2022 (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, deferred $ 3 $ — Other regulatory assets, current — 47 Rate CNP PPA Other regulatory assets, current 17 18 Other regulatory assets, deferred 90 102 Retail Energy Cost Recovery Other regulatory assets, current 208 102 Other regulatory assets, deferred 80 520 Georgia Power Fuel Cost Recovery (*) Receivables – under recovered fuel clause revenues $ 730 $ — Deferred under recovered fuel clause revenues 1,279 2,056 Mississippi Power Fuel Cost Recovery Receivables – customer accounts, net $ 25 $ 1 Ad Valorem Tax Other regulatory assets, current 3 12 Other regulatory assets, deferred 11 19 Southern Company Gas Natural Gas Cost Recovery Natural gas cost under recovery $ — $ 108 Natural gas cost over recovery 165 — (*) See "Georgia Power – Fuel Cost Recovery" herein for additional information. Alabama Power Certificates of Convenience and Necessity In 2020, the Alabama PSC approved a certificate of convenience and necessity authorizing Alabama Power's construction of Plant Barry Unit 8 and the recovery of estimated in-service costs of $652 million. At September 30, 2023, project expenditures associated with Plant Barry Unit 8 totaled approximately $583 million, of which $578 million and $5 million was included in CWIP and property, plant, and equipment in service, respectively. On November 1, 2023, the unit was placed in service. The ultimate outcome of this matter cannot be determined at this time. Excess Accumulated Deferred Income Tax Accounting Order On October 3, 2023, the Alabama PSC issued an order modifying its December 2022 order and authorizing Alabama Power to (i) flow back in 2023 approximately $24 million of certain federal excess accumulated deferred income taxes resulting from the Tax Cuts and Jobs Act of 2017 and (ii) make available any remaining balance of excess accumulated deferred income taxes at the end of 2023 for the benefit of customers in 2024 and/or 2025. The ultimate outcome of this matter cannot be determined at this time. Rate CNP New Plant On March 24, 2023, Alabama Power filed Rate CNP New Plant with the Alabama PSC to recover costs associated with the acquisition of the Central Alabama Generating Station. The filing reflected an annual increase in retail revenues of $78 million effective with June 2023 billings. Through May 2023, Alabama Power recovered substantially all costs associated with the Central Alabama Generating Station through Rate RSE, offset by revenues from a power sales agreement. On May 24, 2023, the Central Alabama Generating Station was placed into retail service. See Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information. Renewable Generation Certificate Through the issuance of a Renewable Generation Certificate (RGC), Alabama Power is authorized by the Alabama PSC to procure renewable capacity and energy and to market the related energy and environmental attributes to customers and other third parties. On April 4, 2023, the Alabama PSC approved two new solar PPAs totaling 160 MWs. Upon approval of these PPAs, Alabama Power had procured solar capacity totaling approximately 490 MWs under the RGC's original 500-MW limit. On June 14, 2023, the Alabama PSC issued an order approving modifications to Alabama Power's RGC. The modifications authorized Alabama Power to procure an additional 2,400 MWs of renewable capacity and energy by June 14, 2029 and to market the related energy and environmental attributes to customers and other third parties. The modifications also increased the size of allowable renewable projects from 80 MWs to 200 MWs and increased the annual approval limit from 160 MWs to 400 MWs. Reliability Reserve Accounting Order On July 11, 2023, the Alabama PSC issued an order authorizing Alabama Power to expand the existing authority of its reliability reserve to include certain production-related expenses that are intended to maintain reliability in between scheduled generating unit maintenance outages. On August 18, 2023, Alabama Power notified the Alabama PSC of its intent to use a portion of its $166 million reliability reserve balance during 2023. The ultimate outcome of this matter cannot be determined at this time. Georgia Power Rate Plans In accordance with the terms of the 2022 ARP, on October 2, 2023, Georgia Power filed the following tariff adjustments to become effective January 1, 2024 pending approval by the Georgia PSC: • increase traditional base tariffs by approximately $275 million; • decrease the Environmental Compliance Cost Recovery tariff by approximately $99 million; • increase the Demand-Side Management tariffs by approximately $10 million; and • increase the Municipal Franchise Fee tariffs by approximately $5 million. The ultimate outcome of this matter cannot be determined at this time. Plant Vogtle Unit 3 and Common Facilities Rate Proceeding In compliance with a Georgia PSC order approved in November 2021, Georgia Power increased annual retail base rates by $318 million effective August 1, 2023 based on the in-service date of July 31, 2023 for Plant Vogtle Unit 3. See "Plant Vogtle Units 3 and 4 Prudency Proceeding" and "Nuclear Construction" herein for additional information on Plant Vogtle Units 3 and 4. Plant Vogtle Units 3 and 4 Prudency Proceeding On August 30, 2023, as provided for in the December 2017 Georgia PSC approval of the seventeenth VCM report, Georgia Power filed with the Georgia PSC an application to adjust rates to include reasonable and prudent Plant Vogtle Units 3 and 4 costs (Application). The Application provides the necessary support to justify the reasonableness, prudence, and recovery of $8.826 billion in total construction and capital costs, $1.07 billion in associated retail rate base items, and the operating costs related to the full operation and output of Plant Vogtle Units 3 and 4. Through the VCM process, the Georgia PSC has verified and approved all expenditures up to the revised approved construction and capital cost of $7.3 billion and has reviewed, but not verified and approved, all expenditures through December 31, 2022 above that amount. Also on August 30, 2023, the staff of the Georgia PSC filed a stipulated agreement (Prudency Stipulation) among Georgia Power, the staff of the Georgia PSC, and certain intervenors. The Prudency Stipulation is intended to resolve all issues for determination by the Georgia PSC regarding the reasonableness, prudence, and cost recovery for the remaining costs not already in retail base rates, after considering many of the issues raised by the staff of the Georgia PSC and intervenors in prior VCM proceedings, including the extended construction time, required rework, scheduling of activities, and challenges with testing and productivity. If the Prudency Stipulation is approved, Georgia Power will recover $7.562 billion in total construction and capital costs and associated retail rate base items of $1.02 billion, which includes AFUDC financing costs above $4.418 billion (the Georgia PSC-certified amount) up to $7.562 billion. The Prudency Stipulation also provides for the recovery of projected operations and maintenance expenses, depreciation expense, nuclear decommissioning accruals, and property taxes, net of projected production tax credits. After considering construction and capital costs already in retail base rates of $2.1 billion and $362 million of associated retail rate base items (approved by the Georgia PSC in November 2021), and upon achieving commercial operation of Unit 4, Georgia Power will include in retail rate base the remaining $5.462 billion of construction and capital costs as well as $656 million of associated retail rate base items. Under the terms of the Prudency Stipulation, when the rate adjustment occurs, Georgia Power's NCCR tariff will cease to be collected and financing costs will be included in Georgia Power's general revenue requirements. Additionally, if commercial operation for Unit 4 is not achieved by March 31, 2024, Georgia Power's ROE used to determine the NCCR tariff and calculate AFUDC will be reduced to zero, which would result in an estimated negative impact to earnings of approximately $12 million per month until commercial operation for Unit 4 is achieved. The Prudency Stipulation also provides that as of each Unit's respective first refueling outage, if the respective Unit's performance has materially deviated from expected performance, the Georgia PSC may order Georgia Power to credit customers for operations and maintenance expenses or disallow costs associated with the repair or replacement of any system, structure, or component found to have caused the material deviation in performance if proven to be the result of imprudent engineering, construction, procurement, testing, or start-up. If the Prudency Stipulation is approved by the Georgia PSC, annual retail base revenues will increase approximately $729 million and the average retail base rates will be adjusted by approximately 5% (net of the elimination of the NCCR tariff described above) effective the first day of the month after Unit 4 achieves commercial operation. Georgia Power expects the Georgia PSC to render a final decision on these matters on December 19, 2023. The ultimate outcome of these matters cannot be determined at this time. See "Plant Vogtle Unit 3 and Common Facilities Rate Proceeding" and "Nuclear Construction" herein for additional information on Plant Vogtle Units 3 and 4. Fuel Cost Recovery On May 16, 2023, the Georgia PSC approved a stipulation agreement between Georgia Power and the staff of the Georgia PSC to increase annual fuel billings by 54%, or approximately $1.1 billion, effective June 1, 2023. The increase includes a three-year recovery period for $2.2 billion of Georgia Power's under recovered fuel balance at May 31, 2023. Under the approved stipulation agreement, Georgia Power is allowed to adjust its fuel cost recovery rates under an interim fuel rider prior to the next fuel case, subject to a maximum 40% cumulative change, if its under or over recovered fuel balance accumulated since May 31, 2023 exceeds $200 million. Georgia Power is scheduled to file its next fuel case no later than February 28, 2026. Changes in fuel rates have no significant effect on Southern Company's or Georgia Power's net income but do impact the related operating cash flows. Integrated Resource Plans In August 2022, Restore Chattooga Gorge Coalition (RCG) filed a petition in the Superior Court of Fulton County, Georgia against Georgia Power and the Georgia PSC. The petition challenges Georgia Power's plan to expend $115 million to modernize Plant Tugalo (a hydro facility), as approved in the 2019 IRP, and seeks judicial review of the Georgia PSC's order in the 2022 IRP proceeding with respect to the denial of RCG's challenge to the modernization plan. On October 23, 2023, the court granted Georgia Power's and the Georgia PSC's motions to dismiss the RCG petition. RCG has until November 22, 2023 to file a notice of appeal. On October 27, 2023, Georgia Power filed an updated IRP (2023 IRP Update) with the Georgia PSC, which sets forth a plan to support the recent increase in the state of Georgia's projected energy needs since the 2022 IRP. In the 2023 IRP Update, Georgia Power requested the following: • Authority to develop, own, and operate up to 1,400 MWs from three simple cycle combustion turbines at Plant Yates. • Approval to pursue potential acquisition of an additional ownership interest in an existing generation asset within the Southern Company system's retail electric service territory. • Certification of an affiliate PPA with Mississippi Power for 750 MWs starting January 2024 through December 2028. • Certification of a non-affiliate PPA for 230 MWs starting the month after conclusion of the 2023 IRP Update proceeding continuing through December 2028. • Authority to develop, own, and operate up to 1,000 MWs of battery energy storage facilities collocated with existing and new Georgia Power-owned solar facilities. • Approval of transmission projects necessary to support the generation resources requested in the 2023 IRP Update. The schedule for the Georgia PSC to consider the 2023 IRP Update has not been determined. Georgia Power has requested that the Georgia PSC evaluate the 2023 IRP Update by the end of April 2024. The ultimate outcome of these matters cannot be determined at this time. Storm Damage Recovery Georgia Power is recovering $31 million annually under the 2022 ARP for incremental operating and maintenance costs of damage from major storms to its transmission and distribution facilities. During August 2023, Hurricane Idalia caused significant damage to Georgia Power's transmission and distribution facilities. The incremental restoration costs related to this hurricane deferred in the regulatory asset for storm damage totaled approximately $110 million. At September 30, 2023, Georgia Power's regulatory asset balance related to storm damage was $97 million. The rate of storm damage cost recovery is expected to be adjusted in future regulatory proceedings as necessary. As a result of this regulatory treatment, costs related to storms are not expected to have a material impact on Southern Company's or Georgia Power's net income but do impact the related operating cash flows. 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, under which Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, 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, and mandatory prepayment events. Cost and Schedule Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4, including contingency, through July 2023 and March 2024, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 10,736 Construction contingency estimate 17 Total project capital cost forecast (a)(b) 10,753 Net investment at September 30, 2023 (b) (10,495) Remaining estimate to complete $ 258 (a) Includes approximately $610 million of costs that are not shared with the other Vogtle Owners, including $33 million of construction monitoring costs approved for recovery by the Georgia PSC in its nineteenth VCM order, and approximately $567 million of incremental costs under the cost-sharing provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $420 million, of which $385 million had been accrued through September 30, 2023. (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 $3.5 billion, of which $3.4 billion had been incurred through September 30, 2023. Georgia Power placed Unit 3 in service on July 31, 2023. See "Plant Vogtle Unit 3 and Common Facilities Rate Proceeding" herein for additional information. As part of its ongoing processes, Southern Nuclear continues to evaluate cost and schedule forecasts for Unit 4 on a regular basis to incorporate current information available, particularly in the areas of start-up testing and related test results, engineering support, system turnovers, and workforce statistics. Southern Nuclear establishes aggressive target values for monthly testing and system turnover activities, which are reflected in the site work plan for Unit 4. Since March 2020, the number of active COVID-19 cases at the site has fluctuated consistent with the surrounding area and impacted productivity levels and pace of activity completion, with the site experiencing peaks in the number of active cases in January 2021, August 2021, and January 2022. Georgia Power estimates the productivity impacts of the COVID-19 pandemic have consumed approximately three During the first nine months of 2023, established construction contingency totaling $43 million was assigned to the base capital cost forecast for costs primarily associated with the Unit 3 schedule extension and completion of start-up and pre-operational testing, including continued need of support resources for Unit 3 testing, as well as additional craft and support resources and subcontract work for Unit 4. Hot functional testing for Unit 4 was completed on May 1, 2023. On July 20, 2023, Southern Nuclear announced that all Unit 4 ITAACs had been submitted to the NRC, and, on July 28, 2023, the NRC published its 103(g) finding that the accepted criteria in the combined license for Unit 4 had been met, which allowed nuclear fuel to be loaded and start-up testing to begin. Fuel load for Unit 4 was completed on August 19, 2023. On October 6, 2023, Georgia Power announced that during the start-up and pre-operational testing for Plant Vogtle Unit 4, Southern Nuclear identified a motor fault in one of four reactor coolant pumps (RCPs) and has started the process to replace this RCP with an on-site spare RCP from inventory. Considering this remediation and the remaining pre-operational testing, Unit 4 is projected to be placed in service during the first quarter 2024. With Unit 3's four RCPs operating as designed, Southern Nuclear believes that the motor fault on this single Unit 4 RCP is an isolated event. However, any findings related to the root cause of the motor fault on the single Unit 4 RCP could require engineering changes or remediation related to the other seven Unit 3 and Unit 4 RCPs. The projected schedule for Unit 4 significantly depends on the pace and success of replacing the RCP, which involves removing and re-installing commodities around the RCP. As Unit 4 completes the RCP replacement, including any associated repairs to other RCPs, and transitions further into testing, ongoing and potential future challenges include the management of contractors and vendors, subcontractor performance, the availability of materials and parts, and/or related cost escalation; the pace of remaining work package closures; the availability of craft, supervisory, and technical support resources; and the timeframe and duration of final component and pre-operational testing. New challenges also may continue to arise as Unit 4 moves further into testing and start-up, which may result in required engineering changes or remediation related to 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). These challenges may result in further schedule delays and/or cost increases. 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 ensure 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. With the receipt of the NRC's 103(g) findings for Units 3 and 4 in August 2022 and July 2023, respectively, the site is subject to the NRC's operating reactor oversight process and must meet applicable technical and operational requirements contained in its operating license. Various design and other licensing-based compliance matters may result in additional license amendment requests or require other resolution. If any license amendment requests or other licensing-based compliance issues are not resolved in a timely manner, there may be delays in the Unit 4 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 March 2024 for Unit 4, including the joint owner cost sharing impacts described below, is estimated to result in additional base capital costs for Georgia Power of up to $25 million per month, as well as the related AFUDC and any additional related construction, support resources, or testing costs. Pursuant to Georgia Power's Application and the Prudency Stipulation (as discussed under "Plant Vogtle Units 3 and 4 Prudency Proceeding" herein), any further changes to the capital cost forecast are not expected to be recoverable through regulated rates and will be required to be charged to income. 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. Amendments to the Vogtle Joint Ownership Agreements In connection with a September 2018 vote by the Vogtle Owners 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). Pursuant to the Global Amendments: (i) each Vogtle Owner paid 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, of which Georgia Power's share is $8.4 billion (VCM 19 Forecast Amount), plus $800 million; (ii) Georgia Power was responsible for 55.7% of actual qualifying construction costs between $800 million and $1.6 billion over the VCM 19 Forecast Amount (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 was responsible for 65.7% of qualifying construction costs between $1.6 billion and $2.1 billion over the VCM 19 Forecast Amount (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. The Global Amendments provide that if the EAC was revised and exceeded the VCM 19 Forecast Amount by more than $2.1 billion, each of the other Vogtle Owners had a one-time option at the time the project budget cost forecast was 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 VCM 19 Forecast Amount 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 (Project 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 from the seventeenth VCM report estimated in- service dates of November 2021 and November 2022 for Units 3 and 4, respectively. The schedule extension announced in February 2022 triggered the requirement for a vote to continue construction and all the Vogtle Owners voted to continue construction. The filing of the Application with the Georgia PSC, which included Georgia Power's public announcement of its intention not to submit for rate recovery an amount that is greater than the first 6% of costs during any six-month VCM reporting period, triggered the requirement for a vote to continue construction and all the Vogtle Owners voted to continue construction. See "Plant Vogtle Units 3 and 4 Prudency Proceeding" herein for additional information on Georgia Power's prudency application filing. Georgia Power and the other Vogtle Owners did not agree on either the starting dollar amount for the determination of cost increases subject to the cost-sharing and tender provisions of the Global Amendments or the extent to which COVID-19-related costs impact those provisions. The other Vogtle Owners notified Georgia Power that they believed the project capital cost forecast approved by the Vogtle Owners in February 2022 triggered the tender provisions. In June 2022 and July 2022, OPC and Dalton, respectively, notified Georgia Power of their purported exercises of their tender options. Georgia Power did not accept these purported tender exercises. In June 2022, OPC and MEAG Power each filed a separate lawsuit against Georgia Power in the Superior Court of Fulton County, Georgia seeking a declaratory judgment that the starting dollar amount is $17.1 billion and that the cost-sharing and tender provisions had been triggered. The lawsuits also assert other claims, including breach of contract allegations, and seek, among other remedies, damages and injunctive relief requiring Georgia Power to track and allocate construction costs consistent with MEAG Power's and OPC's interpretations of the Global Amendments. In July 2022, Georgia Power filed its answers in the lawsuits filed by MEAG Power and OPC and included counterclaims seeking a declaratory judgment that the starting dollar amount is $18.38 billion and that costs related to force majeure events are excluded prior to calculating the cost-sharing and tender provisions and when calculating Georgia Power's related financial obligations. In September 2022, Dalton filed complaints in each of these lawsuits. Also in September 2022, Georgia Power and MEAG Power reached an agreement to resolve their dispute regarding the proper interpretation of the cost-sharing and tender provisions of the Global Amendments. Under the terms of the agreement, among other items, (i) MEAG Power will not exercise its tender option and will retain its full ownership interest in Plant Vogtle Units 3 and 4; (ii) Georgia Power will reimburse a portion of MEAG Power's costs of construction for Plant Vogtle Units 3 and 4 as such costs are incurred and with no further adjustment for force majeure costs, which payments will total approximately $92 million based on the current project capital cost forecast; and (iii) Georgia Power will reimburse 20% of MEAG Power's costs of construction with respect to any amounts over the current project capital cost forecast, with no further adjustment for force majeure costs. In addition, MEAG Power agreed to vote to continue construction upon occurrence of a Project Adverse Event unless the commercial operation date of either of Plant Vogtle Unit 3 or Unit 4 is not projected to occur by December 31, 2025. In October 2022, MEAG Power and Georgia Power filed a notice of settlement and voluntary dismissal of their pending litigation, including Georgia Power's counterclaim, and Dalton dismissed its related complaint. On October 5, 2023 and October 17, 2023, Georgia Power reached agreements with OPC and Dalton, respectively, to resolve its respective dispute with each of OPC and Dalton regarding the proper interpretation of the cost-sharing and tender provisions of the joint ownership agreements relating to the Global Amendments. Und |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 and Mississippi Power In 2010, the DOE, through a cooperative agreement with SCS, agreed to fund $270 million of the Kemper County energy facility through the grants awarded to the project by the DOE under the Clean Coal Power Initiative Round 2. In 2016, additional DOE grants in the amount of $137 million were awarded to the Kemper County energy facility. In 2018, Mississippi Power filed with the DOE its request for property closeout certification under the contract related to the $387 million of total grants received. In 2020, Mississippi Power and Southern Company executed an agreement with the DOE completing Mississippi Power's request, which enabled Mississippi Power to proceed with full dismantlement of the abandoned gasifier-related assets and site restoration activities. In connection with the DOE closeout discussions, in 2019, the Civil Division of the Department of Justice informed Southern Company and Mississippi Power of a civil investigation related to the DOE grants. On August 4, 2023, the U.S. District Court for the Northern District of Georgia unsealed a civil action in which defendants Southern Company, SCS, and Mississippi Power are alleged to have violated certain provisions of the False Claims Act by fraudulently inducing the DOE to disburse funds pursuant to the grants. The federal government declined to intervene in the action. On October 30, 2023, the plaintiff, a former SCS employee, filed an amended complaint, again alleging certain violations of the False Claims Act. The plaintiff seeks to recover all damages incurred personally and on behalf of the government caused by the defendants' alleged violations, as well as treble damages and attorneys' fees, among other relief. The ultimate outcome of this matter cannot be determined at this time; however, an adverse outcome could have a material impact on Southern Company's and Mississippi Power's financial statements. Alabama Power In September 2022, Mobile Baykeeper filed a citizen suit in the U.S. District Court for the Southern District of Alabama alleging that Alabama Power's plan to close the Plant Barry ash pond utilizing a closure-in-place methodology violates the Resource Conservation and Recovery Act (RCRA) and regulations governing CCR. Among other relief requested, Mobile Baykeeper seeks a declaratory judgment that the RCRA and regulations governing CCR are being violated, preliminary and injunctive relief to prevent implementation of Alabama Power's closure plan and the development of a closure plan that satisfies regulations governing CCR requirements. On December 19, 2022, Alabama Power filed a motion to dismiss the case. On September 30, 2023, the magistrate judge issued a report and recommendation to deny Alabama Power's motion to dismiss, to which Alabama Power has filed objections. On January 31, 2023, the EPA issued a Notice of Potential Violations associated with Alabama Power's plan to close the Plant Barry ash pond. Ala bama Power has affirmed to the EPA its position that it is in compliance with CCR requirements. The ultimate outcome of these matters cannot be determined at this time but could have a material impact on Alabama Power's ARO estimates and cash flows. See Note 6 to the financial statements in Item 8 of the Form 10-K for a discussion of Alabama Power's ARO liabilities. Georgia Power Municipal Franchise Fees 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 2019, the Georgia PSC issued an order that found Georgia Power has appropriately implemented the municipal franchise fee schedule. In March 2021, the Superior Court of Fulton County granted class certification and Georgia Power's motion for summary judgment and the plaintiffs filed a notice of appeal. In April 2021, Georgia Power filed a notice of cross appeal on the issue of class certification. In December 2021, the Georgia Court of Appeals affirmed the Superior Court's ruling that granted summary judgment to Georgia Power and dismissed Georgia Power's cross appeal on the issue of class certification as moot. Also in December 2021, the plaintiffs filed a petition for writ of certiorari to the Georgia Supreme Court, which was denied on January 27, 2023. On February 6, 2023, the plaintiffs filed a motion for reconsideration with the Georgia Supreme Court, which was denied on February 16, 2023. This matter is now concluded. Plant Scherer In July 2020, a group of individual plaintiffs filed a complaint, which was amended in December 2022, in the Superior Court of Fulton County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer has impacted groundwater 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 December 2022, the Superior Court of Fulton County, Georgia granted Georgia Power's motion to transfer the case to the Superior Court of Monroe County, Georgia. On May 9, 2023, the Superior Court of Monroe County, Georgia denied Georgia Power's motion to dismiss the case for lack of subject matter jurisdiction. On July 27, 2023, the Superior Court of Monroe County, Georgia denied the remaining motions to dismiss certain claims and plaintiffs that Georgia Power filed at the outset of the case. In October 2021, February 2022, and January 2023, a total of eight additional complaints were filed in the Superior Court of Monroe County, Georgia against Georgia Power alleging that releases from Plant Scherer have impacted groundwater and air, resulting in alleged personal injuries and property damage. The plaintiffs sought an unspecified amount of monetary damages including punitive damages. After Georgia Power removed these cases to the U.S. District Court for the Middle District of Georgia, the plaintiffs voluntarily dismissed their complaints without prejudice in November 2022 and January 2023. On May 12, 2023, the plaintiffs in the cases originally filed in October 2021, February 2022, and January 2023 refiled their eight complaints in the Superior Court of Monroe County, Georgia. Also on May 12, 2023, a new complaint was filed in the Superior Court of Monroe County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer have impacted groundwater and air, resulting in alleged personal injuries. The plaintiff seeks an unspecified amount of monetary damages, including punitive damages. On May 18, 2023, Georgia Power removed all of these cases to the U.S. District Court for the Middle District of Georgia. The plaintiffs are requesting the court remand the cases back to the Superior Court of Monroe County, Georgia. The amount of possible loss, if any, from these matters 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, which was amended in March 2019 to include four additional plaintiffs. 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 and make claims for gross negligence, reckless conduct, and intentional wrongdoing. 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. The district court dismissed the amended complaint; however, 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 district court denied each of the plaintiffs' pending Southern Power In July 2021, Southern Power and certain of its subsidiaries filed an arbitration demand with the American Arbitration Association against First Solar for defective design of actuators on trackers and inverters installed by First Solar under the engineering, procurement, and construction agreements associated with five solar projects owned by Southern Power and partners and managed by Southern Power. In February 2023, arbitration hearings concluded. In July 2023, an interim award of approximately $36 million was entered in favor of Southern Power and was subsequently received in September 2023. The interim award included $18 million representing recovery of losses associated with replacement costs, penalty payments, and lost revenues previously incurred. This recovery is reflected in Southern Power's third quarter and year-to-date 2023 statements of income as an $11 million reduction to other operations and maintenance expense and a $7 million increase in other revenues, with $6 million allocated through noncontrolling interests to Southern Power's partners. The remaining $18 million in award proceeds received in excess of the losses incurred is recognized on the balance sheet at September 30, 2023 as restricted cash and a liability to fund future replacement costs. The parties are awaiting issuance of a final award. The ultimate outcome of this matter cannot be determined at this time. 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 $14 million and $15 million at September 30, 2023 and December 31, 2022, 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 $234 million and $256 million at September 30, 2023 and December 31, 2022, 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. Other Matters Traditional Electric Operating Companies In April 2019, Bellsouth Telecommunications d/b/a AT&T Alabama (AT&T) filed a complaint against Alabama Power with the FCC alleging that the pole rental rate AT&T is required to pay pursuant to the parties' joint use agreement is unjust and unreasonable under federal law. The complaint sought a new rate and approximately $87 million in refunds of alleged overpayments for the preceding six years. In August 2019, the FCC stayed the case in favor of arbitration, which AT&T has not pursued. The ultimate outcome of this matter cannot be determined at this time, but an adverse outcome could have a material impact on the financial statements of Southern Company and Alabama Power. Georgia Power and Mississippi Power have joint use agreements with other AT&T affiliates. Mississippi Power In August 2022, the Mississippi Department of Revenue (Mississippi DOR) completed an audit of sales and use taxes paid by Mississippi Power from 2016 to 2019 and entered a final assessment, indicating a total amount due of $28 million, including associated penalties and interest. In October 2022, Mississippi Power filed an administrative appeal with the Mississippi DOR contesting the assessment. On October 2, 2023, Mississippi Power and the Mississippi DOR reached a settlement agreement on an assessment of approximately $11 million including associated penalties and interest, $7 million of which was previously paid by Mississippi Power. On October 5, 2023, Mississippi Power made a final $4 million payment and considers this matter closed. Pursuant to an accounting order approved by the Mississippi PSC in December 2022, Mississippi Power deferred $3 million of the agreed upon assessment related to taxes and associated interest to a regulatory asset for disposition in a future rate proceeding. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers and Lease Income | 9 Months Ended |
Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 and 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2023 Operating revenues Retail electric revenues Residential $ 2,543 $ 969 $ 1,473 $ 101 $ — $ — Commercial 1,845 599 1,151 95 — — Industrial 1,116 498 528 90 — — Other 30 3 25 2 — — Total retail electric revenues 5,534 2,069 3,177 288 — — Natural gas distribution revenues Residential 217 — — — — 217 Commercial 56 — — — — 56 Transportation 275 — — — — 275 Industrial 4 — — — — 4 Other 60 — — — — 60 Total natural gas distribution revenues 612 — — — — 612 Wholesale electric revenues PPA energy revenues 317 66 31 2 226 — PPA capacity revenues 151 26 13 3 110 — Non-PPA revenues 101 15 21 137 126 — Total wholesale electric revenues 569 107 65 142 462 — Other natural gas revenues Gas marketing services 54 — — — — 54 Other natural gas revenues 8 — — — — 8 Total natural gas revenues 62 — — — — 62 Other revenues 330 54 146 10 18 — Total revenue from contracts with customers 7,107 2,230 3,388 440 480 674 Other revenue sources (*) (127) (147) (151) (4) 173 15 Total operating revenues $ 6,980 $ 2,083 $ 3,237 $ 436 $ 653 $ 689 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Nine Months Ended September 30, 2023 Operating revenues Retail electric revenues Residential $ 5,717 $ 2,277 $ 3,202 $ 238 $ — $ — Commercial 4,464 1,493 2,733 238 — — Industrial 2,770 1,324 1,195 251 — — Other 84 10 68 6 — — Total retail electric revenues 13,035 5,104 7,198 733 — — Natural gas distribution revenues Residential 1,443 — — — — 1,443 Commercial 370 — — — — 370 Transportation 878 — — — — 878 Industrial 33 — — — — 33 Other 228 — — — — 228 Total natural gas distribution revenues 2,952 — — — — 2,952 Wholesale electric revenues PPA energy revenues 853 196 66 8 601 — PPA capacity revenues 490 130 38 36 289 — Non-PPA revenues 199 49 30 315 312 — Total wholesale electric revenues 1,542 375 134 359 1,202 — Other natural gas revenues Gas marketing services 358 — — — — 358 Other natural gas revenues 28 — — — — 28 Total natural gas revenues 386 — — — — 386 Other revenues 971 159 422 31 46 — Total revenue from contracts with customers 18,886 5,638 7,754 1,123 1,248 3,338 Other revenue sources (*) 322 (218) 51 14 438 79 Total operating revenues $ 19,208 $ 5,420 $ 7,805 $ 1,137 $ 1,686 $ 3,417 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2022 Operating revenues Retail electric revenues Residential $ 2,104 $ 799 $ 1,212 $ 93 $ — $ — Commercial 1,637 499 1,051 87 — — Industrial 1,183 452 642 89 — — Other 27 3 22 2 — — Total retail electric revenues 4,951 1,753 2,927 271 — — Natural gas distribution revenues Residential 331 — — — — 331 Commercial 93 — — — — 93 Transportation 259 — — — — 259 Industrial 12 — — — — 12 Other 49 — — — — 49 Total natural gas distribution revenues 744 — — — — 744 Wholesale electric revenues PPA energy revenues 812 187 40 4 591 — PPA capacity revenues 175 56 12 1 107 — Non-PPA revenues 58 67 4 242 303 — Total wholesale electric revenues 1,045 310 56 247 1,001 — Other natural gas revenues Gas marketing services 84 — — — — 84 Other natural gas revenues 15 — — — — 15 Total natural gas revenues 99 — — — — 99 Other revenues 277 65 110 13 9 — Total revenue from contracts with customers 7,116 2,128 3,093 531 1,010 843 Other revenue sources (*) 1,262 316 796 (21) 170 14 Total operating revenues $ 8,378 $ 2,444 $ 3,889 $ 510 $ 1,180 $ 857 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Nine Months Ended September 30, 2022 Operating revenues Retail electric revenues Residential $ 5,282 $ 2,049 $ 2,995 $ 238 $ — $ — Commercial 4,202 1,285 2,688 229 — — Industrial 2,914 1,143 1,529 242 — — Other 79 10 62 7 — — Total retail electric revenues 12,477 4,487 7,274 716 — — Natural gas distribution revenues Residential 1,821 — — — — 1,821 Commercial 493 — — — — 493 Transportation 872 — — — — 872 Industrial 60 — — — — 60 Other 244 — — — — 244 Total natural gas distribution revenues 3,490 — — — — 3,490 Wholesale electric revenues PPA energy revenues 1,739 354 112 11 1,285 — PPA capacity revenues 443 135 35 4 273 — Non-PPA revenues 182 166 19 511 572 — Total wholesale electric revenues 2,364 655 166 526 2,130 — Other natural gas revenues Gas marketing services 417 — — — — 417 Other natural gas revenues 41 — — — — 41 Total natural gas revenues 458 — — — — 458 Other revenues 810 173 327 34 27 — Total revenue from contracts with customers 19,599 5,315 7,767 1,276 2,157 3,948 Other revenue sources (*) 2,633 708 1,451 3 461 50 Total operating revenues $ 22,232 $ 6,023 $ 9,218 $ 1,279 $ 2,618 $ 3,998 (*) 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 (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. Contract Balances The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at September 30, 2023 and December 31, 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At September 30, 2023 $ 2,680 $ 858 $ 1,175 $ 106 $ 138 $ 331 At December 31, 2022 3,123 696 922 92 237 1,107 Contract Assets At September 30, 2023 $ 267 $ 6 $ 146 $ — $ — $ 41 At December 31, 2022 156 2 89 — — — Contract Liabilities At September 30, 2023 $ 62 $ — $ 8 $ 2 $ 8 $ — At December 31, 2022 45 4 9 — 1 — Contract assets for Georgia Power primarily relate to retail customer fixed 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, and unregulated service agreements, where payment is contingent on project completion. Contract liabilities for Georgia Power primarily relate to cash collections recognized in advance of revenue for unregulated service agreements. At September 30, 2023, Southern Company Gas' contract assets relate to work performed on an energy efficiency enhancement and upgrade contract with the U.S. General Services Administration. Southern Company Gas receives cash advances from a third-party financial institution to fund work performed, of which approximately $51 million had been received at September 30, 2023. These advances have been accounted for as long-term debt on the balance sheets. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information regarding the construction contract. At September 30, 2023 and December 31, 2022, Southern Company's unregulated distributed generation business had contract assets of $75 million and $65 million, respectively, and contract liabilities of $47 million and $32 million, respectively, for outstanding performance obligations. Revenues recognized in the three and nine months ended September 30, 2023, which were included in contract liabilities at December 31, 2022, were immaterial for the applicable Registrants. Contract liabilities are primarily classified as current on the balance sheets as the corresponding revenues are generally expected to be recognized within one year. Remaining Performance Obligations The Subsidiary Registrants may enter into long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For Alabama Power, Georgia Power, and Southern Power, these contracts primarily relate to PPAs whereby electricity and generation capacity are provided 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. For Southern Company Gas, these contracts primarily relate to the U.S. General Services Administration contract described above. 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 September 30, 2023 are expected to be recognized as follows: 2023 (remaining) 2024 2025 2026 2027 Thereafter (in millions) Southern Company $ 166 $ 599 $ 359 $ 318 $ 319 $ 2,245 Alabama Power 10 24 8 — — — Georgia Power 23 66 34 14 14 23 Southern Power 84 356 302 303 310 2,233 Southern Company Gas 4 29 — — — — Lease Income Lease income for the three and nine months ended September 30, 2023 and 2022 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended September 30, 2023 Lease income - interest income on sales-type leases $ 6 $ — $ — $ 4 $ 2 $ — Lease income - operating leases 36 3 7 — 21 9 Variable lease income 134 — — — 144 — Total lease income $ 176 $ 3 $ 7 $ 4 $ 167 $ 9 For the Nine Months Ended September 30, 2023 Lease income - interest income on sales-type leases $ 18 $ — $ — $ 11 $ 7 $ — Lease income - operating leases 129 32 22 2 64 27 Variable lease income 327 1 — — 351 — Total lease income $ 474 $ 33 $ 22 $ 13 $ 422 $ 27 For the Three Months Ended September 30, 2022 Lease income - interest income on sales-type leases $ 7 $ — $ — $ 4 $ 3 $ — Lease income - operating leases 50 19 8 1 21 9 Variable lease income 139 — — — 145 — Total lease income $ 196 $ 19 $ 8 $ 5 $ 169 $ 9 For the Nine Months Ended September 30, 2022 Lease income - interest income on sales-type leases $ 19 $ — $ — $ 11 $ 8 $ — Lease income - operating leases 149 58 24 1 64 27 Variable lease income 355 1 — — 372 — Total lease income $ 523 $ 59 $ 24 $ 12 $ 444 $ 27 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 Company At September 30, 2023 and December 31, 2022, Southern Holdings had equity method investments totaling $126 million and $112 million, respectively, primarily related to investments in venture capital funds focused on energy and utility investments. Earnings from these investments were immaterial for all periods presented. 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 September 30, 2023 and December 31, 2022, SP Solar had total assets of $5.8 billion and $5.9 billion, respectively, total liabilities of $0.4 billion, and noncontrolling interests of $1.1 billion. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to the limited partner 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 September 30, 2023 and December 31, 2022, SP Wind had total assets of $2.2 billion, total liabilities of $184 million and $169 million, respectively, and noncontrolling interests of $38 million and $39 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 September 30, 2023 and December 31, 2022, the other VIEs had total assets of $1.7 billion and $1.8 billion, respectively, total liabilities of $0.2 billion, and noncontrolling interests of $0.8 billion. 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 December 31, 2022, Southern Power had equity method investments in wind and battery energy storage projects totaling $49 million. During the first quarter 2023, Southern Power sold its remaining equity method investments in the projects and received proceeds of $50 million. Earnings (loss) from these investments, including the gains associated with the sales, were immaterial for all periods presented. Southern Company Gas Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments at September 30, 2023 and December 31, 2022 and related earnings from those investments for the three and nine months ended September 30, 2023 and 2022 were as follows: Investment Balance September 30, 2023 December 31, 2022 (in millions) SNG $ 1,210 $ 1,243 Other 33 33 Total $ 1,243 $ 1,276 Three Months Ended September 30, Nine Months Ended September 30, Earnings from Equity Method Investments 2023 2022 2023 2022 (in millions) SNG $ 32 $ 34 $ 104 $ 104 Other — — — 1 Total $ 32 $ 34 $ 104 $ 105 |
Financing and Leases
Financing and Leases | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Financing and Leases | FINANCING AND LEASES 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 September 30, 2023, committed credit arrangements with banks were as follows: Expires Company 2024 2025 2026 2028 Total Unused Expires within (in millions) Southern Company parent (a) $ 150 $ — $ — $ 1,850 $ 2,000 $ 1,998 $ 150 Alabama Power — — 650 700 1,350 1,350 — Georgia Power — — — 1,750 1,750 1,726 — Mississippi Power — 125 150 — 275 275 — Southern Power (a)(b) — — — 600 600 589 — Southern Company Gas (c) 100 — — 1,500 1,600 1,598 100 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 125 $ 800 $ 6,400 $ 7,605 $ 7,566 $ 280 (a) Arrangement expiring in 2028 represents a $2.45 billion combined arrangement for Southern Company and Southern Power as borrowers. Pursuant to the combined facility, the allocations between Southern Company and Southern Power may be adjusted. (b) Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2025 and 2026, respectively, of which $9 million and $16 million, respectively, was unused at September 30, 2023. In March 2023, Southern Power amended the $100 million letter of credit facility, which, among other things, extended the expiration date from 2025 to 2026 and increased the amount from $75 million. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (c) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2028. Southern Company Gas' committed credit arrangement expiring in 2028 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2028, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $100 million credit arrangement expiring in 2024. As reflected in the table above, in May 2023, Southern Company and Southern Power combined and extended their multi-year credit arrangements previously maturing in 2026, resulting in a single aggregate $2.45 billion facility (currently allocated $1.85 billion for Southern Company and $600 million for Southern Power) maturing in 2028. Pursuant to the combined facility, the allocations between Southern Company and Southern Power may be adjusted. Alabama Power, Georgia Power, and Southern Company Gas Capital, along with Nicor Gas, amended and restated certain of their multi-year credit arrangements, which, among other things, extended the maturity dates from 2026 to 2028. Mississippi Power amended and restated certain of its multi-year credit arrangements aggregating $150 million, which, among other things, extended the maturity dates from 2024 to 2026. Nicor Gas also entered into a $100 million credit arrangement maturing in 2024 to replace its $250 million credit arrangement that expired in 2023. In June 2023, Southern Company also entered into a new $150 million credit arrangement maturing in 2024. In August 2023, Alabama Power amended and restated one of its multi-year credit arrangements, which, among other things, extended the maturity date from 2024 to 2026 and increased the borrowing capacity from $550 million to $650 million. 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 provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. The 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 September 30, 2023, 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 certain revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. At September 30, 2023, outstanding variable rate demand revenue bonds of the traditional electric operating companies with allocated liquidity support totaled approximately $1.7 billion (comprised of approximately $818 million at Alabama Power, $819 million at Georgia Power, and $69 million at Mississippi Power). In addition, at September 30, 2023, Alabama Power and Georgia Power had approximately $120 million and $325 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. The variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit. Convertible Senior Notes In February 2023, Southern Company issued $1.5 billion aggregate principal amount of Series 2023A 3.875% Convertible Senior Notes due December 15, 2025 (Series 2023A Convertible Senior Notes). In March 2023, Southern Company issued an additional $225 million aggregate principal amount of the Series 2023A Convertible Senior Notes upon the exercise by the initial purchasers of their over-allotment option. Interest on the Series 2023A Convertible Senior Notes is payable semiannually, which began on June 15, 2023. The Series 2023A Convertible Senior Notes will mature on December 15, 2025, unless earlier converted or repurchased, but are not redeemable at the option of Southern Company. The Series 2023A Convertible Senior Notes are direct, unsecured, and unsubordinated obligations of Southern Company, ranking equally with all of Southern Company's other unsecured and unsubordinated indebtedness from time to time outstanding, and are effectively subordinated to all secured indebtedness of Southern Company. Holders may convert their Series 2023A Convertible Senior Notes at their option prior to the close of business on the business day preceding September 15, 2025, but only under the following circumstances: • during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Southern Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by Southern Company; • during the five business day period after any 10 consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of Series 2023A Convertible Senior Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or • upon the occurrence of certain corporate events specified in the indenture governing the Series 2023A Convertible Senior Notes. On or after September 15, 2025, a holder may convert all or any portion of its Series 2023A Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. Southern Company will settle conversions of the Series 2023A Convertible Senior Notes by paying cash up to the aggregate principal amount of the Series 2023A Convertible Senior Notes to be converted and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Series 2023A Convertible Senior Notes being converted. The Series 2023A Convertible Senior Notes are initially convertible at a rate of 11.8818 shares of common stock per $1,000 principal amount converted, which is approximately equal to $84.16 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Series 2023A Convertible Senior Notes), Southern Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change. Upon the occurrence of a fundamental change (as defined in the indenture governing the Series 2023A Convertible Senior Notes), holders of the Series 2023A Convertible Senior Notes may require Southern Company to purchase all or a portion of their Series 2023A Convertible Senior Notes, in principal amounts equal to $1,000 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the Series 2023A Convertible Senior Notes to be purchased plus any accrued and unpaid interest. Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share (EPS) is attributable to awards outstanding under stock-based compensation plans and the Series 2023A Convertible Senior Notes. EPS dilution resulting from stock-based compensation plans is determined using the treasury stock method and EPS dilution resulting from the Series 2023A Convertible Senior Notes is determined using the net share settlement method. See Note 12 to the financial statements in Item 8 of the Form 10-K and "Convertible Senior Notes" herein for additional information. Shares used to compute diluted EPS were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) As reported shares 1,092 1,082 1,092 1,070 Effect of stock-based compensation 7 6 6 6 Diluted shares 1,099 1,088 1,098 1,076 For all periods presented, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive. For all periods presented, there was no dilution resulting from the Series 2023A Convertible Senior Notes. Southern Company Leveraged Lease See Note 9 to the financial statements in Item 8 of the Form 10-K for information on a leveraged lease agreement related to energy generation. In June 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. Subsequently, the lessee failed to make the semi-annual lease payment due in December 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease entered into forbearance agreements which suspended the related contractual rights of the parties while they continued restructuring negotiations, during which |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
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 Southern Company had federal ITC and PTC carryforwards (primarily related to Southern Power) totaling $1.0 billion and $1.1 billion at September 30, 2023 and December 31, 2022, respectively. Southern Company's federal PTC and ITC carryforwards begin expiring in 2031, but are expected to be fully utilized by 2028. 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, changes in taxable income projections, transfer of eligible credits, and potential income tax rate changes. In the third quarter 2023, Georgia Power started generating advanced nuclear PTCs for Plant Vogtle Unit 3 beginning on the in-service date of July 31, 2023. In addition, pursuant to the Global Amendments to the Vogtle Joint Ownership Agreements (as defined in Note (B) under "Georgia Power – Nuclear Construction – Joint Owner Contracts"), Georgia Power is purchasing advanced nuclear PTCs for Plant Vogtle Unit 3 from certain other Vogtle Owners. 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. Southern Company Southern Company's effective tax rate was 13.9% for the nine months ended September 30, 2023 compared to 20.0% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an increase in the flowback of certain excess deferred income taxes at Alabama Power in 2023, lower pre-tax earnings in 2023, and an adjustment related to state tax credit carryforwards and the related valuation allowance at Georgia Power in 2022 and 2023, partially offset by the flowback of certain excess deferred income taxes ending in 2022 at Georgia Power. Alabama Power Alabama Power's effective tax rate was 8.3% for the nine months ended September 30, 2023 compared to 23.7% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an increase in the flowback of certain excess deferred income taxes in 2023. See Note 2 to the financial statements under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" in Item 8 of the Form 10-K for additional information. Georgia Power Georgia Power's effective tax rate was 18.2% for the nine months ended September 30, 2023 compared to 18.5% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an adjustment related to state tax credit carryforwards in 2022, a decrease in a valuation allowance on certain state tax credit carryforwards in 2023, and lower pre-tax earnings in 2023, largely offset by the flowback of certain excess deferred income taxes ending in 2022. Mississippi Power Mississippi Power's effective tax rate was 16.9% for the nine months ended September 30, 2023 compared to 20.1% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an increase in the flowback of certain excess deferred income taxes in 2023. Southern Power Southern Power's effective tax rate was 14.8% for the nine months ended September 30, 2023 compared to 18.8% for the corresponding period in 2022. The effective tax rate decrease was primarily due to changes in state apportionment methodology resulting from tax legislation enacted by the State of Tennessee in May 2023. Unrecognized Tax Benefits Southern Company's and Georgia Power's unrecognized tax positions balances at September 30, 2023 were $167 million and $86 million, respectively, compared to $80 million for Southern Company at December 31, 2022. The increases from prior periods are primarily related to the amendment of certain 2019 through 2021 state tax filing positions related to tax credit utilization. If effective settlement of the positions is favorable, these positions would decrease Southern Company's and Georgia Power's effective tax rates. The ultimate outcome of this unrecognized tax benefit, of which a portion is expected to be resolved within the next 12 months, is dependent on acceptance by the state or expiration of related statute of limitations. Subsequent to September 30, 2023, a statute of limitations expired related to a 2019 state tax filing position to exclude certain gains from 2019 dispositions from taxation in a certain unitary state. This $44 million tax position and related interest will be recognized in the fourth quarter 2023 and will decrease Southern Company's annual effective tax rate. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023. 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 and nine months ended September 30, 2023 and 2022 are presented in the following tables. Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2023 Pension Plans Service cost $ 69 $ 16 $ 17 $ 2 $ 2 $ 6 Interest cost 156 37 48 7 2 11 Expected return on plan assets (307) (75) (97) (13) (4) (22) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net (gain) loss 8 2 4 1 — (1) Net periodic pension income $ (74) $ (20) $ (28) $ (3) $ — $ (3) Postretirement Benefits Service cost $ 4 $ 1 $ 1 $ — $ — $ — Interest cost 18 5 6 1 — 2 Expected return on plan assets (21) (9) (7) (1) — (2) Amortization: Prior service costs — — 1 — — — Regulatory asset — — — — — 2 Net gain (4) (1) (1) — — (1) Net periodic postretirement benefit cost (income) $ (3) $ (4) $ — $ — $ — $ 1 Nine Months Ended September 30, 2023 Pension Plans Service cost $ 207 $ 48 $ 51 $ 8 $ 5 $ 18 Interest cost 469 109 143 21 6 32 Expected return on plan assets (922) (223) (289) (41) (12) (65) Amortization: Prior service costs — — 1 — — (2) Regulatory asset — — — — — 11 Net (gain) loss 24 7 10 1 — (3) Net periodic pension income $ (222) $ (59) $ (84) $ (11) $ (1) $ (9) Postretirement Benefits Service cost $ 11 $ 3 $ 3 $ — $ — $ 1 Interest cost 53 13 19 2 — 6 Expected return on plan assets (62) (26) (22) (1) — (5) Amortization: Prior service costs 1 — 1 — — — Regulatory asset — — — — — 5 Net gain (10) (2) (3) — — (3) Net periodic postretirement benefit cost (income) $ (7) $ (12) $ (2) $ 1 $ — $ 4 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2022 Pension Plans Service cost $ 103 $ 25 $ 26 $ 5 $ 2 $ 9 Interest cost 102 24 31 5 2 7 Expected return on plan assets (316) (77) (99) (15) (4) (22) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 3 Net loss 60 16 18 2 1 2 Net periodic pension cost (income) $ (51) $ (12) $ (24) $ (3) $ 1 $ (2) Postretirement Benefits Service cost $ 6 $ 2 $ 2 $ 1 $ 1 $ — Interest cost 10 3 4 — — 1 Expected return on plan assets (20) (9) (8) — — (2) Amortization: Prior service costs (1) — — — — — Regulatory asset — — — — — 2 Net (gain)/loss 1 — — — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (2) $ 1 $ 1 $ — Nine Months Ended September 30, 2022 Pension Plans Service cost $ 309 $ 74 $ 78 $ 13 $ 7 $ 26 Interest cost 306 72 92 14 5 21 Expected return on plan assets (949) (229) (298) (44) (12) (68) Amortization: Prior service costs — — 1 — — (2) Regulatory asset — — — — — 11 Net loss 180 47 55 9 2 5 Net periodic pension cost (income) $ (154) $ (36) $ (72) $ (8) $ 2 $ (7) Postretirement Benefits Service cost $ 17 $ 5 $ 5 $ 1 $ 1 $ 1 Interest cost 31 8 11 1 — 4 Expected return on plan assets (60) (25) (21) (1) — (6) Amortization: Prior service costs (1) — — — — — Regulatory asset — — — — — 5 Net (gain) loss 1 — 1 — — (2) Net periodic postretirement benefit cost (income) $ (12) $ (12) $ (4) $ 1 $ 1 $ 2 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS At September 30, 2023, 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: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 7 $ 73 $ — $ — $ 80 Investments in trusts: (b) Domestic equity 692 196 — — 888 Foreign equity 131 154 — — 285 U.S. Treasury and government agency securities — 337 — — 337 Municipal bonds — 42 — — 42 Pooled funds – fixed income — 6 — — 6 Corporate bonds — 368 — — 368 Mortgage and asset backed securities — 85 — — 85 Private equity — — — 169 169 Cash and cash equivalents 3 — — — 3 Other 33 3 — 8 44 Cash equivalents and restricted cash 919 11 — — 930 Other investments 9 34 8 — 51 Total $ 1,794 $ 1,309 $ 8 $ 177 $ 3,288 Liabilities: Energy-related derivatives (a) $ 34 $ 217 $ — $ — $ 251 Interest rate derivatives — 351 — — 351 Foreign currency derivatives — 192 — — 192 Contingent consideration 5 — 19 — 24 Other — 13 — — 13 Total $ 39 $ 773 $ 19 $ — $ 831 Fair Value Measurements Using: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 26 $ — $ — $ 26 Nuclear decommissioning trusts: (b) Domestic equity 404 188 — — 592 Foreign equity 131 — — — 131 U.S. Treasury and government agency securities — 20 — — 20 Municipal bonds — 1 — — 1 Corporate bonds — 215 — — 215 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 169 169 Other 10 — — 8 18 Cash equivalents and restricted cash 489 11 — — 500 Other investments — 34 — — 34 Total $ 1,034 $ 517 $ — $ 177 $ 1,728 Liabilities: Energy-related derivatives $ — $ 75 $ — $ — $ 75 Georgia Power Assets: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Nuclear decommissioning trusts: (b) Domestic equity 288 1 — — 289 Foreign equity — 153 — — 153 U.S. Treasury and government agency securities — 317 — — 317 Municipal bonds — 41 — — 41 Corporate bonds — 153 — — 153 Mortgage and asset backed securities — 63 — — 63 Other 23 3 — — 26 Total $ 311 $ 745 $ — $ — $ 1,056 Liabilities: Energy-related derivatives $ — $ 83 $ — $ — $ 83 Fair Value Measurements Using: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 24 $ — $ — $ 24 Cash equivalents 3 — — — 3 Total $ 3 $ 24 $ — $ — $ 27 Liabilities: Energy-related derivatives $ — $ 44 $ — $ — $ 44 Southern Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Cash equivalents 23 — — — 23 Total $ 23 $ 5 $ — $ — $ 28 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Foreign currency derivatives — 42 — — 42 Contingent consideration 5 — 19 — 24 Other — 13 — — 13 Total $ 5 $ 61 $ 19 $ — $ 85 Southern Company Gas Assets: Energy-related derivatives (a) $ 7 $ 4 $ — $ — $ 11 Non-qualified deferred compensation trusts: Domestic equity — 7 — — 7 Foreign equity — 1 — — 1 Pooled funds – fixed income — 6 — — 6 Cash equivalents 3 — — — 3 Cash equivalents 294 — — — 294 Total $ 304 $ 18 $ — $ — $ 322 Liabilities: Energy-related derivatives (a) $ 34 $ 9 $ — $ — $ 43 Interest rate derivatives — 99 — — 99 Total $ 34 $ 108 $ — $ — $ 142 (a) Excludes cash collateral of $49 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. 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 and nine months ended September 30, 2023 and 2022. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Three Months Ended Nine Months Ended Fair value increases (decreases) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (in millions) Southern Company $ (4) $ (106) $ 211 $ (486) Alabama Power (36) (53) 54 (245) Georgia Power 32 (53) 157 (241) 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 two of its acquisitions whereby it is primarily obligated to make generation-based payments to the seller, commencing at the commercial operation of each facility and continuing through 2026 and 2035, respectively. The obligations are primarily categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility's 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. Southern Power also has payment obligations through 2040 whereby it must reimburse the transmission owners for interconnection facilities and network upgrades constructed to support connection of a Southern Power generating facility to the transmission system. The obligations are categorized as Level 2 under Fair Value Measurements as the fair value is determined using observable inputs for the contracted amounts and reimbursement period, as well as a discount rate. The fair value of the obligations reflects the net present value of expected payments. "Other investments" primarily includes 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 September 30, 2023, the fair value measurements of private market 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 $177 million and unfunded commitments related to the private market investments totaled $72 million. Private market investments include high-quality private equity funds across several market sectors, funds that invest in real estate assets, and a private credit fund. Private market funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. At September 30, 2023, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) Long-term debt, including securities due within one year: Carrying amount $ 58.8 $ 11.2 $ 15.8 $ 1.6 $ 2.7 $ 8.1 Fair value 50.8 9.4 13.4 1.3 2.4 6.5 (*) The carrying amount of Southern Company Gas' long-term debt includes fair value adjustments from 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. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVESThe Registrants 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. 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 Subsidiary Registrants 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 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 September 30, 2023, 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 (*) 422 2030 2028 Alabama Power 109 2026 — Georgia Power 104 2026 — Mississippi Power 80 2027 — Southern Power 8 2030 2024 Southern Company Gas (*) 121 2027 2028 (*) 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 135.5 million mmBtu long natural gas positions and 14.2 million mmBtu short natural gas positions at September 30, 2023, 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 14 million mmBtu for Southern Company, which includes 4 million mmBtu for Alabama Power, 5 million mmBtu for Georgia Power, 2 million mmBtu for Mississippi Power, and 3 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax losses expected to be reclassified from accumulated OCI to earnings for the 12-month period ending September 30, 2024 are $30 million for Southern Company, $25 million for Southern Company Gas, and immaterial for Southern Power. Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. 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 September 30, 2023, the following interest rate derivatives were outstanding: Notional Weighted Interest Hedge Fair Value Gain (Loss) at September 30, 2023 (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company parent $ 400 1-month SOFR + 0.80% 1.75% March 2028 $ (56) Southern Company parent 1,000 1-month SOFR + 2.48% 3.70% April (196) Southern Company Gas 500 1-month SOFR + 0.49% 1.75% January 2031 (99) Southern Company $ 1,900 $ (351) For cash flow hedges of interest rate derivatives, the estimated pre-tax losses expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending September 30, 2024 are $19 million for Southern Company and immaterial for the traditional electric operating companies and Southern Company Gas. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2052 for Southern Company, Alabama Power, and 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. 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, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI. At September 30, 2023, the following foreign currency derivatives were outstanding: Pay Notional Pay Receive Notional Receive Hedge Fair Value Gain (Loss) at September 30, 2023 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 564 3.78% € 500 1.85% June 2026 $ (42) Fair Value Hedges of Existing Debt Southern Company parent 1,476 3.39% 1,250 1.88% September 2027 (150) Southern Company $ 2,040 € 1,750 $ (192) For cash flow hedges of foreign currency derivatives, the estimated pre-tax losses expected to be reclassified from accumulated OCI to earnings for the 12-month period ending September 30, 2024 are $10 million for Southern Power. Derivative Financial Statement Presentation and Amounts The Registrants 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 sheets 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: At September 30, 2023 At December 31, 2022 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Liabilities from risk management activities $ 34 $ 134 $ 123 $ 121 Other deferred charges and assets/Other deferred credits and liabilities 36 77 52 44 Total derivatives designated as hedging instruments for regulatory purposes 70 211 175 165 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities — 28 3 27 Other deferred charges and assets/Other deferred credits and liabilities 4 2 6 4 Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities — 80 12 62 Other deferred charges and assets/Other deferred credits and liabilities — 271 — 240 Foreign currency derivatives: Assets from risk management activities/Liabilities from risk management activities — 35 — 34 Other deferred charges and assets/Other deferred credits and liabilities — 157 — 182 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 573 21 549 Energy-related derivatives not designated as hedging instruments Assets from risk management activities/Liabilities from risk management activities 5 8 13 13 Other deferred charges and assets/Other deferred credits and liabilities 1 2 2 1 Total derivatives not designated as hedging instruments 6 10 15 14 Gross amounts recognized 80 794 211 728 Gross amounts offset (a) (37) (86) (70) (111) Net amounts recognized in the Balance Sheets (b) $ 43 $ 708 $ 141 $ 617 At September 30, 2023 At December 31, 2022 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 15 $ 46 $ 42 $ 21 Other deferred charges and assets/Other deferred credits and liabilities 11 29 20 18 Total derivatives designated as hedging instruments for regulatory purposes 26 75 62 39 Gross amounts offset (17) (17) (24) (24) Net amounts recognized in the Balance Sheets $ 9 $ 58 $ 38 $ 15 Georgia Power Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 4 $ 57 $ 36 $ 43 Other deferred charges and assets/Other deferred credits and liabilities 10 26 6 18 Total derivatives designated as hedging instruments for regulatory purposes 14 83 42 61 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities — — — 1 Gross amounts recognized 14 83 42 62 Gross amounts offset (11) (11) (21) (21) Net amounts recognized in the Balance Sheets $ 3 $ 72 $ 21 $ 41 Mississippi Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 9 $ 22 $ 33 $ 24 Other deferred charges and assets/Other deferred credits and liabilities 15 22 26 8 Total derivatives designated as hedging instruments for regulatory purposes 24 44 59 32 Gross amounts offset (17) (17) (17) (17) Net amounts recognized in the Balance Sheets $ 7 $ 27 $ 42 $ 15 At September 30, 2023 At December 31, 2022 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 $ — $ 5 $ — $ 12 Other deferred charges and assets/Other deferred credits and liabilities 4 — 5 — Foreign currency derivatives: Other current assets/Other current liabilities — 11 — 11 Other deferred charges and assets/Other deferred credits and liabilities — 31 — 36 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 47 5 59 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 1 1 2 — Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives not designated as hedging instruments 1 1 3 — Gross amounts recognized 5 48 8 59 Gross amounts offset (1) (1) — — Net amounts recognized in the Balance Sheets $ 4 $ 47 $ 8 $ 59 Southern Company Gas Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 6 $ 9 $ 12 $ 33 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities — 23 3 15 Other deferred charges and assets/Other deferred credits and liabilities — 2 1 4 Interest rate derivatives: Other current assets/Other current liabilities — 21 — 14 Other deferred charges and assets/Other deferred credits and liabilities — 78 — 72 Total derivatives designated as hedging instruments in cash flow and fair value hedges — 124 4 105 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 4 7 11 12 Other deferred charges and assets/Other deferred credits and liabilities 1 2 1 1 Total derivatives not designated as hedging instruments 5 9 12 13 Gross amounts recognized 11 142 28 151 Gross amounts offset (a) 9 (40) — (41) Net amounts recognized in the Balance Sheets (b) $ 20 $ 102 $ 28 $ 110 (a) Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $49 million and $41 million at September 30, 2023 and December 31, 2022, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. (c) Energy-related derivatives not designated as hedging instruments were immaterial for Alabama Power and Mississippi Power at December 31, 2022. There were no such instruments for Alabama Power and Mississippi Power at September 30, 2023. At September 30, 2023 and December 31, 2022, 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 September 30, 2023: Energy-related derivatives: Other regulatory assets, current $ (113) $ (39) $ (54) $ (16) $ (4) Other regulatory assets, deferred (48) (19) (18) (11) — Other regulatory liabilities, current 23 8 1 4 10 Other regulatory liabilities, deferred 6 1 2 3 — Total energy-related derivative gains (losses) $ (132) $ (49) $ (69) $ (20) $ 6 At December 31, 2022: Energy-related derivatives: Other regulatory assets, current $ (71) $ (8) $ (26) $ (13) $ (24) Other regulatory assets, deferred (23) (7) (14) (2) — Other regulatory liabilities, current 72 29 19 22 2 Other regulatory liabilities, deferred 31 9 2 20 — Total energy-related derivative gains (losses) $ 9 $ 23 $ (19) $ 27 $ (22) For the three and nine months ended September 30, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows: Gain (Loss) Recognized in OCI on Derivatives For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ (4) $ 11 $ (55) $ 51 Interest rate derivatives (3) 6 (12) 36 Foreign currency derivatives (15) (35) (6) (137) Fair value hedges (*) : Foreign currency derivatives 27 20 28 18 Total $ 5 $ 2 $ (45) $ (32) Georgia Power Cash flow hedges: Interest rate derivatives $ — $ — $ (3) $ 31 Southern Power Cash flow hedges: Energy-related derivatives $ — $ (11) $ (14) $ (4) Foreign currency derivatives (15) (35) (6) (137) Total $ (15) $ (46) $ (20) $ (141) Southern Company Gas Cash flow hedges: Energy-related derivatives $ (4) $ 22 $ (41) $ 55 Interest rate derivatives (4) 5 — — Total $ (8) $ 27 $ (41) $ 55 (*) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI. For the three and nine months ended September 30, 2022, the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for Alabama Power and there were no such effects in 2023. For the three and nine months ended September 30, 2023 and 2022, 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) (in millions) Southern Company Total cost of natural gas $ 102 $ 294 $ 1,199 $ 1,840 Gain (loss) on energy-related cash flow hedges (a) (4) 9 (32) 28 Total other operations and maintenance 1,424 1,527 4,352 4,568 Gain (loss) on energy-related cash flow hedges (a) (1) — (2) — Total depreciation and amortization 1,143 922 3,365 2,728 Gain (loss) on energy-related cash flow hedges (a) (5) (1) (18) 5 Total interest expense, net of amounts capitalized (620) (511) (1,812) (1,461) Gain (loss) on interest rate cash flow hedges (a) (22) (7) (31) (19) Gain (loss) on foreign currency cash flow hedges (a) (3) (3) (8) (16) Gain (loss) on interest rate fair value hedges (b) (47) (102) (50) (300) Total other income (expense), net 141 132 428 414 Gain (loss) on foreign currency cash flow hedges (a)(c) (14) (32) (4) (129) Gain (loss) on foreign currency fair value hedges (7) (59) 19 (180) Amount excluded from effectiveness testing recognized in earnings (27) (21) (28) (17) Southern Power Total depreciation and amortization $ 130 $ 133 $ 380 $ 384 Gain (loss) on energy-related cash flow hedges (a) (5) (1) (18) 5 Total interest expense, net of amounts capitalized (32) (32) (98) (105) Gain (loss) on foreign currency cash flow hedges (a) (3) (3) (8) (16) Total other income (expense), net 4 3 8 5 Gain (loss) on foreign currency cash flow hedges (a)(c) (14) (32) (4) (129) Southern Company Gas Total cost of natural gas $ 102 $ 294 $ 1,199 $ 1,840 Gain (loss) on energy-related cash flow hedges (a) (4) 9 (32) 28 Total other operations and maintenance 264 252 879 824 Gain (loss) on energy-related cash flow hedges (a) (1) — (2) — Total interest expense, net of amounts capitalized (77) (65) (226) (187) Gain (loss) on interest rate cash flow hedges (a) (18) (2) (18) (3) Gain (loss) on interest rate fair value hedges (b) (11) (30) (14) (87) (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. The pre-tax effects of cash flow and fair value hedge accounting on income for interest rate derivatives were immaterial for the traditional electric operating companies for all periods presented. At September 30, 2023 and December 31, 2022, 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 At September 30, 2023 At December 31, 2022 At September 30, 2023 At December 31, 2022 (in millions) (in millions) Southern Company Long-term debt $ (2,873) $ (2,927) $ 328 $ 282 Southern Company Gas Long-term debt $ (402) $ (415) $ 95 $ 81 For the three and nine months ended September 30, 2023 and 2022, 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 September 30, Nine Months Ended September 30, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2023 2022 2023 2022 (in millions) (in millions) Energy-related derivatives: Natural gas revenues (*) $ — $ 3 $ — $ (10) Cost of natural gas 7 (2) 36 (7) Total derivatives in non-designated hedging relationships $ 7 $ 1 $ 36 $ (17) (*) Excludes $14 million of gains for the nine months ended September 30, 2023, and immaterial amounts for all other periods presented, recorded in natural gas revenues associated with weather derivatives. For the three and nine months ended September 30, 2023 and 2022, the pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for the other Registrants. Contingent Features The Registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. At September 30, 2023, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For Southern Company, the fair value of foreign currency derivative liabilities and interest rate 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, was $78 million at September 30, 2023. For Southern Power, the fair value of foreign currency 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, was $20 million at September 30, 2023. For the traditional electric operating companies and Southern Power, 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 at September 30, 2023. 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. 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 September 30, 2023, cash collateral posted in these accounts was $18 million for Southern Power and immaterial for Alabama Power. 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 September 30, 2023, cash collateral held on deposit in broker margin accounts was $49 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 | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [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 Power Asset Acquisitions Southern Power's asset acquisitions during the nine months ended September 30, 2023 are detailed in the following table: Project Facility Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern Power Ownership Percentage Expected COD PPA Contract Period Millers Branch (*) Solar EDF Renewables, Inc. 200 Haskell County, TX 100% Fourth quarter 2025 20 years South Cheyenne Solar Hanwha Q Cells USA Corp. 150 Laramie County, WY 100% First quarter 2024 20 years (*) The project includes an option to expand capacity up to an additional 300 MWs. The aggregate purchase price for the two projects was $193 million, which is primarily recorded within construction work in progress on the balance sheet. Southern Company Gas On September 22, 2023, Southern Company Gas completed the sale of its California natural gas storage facility, resulting in an immaterial loss. |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2023 | |
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 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 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 $156 million and $406 million for the three and nine months ended September 30, 2023, respectively, and $336 million and $673 million for the three and nine months ended September 30, 2022, respectively. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies and Southern Power were immaterial for all periods presented. 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 distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three and nine months ended September 30, 2023 and 2022 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended September 30, 2023 Operating revenues $ 5,674 $ 653 $ (160) $ 6,167 $ 689 $ 154 $ (30) $ 6,980 Segment net income (loss) (a)(b)(c) 1,419 100 — 1,519 82 (179) — 1,422 Nine Months Ended September 30, 2023 Operating revenues $ 14,145 $ 1,686 $ (417) $ 15,414 $ 3,417 $ 499 $ (122) $ 19,208 Segment net income (loss) (a)(b)(c)(d) 2,852 288 — 3,140 475 (490) (4) 3,121 At September 30, 2023 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 144 $ — $ 5,161 Total assets 99,464 13,090 (568) 111,986 24,823 2,370 (858) 138,321 Three Months Ended September 30, 2022 Operating revenues $ 6,938 $ 1,180 $ (691) $ 7,427 $ 857 $ 135 $ (41) $ 8,378 Segment net income (loss) (a)(b) 1,445 95 — 1,540 83 (152) 1 1,472 Nine Months Ended September 30, 2022 Operating revenues $ 16,716 $ 2,618 $ (1,391) $ 17,943 $ 3,998 $ 418 $ (127) $ 22,232 Segment net income (loss) (a)(b) 3,256 265 — 3,521 516 (415) (11) 3,611 At December 31, 2022 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 144 $ — $ 5,161 Total assets 95,861 13,081 (659) 108,283 24,621 2,665 (678) 134,891 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes pre-tax charges (credits) to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $160 million ($120 million after tax) for the three and nine months ended September 30, 2023 and $(70) million ($(52) million after tax) and $(18) million ($(13) million after tax) for the three and nine months ended September 30, 2022, respectively. 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. (c) For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) for the three and nine months ended September 30, 2023 related to an arbitration interim award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts for the nine months ended September 30, 2023. See Note (C) under "General Litigation Matters – Southern Power" for additional information. (d) For Southern Company Gas, includes a pre-tax charge of approximately $38 million ($28 million after tax) associated with the disallowance of certain capital expenditures at Nicor Gas. See Note (B) under "Southern Company Gas" for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended September 30, 2023 $ 5,139 $ 727 $ 301 $ 6,167 Three Months Ended September 30, 2022 5,961 1,197 269 7,427 Nine Months Ended September 30, 2023 $ 12,597 $ 1,930 $ 887 $ 15,414 Nine Months Ended September 30, 2022 14,363 2,798 782 17,943 Southern Company Gas' Revenues Gas Gas Other Total (in millions) Three Months Ended September 30, 2023 $ 617 $ 56 $ 16 $ 689 Three Months Ended September 30, 2022 748 85 24 857 Nine Months Ended September 30, 2023 $ 2,989 $ 376 $ 52 $ 3,417 Nine Months Ended September 30, 2022 3,513 420 65 3,998 Southern Company Gas Southern Company Gas manages its business through three reportable segments – gas distribution operations, gas pipeline investments, and gas marketing services. The non-reportable segments are combined and presented as all other. 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 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. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. 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 a natural gas storage facility in Texas through its sale in November 2022 and a natural gas storage facility in California through its sale in September 2023. See Note 15 to the financial statements in Item 8 of the Form 10-K and Note (K) under "Southern Company Gas" for additional information. Business segment financial data for the three months ended September 30, 2023 and 2022 was as follows: Gas Distribution Operations Gas Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended September 30, 2023 Operating revenues $ 619 $ 8 $ 56 $ 683 $ 8 $ (2) $ 689 Segment net income (loss) 70 24 2 96 (14) — 82 Nine Months Ended September 30, 2023 Operating revenues $ 3,002 $ 24 $ 376 $ 3,402 $ 30 $ (15) $ 3,417 Segment net income (*) 352 73 59 484 (9) — 475 Total assets at September 30, 2023 22,625 1,542 1,519 25,686 9,795 (10,658) 24,823 Three Months Ended September 30, 2022 Operating revenues $ 751 $ 8 $ 85 $ 844 $ 16 $ (3) $ 857 Segment net income (loss) 59 24 (2) 81 2 — 83 Nine Months Ended September 30, 2022 Operating revenues $ 3,533 $ 24 $ 420 $ 3,977 $ 43 $ (22) $ 3,998 Segment net income 365 76 65 506 10 — 516 Total assets at December 31, 2022 22,040 1,577 1,616 25,233 8,943 (9,555) 24,621 (*) For gas distribution operations, includes a pre-tax charge of approximately $38 million ($28 million after tax) associated with the disallowance of certain capital expenditures at Nicor Gas. See Note (B) under "Southern Company Gas" for additional information. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Introduction (Policies)
Introduction (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 at December 31, 2022 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 September 30, 2023 and 2022. 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, 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. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2020 and December 2022, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , respectively, providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR through December 31, 2024. See Note 1 to the financial statements under "Recently Adopted Accounting Standards" in Item 8 of the Form 10-K for additional information on the temporary guidance. Certain provisions in PPAs at Southern Power include references to LIBOR. Contract amendments have been executed to change to a SOFR-based interest rate. Southern Power adopted and applied the practical expedients guidance to these PPAs. Additionally, the Registrants referenced LIBOR for certain debt and hedging arrangements. As of July 1, 2023, all of the debt and hedging arrangements of the Registrants have transitioned to a SOFR-based interest rate based on the terms of the agreements. There were no material impacts from the transition to SOFR and no impacts to any existing accounting conclusions. See Note (J) under "Interest Rate Derivatives" for additional information. |
Goodwill | Goodwill is not amortized, but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if goodwill impairment indicators arise. |
Natural Gas for Sale | Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas records 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. |
Income Taxes | Income TaxesIn the third quarter 2023, Georgia Power started generating advanced nuclear PTCs for Plant Vogtle Unit 3 beginning on the in-service date of July 31, 2023. PTCs are recognized as an income tax benefit based on KWH production. In addition, pursuant to the Global Amendments to the Vogtle Joint Ownership Agreements (as defined in Note (B) under "Georgia Power – Nuclear Construction – Joint Owner Contracts"), Georgia Power is purchasing advanced nuclear PTCs for Plant Vogtle Unit 3 from certain other Vogtle Owners. The gain recognized on the purchase of the joint owner PTCs is recognized as an income tax benefit. See Note 1 to the financial statements under "Income Taxes" in Item 8 of the Form 10-K for additional information regarding accounting policies related to income taxes. |
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. Southern Power has contingent payment obligations related to two of its acquisitions whereby it is primarily obligated to make generation-based payments to the seller, commencing at the commercial operation of each facility and continuing through 2026 and 2035, respectively. The obligations are primarily categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility's 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. Southern Power also has payment obligations through 2040 whereby it must reimburse the transmission owners for interconnection facilities and network upgrades constructed to support connection of a Southern Power generating facility to the transmission system. The obligations are categorized as Level 2 under Fair Value Measurements as the fair value is determined using observable inputs for the contracted amounts and reimbursement period, as well as a discount rate. The fair value of the obligations reflects the net present value of expected payments. "Other investments" primarily includes 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. |
Derivatives | The Registrants 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. 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 Subsidiary Registrants 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 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. 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. 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. 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, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI. Derivative Financial Statement Presentation and Amounts The Registrants 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 sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. |
Introduction (Tables)
Introduction (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Goodwill at September 30, 2023 and December 31, 2022 was as follows: Goodwill (in millions) Southern Company $ 5,161 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 September 30, 2023 At December 31, 2022 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Subject to amortization: Customer relationships $ 211 $ (169) $ 42 $ 212 $ (162) $ 50 Trade names 63 (50) 13 64 (44) 20 PPA fair value adjustments 390 (143) 247 390 (129) 261 Other 5 (5) — 5 (5) — Total subject to amortization $ 669 $ (367) $ 302 $ 671 $ (340) $ 331 Not subject to amortization: FCC licenses 75 — 75 75 — 75 Total other intangible assets $ 744 $ (367) $ 377 $ 746 $ (340) $ 406 Southern Power (*) PPA fair value adjustments $ 390 $ (143) $ 247 $ 390 $ (129) $ 261 Southern Company Gas (*) Gas marketing services Customer relationships $ 156 $ (143) $ 13 $ 156 $ (139) $ 17 Trade names 26 (20) 6 26 (17) 9 Total other intangible assets $ 182 $ (163) $ 19 $ 182 $ (156) $ 26 (*) All subject to amortization. |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows: At September 30, 2023 At December 31, 2022 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Subject to amortization: Customer relationships $ 211 $ (169) $ 42 $ 212 $ (162) $ 50 Trade names 63 (50) 13 64 (44) 20 PPA fair value adjustments 390 (143) 247 390 (129) 261 Other 5 (5) — 5 (5) — Total subject to amortization $ 669 $ (367) $ 302 $ 671 $ (340) $ 331 Not subject to amortization: FCC licenses 75 — 75 75 — 75 Total other intangible assets $ 744 $ (367) $ 377 $ 746 $ (340) $ 406 Southern Power (*) PPA fair value adjustments $ 390 $ (143) $ 247 $ 390 $ (129) $ 261 Southern Company Gas (*) Gas marketing services Customer relationships $ 156 $ (143) $ 13 $ 156 $ (139) $ 17 Trade names 26 (20) 6 26 (17) 9 Total other intangible assets $ 182 $ (163) $ 19 $ 182 $ (156) $ 26 (*) All subject to amortization. |
Schedule of Amortization of Other Intangible Assets | Amortization associated with other intangible assets was as follows: Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 (in millions) Southern Company (a) $ 10 $ 27 $ 11 $ 30 Southern Power (b) 5 14 5 15 Southern Company Gas 3 7 4 9 (a) Includes $5 million, $14 million, $5 million, and $15 million for the three and nine months ended September 30, 2023 and 2022, respectively, recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. |
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 applicable Registrants: Southern Company Alabama Power Georgia Power Southern Power Southern (in millions) At September 30, 2023 Cash and cash equivalents $ 1,676 $ 621 $ 173 $ 236 $ 397 Restricted cash (a) : Other current assets 176 108 48 18 2 Other deferred charges and assets 38 — 35 3 — Total cash, cash equivalents, and restricted cash (b) $ 1,890 $ 729 $ 256 $ 257 $ 399 At December 31, 2022 Cash and cash equivalents $ 1,917 $ 687 $ 364 $ 131 $ 81 Restricted cash (a) : Other current assets 62 — 60 — 2 Other deferred charges and assets 58 — 56 3 — Total cash, cash equivalents, and restricted cash (b) $ 2,037 $ 687 $ 480 $ 133 $ 83 (a) For Alabama Power, balance at September 30, 2023 reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2023. For Georgia Power, reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects $18 million at September 30, 2023 resulting from an arbitration interim award held to fund future replacement costs and $3 million at both September 30, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. See Note (C) under "General Litigation Matters – Southern Power" for additional information. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may 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 applicable Registrants: Southern Company Alabama Power Georgia Power Southern Power Southern (in millions) At September 30, 2023 Cash and cash equivalents $ 1,676 $ 621 $ 173 $ 236 $ 397 Restricted cash (a) : Other current assets 176 108 48 18 2 Other deferred charges and assets 38 — 35 3 — Total cash, cash equivalents, and restricted cash (b) $ 1,890 $ 729 $ 256 $ 257 $ 399 At December 31, 2022 Cash and cash equivalents $ 1,917 $ 687 $ 364 $ 131 $ 81 Restricted cash (a) : Other current assets 62 — 60 — 2 Other deferred charges and assets 58 — 56 3 — Total cash, cash equivalents, and restricted cash (b) $ 2,037 $ 687 $ 480 $ 133 $ 83 (a) For Alabama Power, balance at September 30, 2023 reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2023. For Georgia Power, reflects proceeds from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects $18 million at September 30, 2023 resulting from an arbitration interim award held to fund future replacement costs and $3 million at both September 30, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. See Note (C) under "General Litigation Matters – Southern Power" for additional information. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may not add due to rounding. |
Schedule of Storm Damage Reserve Activity | Storm damage reserve activity for the traditional electric operating companies during the nine months ended September 30, 2023 was as follows: Southern Company (*) Alabama Power Georgia Power (*) Mississippi (in millions) Balance at December 31, 2022 $ 216 $ 97 $ 83 $ 36 Accrual 42 9 24 9 Weather-related damages (242) (35) (204) (3) Balance at September 30, 2023 $ 16 $ 71 $ (97) $ 42 (*) See Note (B) under "Georgia Power – Storm Damage Recovery" for additional information. |
Schedule of Asset Retirement Obligations | The estimated costs of decommissioning Plant Farley based on Alabama Power's June 2023 site study are as follows: Plant Farley Decommissioning periods: Beginning year 2037 Completion year 2087 (in millions) Site study costs: Radiated structures $ 1,402 Spent fuel management 513 Non-radiated structures 133 Total site study costs $ 2,048 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022 were as follows: Regulatory Clause Balance Sheet Line Item September 30, December 31, 2022 (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, deferred $ 3 $ — Other regulatory assets, current — 47 Rate CNP PPA Other regulatory assets, current 17 18 Other regulatory assets, deferred 90 102 Retail Energy Cost Recovery Other regulatory assets, current 208 102 Other regulatory assets, deferred 80 520 Georgia Power Fuel Cost Recovery (*) Receivables – under recovered fuel clause revenues $ 730 $ — Deferred under recovered fuel clause revenues 1,279 2,056 Mississippi Power Fuel Cost Recovery Receivables – customer accounts, net $ 25 $ 1 Ad Valorem Tax Other regulatory assets, current 3 12 Other regulatory assets, deferred 11 19 Southern Company Gas Natural Gas Cost Recovery Natural gas cost under recovery $ — $ 108 Natural gas cost over recovery 165 — (*) See "Georgia Power – Fuel Cost Recovery" herein for additional information. |
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, including contingency, through July 2023 and March 2024, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 10,736 Construction contingency estimate 17 Total project capital cost forecast (a)(b) 10,753 Net investment at September 30, 2023 (b) (10,495) Remaining estimate to complete $ 258 (a) Includes approximately $610 million of costs that are not shared with the other Vogtle Owners, including $33 million of construction monitoring costs approved for recovery by the Georgia PSC in its nineteenth VCM order, and approximately $567 million of incremental costs under the cost-sharing provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $420 million, of which $385 million had been accrued through September 30, 2023. (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 and capital projects during the first nine months of 2023 were as follows: Utility Program Nine Months Ended September 30, 2023 (in millions) Nicor Gas Investing in Illinois $ 320 Virginia Natural Gas SAVE 56 Atlanta Gas Light System Reinforcement Rider 84 Chattanooga Gas Pipeline Replacement Program 7 Total $ 467 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers and Lease Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2023 Operating revenues Retail electric revenues Residential $ 2,543 $ 969 $ 1,473 $ 101 $ — $ — Commercial 1,845 599 1,151 95 — — Industrial 1,116 498 528 90 — — Other 30 3 25 2 — — Total retail electric revenues 5,534 2,069 3,177 288 — — Natural gas distribution revenues Residential 217 — — — — 217 Commercial 56 — — — — 56 Transportation 275 — — — — 275 Industrial 4 — — — — 4 Other 60 — — — — 60 Total natural gas distribution revenues 612 — — — — 612 Wholesale electric revenues PPA energy revenues 317 66 31 2 226 — PPA capacity revenues 151 26 13 3 110 — Non-PPA revenues 101 15 21 137 126 — Total wholesale electric revenues 569 107 65 142 462 — Other natural gas revenues Gas marketing services 54 — — — — 54 Other natural gas revenues 8 — — — — 8 Total natural gas revenues 62 — — — — 62 Other revenues 330 54 146 10 18 — Total revenue from contracts with customers 7,107 2,230 3,388 440 480 674 Other revenue sources (*) (127) (147) (151) (4) 173 15 Total operating revenues $ 6,980 $ 2,083 $ 3,237 $ 436 $ 653 $ 689 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Nine Months Ended September 30, 2023 Operating revenues Retail electric revenues Residential $ 5,717 $ 2,277 $ 3,202 $ 238 $ — $ — Commercial 4,464 1,493 2,733 238 — — Industrial 2,770 1,324 1,195 251 — — Other 84 10 68 6 — — Total retail electric revenues 13,035 5,104 7,198 733 — — Natural gas distribution revenues Residential 1,443 — — — — 1,443 Commercial 370 — — — — 370 Transportation 878 — — — — 878 Industrial 33 — — — — 33 Other 228 — — — — 228 Total natural gas distribution revenues 2,952 — — — — 2,952 Wholesale electric revenues PPA energy revenues 853 196 66 8 601 — PPA capacity revenues 490 130 38 36 289 — Non-PPA revenues 199 49 30 315 312 — Total wholesale electric revenues 1,542 375 134 359 1,202 — Other natural gas revenues Gas marketing services 358 — — — — 358 Other natural gas revenues 28 — — — — 28 Total natural gas revenues 386 — — — — 386 Other revenues 971 159 422 31 46 — Total revenue from contracts with customers 18,886 5,638 7,754 1,123 1,248 3,338 Other revenue sources (*) 322 (218) 51 14 438 79 Total operating revenues $ 19,208 $ 5,420 $ 7,805 $ 1,137 $ 1,686 $ 3,417 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2022 Operating revenues Retail electric revenues Residential $ 2,104 $ 799 $ 1,212 $ 93 $ — $ — Commercial 1,637 499 1,051 87 — — Industrial 1,183 452 642 89 — — Other 27 3 22 2 — — Total retail electric revenues 4,951 1,753 2,927 271 — — Natural gas distribution revenues Residential 331 — — — — 331 Commercial 93 — — — — 93 Transportation 259 — — — — 259 Industrial 12 — — — — 12 Other 49 — — — — 49 Total natural gas distribution revenues 744 — — — — 744 Wholesale electric revenues PPA energy revenues 812 187 40 4 591 — PPA capacity revenues 175 56 12 1 107 — Non-PPA revenues 58 67 4 242 303 — Total wholesale electric revenues 1,045 310 56 247 1,001 — Other natural gas revenues Gas marketing services 84 — — — — 84 Other natural gas revenues 15 — — — — 15 Total natural gas revenues 99 — — — — 99 Other revenues 277 65 110 13 9 — Total revenue from contracts with customers 7,116 2,128 3,093 531 1,010 843 Other revenue sources (*) 1,262 316 796 (21) 170 14 Total operating revenues $ 8,378 $ 2,444 $ 3,889 $ 510 $ 1,180 $ 857 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Nine Months Ended September 30, 2022 Operating revenues Retail electric revenues Residential $ 5,282 $ 2,049 $ 2,995 $ 238 $ — $ — Commercial 4,202 1,285 2,688 229 — — Industrial 2,914 1,143 1,529 242 — — Other 79 10 62 7 — — Total retail electric revenues 12,477 4,487 7,274 716 — — Natural gas distribution revenues Residential 1,821 — — — — 1,821 Commercial 493 — — — — 493 Transportation 872 — — — — 872 Industrial 60 — — — — 60 Other 244 — — — — 244 Total natural gas distribution revenues 3,490 — — — — 3,490 Wholesale electric revenues PPA energy revenues 1,739 354 112 11 1,285 — PPA capacity revenues 443 135 35 4 273 — Non-PPA revenues 182 166 19 511 572 — Total wholesale electric revenues 2,364 655 166 526 2,130 — Other natural gas revenues Gas marketing services 417 — — — — 417 Other natural gas revenues 41 — — — — 41 Total natural gas revenues 458 — — — — 458 Other revenues 810 173 327 34 27 — Total revenue from contracts with customers 19,599 5,315 7,767 1,276 2,157 3,948 Other revenue sources (*) 2,633 708 1,451 3 461 50 Total operating revenues $ 22,232 $ 6,023 $ 9,218 $ 1,279 $ 2,618 $ 3,998 (*) 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 (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. |
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 September 30, 2023 and December 31, 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At September 30, 2023 $ 2,680 $ 858 $ 1,175 $ 106 $ 138 $ 331 At December 31, 2022 3,123 696 922 92 237 1,107 Contract Assets At September 30, 2023 $ 267 $ 6 $ 146 $ — $ — $ 41 At December 31, 2022 156 2 89 — — — Contract Liabilities At September 30, 2023 $ 62 $ — $ 8 $ 2 $ 8 $ — At December 31, 2022 45 4 9 — 1 — |
Schedule of Remaining Performance Obligations | Revenues from contracts with customers related to these performance obligations remaining at September 30, 2023 are expected to be recognized as follows: 2023 (remaining) 2024 2025 2026 2027 Thereafter (in millions) Southern Company $ 166 $ 599 $ 359 $ 318 $ 319 $ 2,245 Alabama Power 10 24 8 — — — Georgia Power 23 66 34 14 14 23 Southern Power 84 356 302 303 310 2,233 Southern Company Gas 4 29 — — — — |
Schedule of Lease Income | Lease income for the three and nine months ended September 30, 2023 and 2022 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended September 30, 2023 Lease income - interest income on sales-type leases $ 6 $ — $ — $ 4 $ 2 $ — Lease income - operating leases 36 3 7 — 21 9 Variable lease income 134 — — — 144 — Total lease income $ 176 $ 3 $ 7 $ 4 $ 167 $ 9 For the Nine Months Ended September 30, 2023 Lease income - interest income on sales-type leases $ 18 $ — $ — $ 11 $ 7 $ — Lease income - operating leases 129 32 22 2 64 27 Variable lease income 327 1 — — 351 — Total lease income $ 474 $ 33 $ 22 $ 13 $ 422 $ 27 For the Three Months Ended September 30, 2022 Lease income - interest income on sales-type leases $ 7 $ — $ — $ 4 $ 3 $ — Lease income - operating leases 50 19 8 1 21 9 Variable lease income 139 — — — 145 — Total lease income $ 196 $ 19 $ 8 $ 5 $ 169 $ 9 For the Nine Months Ended September 30, 2022 Lease income - interest income on sales-type leases $ 19 $ — $ — $ 11 $ 8 $ — Lease income - operating leases 149 58 24 1 64 27 Variable lease income 355 1 — — 372 — Total lease income $ 523 $ 59 $ 24 $ 12 $ 444 $ 27 |
Consolidated Entities and Equ_2
Consolidated Entities and Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Equity Method Investments | The carrying amounts of Southern Company Gas' equity method investments at September 30, 2023 and December 31, 2022 and related earnings from those investments for the three and nine months ended September 30, 2023 and 2022 were as follows: Investment Balance September 30, 2023 December 31, 2022 (in millions) SNG $ 1,210 $ 1,243 Other 33 33 Total $ 1,243 $ 1,276 |
Schedule of Earnings (Loss) from Equity Method Investments | Three Months Ended September 30, Nine Months Ended September 30, Earnings from Equity Method Investments 2023 2022 2023 2022 (in millions) SNG $ 32 $ 34 $ 104 $ 104 Other — — — 1 Total $ 32 $ 34 $ 104 $ 105 |
Financing and Leases (Tables)
Financing and Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Arrangements | At September 30, 2023, committed credit arrangements with banks were as follows: Expires Company 2024 2025 2026 2028 Total Unused Expires within (in millions) Southern Company parent (a) $ 150 $ — $ — $ 1,850 $ 2,000 $ 1,998 $ 150 Alabama Power — — 650 700 1,350 1,350 — Georgia Power — — — 1,750 1,750 1,726 — Mississippi Power — 125 150 — 275 275 — Southern Power (a)(b) — — — 600 600 589 — Southern Company Gas (c) 100 — — 1,500 1,600 1,598 100 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 125 $ 800 $ 6,400 $ 7,605 $ 7,566 $ 280 (a) Arrangement expiring in 2028 represents a $2.45 billion combined arrangement for Southern Company and Southern Power as borrowers. Pursuant to the combined facility, the allocations between Southern Company and Southern Power may be adjusted. (b) Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2025 and 2026, respectively, of which $9 million and $16 million, respectively, was unused at September 30, 2023. In March 2023, Southern Power amended the $100 million letter of credit facility, which, among other things, extended the expiration date from 2025 to 2026 and increased the amount from $75 million. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (c) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2028. Southern Company Gas' committed credit arrangement expiring in 2028 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2028, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $100 million credit arrangement expiring in 2024. |
Schedule of Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted EPS were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) As reported shares 1,092 1,082 1,092 1,070 Effect of stock-based compensation 7 6 6 6 Diluted shares 1,099 1,088 1,098 1,076 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three and nine months ended September 30, 2023 and 2022 are presented in the following tables. Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2023 Pension Plans Service cost $ 69 $ 16 $ 17 $ 2 $ 2 $ 6 Interest cost 156 37 48 7 2 11 Expected return on plan assets (307) (75) (97) (13) (4) (22) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net (gain) loss 8 2 4 1 — (1) Net periodic pension income $ (74) $ (20) $ (28) $ (3) $ — $ (3) Postretirement Benefits Service cost $ 4 $ 1 $ 1 $ — $ — $ — Interest cost 18 5 6 1 — 2 Expected return on plan assets (21) (9) (7) (1) — (2) Amortization: Prior service costs — — 1 — — — Regulatory asset — — — — — 2 Net gain (4) (1) (1) — — (1) Net periodic postretirement benefit cost (income) $ (3) $ (4) $ — $ — $ — $ 1 Nine Months Ended September 30, 2023 Pension Plans Service cost $ 207 $ 48 $ 51 $ 8 $ 5 $ 18 Interest cost 469 109 143 21 6 32 Expected return on plan assets (922) (223) (289) (41) (12) (65) Amortization: Prior service costs — — 1 — — (2) Regulatory asset — — — — — 11 Net (gain) loss 24 7 10 1 — (3) Net periodic pension income $ (222) $ (59) $ (84) $ (11) $ (1) $ (9) Postretirement Benefits Service cost $ 11 $ 3 $ 3 $ — $ — $ 1 Interest cost 53 13 19 2 — 6 Expected return on plan assets (62) (26) (22) (1) — (5) Amortization: Prior service costs 1 — 1 — — — Regulatory asset — — — — — 5 Net gain (10) (2) (3) — — (3) Net periodic postretirement benefit cost (income) $ (7) $ (12) $ (2) $ 1 $ — $ 4 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended September 30, 2022 Pension Plans Service cost $ 103 $ 25 $ 26 $ 5 $ 2 $ 9 Interest cost 102 24 31 5 2 7 Expected return on plan assets (316) (77) (99) (15) (4) (22) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 3 Net loss 60 16 18 2 1 2 Net periodic pension cost (income) $ (51) $ (12) $ (24) $ (3) $ 1 $ (2) Postretirement Benefits Service cost $ 6 $ 2 $ 2 $ 1 $ 1 $ — Interest cost 10 3 4 — — 1 Expected return on plan assets (20) (9) (8) — — (2) Amortization: Prior service costs (1) — — — — — Regulatory asset — — — — — 2 Net (gain)/loss 1 — — — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (2) $ 1 $ 1 $ — Nine Months Ended September 30, 2022 Pension Plans Service cost $ 309 $ 74 $ 78 $ 13 $ 7 $ 26 Interest cost 306 72 92 14 5 21 Expected return on plan assets (949) (229) (298) (44) (12) (68) Amortization: Prior service costs — — 1 — — (2) Regulatory asset — — — — — 11 Net loss 180 47 55 9 2 5 Net periodic pension cost (income) $ (154) $ (36) $ (72) $ (8) $ 2 $ (7) Postretirement Benefits Service cost $ 17 $ 5 $ 5 $ 1 $ 1 $ 1 Interest cost 31 8 11 1 — 4 Expected return on plan assets (60) (25) (21) (1) — (6) Amortization: Prior service costs (1) — — — — — Regulatory asset — — — — — 5 Net (gain) loss 1 — 1 — — (2) Net periodic postretirement benefit cost (income) $ (12) $ (12) $ (4) $ 1 $ 1 $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | At September 30, 2023, 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: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 7 $ 73 $ — $ — $ 80 Investments in trusts: (b) Domestic equity 692 196 — — 888 Foreign equity 131 154 — — 285 U.S. Treasury and government agency securities — 337 — — 337 Municipal bonds — 42 — — 42 Pooled funds – fixed income — 6 — — 6 Corporate bonds — 368 — — 368 Mortgage and asset backed securities — 85 — — 85 Private equity — — — 169 169 Cash and cash equivalents 3 — — — 3 Other 33 3 — 8 44 Cash equivalents and restricted cash 919 11 — — 930 Other investments 9 34 8 — 51 Total $ 1,794 $ 1,309 $ 8 $ 177 $ 3,288 Liabilities: Energy-related derivatives (a) $ 34 $ 217 $ — $ — $ 251 Interest rate derivatives — 351 — — 351 Foreign currency derivatives — 192 — — 192 Contingent consideration 5 — 19 — 24 Other — 13 — — 13 Total $ 39 $ 773 $ 19 $ — $ 831 Fair Value Measurements Using: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 26 $ — $ — $ 26 Nuclear decommissioning trusts: (b) Domestic equity 404 188 — — 592 Foreign equity 131 — — — 131 U.S. Treasury and government agency securities — 20 — — 20 Municipal bonds — 1 — — 1 Corporate bonds — 215 — — 215 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 169 169 Other 10 — — 8 18 Cash equivalents and restricted cash 489 11 — — 500 Other investments — 34 — — 34 Total $ 1,034 $ 517 $ — $ 177 $ 1,728 Liabilities: Energy-related derivatives $ — $ 75 $ — $ — $ 75 Georgia Power Assets: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Nuclear decommissioning trusts: (b) Domestic equity 288 1 — — 289 Foreign equity — 153 — — 153 U.S. Treasury and government agency securities — 317 — — 317 Municipal bonds — 41 — — 41 Corporate bonds — 153 — — 153 Mortgage and asset backed securities — 63 — — 63 Other 23 3 — — 26 Total $ 311 $ 745 $ — $ — $ 1,056 Liabilities: Energy-related derivatives $ — $ 83 $ — $ — $ 83 Fair Value Measurements Using: At September 30, 2023 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 24 $ — $ — $ 24 Cash equivalents 3 — — — 3 Total $ 3 $ 24 $ — $ — $ 27 Liabilities: Energy-related derivatives $ — $ 44 $ — $ — $ 44 Southern Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Cash equivalents 23 — — — 23 Total $ 23 $ 5 $ — $ — $ 28 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Foreign currency derivatives — 42 — — 42 Contingent consideration 5 — 19 — 24 Other — 13 — — 13 Total $ 5 $ 61 $ 19 $ — $ 85 Southern Company Gas Assets: Energy-related derivatives (a) $ 7 $ 4 $ — $ — $ 11 Non-qualified deferred compensation trusts: Domestic equity — 7 — — 7 Foreign equity — 1 — — 1 Pooled funds – fixed income — 6 — — 6 Cash equivalents 3 — — — 3 Cash equivalents 294 — — — 294 Total $ 304 $ 18 $ — $ — $ 322 Liabilities: Energy-related derivatives (a) $ 34 $ 9 $ — $ — $ 43 Interest rate derivatives — 99 — — 99 Total $ 34 $ 108 $ — $ — $ 142 (a) Excludes cash collateral of $49 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. |
Schedule of Increase (Decrease) In Fair Value Of Funds | The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Three Months Ended Nine Months Ended Fair value increases (decreases) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (in millions) Southern Company $ (4) $ (106) $ 211 $ (486) Alabama Power (36) (53) 54 (245) Georgia Power 32 (53) 157 (241) |
Schedule of Financial Instruments for which Carrying Amount Did Not Equal Fair Value | At September 30, 2023, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) Long-term debt, including securities due within one year: Carrying amount $ 58.8 $ 11.2 $ 15.8 $ 1.6 $ 2.7 $ 8.1 Fair value 50.8 9.4 13.4 1.3 2.4 6.5 (*) The carrying amount of Southern Company Gas' long-term debt includes fair value adjustments from 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. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Energy-Related Derivatives | At September 30, 2023, 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 (*) 422 2030 2028 Alabama Power 109 2026 — Georgia Power 104 2026 — Mississippi Power 80 2027 — Southern Power 8 2030 2024 Southern Company Gas (*) 121 2027 2028 (*) 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 135.5 million mmBtu long natural gas positions and 14.2 million mmBtu short natural gas positions at September 30, 2023, which is also included in Southern Company's total volume. |
Schedule of Interest Rate Derivatives | At September 30, 2023, the following interest rate derivatives were outstanding: Notional Weighted Interest Hedge Fair Value Gain (Loss) at September 30, 2023 (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company parent $ 400 1-month SOFR + 0.80% 1.75% March 2028 $ (56) Southern Company parent 1,000 1-month SOFR + 2.48% 3.70% April (196) Southern Company Gas 500 1-month SOFR + 0.49% 1.75% January 2031 (99) Southern Company $ 1,900 $ (351) |
Schedule of Foreign Currency Derivatives | At September 30, 2023, the following foreign currency derivatives were outstanding: Pay Notional Pay Receive Notional Receive Hedge Fair Value Gain (Loss) at September 30, 2023 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 564 3.78% € 500 1.85% June 2026 $ (42) Fair Value Hedges of Existing Debt Southern Company parent 1,476 3.39% 1,250 1.88% September 2027 (150) Southern Company $ 2,040 € 1,750 $ (192) |
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: At September 30, 2023 At December 31, 2022 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Liabilities from risk management activities $ 34 $ 134 $ 123 $ 121 Other deferred charges and assets/Other deferred credits and liabilities 36 77 52 44 Total derivatives designated as hedging instruments for regulatory purposes 70 211 175 165 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities — 28 3 27 Other deferred charges and assets/Other deferred credits and liabilities 4 2 6 4 Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities — 80 12 62 Other deferred charges and assets/Other deferred credits and liabilities — 271 — 240 Foreign currency derivatives: Assets from risk management activities/Liabilities from risk management activities — 35 — 34 Other deferred charges and assets/Other deferred credits and liabilities — 157 — 182 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 573 21 549 Energy-related derivatives not designated as hedging instruments Assets from risk management activities/Liabilities from risk management activities 5 8 13 13 Other deferred charges and assets/Other deferred credits and liabilities 1 2 2 1 Total derivatives not designated as hedging instruments 6 10 15 14 Gross amounts recognized 80 794 211 728 Gross amounts offset (a) (37) (86) (70) (111) Net amounts recognized in the Balance Sheets (b) $ 43 $ 708 $ 141 $ 617 At September 30, 2023 At December 31, 2022 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 15 $ 46 $ 42 $ 21 Other deferred charges and assets/Other deferred credits and liabilities 11 29 20 18 Total derivatives designated as hedging instruments for regulatory purposes 26 75 62 39 Gross amounts offset (17) (17) (24) (24) Net amounts recognized in the Balance Sheets $ 9 $ 58 $ 38 $ 15 Georgia Power Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 4 $ 57 $ 36 $ 43 Other deferred charges and assets/Other deferred credits and liabilities 10 26 6 18 Total derivatives designated as hedging instruments for regulatory purposes 14 83 42 61 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities — — — 1 Gross amounts recognized 14 83 42 62 Gross amounts offset (11) (11) (21) (21) Net amounts recognized in the Balance Sheets $ 3 $ 72 $ 21 $ 41 Mississippi Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 9 $ 22 $ 33 $ 24 Other deferred charges and assets/Other deferred credits and liabilities 15 22 26 8 Total derivatives designated as hedging instruments for regulatory purposes 24 44 59 32 Gross amounts offset (17) (17) (17) (17) Net amounts recognized in the Balance Sheets $ 7 $ 27 $ 42 $ 15 At September 30, 2023 At December 31, 2022 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 $ — $ 5 $ — $ 12 Other deferred charges and assets/Other deferred credits and liabilities 4 — 5 — Foreign currency derivatives: Other current assets/Other current liabilities — 11 — 11 Other deferred charges and assets/Other deferred credits and liabilities — 31 — 36 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 47 5 59 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 1 1 2 — Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives not designated as hedging instruments 1 1 3 — Gross amounts recognized 5 48 8 59 Gross amounts offset (1) (1) — — Net amounts recognized in the Balance Sheets $ 4 $ 47 $ 8 $ 59 Southern Company Gas Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 6 $ 9 $ 12 $ 33 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities — 23 3 15 Other deferred charges and assets/Other deferred credits and liabilities — 2 1 4 Interest rate derivatives: Other current assets/Other current liabilities — 21 — 14 Other deferred charges and assets/Other deferred credits and liabilities — 78 — 72 Total derivatives designated as hedging instruments in cash flow and fair value hedges — 124 4 105 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 4 7 11 12 Other deferred charges and assets/Other deferred credits and liabilities 1 2 1 1 Total derivatives not designated as hedging instruments 5 9 12 13 Gross amounts recognized 11 142 28 151 Gross amounts offset (a) 9 (40) — (41) Net amounts recognized in the Balance Sheets (b) $ 20 $ 102 $ 28 $ 110 (a) Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $49 million and $41 million at September 30, 2023 and December 31, 2022, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. (c) Energy-related derivatives not designated as hedging instruments were immaterial for Alabama Power and Mississippi Power at December 31, 2022. There were no such instruments for Alabama Power and Mississippi Power at September 30, 2023. |
Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) | At September 30, 2023 and December 31, 2022, 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 September 30, 2023: Energy-related derivatives: Other regulatory assets, current $ (113) $ (39) $ (54) $ (16) $ (4) Other regulatory assets, deferred (48) (19) (18) (11) — Other regulatory liabilities, current 23 8 1 4 10 Other regulatory liabilities, deferred 6 1 2 3 — Total energy-related derivative gains (losses) $ (132) $ (49) $ (69) $ (20) $ 6 At December 31, 2022: Energy-related derivatives: Other regulatory assets, current $ (71) $ (8) $ (26) $ (13) $ (24) Other regulatory assets, deferred (23) (7) (14) (2) — Other regulatory liabilities, current 72 29 19 22 2 Other regulatory liabilities, deferred 31 9 2 20 — Total energy-related derivative gains (losses) $ 9 $ 23 $ (19) $ 27 $ (22) |
Schedule of Pre-Tax Effects of Hedging on AOCI | For the three and nine months ended September 30, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows: Gain (Loss) Recognized in OCI on Derivatives For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ (4) $ 11 $ (55) $ 51 Interest rate derivatives (3) 6 (12) 36 Foreign currency derivatives (15) (35) (6) (137) Fair value hedges (*) : Foreign currency derivatives 27 20 28 18 Total $ 5 $ 2 $ (45) $ (32) Georgia Power Cash flow hedges: Interest rate derivatives $ — $ — $ (3) $ 31 Southern Power Cash flow hedges: Energy-related derivatives $ — $ (11) $ (14) $ (4) Foreign currency derivatives (15) (35) (6) (137) Total $ (15) $ (46) $ (20) $ (141) Southern Company Gas Cash flow hedges: Energy-related derivatives $ (4) $ 22 $ (41) $ 55 Interest rate derivatives (4) 5 — — Total $ (8) $ 27 $ (41) $ 55 (*) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI. |
Schedule of Pre-Tax Effects of Cash Flow and Fair Value Hedging on Income | For the three and nine months ended September 30, 2023 and 2022, 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) (in millions) Southern Company Total cost of natural gas $ 102 $ 294 $ 1,199 $ 1,840 Gain (loss) on energy-related cash flow hedges (a) (4) 9 (32) 28 Total other operations and maintenance 1,424 1,527 4,352 4,568 Gain (loss) on energy-related cash flow hedges (a) (1) — (2) — Total depreciation and amortization 1,143 922 3,365 2,728 Gain (loss) on energy-related cash flow hedges (a) (5) (1) (18) 5 Total interest expense, net of amounts capitalized (620) (511) (1,812) (1,461) Gain (loss) on interest rate cash flow hedges (a) (22) (7) (31) (19) Gain (loss) on foreign currency cash flow hedges (a) (3) (3) (8) (16) Gain (loss) on interest rate fair value hedges (b) (47) (102) (50) (300) Total other income (expense), net 141 132 428 414 Gain (loss) on foreign currency cash flow hedges (a)(c) (14) (32) (4) (129) Gain (loss) on foreign currency fair value hedges (7) (59) 19 (180) Amount excluded from effectiveness testing recognized in earnings (27) (21) (28) (17) Southern Power Total depreciation and amortization $ 130 $ 133 $ 380 $ 384 Gain (loss) on energy-related cash flow hedges (a) (5) (1) (18) 5 Total interest expense, net of amounts capitalized (32) (32) (98) (105) Gain (loss) on foreign currency cash flow hedges (a) (3) (3) (8) (16) Total other income (expense), net 4 3 8 5 Gain (loss) on foreign currency cash flow hedges (a)(c) (14) (32) (4) (129) Southern Company Gas Total cost of natural gas $ 102 $ 294 $ 1,199 $ 1,840 Gain (loss) on energy-related cash flow hedges (a) (4) 9 (32) 28 Total other operations and maintenance 264 252 879 824 Gain (loss) on energy-related cash flow hedges (a) (1) — (2) — Total interest expense, net of amounts capitalized (77) (65) (226) (187) Gain (loss) on interest rate cash flow hedges (a) (18) (2) (18) (3) Gain (loss) on interest rate fair value hedges (b) (11) (30) (14) (87) (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 | At September 30, 2023 and December 31, 2022, 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 At September 30, 2023 At December 31, 2022 At September 30, 2023 At December 31, 2022 (in millions) (in millions) Southern Company Long-term debt $ (2,873) $ (2,927) $ 328 $ 282 Southern Company Gas Long-term debt $ (402) $ (415) $ 95 $ 81 |
Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income | For the three and nine months ended September 30, 2023 and 2022, 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 September 30, Nine Months Ended September 30, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2023 2022 2023 2022 (in millions) (in millions) Energy-related derivatives: Natural gas revenues (*) $ — $ 3 $ — $ (10) Cost of natural gas 7 (2) 36 (7) Total derivatives in non-designated hedging relationships $ 7 $ 1 $ 36 $ (17) (*) Excludes $14 million of gains for the nine months ended September 30, 2023, and immaterial amounts for all other periods presented, recorded in natural gas revenues associated with weather derivatives. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Asset Acquisitions | Southern Power's asset acquisitions during the nine months ended September 30, 2023 are detailed in the following table: Project Facility Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern Power Ownership Percentage Expected COD PPA Contract Period Millers Branch (*) Solar EDF Renewables, Inc. 200 Haskell County, TX 100% Fourth quarter 2025 20 years South Cheyenne Solar Hanwha Q Cells USA Corp. 150 Laramie County, WY 100% First quarter 2024 20 years (*) The project includes an option to expand capacity up to an additional 300 MWs. |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Business Segments | Financial data for business segments and products and services for the three and nine months ended September 30, 2023 and 2022 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended September 30, 2023 Operating revenues $ 5,674 $ 653 $ (160) $ 6,167 $ 689 $ 154 $ (30) $ 6,980 Segment net income (loss) (a)(b)(c) 1,419 100 — 1,519 82 (179) — 1,422 Nine Months Ended September 30, 2023 Operating revenues $ 14,145 $ 1,686 $ (417) $ 15,414 $ 3,417 $ 499 $ (122) $ 19,208 Segment net income (loss) (a)(b)(c)(d) 2,852 288 — 3,140 475 (490) (4) 3,121 At September 30, 2023 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 144 $ — $ 5,161 Total assets 99,464 13,090 (568) 111,986 24,823 2,370 (858) 138,321 Three Months Ended September 30, 2022 Operating revenues $ 6,938 $ 1,180 $ (691) $ 7,427 $ 857 $ 135 $ (41) $ 8,378 Segment net income (loss) (a)(b) 1,445 95 — 1,540 83 (152) 1 1,472 Nine Months Ended September 30, 2022 Operating revenues $ 16,716 $ 2,618 $ (1,391) $ 17,943 $ 3,998 $ 418 $ (127) $ 22,232 Segment net income (loss) (a)(b) 3,256 265 — 3,521 516 (415) (11) 3,611 At December 31, 2022 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 144 $ — $ 5,161 Total assets 95,861 13,081 (659) 108,283 24,621 2,665 (678) 134,891 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes pre-tax charges (credits) to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $160 million ($120 million after tax) for the three and nine months ended September 30, 2023 and $(70) million ($(52) million after tax) and $(18) million ($(13) million after tax) for the three and nine months ended September 30, 2022, respectively. 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. (c) For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) for the three and nine months ended September 30, 2023 related to an arbitration interim award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts for the nine months ended September 30, 2023. See Note (C) under "General Litigation Matters – Southern Power" for additional information. (d) For Southern Company Gas, includes a pre-tax charge of approximately $38 million ($28 million after tax) associated with the disallowance of certain capital expenditures at Nicor Gas. See Note (B) under "Southern Company Gas" for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended September 30, 2023 $ 5,139 $ 727 $ 301 $ 6,167 Three Months Ended September 30, 2022 5,961 1,197 269 7,427 Nine Months Ended September 30, 2023 $ 12,597 $ 1,930 $ 887 $ 15,414 Nine Months Ended September 30, 2022 14,363 2,798 782 17,943 Southern Company Gas' Revenues Gas Gas Other Total (in millions) Three Months Ended September 30, 2023 $ 617 $ 56 $ 16 $ 689 Three Months Ended September 30, 2022 748 85 24 857 Nine Months Ended September 30, 2023 $ 2,989 $ 376 $ 52 $ 3,417 Nine Months Ended September 30, 2022 3,513 420 65 3,998 Business segment financial data for the three months ended September 30, 2023 and 2022 was as follows: Gas Distribution Operations Gas Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended September 30, 2023 Operating revenues $ 619 $ 8 $ 56 $ 683 $ 8 $ (2) $ 689 Segment net income (loss) 70 24 2 96 (14) — 82 Nine Months Ended September 30, 2023 Operating revenues $ 3,002 $ 24 $ 376 $ 3,402 $ 30 $ (15) $ 3,417 Segment net income (*) 352 73 59 484 (9) — 475 Total assets at September 30, 2023 22,625 1,542 1,519 25,686 9,795 (10,658) 24,823 Three Months Ended September 30, 2022 Operating revenues $ 751 $ 8 $ 85 $ 844 $ 16 $ (3) $ 857 Segment net income (loss) 59 24 (2) 81 2 — 83 Nine Months Ended September 30, 2022 Operating revenues $ 3,533 $ 24 $ 420 $ 3,977 $ 43 $ (22) $ 3,998 Segment net income 365 76 65 506 10 — 516 Total assets at December 31, 2022 22,040 1,577 1,616 25,233 8,943 (9,555) 24,621 (*) For gas distribution operations, includes a pre-tax charge of approximately $38 million ($28 million after tax) associated with the disallowance of certain capital expenditures at Nicor Gas. See Note (B) under "Southern Company Gas" for additional information. |
Schedule of Financial Data for Products and Services | Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended September 30, 2023 $ 5,139 $ 727 $ 301 $ 6,167 Three Months Ended September 30, 2022 5,961 1,197 269 7,427 Nine Months Ended September 30, 2023 $ 12,597 $ 1,930 $ 887 $ 15,414 Nine Months Ended September 30, 2022 14,363 2,798 782 17,943 Southern Company Gas' Revenues Gas Gas Other Total (in millions) Three Months Ended September 30, 2023 $ 617 $ 56 $ 16 $ 689 Three Months Ended September 30, 2022 748 85 24 857 Nine Months Ended September 30, 2023 $ 2,989 $ 376 $ 52 $ 3,417 Nine Months Ended September 30, 2022 3,513 420 65 3,998 |
Introduction - Schedule of Good
Introduction - Schedule of Goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 5,161 | $ 5,161 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Subject to amortization: | ||
Gross Carrying Amount | $ 669 | $ 671 |
Accumulated Amortization | (367) | (340) |
Other Intangible Assets, Net | 302 | 331 |
Not subject to amortization: | ||
FCC licenses | 75 | 75 |
Total other intangible assets | ||
Gross Carrying Amount | 744 | 746 |
Accumulated Amortization | (367) | (340) |
Other Intangible Assets, Net | 377 | 406 |
Customer relationships | ||
Subject to amortization: | ||
Gross Carrying Amount | 211 | 212 |
Accumulated Amortization | (169) | (162) |
Other Intangible Assets, Net | 42 | 50 |
Total other intangible assets | ||
Accumulated Amortization | (169) | (162) |
Trade names | ||
Subject to amortization: | ||
Gross Carrying Amount | 63 | 64 |
Accumulated Amortization | (50) | (44) |
Other Intangible Assets, Net | 13 | 20 |
Total other intangible assets | ||
Accumulated Amortization | (50) | (44) |
PPA fair value adjustments | ||
Subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (143) | (129) |
Other Intangible Assets, Net | 247 | 261 |
Total other intangible assets | ||
Accumulated Amortization | (143) | (129) |
Other | ||
Subject to amortization: | ||
Gross Carrying Amount | 5 | 5 |
Accumulated Amortization | (5) | (5) |
Other Intangible Assets, Net | 0 | 0 |
Total other intangible assets | ||
Accumulated Amortization | (5) | (5) |
SOUTHERN POWER CO | ||
Subject to amortization: | ||
Accumulated Amortization | (143) | (129) |
Total other intangible assets | ||
Accumulated Amortization | (143) | (129) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (143) | (129) |
Other Intangible Assets, Net | 247 | 261 |
Total other intangible assets | ||
Accumulated Amortization | (143) | (129) |
SOUTHERN Co GAS | ||
Subject to amortization: | ||
Gross Carrying Amount | 182 | 182 |
Accumulated Amortization | (163) | (156) |
Other Intangible Assets, Net | 19 | 26 |
Total other intangible assets | ||
Accumulated Amortization | (163) | (156) |
Other Intangible Assets, Net | 19 | 26 |
SOUTHERN Co GAS | Customer relationships | ||
Subject to amortization: | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (143) | (139) |
Other Intangible Assets, Net | 13 | 17 |
Total other intangible assets | ||
Accumulated Amortization | (143) | (139) |
SOUTHERN Co GAS | Trade names | ||
Subject to amortization: | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (20) | (17) |
Other Intangible Assets, Net | 6 | 9 |
Total other intangible assets | ||
Accumulated Amortization | $ (20) | $ (17) |
Introduction - Schedule of Amor
Introduction - Schedule of Amortization of Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 10 | $ 11 | $ 27 | $ 30 |
Decrease in operating revenues | 5 | 14 | 5 | 15 |
SOUTHERN POWER CO | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 5 | 5 | 14 | 15 |
SOUTHERN Co GAS | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3 | $ 4 | $ 7 | $ 9 |
Introduction - Schedule of Cash
Introduction - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,676 | $ 1,917 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 1,890 | 2,037 | $ 2,013 | $ 1,829 |
Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 176 | 62 | ||
Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 38 | 58 | ||
ALABAMA POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 621 | 687 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 729 | 687 | 1,458 | 1,060 |
ALABAMA POWER CO | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 108 | 0 | ||
ALABAMA POWER CO | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 0 | 0 | ||
GEORGIA POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 173 | 364 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 256 | 480 | 33 | 33 |
GEORGIA POWER CO | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 48 | 60 | ||
GEORGIA POWER CO | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 35 | 56 | ||
SOUTHERN POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 236 | 131 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 257 | 133 | 231 | 135 |
SOUTHERN POWER CO | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 18 | 0 | ||
SOUTHERN POWER CO | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 3 | 3 | ||
SOUTHERN POWER CO | Proceeds From Issuance Of Solid Waste Disposal Facility Revenue Bonds | ||||
Restricted cash: | ||||
Restricted cash | 18 | |||
SOUTHERN POWER CO | Estimated Construction Completion Costs | Deuel Harvest | ||||
Restricted cash: | ||||
Restricted cash | 3 | 3 | ||
SOUTHERN Co GAS | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 397 | 81 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 399 | 83 | $ 28 | $ 48 |
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 |
Introduction - Storm Damage Res
Introduction - Storm Damage Reserves (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 31, 2023 | Sep. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance at December 31, 2022 | $ 216 | |
Balance at September 30, 2023 | 16 | |
Accrued Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Accrual | 42 | |
Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Weather-related damages | (242) | |
ALABAMA POWER CO | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance at December 31, 2022 | 97 | |
Balance at September 30, 2023 | 71 | |
ALABAMA POWER CO | Accrued Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Accrual | 9 | |
ALABAMA POWER CO | Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Weather-related damages | (35) | |
GEORGIA POWER CO | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance at December 31, 2022 | 83 | |
Balance at September 30, 2023 | 97 | |
GEORGIA POWER CO | Accrued Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Accrual | $ 110 | 24 |
GEORGIA POWER CO | Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Weather-related damages | (204) | |
MISSISSIPPI POWER CO | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance at December 31, 2022 | 36 | |
Balance at September 30, 2023 | 42 | |
MISSISSIPPI POWER CO | Accrued Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Accrual | 9 | |
MISSISSIPPI POWER CO | Storm Reserve | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Weather-related damages | $ (3) |
Introduction - Asset Retirement
Introduction - Asset Retirement Obligations (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 06, 2023 | |
GEORGIA POWER CO | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation, period increase (decrease) | $ 175 | ||
ALABAMA POWER CO | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation, period increase (decrease) | $ 15 | ||
Plant Vogtle Unit 3 | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligations | $ 90 |
Introduction - Decommissioning
Introduction - Decommissioning Expenses (Details) $ in Millions | 1 Months Ended | 9 Months Ended |
Jun. 30, 2023 | Sep. 30, 2023 USD ($) | |
Estimated Inflation Rate | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
ARO measurement input | 0.045 | |
Estimated Trust Earnings | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
ARO measurement input | 0.070 | |
ALABAMA POWER CO | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total site study costs | $ 2,048 | |
ALABAMA POWER CO | Plant Farley | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Decommissioning costs (term) | 5 years | |
Radiated structures | ALABAMA POWER CO | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total site study costs | $ 1,402 | |
Spent fuel management | ALABAMA POWER CO | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total site study costs | 513 | |
Non-radiated structures | ALABAMA POWER CO | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total site study costs | $ 133 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Cost Recovery Clauses (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
ALABAMA POWER CO | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | $ 0 | $ 47 |
Rate CNP PPA | 17 | 18 |
Retail Energy Cost Recovery | 208 | 102 |
ALABAMA POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Rate CNP PPA | 90 | 102 |
Retail Energy Cost Recovery | 80 | 520 |
ALABAMA POWER CO | Other Regulatory Liabilities, Deferred | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | 3 | 0 |
GEORGIA POWER CO | Receivables – under recovered fuel clause revenues | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery(*) | 730 | 0 |
GEORGIA POWER CO | Deferred under recovered fuel clause revenues | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery(*) | 1,279 | 2,056 |
MISSISSIPPI POWER CO | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 3 | 12 |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 11 | 19 |
MISSISSIPPI POWER CO | Receivables – customer accounts, net | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery(*) | 25 | 1 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 0 | 108 |
SOUTHERN Co GAS | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 0 | 108 |
SOUTHERN Co GAS | Natural gas cost over recovery | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | $ 165 | $ 0 |
Regulatory Matters - APC Certif
Regulatory Matters - APC Certificate of Convenience and Necessity (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | $ 8,496 | $ 10,896 | |
Plant in service, net of depreciation | 88,374 | 82,232 | |
ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | 1,759 | 1,526 | |
Plant in service, net of depreciation | 23,271 | $ 23,002 | |
ALABAMA POWER CO | Plant Barry Unit 8 | |||
Public Utilities, General Disclosures [Line Items] | |||
Estimated in-service cost | $ 652 | ||
Construction work in progress | 583 | ||
Construction in progress, work in progress amount | 578 | ||
Plant in service, net of depreciation | $ 5 |
Regulatory Matters - APC Excess
Regulatory Matters - APC Excess Accumulated Deferred Income Tax Accounting Order (Details) $ in Millions | Oct. 03, 2023 USD ($) |
ALABAMA POWER CO | Subsequent Event | |
Public Utilities, General Disclosures [Line Items] | |
Deferred income taxes | $ 24 |
Regulatory Matters - APC Rate C
Regulatory Matters - APC Rate CNP New Plant (Details) $ in Millions | Mar. 24, 2023 USD ($) |
ALABAMA POWER CO | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase (decrease) amount | $ 78 |
Regulatory Matters - APC Renewa
Regulatory Matters - APC Renewable Generation Certificate (Details) | Jun. 14, 2023 MW | Jun. 13, 2023 MW | Apr. 04, 2023 claim MW |
Public Utilities, General Disclosures [Line Items] | |||
Renewable generation certificate, number of new solar power purchase agreements (in claims) | claim | 2 | ||
ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Renewable generation certificate, additional generating capacity procured (in MWs) | 160 | ||
Renewable generation certificate, generating capacity (in MWs) | 490 | ||
Renewable generation certificate, authorized generating capacity (in MWs) | 500 | ||
Renewable generation certificate, additional renewable capacity (in MWs) | 2,400 | ||
Renewable generation certificate, size of allowable projects (in MWs) | 200 | 80 | |
Renewable generation certificate, annual approval limit (in MWs) | 400 | 160 |
Regulatory Matters - APC Reliab
Regulatory Matters - APC Reliability Reserve Accounting Matter (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 18, 2023 | Dec. 31, 2022 |
Public Utilities, General Disclosures [Line Items] | |||
Reliability reserve balance | $ 16 | $ 216 | |
ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Reliability reserve balance | $ 71 | $ 97 | |
Reliability Reserve | ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Reliability reserve balance | $ 166 |
Regulatory Matters - GPC Rate M
Regulatory Matters - GPC Rate Matters (Details) - GEORGIA POWER CO - Subsequent Event $ in Millions | Oct. 02, 2023 USD ($) |
Traditional Base | |
Public Utilities, General Disclosures [Line Items] | |
Increase (decrease) in tariff | $ 275 |
Environmental Compliance Cost Recovery, Traditional | |
Public Utilities, General Disclosures [Line Items] | |
Increase (decrease) in tariff | (99) |
Demand Side-Management | |
Public Utilities, General Disclosures [Line Items] | |
Increase (decrease) in tariff | 10 |
Municipal Franchise Fee | |
Public Utilities, General Disclosures [Line Items] | |
Increase (decrease) in tariff | $ 5 |
Regulatory Matters - GPC Plant
Regulatory Matters - GPC Plant Vogtle Unit 3 and Common Facilities Rate Proceeding (Details) - GEORGIA POWER CO - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 30, 2023 | Aug. 01, 2023 | May 16, 2023 | Nov. 30, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2009 | Aug. 31, 2018 | |
Loss Contingencies [Line Items] | ||||||||
Requested rate increase (decrease) amount | $ 1,100 | |||||||
Requested revenues increase (decrease) percentage | 54% | |||||||
Plant Vogtle Units 3 And 4 | ||||||||
Loss Contingencies [Line Items] | ||||||||
Recovery of construction and capital costs | $ 7,562 | |||||||
Requested recovery of associated retail base items | 1,020 | |||||||
Estimated in-service capital cost | $ 4,418 | |||||||
Approved rate increase (decrease) | 5,462 | $ 2,100 | ||||||
Approved recovery of retail rate items | $ 362 | |||||||
Associated retail rate base items | 656 | |||||||
Return on equity reduction, negative impact on earnings | $ 12 | $ 300 | ||||||
Requested rate increase (decrease) amount | $ 729 | |||||||
Requested revenues increase (decrease) percentage | 5% | |||||||
Percentage of ownership interest required for voting for continuing construction | 90% | |||||||
Percentage of costs, disallowed for recovery | 6% | |||||||
Plant Vogtle Unit 3 | ||||||||
Loss Contingencies [Line Items] | ||||||||
Requested rate increase, annual amount | $ 318 | |||||||
Seventeenth Vogtle Construction Monitoring Report | Plant Vogtle Units 3 And 4 | ||||||||
Loss Contingencies [Line Items] | ||||||||
Recovery of construction and capital costs | $ 8,826 | |||||||
Requested recovery of associated retail base items | $ 1,070 | |||||||
Twenty Fourth Vogtle Construction Monitoring Report | Plant Vogtle Units 3 And 4 | ||||||||
Loss Contingencies [Line Items] | ||||||||
Cost settlement agreement revised forecast, net of payments | $ 7,300 |
Regulatory Matters - GPC Fuel C
Regulatory Matters - GPC Fuel Cost Recovery (Details) $ in Millions | May 16, 2023 USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Under recovered fuel balance to be recovered | $ 2,200 |
GEORGIA POWER CO | |
Public Utilities, General Disclosures [Line Items] | |
Requested revenues increase (decrease) percentage | 54% |
Requested rate increase (decrease) amount | $ 1,100 |
Under recovered fuel balance to be recovered, period of recovery | 3 years |
GEORGIA POWER CO | Maximum | |
Public Utilities, General Disclosures [Line Items] | |
Approved rate increase, percentage | 40% |
Approved rate increase (decrease) | $ 200 |
Regulatory Matters - GPC Integr
Regulatory Matters - GPC Integrated Resource Plan (Details) - GEORGIA POWER CO $ in Millions | 1 Months Ended | 60 Months Ended | 61 Months Ended | |
Oct. 27, 2023 turbine MW | Aug. 31, 2022 USD ($) | Dec. 31, 2028 MW | Dec. 31, 2028 MW | |
Scenario, Forecast | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested additional generating capacity (in MWs) | 750 | |||
Subsequent Event | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Number of turbines | turbine | 3 | |||
Subsequent Event | Scenario, Forecast | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested additional generating capacity (in MWs) | 230 | |||
Subsequent Event | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested additional generating capacity (in MWs) | 1,000 | |||
Plant Tugalo | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Planned expenses to modernize plant | $ | $ 115 | |||
Plant Yates | Subsequent Event | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested additional generating capacity (in MWs) | 1,400 |
Regulatory Matters - GPC Storm
Regulatory Matters - GPC Storm Damage Recovery (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 31, 2023 | Sep. 30, 2023 | |
Accrued Storm Reserve | ||
Public Utilities, General Disclosures [Line Items] | ||
Accrual | $ 42 | |
GEORGIA POWER CO | ||
Public Utilities, General Disclosures [Line Items] | ||
Weather-related damages | 31 | |
Regulatory balance | 97 | |
GEORGIA POWER CO | Accrued Storm Reserve | ||
Public Utilities, General Disclosures [Line Items] | ||
Accrual | $ 110 | 24 |
ALABAMA POWER CO | Accrued Storm Reserve | ||
Public Utilities, General Disclosures [Line Items] | ||
Accrual | $ 9 |
Regulatory Matters - GPC Nuclea
Regulatory Matters - GPC Nuclear Construction (Details) - GEORGIA POWER CO $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) | Dec. 31, 2012 utility MW | Oct. 06, 2023 pump | Sep. 20, 2023 USD ($) | Aug. 31, 2018 | |
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 | $ 3,500 | ||||
Estimated cost to complete, construction contingency estimate, financing costs, incurred to date | 3,400 | ||||
Construction contingency estimate | $ 43 | ||||
Monthly AFUDC | $ 25 | ||||
Percentage of ownership interest required for voting for continuing construction | 90% | ||||
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 | ||||
Plant Vogtle Unit 4 | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of RPCs | pump | 1 | ||||
Minimum | Plant Vogtle Units 3 And 4 | COVID-19 | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible loss, loss of productivity, term | 3 months | ||||
Maximum | Plant Vogtle Units 3 And 4 | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of RPCs | pump | 7 | ||||
Maximum | 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 | $ 200 | ||||
Maximum | Plant Vogtle Unit 4 | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of RPCs | pump | 4 |
Regulatory Matters - GPC Nucl_2
Regulatory Matters - GPC Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12003 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Pre-tax charge to income | $ 160 | $ 407 | |
Plant Vogtle Units 3 And 4 | |||
Loss Contingencies [Line Items] | |||
Base project capital cost forecast | 10,736 | $ 10,736 | |
Construction contingency estimate | 17 | 17 | |
Total project capital cost forecast | 10,753 | 10,753 | |
Net investment as of end of the period | (10,495) | (10,495) | |
Remaining estimate to complete | 258 | 258 | |
Estimated cost to complete, costs not shared with other owners | 610 | 610 | |
Estimated cost to complete, construction monitoring costs approved for recovery | 33 | 33 | |
Pre-tax charge to income | $ 567 | ||
Expected capitalized costs | 420 | ||
Capitalized interest accrued | 385 | 385 | |
Plant Vogtle Units 3 And 4 | Twenty Fifth Vogtle Construction Monitoring Report | |||
Loss Contingencies [Line Items] | |||
Guarantor obligations | $ 1,700 | 1,700 | |
Customer refund | $ 188 |
Regulatory Matters - GPC Amendm
Regulatory Matters - GPC Amendments to the Vogtle Joint Ownership Agreements (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12003 Months Ended | ||||||
Oct. 17, 2023 | Oct. 05, 2023 | Jan. 11, 2018 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | Aug. 31, 2018 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||
Agreement with third party, amount of costs over projected forecast to be paid by company | 20% | |||||||||
GEORGIA POWER CO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Pre-tax charge to income | $ 160 | $ 407 | ||||||||
After tax charge to income | 120 | 304 | ||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Production tax credits, aggregate purchase price, maximum | $ 300 | |||||||||
Preliminary estimated cost to complete | $ 10,753 | $ 10,753 | ||||||||
Additional construction capital costs | $ 3,300 | |||||||||
Remaining share of construction costs, agreement to pay, percentage | 100% | |||||||||
Percentage of ownership interest required for voting for continuing construction | 90% | |||||||||
Percentage of costs, disallowed for recovery | 6% | |||||||||
Costs disallowed for recovery, period | 6 months | |||||||||
Public utilities, extension project schedule, term | 1 year | |||||||||
Estimated cost to complete, starting dollar amount | $ 18,380 | |||||||||
Pre-tax charge to income | $ 567 | |||||||||
Proportionate ownership share | 45.70% | 45.70% | ||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Subsequent Event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Additional construction capital costs | $ 17 | $ 308 | ||||||||
Remaining share of construction costs, agreement to pay, percentage | 66% | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Vogtle Owners | Tender Provision Dispute | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Estimated cost to complete, starting dollar amount | $ 17,100 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | MEAG Power | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Payment of power costs | $ 92 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Oglethorpe Power Corporation | Subsequent Event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Payment of power costs | $ 105 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Dalton Utilities | Subsequent Event | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Payment of power costs | $ 6 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category I | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Preliminary estimated cost to complete | $ 8,400 | $ 8,400 | ||||||||
Additional construction capital costs, threshold | $ 800 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category II | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Percentage of construction costs, responsibility to pay | 55.70% | |||||||||
Additional construction capital costs | $ 80 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category II | Vogtle Owners | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Percentage of construction costs, responsibility to pay | 44.30% | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category II | Minimum | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Additional construction capital costs, threshold | $ 800 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category II | Maximum | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Additional construction capital costs, threshold | $ 1,600 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category III | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Percentage of construction costs, responsibility to pay | 65.70% | |||||||||
Additional construction capital costs | $ 100 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category III | Vogtle Owners | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Percentage of construction costs, responsibility to pay | 34.30% | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | Category III | Minimum | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Additional construction capital costs, threshold | $ 1,600 | |||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | 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 CO $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Jan. 01, 2023 USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 11, 2018 USD ($) | Jan. 01, 2018 | Jan. 01, 2016 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) claim | Sep. 30, 2023 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2009 USD ($) | Jun. 30, 2021 report | Jun. 30, 2018 USD ($) | Dec. 31, 2013 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Estimated in-service capital cost | $ 4,418 | |||||||||||||||
Financing costs collected, net of tax | $ 3,000 | |||||||||||||||
Increase (decrease) in tariff | $ 36 | |||||||||||||||
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% | 10% | ||||||||||||
Public utilities, approved return on equity, monthly percentage increase (decrease) | (0.10%) | |||||||||||||||
Return on equity reduction, negative impact on earnings | $ 12 | $ 300 | ||||||||||||||
Increase to base capital cost forecast not seeking recovery | $ 700 | |||||||||||||||
Twenty Fourth Vogtle Construction Monitoring Report | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Cost settlement agreement revised forecast, net of payments | 7,300 | |||||||||||||||
Twenty Fifth Vogtle Construction Monitoring Report | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Number of approved construction management reports | report | 25 | |||||||||||||||
Requested capital construction costs | 7,900 | |||||||||||||||
Guarantor obligations | 1,700 | |||||||||||||||
Customer refund | $ 188 | |||||||||||||||
Twenty Sixth Vogtle Construction Monitoring Report | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Requested capital construction costs | $ 1,600 | |||||||||||||||
Number of additional reports reviewed | claim | 3 | |||||||||||||||
Twenty Ninth Vogtle Construction Monitoring Report | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Cost settlement agreement revised forecast, net of payments | $ 10,600 | |||||||||||||||
Requested capital construction costs | $ 390 | |||||||||||||||
Scenario, Forecast | ||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||
Return on equity reduction, negative impact on earnings | $ 60 | $ 290 |
Regulatory Matters - MPC (Detai
Regulatory Matters - MPC (Details) $ in Millions | 1 Months Ended | |||||
Jul. 31, 2023 USD ($) | May 02, 2023 USD ($) | Apr. 04, 2023 USD ($) | Apr. 03, 2023 USD ($) | Oct. 31, 2023 MW | Jul. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Minimum annual accrual, amount | $ 8 | |||||
MISSISSIPPI POWER CO | ||||||
Loss Contingencies [Line Items] | ||||||
Approved rate increase (decrease) | $ 12 | |||||
MISSISSIPPI POWER CO | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Approved capacity increase (in MWs) | MW | 750 | |||||
MISSISSIPPI POWER CO | Ad Valorem Tax Adjustment | ||||||
Loss Contingencies [Line Items] | ||||||
Requested rate increase (decrease) amount | $ (7) | |||||
MISSISSIPPI POWER CO | ECO Plan | ||||||
Loss Contingencies [Line Items] | ||||||
Approved rate increase (decrease) | $ 3 | |||||
MISSISSIPPI POWER CO | Municipal And Rural Associations Tariff | ||||||
Loss Contingencies [Line Items] | ||||||
Requested rate increase (decrease) amount | $ 16 | $ 23 | ||||
Customer refund payments | $ 6 |
Regulatory Matters - GAS Schedu
Regulatory Matters - GAS Schedule of Infrastructure Replacement Programs and Capital Projects (Details) - SOUTHERN Co GAS $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 467 |
Investing in Illinois | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 320 |
SAVE | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 56 |
System Reinforcement Rider | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 84 |
Pipeline Replacement Program | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 7 |
Regulatory Matters - GAS Nicor
Regulatory Matters - GAS Nicor Gas (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2019 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Total operating revenues | $ (6,980) | $ (8,378) | $ (19,208) | $ (22,232) | ||
Total operating expenses | 4,870 | $ 6,185 | $ 14,589 | $ 17,000 | ||
Nicor Gas | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Pre-tax charge to income | 38 | |||||
After-tax charge to income | $ 28 | |||||
Nicor Gas | Investing in Illinois | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Capital expenditures disallowed | $ 32 | |||||
Capital expenditures | $ 415 | |||||
Total operating revenues | $ 8 | |||||
Total operating expenses | $ 30 |
Regulatory Matters - GAS Atlant
Regulatory Matters - GAS Atlanta Gas Light (Details) $ in Millions | Jul. 14, 2023 USD ($) |
SOUTHERN Co GAS | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase (decrease) amount | $ 53 |
Regulatory Matters - GAS Virgin
Regulatory Matters - GAS Virginia Natural Gas (Details) - Virginia Natural Gas - USD ($) $ in Millions | Jun. 07, 2023 | Jan. 01, 2023 |
Public Utilities, General Disclosures [Line Items] | ||
Approved rate increase (decrease) | $ 48 | |
Public utilities, approved return on equity percentage | 9.70% | |
Public utilities, approved equity capital structure percentage | 49.06% | |
Requested rate increase (decrease) amount | $ 69 |
Contingencies - General Litigat
Contingencies - General Litigation Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 16 Months Ended | ||||
Jul. 31, 2023 USD ($) | Mar. 31, 2019 plaintiff | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2018 USD ($) defendant plaintiff | Jan. 31, 2023 claim | Jul. 31, 2021 project | |
Loss Contingencies [Line Items] | |||||||||
Amount awarded | $ 18 | ||||||||
Increase in other revenues | $ 6,980 | $ 8,378 | 19,208 | $ 22,232 | |||||
Allocation to NCI | 10 | 12 | (68) | (55) | |||||
Other revenues | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 222 | 178 | 662 | 519 | |||||
GEORGIA POWER CO | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 3,237 | 3,889 | 7,805 | 9,218 | |||||
GEORGIA POWER CO | Other revenues | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 172 | 130 | 516 | 403 | |||||
GEORGIA POWER CO | Pending Litigation | Class Action Lawsuit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Complaints filed | claim | 8 | ||||||||
MISSISSIPPI POWER CO | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 436 | 510 | 1,137 | 1,279 | |||||
MISSISSIPPI POWER CO | Other revenues | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 10 | 13 | 31 | 34 | |||||
MISSISSIPPI POWER CO | Pending Litigation | Purported Violations of Mississippi Consumer Protection Act | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of plaintiffs | plaintiff | 10 | ||||||||
Number of defendants | defendant | 3 | ||||||||
Number of additional plaintiffs | plaintiff | 4 | ||||||||
Underpayment of refunds | $ 23.5 | ||||||||
SOUTHERN POWER CO | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount awarded | 18 | ||||||||
Increase in other revenues | 653 | 1,180 | 1,686 | 2,618 | |||||
Allocation to NCI | 10 | 12 | (68) | (55) | |||||
SOUTHERN POWER CO | Other revenues | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | 18 | $ 9 | $ 46 | $ 27 | |||||
SOUTHERN POWER CO | Settled Litigation | Southern Power vs First Solar | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of solar projects | project | 5 | ||||||||
Proceeds from legal settlements | $ 36 | ||||||||
Amount awarded | $ 18 | 18 | |||||||
Reduction to other operations and maintenance expense | 11 | ||||||||
Allocation to NCI | 6 | ||||||||
SOUTHERN POWER CO | Settled Litigation | Southern Power vs First Solar | Other revenues | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increase in other revenues | $ 7 |
Contingencies - Environmental R
Contingencies - Environmental Remediation (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
GEORGIA POWER CO | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 14 | $ 15 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 234 | $ 256 |
Contingencies - Other Matters (
Contingencies - Other Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||||||
Oct. 05, 2023 | Oct. 03, 2023 | Aug. 31, 2022 | Apr. 30, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2017 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | ||||||||||
Associated penalties and interest previously paid | $ (67) | $ (119) | ||||||||
Penalties and interest final payment | (1,031) | 805 | ||||||||
Regulatory asset | 16 | $ 216 | ||||||||
ALABAMA POWER CO | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Associated penalties and interest previously paid | (21) | (98) | ||||||||
Penalties and interest final payment | (358) | (22) | ||||||||
Regulatory asset | 71 | 97 | ||||||||
ALABAMA POWER CO | AT&T | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Potential refund amount owed | $ 87 | |||||||||
Refund payment period | 6 years | |||||||||
MISSISSIPPI POWER CO | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total amount due including penalties and interest | $ 28 | |||||||||
Associated penalties and interest previously paid | $ 7 | 12 | 36 | |||||||
Penalties and interest final payment | (83) | $ 41 | ||||||||
Regulatory asset | $ 42 | 36 | ||||||||
MISSISSIPPI POWER CO | Kemper IGCC | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
DOE awards | $ 137 | $ 270 | ||||||||
Government grants received | $ 387 | |||||||||
MISSISSIPPI POWER CO | Taxes and Interest | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Regulatory asset | $ 3 | |||||||||
MISSISSIPPI POWER CO | Subsequent Event | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Assessment including penalties and interest | $ 11 | |||||||||
Penalties and interest final payment | $ 4 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 7,107 | $ 7,116 | $ 18,886 | $ 19,599 |
Total operating revenues | 6,980 | 8,378 | 19,208 | 22,232 |
Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,534 | 4,951 | 13,035 | 12,477 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,543 | 2,104 | 5,717 | 5,282 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,845 | 1,637 | 4,464 | 4,202 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,116 | 1,183 | 2,770 | 2,914 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 30 | 27 | 84 | 79 |
Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 612 | 744 | 2,952 | 3,490 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 217 | 331 | 1,443 | 1,821 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 56 | 93 | 370 | 493 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 275 | 259 | 878 | 872 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4 | 12 | 33 | 60 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 60 | 49 | 228 | 244 |
Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 569 | 1,045 | 1,542 | 2,364 |
PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 317 | 812 | 853 | 1,739 |
PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 151 | 175 | 490 | 443 |
Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 101 | 58 | 199 | 182 |
Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 62 | 99 | 386 | 458 |
Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 54 | 84 | 358 | 417 |
Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 8 | 15 | 28 | 41 |
Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | (127) | 1,262 | 322 | 2,633 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 330 | 277 | 971 | 810 |
ALABAMA POWER CO | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,230 | 2,128 | 5,638 | 5,315 |
Total operating revenues | 2,083 | 2,444 | 5,420 | 6,023 |
ALABAMA POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,860 | 2,008 | 4,708 | 5,015 |
ALABAMA POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,069 | 1,753 | 5,104 | 4,487 |
ALABAMA POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 969 | 799 | 2,277 | 2,049 |
ALABAMA POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 599 | 499 | 1,493 | 1,285 |
ALABAMA POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 498 | 452 | 1,324 | 1,143 |
ALABAMA POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3 | 3 | 10 | 10 |
ALABAMA POWER CO | Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 107 | 310 | 375 | 655 |
ALABAMA POWER CO | PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 66 | 187 | 196 | 354 |
ALABAMA POWER CO | PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 26 | 56 | 130 | 135 |
ALABAMA POWER CO | Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 15 | 67 | 49 | 166 |
ALABAMA POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ALABAMA POWER CO | Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | (147) | 316 | (218) | 708 |
ALABAMA POWER CO | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 54 | 65 | 159 | 173 |
GEORGIA POWER CO | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,388 | 3,093 | 7,754 | 7,767 |
Total operating revenues | 3,237 | 3,889 | 7,805 | 9,218 |
GEORGIA POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,996 | 3,703 | 7,142 | 8,629 |
GEORGIA POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,177 | 2,927 | 7,198 | 7,274 |
GEORGIA POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,473 | 1,212 | 3,202 | 2,995 |
GEORGIA POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,151 | 1,051 | 2,733 | 2,688 |
GEORGIA POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 528 | 642 | 1,195 | 1,529 |
GEORGIA POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 25 | 22 | 68 | 62 |
GEORGIA POWER CO | Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 69 | 56 | 147 | 186 |
GEORGIA POWER CO | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 65 | 56 | 134 | 166 |
GEORGIA POWER CO | PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 31 | 40 | 66 | 112 |
GEORGIA POWER CO | PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 13 | 12 | 38 | 35 |
GEORGIA POWER CO | Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 21 | 4 | 30 | 19 |
GEORGIA POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
GEORGIA POWER CO | Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | (151) | 796 | 51 | 1,451 |
GEORGIA POWER CO | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 146 | 110 | 422 | 327 |
MISSISSIPPI POWER CO | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 440 | 531 | 1,123 | 1,276 |
Total operating revenues | 436 | 510 | 1,137 | 1,279 |
MISSISSIPPI POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 284 | 250 | 747 | 718 |
MISSISSIPPI POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 288 | 271 | 733 | 716 |
MISSISSIPPI POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 101 | 93 | 238 | 238 |
MISSISSIPPI POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 95 | 87 | 238 | 229 |
MISSISSIPPI POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 90 | 89 | 251 | 242 |
MISSISSIPPI POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2 | 2 | 6 | 7 |
MISSISSIPPI POWER CO | Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 142 | 247 | 359 | 526 |
MISSISSIPPI POWER CO | PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2 | 4 | 8 | 11 |
MISSISSIPPI POWER CO | PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3 | 1 | 36 | 4 |
MISSISSIPPI POWER CO | Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 137 | 242 | 315 | 511 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
MISSISSIPPI POWER CO | Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | (4) | (21) | 14 | 3 |
MISSISSIPPI POWER CO | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 10 | 13 | 31 | 34 |
SOUTHERN POWER CO | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 480 | 1,010 | 1,248 | 2,157 |
Total operating revenues | 653 | 1,180 | 1,686 | 2,618 |
SOUTHERN POWER CO | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 462 | 1,001 | 1,202 | 2,130 |
SOUTHERN POWER CO | PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 226 | 591 | 601 | 1,285 |
SOUTHERN POWER CO | PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 110 | 107 | 289 | 273 |
SOUTHERN POWER CO | Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 126 | 303 | 312 | 572 |
SOUTHERN POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 173 | 170 | 438 | 461 |
SOUTHERN POWER CO | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 18 | 9 | 46 | 27 |
SOUTHERN Co GAS | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 674 | 843 | 3,338 | 3,948 |
Total operating revenues | 689 | 857 | 3,417 | 3,998 |
SOUTHERN Co GAS | Retail electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Natural gas distribution revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 612 | 744 | 2,952 | 3,490 |
SOUTHERN Co GAS | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 217 | 331 | 1,443 | 1,821 |
SOUTHERN Co GAS | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 56 | 93 | 370 | 493 |
SOUTHERN Co GAS | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 275 | 259 | 878 | 872 |
SOUTHERN Co GAS | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4 | 12 | 33 | 60 |
SOUTHERN Co GAS | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 60 | 49 | 228 | 244 |
SOUTHERN Co GAS | Wholesale electric revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | PPA energy revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | PPA capacity revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Non-PPA revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
SOUTHERN Co GAS | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 62 | 99 | 386 | 458 |
SOUTHERN Co GAS | Gas marketing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 54 | 84 | 358 | 417 |
SOUTHERN Co GAS | Other natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 8 | 15 | 28 | 41 |
SOUTHERN Co GAS | Other revenue sources | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 15 | 14 | 79 | 50 |
SOUTHERN Co GAS | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers and Lease Income - Schedule of Contract Balances (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | $ 2,680 | $ 3,123 |
Contract Assets | 267 | 156 |
Contract Liabilities | 62 | 45 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 858 | 696 |
Contract Assets | 6 | 2 |
Contract Liabilities | 0 | 4 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 1,175 | 922 |
Contract Assets | 146 | 89 |
Contract Liabilities | 8 | 9 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 106 | 92 |
Contract Assets | 0 | 0 |
Contract Liabilities | 2 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 138 | 237 |
Contract Assets | 0 | 0 |
Contract Liabilities | 8 | 1 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 331 | 1,107 |
Contract Assets | 41 | 0 |
Contract Liabilities | $ 0 | $ 0 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers and Lease Income - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | $ 62 | $ 62 | $ 45 |
Contract assets | 267 | 267 | 156 |
GEORGIA POWER CO | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 8 | 8 | 9 |
Contract assets | 146 | 146 | 89 |
Revenue from contracts with customers recognized | 0 | 0 | |
SOUTHERN Co GAS | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 0 | 0 | 0 |
Contract assets | 41 | 41 | 0 |
Revenue from contracts with customers recognized | 0 | 0 | |
ALABAMA POWER CO | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 0 | 0 | 4 |
Contract assets | 6 | 6 | 2 |
Revenue from contracts with customers recognized | 0 | 0 | |
MISSISSIPPI POWER CO | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 2 | 2 | 0 |
Contract assets | 0 | 0 | 0 |
Revenue from contracts with customers recognized | 0 | 0 | |
SOUTHERN POWER CO | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 8 | 8 | 1 |
Contract assets | 0 | 0 | 0 |
Revenue from contracts with customers recognized | 0 | $ 0 | |
Retail Customer Fixed Bill Programs | GEORGIA POWER CO | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 1 year | ||
Energy Efficiency Enhancement And Upgrade | SOUTHERN Co GAS | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 51 | $ 51 | |
Unregulated Distributed Generation | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 47 | 47 | 32 |
Contract assets | $ 75 | $ 75 | $ 65 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers and Lease Income - Schedule of Remaining Performance Obligations (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 166 |
Performance obligation, expected timing of satisfaction | 3 months |
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 | $ 599 |
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 | $ 359 |
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 | $ 318 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 319 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,245 |
Performance obligation, expected timing of satisfaction | |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 10 |
Performance obligation, expected timing of satisfaction | 3 months |
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 | $ 24 |
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 | $ 8 |
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 | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
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]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 23 |
Performance obligation, expected timing of satisfaction | 3 months |
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 | $ 66 |
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 | $ 34 |
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 | $ 14 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 14 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 23 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 84 |
Performance obligation, expected timing of satisfaction | 3 months |
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 | $ 356 |
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 | $ 302 |
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 | $ 303 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 310 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,233 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN Co GAS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 4 |
Performance obligation, expected timing of satisfaction | 3 months |
SOUTHERN Co GAS | 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 | $ 29 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN Co GAS | 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 | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN Co GAS | 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 | 1 year |
SOUTHERN Co GAS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN Co GAS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | $ 6 | $ 7 | $ 18 | $ 19 |
Lease income - operating leases | 36 | 50 | 129 | 149 |
Variable lease income | 134 | 139 | 327 | 355 |
Total lease income | 176 | 196 | 474 | 523 |
ALABAMA POWER CO | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | 0 | 0 | 0 | 0 |
Lease income - operating leases | 3 | 19 | 32 | 58 |
Variable lease income | 0 | 0 | 1 | 1 |
Total lease income | 3 | 19 | 33 | 59 |
GEORGIA POWER CO | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | 0 | 0 | 0 | 0 |
Lease income - operating leases | 7 | 8 | 22 | 24 |
Variable lease income | 0 | 0 | 0 | 0 |
Total lease income | 7 | 8 | 22 | 24 |
MISSISSIPPI POWER CO | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | 4 | 4 | 11 | 11 |
Lease income - operating leases | 0 | 1 | 2 | 1 |
Variable lease income | 0 | 0 | 0 | 0 |
Total lease income | 4 | 5 | 13 | 12 |
SOUTHERN POWER CO | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | 2 | 3 | 7 | 8 |
Lease income - operating leases | 21 | 21 | 64 | 64 |
Variable lease income | 144 | 145 | 351 | 372 |
Total lease income | 167 | 169 | 422 | 444 |
SOUTHERN Co GAS | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease income - interest income on sales-type leases | 0 | 0 | 0 | 0 |
Lease income - operating leases | 9 | 9 | 27 | 27 |
Variable lease income | 0 | 0 | 0 | 0 |
Total lease income | $ 9 | $ 9 | $ 27 | $ 27 |
Consolidated Entities and Equ_3
Consolidated Entities and Equity Method Investments - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) investor | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity investments in unconsolidated subsidiaries | $ 1,376 | $ 1,443 | |
Assets | 138,321 | 134,891 | |
Liabilities | 103,017 | 100,359 | |
Southern Holdings Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments in unconsolidated subsidiaries | 126 | 112 | |
SOUTHERN POWER CO | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments in unconsolidated subsidiaries | 0 | 49 | |
Assets | 13,090 | 13,081 | |
Liabilities | $ 6,247 | 6,165 | |
Proceeds from sale of equity method investments | $ 50 | ||
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% | ||
SP Solar Holdings I, LP | Global Atlantic | |||
Schedule of Equity Method Investments [Line Items] | |||
Distribution made to limited partner, cash distributions paid, percentage | 33% | ||
Variable Interest Entity, Primary Beneficiary | SP Solar Holdings I, LP | SOUTHERN POWER CO | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 5,800 | 5,900 | |
Liabilities | 400 | 400 | |
Noncontrolling interests related to other partners' interests | 1,100 | ||
Variable Interest Entity, Primary Beneficiary | SP Wind | SOUTHERN POWER CO | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 2,200 | 2,200 | |
Liabilities | 184 | 169 | |
Noncontrolling interests related to other partners' interests | $ 38 | 39 | |
Distribution made to limited partner, cash distributions paid, percentage | 60% | ||
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% | ||
Variable Interest Entity, Primary Beneficiary | Other Variable Interest Entities | SOUTHERN POWER CO | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 1,700 | 1,800 | |
Liabilities | 200 | 200 | |
Noncontrolling interests related to other partners' interests | $ 800 | $ 800 |
Consolidated Entities and Equ_4
Consolidated Entities and Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,376 | $ 1,443 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,243 | 1,276 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,210 | 1,243 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 33 | $ 33 |
Consolidated Entities and Equ_5
Consolidated Entities and Equity Method Investments - Schedule of Earnings (Loss) from Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Equity Method Investments | $ 32 | $ 28 | $ 110 | $ 109 |
SOUTHERN Co GAS | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Equity Method Investments | 32 | 34 | 104 | 105 |
SOUTHERN Co GAS | SNG | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Equity Method Investments | 32 | 34 | 104 | 104 |
SOUTHERN Co GAS | Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 1 |
Financing and Leases - Schedule
Financing and Leases - Schedule of Credit Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 |
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | $ 280 | |||||
Expires, 2025 | 125 | |||||
Expires, 2026 | 800 | |||||
Expires, 2028 | 6,400 | |||||
Total | 7,605 | |||||
Unused | 7,566 | |||||
Expires within One Year | 280 | |||||
Southern Company parent | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 150 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 0 | |||||
Expires, 2028 | 1,850 | $ 1,850 | ||||
Total | 2,000 | $ 150 | ||||
Unused | 1,998 | |||||
Expires within One Year | 150 | |||||
ALABAMA POWER CO | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 0 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 650 | |||||
Expires, 2028 | 700 | |||||
Total | 1,350 | $ 650 | $ 550 | |||
Unused | 1,350 | |||||
Expires within One Year | 0 | |||||
GEORGIA POWER CO | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 0 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 0 | |||||
Expires, 2028 | 1,750 | |||||
Total | 1,750 | |||||
Unused | 1,726 | |||||
Expires within One Year | 0 | |||||
MISSISSIPPI POWER CO | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 0 | |||||
Expires, 2025 | 125 | |||||
Expires, 2026 | 150 | |||||
Expires, 2028 | 0 | |||||
Total | 275 | 150 | ||||
Unused | 275 | |||||
Expires within One Year | 0 | |||||
SOUTHERN POWER CO | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 0 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 0 | |||||
Expires, 2028 | 600 | 600 | ||||
Total | 600 | |||||
Unused | 589 | |||||
Expires within One Year | 0 | |||||
SOUTHERN POWER CO | Continuing Letter of Credit Facility A | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2025 | 75 | |||||
Expires, 2026 | 100 | |||||
Unused | 9 | |||||
SOUTHERN POWER CO | Continuing Letter of Credit Facility B | ||||||
Line of Credit Facility [Line Items] | ||||||
Unused | 16 | |||||
SOUTHERN Co GAS | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 100 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 0 | |||||
Expires, 2028 | 1,500 | |||||
Total | 1,600 | |||||
Unused | 1,598 | |||||
Expires within One Year | 100 | |||||
SEGCO | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 30 | |||||
Expires, 2025 | 0 | |||||
Expires, 2026 | 0 | |||||
Expires, 2028 | 0 | |||||
Total | 30 | |||||
Unused | 30 | |||||
Expires within One Year | 30 | |||||
Southern Company and Southern Power | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2028 | 2,450 | 2,450 | ||||
Southern Company Gas Capital | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2028 | 800 | |||||
Nicor Gas | ||||||
Line of Credit Facility [Line Items] | ||||||
Expires, 2024 | 100 | |||||
Expires, 2028 | $ 700 | |||||
Total | $ 100 | $ 250 |
Financing and Leases - Narrativ
Financing and Leases - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 |
Debt Instrument [Line Items] | ||||||
Expires, 2028 | $ 6,400 | |||||
Line of credit facility, maximum borrowing capacity | 7,605 | |||||
Variable rate pollution control revenue bonds outstanding | 1,700 | |||||
Southern Company and Southern Power | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 2,450 | $ 2,450 | ||||
Southern Company parent | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 1,850 | 1,850 | ||||
Line of credit facility, maximum borrowing capacity | 2,000 | $ 150 | ||||
SOUTHERN POWER CO | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 600 | 600 | ||||
Line of credit facility, maximum borrowing capacity | 600 | |||||
MISSISSIPPI POWER CO | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 0 | |||||
Line of credit facility, maximum borrowing capacity | 275 | 150 | ||||
Variable rate pollution control revenue bonds outstanding | 69 | |||||
Nicor Gas | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 700 | |||||
Line of credit facility, maximum borrowing capacity | $ 100 | $ 250 | ||||
ALABAMA POWER CO | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 700 | |||||
Line of credit facility, maximum borrowing capacity | 1,350 | $ 650 | $ 550 | |||
Variable rate pollution control revenue bonds outstanding | 818 | |||||
Fixed rate pollution control revenue bonds outstanding | 120 | |||||
GEORGIA POWER CO | ||||||
Debt Instrument [Line Items] | ||||||
Expires, 2028 | 1,750 | |||||
Line of credit facility, maximum borrowing capacity | 1,750 | |||||
Variable rate pollution control revenue bonds outstanding | 819 | |||||
Fixed rate pollution control revenue bonds outstanding | $ 325 |
Financing and Leases - Converti
Financing and Leases - Convertible Senior Notes (Details) - Series 2023A Convertible Senior Notes Due 2025 - Convertible Debt $ / shares in Units, $ in Millions | 1 Months Ended | ||
Feb. 28, 2023 USD ($) $ / shares | Feb. 28, 2023 USD ($) d $ / shares | Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ | $ 1,500 | $ 1,500 | $ 225 |
Interest rate | 3.875% | 3.875% | |
Conversion ratio | 0.0118818 | ||
Conversion price (in dollars per share) | $ / shares | $ 84.16 | $ 84.16 | |
Redemption price | 100% | ||
Debt Conversion Terms One | |||
Debt Instrument [Line Items] | |||
Trading day threshold | 20 | ||
Consecutive trading day threshold | 30 | ||
Stock price trigger threshold, percentage | 130% | ||
Debt Conversion Terms Two | |||
Debt Instrument [Line Items] | |||
Trading day threshold | 5 | ||
Consecutive trading day threshold | 10 | ||
Stock price trigger threshold, percentage | 98% |
Financing and Leases - Schedu_2
Financing and Leases - Schedule of Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
As reported shares (in shares) | 1,092 | 1,082 | 1,092 | 1,070 |
Effect of stock-based compensation (in shares) | 7 | 6 | 6 | 6 |
Diluted (in shares) | 1,099 | 1,088 | 1,098 | 1,076 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | ||||
Effective tax (benefit) rate | 13.90% | 20% | ||
ALABAMA POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax (benefit) rate | 8.30% | 23.70% | ||
GEORGIA POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax (benefit) rate | 18.20% | 18.50% | ||
Unrecognized tax positions | $ 86 | |||
MISSISSIPPI POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax (benefit) rate | 16.90% | 20.10% | ||
SOUTHERN POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax (benefit) rate | 14.80% | 18.80% | ||
SOUTHERN POWER CO | ITC and PTC carryforwards | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets | $ 1,000 | $ 1,100 | ||
Southern Company parent | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax positions | $ 167 | $ 80 | ||
Southern Company parent | Scenario, Forecast | ||||
Income Tax Contingency [Line Items] | ||||
Tax position as a result of expiration of statue of limitations | $ 44 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | $ 0 | ||
Pension Plans and Postretirement Plans | ||||
Service cost | 69,000,000 | $ 103,000,000 | 207,000,000 | $ 309,000,000 |
Interest cost | 156,000,000 | 102,000,000 | 469,000,000 | 306,000,000 |
Expected return on plan assets | (307,000,000) | (316,000,000) | (922,000,000) | (949,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 8,000,000 | 60,000,000 | 24,000,000 | 180,000,000 |
Net periodic pension income | (74,000,000) | (51,000,000) | (222,000,000) | (154,000,000) |
Pension Plans | ALABAMA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 16,000,000 | 25,000,000 | 48,000,000 | 74,000,000 |
Interest cost | 37,000,000 | 24,000,000 | 109,000,000 | 72,000,000 |
Expected return on plan assets | (75,000,000) | (77,000,000) | (223,000,000) | (229,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 2,000,000 | 16,000,000 | 7,000,000 | 47,000,000 |
Net periodic pension income | (20,000,000) | (12,000,000) | (59,000,000) | (36,000,000) |
Pension Plans | GEORGIA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 17,000,000 | 26,000,000 | 51,000,000 | 78,000,000 |
Interest cost | 48,000,000 | 31,000,000 | 143,000,000 | 92,000,000 |
Expected return on plan assets | (97,000,000) | (99,000,000) | (289,000,000) | (298,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 1,000,000 | 1,000,000 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 4,000,000 | 18,000,000 | 10,000,000 | 55,000,000 |
Net periodic pension income | (28,000,000) | (24,000,000) | (84,000,000) | (72,000,000) |
Pension Plans | MISSISSIPPI POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 2,000,000 | 5,000,000 | 8,000,000 | 13,000,000 |
Interest cost | 7,000,000 | 5,000,000 | 21,000,000 | 14,000,000 |
Expected return on plan assets | (13,000,000) | (15,000,000) | (41,000,000) | (44,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 1,000,000 | 2,000,000 | 1,000,000 | 9,000,000 |
Net periodic pension income | (3,000,000) | (3,000,000) | (11,000,000) | (8,000,000) |
Pension Plans | SOUTHERN POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 2,000,000 | 2,000,000 | 5,000,000 | 7,000,000 |
Interest cost | 2,000,000 | 2,000,000 | 6,000,000 | 5,000,000 |
Expected return on plan assets | (4,000,000) | (4,000,000) | (12,000,000) | (12,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 0 | 1,000,000 | 0 | 2,000,000 |
Net periodic pension income | 0 | 1,000,000 | (1,000,000) | 2,000,000 |
Pension Plans | SOUTHERN Co GAS | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 6,000,000 | 9,000,000 | 18,000,000 | 26,000,000 |
Interest cost | 11,000,000 | 7,000,000 | 32,000,000 | 21,000,000 |
Expected return on plan assets | (22,000,000) | (22,000,000) | (65,000,000) | (68,000,000) |
Amortization: | ||||
Prior service costs | (1,000,000) | (1,000,000) | (2,000,000) | (2,000,000) |
Regulatory asset | 4,000,000 | 3,000,000 | 11,000,000 | 11,000,000 |
Net (gain) loss | (1,000,000) | 2,000,000 | (3,000,000) | 5,000,000 |
Net periodic pension income | (3,000,000) | (2,000,000) | (9,000,000) | (7,000,000) |
Postretirement Benefits | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 4,000,000 | 6,000,000 | 11,000,000 | 17,000,000 |
Interest cost | 18,000,000 | 10,000,000 | 53,000,000 | 31,000,000 |
Expected return on plan assets | (21,000,000) | (20,000,000) | (62,000,000) | (60,000,000) |
Amortization: | ||||
Prior service costs | 0 | (1,000,000) | 1,000,000 | (1,000,000) |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | (4,000,000) | 1,000,000 | (10,000,000) | 1,000,000 |
Net periodic pension income | (3,000,000) | (4,000,000) | (7,000,000) | (12,000,000) |
Postretirement Benefits | ALABAMA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 1,000,000 | 2,000,000 | 3,000,000 | 5,000,000 |
Interest cost | 5,000,000 | 3,000,000 | 13,000,000 | 8,000,000 |
Expected return on plan assets | (9,000,000) | (9,000,000) | (26,000,000) | (25,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | (1,000,000) | 0 | (2,000,000) | 0 |
Net periodic pension income | (4,000,000) | (4,000,000) | (12,000,000) | (12,000,000) |
Postretirement Benefits | GEORGIA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 1,000,000 | 2,000,000 | 3,000,000 | 5,000,000 |
Interest cost | 6,000,000 | 4,000,000 | 19,000,000 | 11,000,000 |
Expected return on plan assets | (7,000,000) | (8,000,000) | (22,000,000) | (21,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 0 | 1,000,000 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | (1,000,000) | 0 | (3,000,000) | 1,000,000 |
Net periodic pension income | 0 | (2,000,000) | (2,000,000) | (4,000,000) |
Postretirement Benefits | MISSISSIPPI POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 0 | 1,000,000 | 0 | 1,000,000 |
Interest cost | 1,000,000 | 0 | 2,000,000 | 1,000,000 |
Expected return on plan assets | (1,000,000) | 0 | (1,000,000) | (1,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 0 | 0 | 0 | 0 |
Net periodic pension income | 0 | 1,000,000 | 1,000,000 | 1,000,000 |
Postretirement Benefits | SOUTHERN POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 0 | 1,000,000 | 0 | 1,000,000 |
Interest cost | 0 | 0 | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 0 | 0 | 0 | 0 |
Net (gain) loss | 0 | 0 | 0 | 0 |
Net periodic pension income | 0 | 1,000,000 | 0 | 1,000,000 |
Postretirement Benefits | SOUTHERN Co GAS | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 0 | 0 | 1,000,000 | 1,000,000 |
Interest cost | 2,000,000 | 1,000,000 | 6,000,000 | 4,000,000 |
Expected return on plan assets | (2,000,000) | (2,000,000) | (5,000,000) | (6,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Regulatory asset | 2,000,000 | 2,000,000 | 5,000,000 | 5,000,000 |
Net (gain) loss | (1,000,000) | (1,000,000) | (3,000,000) | (2,000,000) |
Net periodic pension income | $ 1,000,000 | $ 0 | $ 4,000,000 | $ 2,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Derivatives | $ 43 | $ 141 |
Liabilities: | ||
Derivatives | 708 | 617 |
Other | 13 | |
Collateral already posted, assets, aggregate fair value | 49 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Other | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Other | 13 | |
Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Other | 0 | |
ALABAMA POWER CO | ||
Assets: | ||
Derivatives | 9 | 38 |
Liabilities: | ||
Derivatives | 58 | 15 |
Collateral already posted, assets, aggregate fair value | 0 | |
GEORGIA POWER CO | ||
Assets: | ||
Derivatives | 3 | 21 |
Liabilities: | ||
Derivatives | 72 | 41 |
MISSISSIPPI POWER CO | ||
Assets: | ||
Derivatives | 7 | 42 |
Liabilities: | ||
Derivatives | 27 | 15 |
SOUTHERN POWER CO | ||
Assets: | ||
Derivatives | 4 | 8 |
Liabilities: | ||
Derivatives | 47 | 59 |
Other | 13 | |
Collateral already posted, assets, aggregate fair value | 18 | |
SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Other | 0 | |
SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Other | 13 | |
SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Other | 0 | |
SOUTHERN Co GAS | ||
Assets: | ||
Derivatives | 20 | 28 |
Liabilities: | ||
Derivatives | 102 | 110 |
Total | ||
Collateral already posted, assets, aggregate fair value | 49 | $ 41 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents and restricted cash | 930 | |
Other investments | 51 | |
Total | 3,288 | |
Liabilities: | ||
Contingent consideration | 24 | |
Total | 831 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents and restricted cash | 919 | |
Other investments | 9 | |
Total | 1,794 | |
Liabilities: | ||
Contingent consideration | 5 | |
Total | 39 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents and restricted cash | 11 | |
Other investments | 34 | |
Total | 1,309 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 773 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Other investments | 8 | |
Total | 8 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 19 | |
Fair Value, Measurements, Recurring | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 177 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | ||
Assets: | ||
Derivatives | 80 | |
Liabilities: | ||
Derivatives | 251 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 7 | |
Liabilities: | ||
Derivatives | 34 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 73 | |
Liabilities: | ||
Derivatives | 217 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | ||
Liabilities: | ||
Derivatives | 351 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 351 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Investments in trusts | 888 | |
Fair Value, Measurements, Recurring | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 692 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 196 | |
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 | 285 | |
Fair Value, Measurements, Recurring | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 131 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 154 | |
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 | 337 | |
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 | 337 | |
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 | 42 | |
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 | 42 | |
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 | 6 | |
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 | 6 | |
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 | 368 | |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 368 | |
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 | 85 | |
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 | 85 | |
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 | 169 | |
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 | 169 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | ||
Assets: | ||
Investments in trusts | 3 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 3 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Investments in trusts | 44 | |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 33 | |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 3 | |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Other | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 8 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Liabilities: | ||
Derivatives | 192 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 192 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | ||
Assets: | ||
Cash equivalents and restricted cash | 500 | |
Other investments | 34 | |
Total | 1,728 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents and restricted cash | 489 | |
Other investments | 0 | |
Total | 1,034 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents and restricted cash | 11 | |
Other investments | 34 | |
Total | 517 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Other investments | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 177 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 26 | |
Liabilities: | ||
Derivatives | 75 | |
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 | 26 | |
Liabilities: | ||
Derivatives | 75 | |
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 | 592 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 404 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 188 | |
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 | 131 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 131 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
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 | 215 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 215 | |
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 | 22 | |
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 | 22 | |
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 | 169 | |
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 | 169 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 18 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 10 | |
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 | ALABAMA POWER CO | Other | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 8 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | ||
Assets: | ||
Total | 1,056 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total | 311 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 745 | |
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 | 14 | |
Liabilities: | ||
Derivatives | 83 | |
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 | 14 | |
Liabilities: | ||
Derivatives | 83 | |
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 | 289 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 288 | |
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 | 153 | |
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 | 153 | |
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 | 317 | |
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 | 317 | |
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 | 41 | |
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 | 41 | |
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 | 153 | |
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 | 153 | |
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 | 63 | |
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 | 63 | |
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 | 26 | |
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 | 3 | |
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 | ||
Assets: | ||
Cash equivalents and restricted cash | 3 | |
Total | 27 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents and restricted cash | 3 | |
Total | 3 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 24 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 24 | |
Liabilities: | ||
Derivatives | 44 | |
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 | 24 | |
Liabilities: | ||
Derivatives | 44 | |
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 and restricted cash | 23 | |
Total | 28 | |
Liabilities: | ||
Contingent consideration | 24 | |
Total | 85 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents and restricted cash | 23 | |
Total | 23 | |
Liabilities: | ||
Contingent consideration | 5 | |
Total | 5 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 5 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 61 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 0 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 19 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 5 | |
Liabilities: | ||
Derivatives | 6 | |
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 | 5 | |
Liabilities: | ||
Derivatives | 6 | |
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 | ||
Liabilities: | ||
Derivatives | 42 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 42 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | ||
Assets: | ||
Cash equivalents and restricted cash | 294 | |
Total | 322 | |
Liabilities: | ||
Total | 142 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents and restricted cash | 294 | |
Total | 304 | |
Liabilities: | ||
Total | 34 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 18 | |
Liabilities: | ||
Total | 108 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents and restricted cash | 0 | |
Total | 0 | |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | ||
Assets: | ||
Derivatives | 11 | |
Liabilities: | ||
Derivatives | 43 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 7 | |
Liabilities: | ||
Derivatives | 34 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 4 | |
Liabilities: | ||
Derivatives | 9 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | ||
Liabilities: | ||
Derivatives | 99 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 99 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 7 | |
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 | 7 | |
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 | 1 | |
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 | 1 | |
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 | 6 | |
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 | 6 | |
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, Recurring | SOUTHERN Co GAS | Cash equivalents | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash equivalents | 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | $ (4) | $ (106) | $ 211 | $ (486) |
ALABAMA POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | (36) | (53) | 54 | (245) |
GEORGIA POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | $ 32 | $ (53) | $ 157 | $ (241) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - ALABAMA POWER CO - Private equity $ in Millions | Sep. 30, 2023 USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 177 |
Unfunded commitments | $ 72 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Billions | Sep. 30, 2023 USD ($) |
Long-term debt, including securities due within one year: | |
Carrying amount | $ 58.8 |
Fair value | 50.8 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 11.2 |
Fair value | 9.4 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 15.8 |
Fair value | 13.4 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1.6 |
Fair value | 1.3 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 2.7 |
Fair value | 2.4 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 8.1 |
Fair value | $ 6.5 |
Derivatives - Schedule of Energ
Derivatives - Schedule of Energy-Related Derivatives (Details) - Energy-related, Natural Gas MMBTU in Millions | Sep. 30, 2023 MMBTU |
Energy-related derivative contracts | |
Net Purchased mmBtu | 422 |
ALABAMA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 109 |
GEORGIA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 104 |
MISSISSIPPI POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 80 |
SOUTHERN POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 8 |
SOUTHERN Co GAS | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 121 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Long | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 135.5 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Short | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 14.2 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) MMBTU in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) MMBTU | Sep. 30, 2022 USD ($) | Sep. 30, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||||||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 14 | |||||
Gain (Loss) Recognized in OCI on Derivatives | $ 5,000,000 | $ 2,000,000 | $ (45,000,000) | $ (32,000,000) | ||
Collateral already posted, assets, aggregate fair value | 49,000,000 | 49,000,000 | ||||
Derivatives | 708,000,000 | 708,000,000 | $ 617,000,000 | |||
Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Energy-related derivative hedge gain (loss) to be reclassified within twelve months | $ 30,000,000 | |||||
Interest rate derivatives | ||||||
Derivative [Line Items] | ||||||
Derivatives | 78,000,000 | 78,000,000 | ||||
Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 19,000,000 | |||||
Interest rate derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (3,000,000) | 6,000,000 | (12,000,000) | 36,000,000 | ||
Interest rate derivatives | Cash Flow Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | (22,000,000) | (7,000,000) | (31,000,000) | (19,000,000) | ||
Interest rate derivatives | Fair Value Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | (47,000,000) | (102,000,000) | (50,000,000) | (300,000,000) | ||
Energy-related derivatives | Energy-related derivatives not designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 7,000,000 | 1,000,000 | 36,000,000 | (17,000,000) | ||
Energy-related derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (4,000,000) | 11,000,000 | $ (55,000,000) | 51,000,000 | ||
SOUTHERN POWER CO | ||||||
Derivative [Line Items] | ||||||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 3 | |||||
Gain (Loss) Recognized in OCI on Derivatives | (15,000,000) | (46,000,000) | $ (20,000,000) | (141,000,000) | ||
Collateral already posted, assets, aggregate fair value | 18,000,000 | 18,000,000 | ||||
Derivatives | 47,000,000 | 47,000,000 | 59,000,000 | |||
SOUTHERN POWER CO | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Foreign currency cash flow hedge gain (loss to be reclassified | 10,000,000 | |||||
SOUTHERN POWER CO | Interest rate derivatives | ||||||
Derivative [Line Items] | ||||||
Derivatives | 20,000,000 | 20,000,000 | ||||
SOUTHERN POWER CO | Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 0 | |||||
SOUTHERN POWER CO | Energy-related derivatives | Energy-related derivatives not designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 0 | 0 | 0 | ||
SOUTHERN POWER CO | Energy-related derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | (11,000,000) | (14,000,000) | (4,000,000) | ||
SOUTHERN Co GAS | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (8,000,000) | 27,000,000 | (41,000,000) | 55,000,000 | ||
Collateral already posted, assets, aggregate fair value | 49,000,000 | 49,000,000 | 41,000,000 | |||
Derivatives | 102,000,000 | 102,000,000 | 110,000,000 | |||
SOUTHERN Co GAS | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Energy-related derivative hedge gain (loss) to be reclassified within twelve months | 25,000,000 | |||||
SOUTHERN Co GAS | Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 0 | |||||
SOUTHERN Co GAS | Interest rate derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (4,000,000) | 5,000,000 | 0 | 0 | ||
SOUTHERN Co GAS | Interest rate derivatives | Cash Flow Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | (18,000,000) | (2,000,000) | (18,000,000) | (3,000,000) | ||
SOUTHERN Co GAS | Interest rate derivatives | Fair Value Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | (11,000,000) | (30,000,000) | (14,000,000) | (87,000,000) | ||
SOUTHERN Co GAS | Energy-related derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (4,000,000) | 22,000,000 | $ (41,000,000) | 55,000,000 | ||
ALABAMA POWER CO | ||||||
Derivative [Line Items] | ||||||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 4 | |||||
Collateral already posted, assets, aggregate fair value | 0 | $ 0 | ||||
Derivatives | 58,000,000 | 58,000,000 | 15,000,000 | |||
ALABAMA POWER CO | Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 0 | |||||
ALABAMA POWER CO | Energy-related derivatives | Energy-related derivatives not designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 0 | 0 | 0 | ||
ALABAMA POWER CO | Energy-related derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | $ 0 | 0 | ||
GEORGIA POWER CO | ||||||
Derivative [Line Items] | ||||||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 5 | |||||
Derivatives | 72,000,000 | $ 72,000,000 | 41,000,000 | |||
GEORGIA POWER CO | Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 0 | |||||
GEORGIA POWER CO | Interest rate derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | (3,000,000) | 31,000,000 | ||
GEORGIA POWER CO | Energy-related derivatives | Energy-related derivatives not designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 0 | $ 0 | 0 | ||
MISSISSIPPI POWER CO | ||||||
Derivative [Line Items] | ||||||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 2 | |||||
Derivatives | 27,000,000 | $ 27,000,000 | $ 15,000,000 | |||
MISSISSIPPI POWER CO | Interest rate derivatives | Scenario, Forecast | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 0 | |||||
MISSISSIPPI POWER CO | Energy-related derivatives | Energy-related derivatives not designated as hedging instruments | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 0 | 0 | 0 | ||
MISSISSIPPI POWER CO | Energy-related derivatives | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | 0 | 0 | ||
Registrants | Derivative Counterparties | ||||||
Derivative [Line Items] | ||||||
Collateral already posted, assets, aggregate fair value | 0 | 0 | ||||
Traditional Electric Operating Companies | Interest rate derivatives | Cash Flow Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | 0 | 0 | 0 | 0 | ||
Traditional Electric Operating Companies | Interest rate derivatives | Fair Value Hedging | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Gain (loss) on hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Schedule of Inter
Derivatives - Schedule of Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 1,900 |
Fair Value Gain (Loss) | (351) |
Southern Company parent | Fair Value Hedges of Existing Debt | March 2028 | |
Derivative [Line Items] | |
Notional Amount | $ 400 |
Interest Rate Received | 1.75% |
Fair Value Gain (Loss) | $ (56) |
Southern Company parent | Fair Value Hedges of Existing Debt | April 2030 | |
Derivative [Line Items] | |
Notional Amount | $ 1,000 |
Interest Rate Received | 3.70% |
Fair Value Gain (Loss) | $ (196) |
SOUTHERN Co GAS | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | (99) |
SOUTHERN Co GAS | Fair Value Hedges of Existing Debt | January 2031 | |
Derivative [Line Items] | |
Notional Amount | $ 500 |
Interest Rate Received | 1.75% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Southern Company parent | Fair Value Hedges of Existing Debt | March 2028 | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.80% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Southern Company parent | Fair Value Hedges of Existing Debt | April 2030 | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 2.48% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | SOUTHERN Co GAS | Fair Value Hedges of Existing Debt | January 2031 | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.49% |
Derivatives - Schedule of Forei
Derivatives - Schedule of Foreign Currency Derivatives (Details) - 9 months ended Sep. 30, 2023 - Foreign currency derivatives € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 2,040 | |
Receive Notional | € | € 1,750 | |
Fair Value Gain (Loss) | (192) | |
Cash Flow Hedges of Forecasted Debt | SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) | $ (42) | |
Fair Value Hedges of Existing Debt | Southern Company parent | ||
Derivative [Line Items] | ||
Pay Notional | $ 1,476 | |
Pay Rate | 3.39% | |
Receive Notional | € | € 1,250 | |
Receive Rate | 1.88% | |
Fair Value Gain (Loss) | $ (150) |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Category and Balance Sheet Location (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | $ 80 | $ 211 |
Derivative asset, Gross amounts offset | (37) | (70) |
Derivative asset, net amounts recognized in the balance sheets | 43 | 141 |
Derivative liability, gross amount recognized | 794 | 728 |
Derivative liability, Gross amounts offset | (86) | (111) |
Derivative liability, net amounts recognized in the balance sheets | 708 | 617 |
Collateral already posted, assets, aggregate fair value | 49 | |
Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, net amounts recognized in the balance sheets | 78 | |
Energy-related derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 15 |
Derivative liability, gross amount recognized | 10 | 14 |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 13 |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 8 | 13 |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 2 |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 1 |
Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 70 | 175 |
Derivative liability, gross amount recognized | 211 | 165 |
Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 34 | 123 |
Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 134 | 121 |
Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 36 | 52 |
Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 77 | 44 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 4 | 21 |
Derivative liability, gross amount recognized | 573 | 549 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 3 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 28 | 27 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 4 | 6 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 2 | 4 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 12 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 80 | 62 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 271 | 240 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | Energy-related derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 35 | 34 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 157 | 182 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Gross amounts offset | (17) | (24) |
Derivative asset, net amounts recognized in the balance sheets | 9 | 38 |
Derivative liability, Gross amounts offset | (17) | (24) |
Derivative liability, net amounts recognized in the balance sheets | 58 | 15 |
Collateral already posted, assets, aggregate fair value | 0 | |
ALABAMA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 26 | 62 |
Derivative liability, gross amount recognized | 75 | 39 |
ALABAMA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 15 | 42 |
ALABAMA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 46 | 21 |
ALABAMA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 11 | 20 |
ALABAMA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 29 | 18 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 14 | 42 |
Derivative asset, Gross amounts offset | (11) | (21) |
Derivative asset, net amounts recognized in the balance sheets | 3 | 21 |
Derivative liability, gross amount recognized | 83 | 62 |
Derivative liability, Gross amounts offset | (11) | (21) |
Derivative liability, net amounts recognized in the balance sheets | 72 | 41 |
GEORGIA POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
GEORGIA POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 1 |
GEORGIA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 14 | 42 |
Derivative liability, gross amount recognized | 83 | 61 |
GEORGIA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 4 | 36 |
GEORGIA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 57 | 43 |
GEORGIA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 10 | 6 |
GEORGIA POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 26 | 18 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Gross amounts offset | (17) | (17) |
Derivative asset, net amounts recognized in the balance sheets | 7 | 42 |
Derivative liability, Gross amounts offset | (17) | (17) |
Derivative liability, net amounts recognized in the balance sheets | 27 | 15 |
MISSISSIPPI POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 24 | 59 |
Derivative liability, gross amount recognized | 44 | 32 |
MISSISSIPPI POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 9 | 33 |
MISSISSIPPI POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 22 | 24 |
MISSISSIPPI POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 15 | 26 |
MISSISSIPPI POWER CO | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 22 | 8 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 8 |
Derivative asset, Gross amounts offset | (1) | 0 |
Derivative asset, net amounts recognized in the balance sheets | 4 | 8 |
Derivative liability, gross amount recognized | 48 | 59 |
Derivative liability, Gross amounts offset | (1) | 0 |
Derivative liability, net amounts recognized in the balance sheets | 47 | 59 |
Collateral already posted, assets, aggregate fair value | 18 | |
SOUTHERN POWER CO | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, net amounts recognized in the balance sheets | 20 | |
SOUTHERN POWER CO | Energy-related derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 3 |
Derivative liability, gross amount recognized | 1 | 0 |
SOUTHERN POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 2 |
SOUTHERN POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 0 |
SOUTHERN POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 1 |
SOUTHERN POWER CO | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 4 | 5 |
Derivative liability, gross amount recognized | 47 | 59 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 5 | 12 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 4 | 5 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | Energy-related derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 11 | 11 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 31 | 36 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 11 | 28 |
Derivative asset, Gross amounts offset | 9 | 0 |
Derivative asset, net amounts recognized in the balance sheets | 20 | 28 |
Derivative liability, gross amount recognized | 142 | 151 |
Derivative liability, Gross amounts offset | (40) | (41) |
Derivative liability, net amounts recognized in the balance sheets | 102 | 110 |
Collateral already posted, assets, aggregate fair value | 49 | 41 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 12 |
Derivative liability, gross amount recognized | 9 | 13 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 4 | 11 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 7 | 12 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 1 |
SOUTHERN Co GAS | Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 1 |
SOUTHERN Co GAS | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related 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 | 12 |
SOUTHERN Co GAS | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 9 | 33 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 4 |
Derivative liability, gross amount recognized | 124 | 105 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 3 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 23 | 15 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 0 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related 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 | 2 | 4 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 21 | 14 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Energy-related derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | $ 78 | $ 72 |
Derivatives - Schedule of Pre-t
Derivatives - Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) (Details) - Energy-related derivatives - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ (132) | $ 9 |
Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (113) | (71) |
Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (48) | (23) |
Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 23 | 72 |
Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 6 | 31 |
ALABAMA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (49) | 23 |
ALABAMA POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (39) | (8) |
ALABAMA POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (19) | (7) |
ALABAMA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 8 | 29 |
ALABAMA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 1 | 9 |
GEORGIA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (69) | (19) |
GEORGIA POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (54) | (26) |
GEORGIA POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (18) | (14) |
GEORGIA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 1 | 19 |
GEORGIA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 2 | 2 |
MISSISSIPPI POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (20) | 27 |
MISSISSIPPI POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (16) | (13) |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (11) | (2) |
MISSISSIPPI POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 4 | 22 |
MISSISSIPPI POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 3 | 20 |
SOUTHERN Co GAS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 6 | (22) |
SOUTHERN Co GAS | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (4) | (24) |
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) | 10 | 2 |
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 Hedging on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | $ 5 | $ 2 | $ (45) | $ (32) |
Cash Flow Hedging | Energy-related derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (4) | 11 | (55) | 51 |
Cash Flow Hedging | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (3) | 6 | (12) | 36 |
Cash Flow Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (15) | (35) | (6) | (137) |
Fair Value Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | 27 | 20 | 28 | 18 |
GEORGIA POWER CO | Cash Flow Hedging | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | (3) | 31 |
SOUTHERN POWER CO | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (15) | (46) | (20) | (141) |
SOUTHERN POWER CO | Cash Flow Hedging | Energy-related derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | 0 | (11) | (14) | (4) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (15) | (35) | (6) | (137) |
SOUTHERN Co GAS | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (8) | 27 | (41) | 55 |
SOUTHERN Co GAS | Cash Flow Hedging | Energy-related derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | (4) | 22 | (41) | 55 |
SOUTHERN Co GAS | Cash Flow Hedging | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivatives | $ (4) | $ 5 | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Depreciation and amortization | $ 1,143 | $ 922 | $ 3,365 | $ 2,728 |
Total interest expense, net of amounts capitalized | (620) | (511) | (1,812) | (1,461) |
Total other income (expense), net | 141 | 132 | 428 | 414 |
Utilities Operating Expense, Maintenance and Operations | 1,424 | 1,527 | 4,352 | 4,568 |
Natural gas | ||||
Derivative [Line Items] | ||||
Total cost of sales | 102 | 294 | 1,199 | 1,840 |
Other Income (Expense) | ||||
Derivative [Line Items] | ||||
Amount excluded from effectiveness testing recognized in earnings | (27) | (21) | (28) | (17) |
Cash Flow Hedging | Energy-related derivatives | Cost of Sales | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (4) | 9 | (32) | 28 |
Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (5) | (1) | (18) | 5 |
Cash Flow Hedging | Energy-related derivatives | Operating Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (1) | 0 | (2) | 0 |
Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (22) | (7) | (31) | (19) |
Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (3) | (3) | (8) | (16) |
Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (14) | (32) | (4) | (129) |
Fair Value Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (47) | (102) | (50) | (300) |
Fair Value Hedging | Foreign currency derivatives | Other Income (Expense) | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (7) | (59) | 19 | (180) |
SOUTHERN POWER CO | ||||
Derivative [Line Items] | ||||
Depreciation and amortization | 130 | 133 | 380 | 384 |
Total interest expense, net of amounts capitalized | (32) | (32) | (98) | (105) |
Total other income (expense), net | 4 | 3 | 8 | 5 |
Utilities Operating Expense, Maintenance and Operations | 104 | 113 | 327 | 332 |
SOUTHERN POWER CO | Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (5) | (1) | (18) | 5 |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (3) | (3) | (8) | (16) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (14) | (32) | (4) | (129) |
SOUTHERN Co GAS | ||||
Derivative [Line Items] | ||||
Depreciation and amortization | 145 | 140 | 429 | 414 |
Total interest expense, net of amounts capitalized | (77) | (65) | (226) | (187) |
Total other income (expense), net | 19 | 15 | 50 | 47 |
Utilities Operating Expense, Maintenance and Operations | 264 | 252 | 879 | 824 |
SOUTHERN Co GAS | Natural gas | ||||
Derivative [Line Items] | ||||
Total cost of sales | 102 | 294 | 1,199 | 1,840 |
SOUTHERN Co GAS | Cash Flow Hedging | Energy-related derivatives | Cost of Sales | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (4) | 9 | (32) | 28 |
SOUTHERN Co GAS | Cash Flow Hedging | Energy-related derivatives | Operating Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (1) | 0 | (2) | 0 |
SOUTHERN Co GAS | Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (18) | (2) | (18) | (3) |
SOUTHERN Co GAS | Fair Value Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | (11) | (30) | (14) | (87) |
Traditional Electric Operating Companies | Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | 0 | 0 | 0 | 0 |
Traditional Electric Operating Companies | Fair Value Hedging | Interest rate derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Schedule of Cumul
Derivatives - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging - Long-term debt - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (2,873) | $ (2,927) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 328 | 282 |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (402) | (415) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ 95 | $ 81 |
Derivatives - Schedule of Pre_4
Derivatives - Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weather Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 0 | $ 0 | $ 14 | $ 0 |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 7 | 1 | 36 | (17) |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Natural gas revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 3 | 0 | (10) |
Energy-related derivatives not designated as hedging instruments | Energy-related derivatives | Cost of natural gas | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 7 | $ (2) | $ 36 | $ (7) |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Southern Power (Details) - SOUTHERN POWER CO $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) MW | |
Millers Branch Solar Development | |
Business Acquisition [Line Items] | |
Approximate nameplate capacity | 200 |
Ownership percentage by parent | 100% |
Life output of plant (in years) | 20 years |
South Cheyenne Solar Facility | |
Business Acquisition [Line Items] | |
Approximate nameplate capacity | 150 |
Ownership percentage by parent | 10,000% |
Life output of plant (in years) | 20 years |
South Cheyenne Solar Facility and Millers Branch Solar Development | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses and Interest in Affiliates | $ | $ 193 |
Maximum | Millers Branch Solar Development | |
Business Acquisition [Line Items] | |
Approximate nameplate capacity | 300 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Southern Company Gas (Details) $ in Millions | Sep. 22, 2023 USD ($) |
Disposal Group, Disposed of by Sale | California Natural Gas | Natural Gas Storage Facility | SOUTHERN Co GAS | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Immaterial loss on sale | $ 0 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) state | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) state segment | Sep. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of states in which entity operates | state | 3 | 3 | ||
Operating revenues | $ 7,107 | $ 7,116 | $ 18,886 | $ 19,599 |
SOUTHERN POWER CO | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 480 | 1,010 | $ 1,248 | 2,157 |
SOUTHERN Co GAS | ||||
Segment Reporting Information [Line Items] | ||||
Number of states in which entity operates | state | 4 | 4 | ||
Operating revenues | $ 674 | 843 | $ 3,338 | 3,948 |
Number of reportable segments | segment | 3 | |||
SOUTHERN Co GAS | Southern Natural Gas Company, LLC | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 50% | 50% | ||
SOUTHERN Co GAS | Dalton Pipeline | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 50% | 50% | ||
Traditional Electric Operating Companies | Wholesale revenues, affiliates | SOUTHERN POWER CO | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 156 | 336 | $ 406 | 673 |
Traditional Electric Operating Companies | Natural Gas | SOUTHERN Co GAS | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment and Related Informati_4
Segment and Related Information - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 | |
Net income | 1,422 | 1,472 | 3,121 | 3,611 | |
Goodwill | 5,161 | 5,161 | $ 5,161 | ||
Total assets | 138,321 | 138,321 | 134,891 | ||
Amount awarded | 18 | ||||
SOUTHERN POWER CO | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 653 | 1,180 | 1,686 | 2,618 | |
Net income | 100 | 95 | 288 | 265 | |
Total assets | 13,090 | 13,090 | 13,081 | ||
Amount awarded | 18 | ||||
After tax amount awarded | 9 | 9 | |||
SOUTHERN POWER CO | Disposal Group, Disposed of by Sale | Spare Parts | |||||
Segment Reporting Information [Line Items] | |||||
Gain (loss) on sale | 16 | ||||
Gain (loss) on sale, after tax | 12 | ||||
SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 689 | 857 | 3,417 | 3,998 | |
Net income | 82 | 83 | 475 | 516 | |
Goodwill | 5,015 | 5,015 | 5,015 | ||
Total assets | 24,823 | 24,823 | 24,621 | ||
GEORGIA POWER CO | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 3,237 | 3,889 | 7,805 | 9,218 | |
Total assets | 56,149 | 56,149 | 53,163 | ||
GEORGIA POWER CO | Disposal Group, Disposed of by Sale | Spare Parts | |||||
Segment Reporting Information [Line Items] | |||||
Gain (loss) on sale | (70) | (18) | |||
Gain (loss) on sale, after tax | (52) | (13) | |||
Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 6,167 | 7,427 | 15,414 | 17,943 | |
SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 689 | 857 | 3,417 | 3,998 | |
Operating Segments | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 683 | 844 | 3,402 | 3,977 | |
Net income | 96 | 81 | 484 | 506 | |
Total assets | 25,686 | 25,686 | 25,233 | ||
Operating Segments | Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 6,167 | 7,427 | 15,414 | 17,943 | |
Net income | 1,519 | 1,540 | 3,140 | 3,521 | |
Goodwill | 2 | 2 | 2 | ||
Total assets | 111,986 | 111,986 | 108,283 | ||
Operating Segments | Traditional Electric Operating Companies | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 5,674 | 6,938 | 14,145 | 16,716 | |
Net income | 1,419 | 1,445 | 2,852 | 3,256 | |
Goodwill | 0 | 0 | 0 | ||
Total assets | 99,464 | 99,464 | 95,861 | ||
Operating Segments | SOUTHERN POWER CO | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 653 | 1,180 | 1,686 | 2,618 | |
Net income | 100 | 95 | 288 | 265 | |
Goodwill | 2 | 2 | 2 | ||
Total assets | 13,090 | 13,090 | 13,081 | ||
Operating Segments | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 689 | 857 | 3,417 | 3,998 | |
Net income | 82 | 83 | 475 | 516 | |
Goodwill | 5,015 | 5,015 | 5,015 | ||
Total assets | 24,823 | 24,823 | 24,621 | ||
Operating Segments | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 154 | 135 | 499 | 418 | |
Net income | (179) | (152) | (490) | (415) | |
Goodwill | 144 | 144 | 144 | ||
Total assets | 2,370 | 2,370 | 2,665 | ||
Operating Segments | All Other | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 8 | 16 | 30 | 43 | |
Net income | (14) | 2 | (9) | 10 | |
Total assets | 9,795 | 9,795 | 8,943 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (30) | (41) | (122) | (127) | |
Net income | 0 | 1 | (4) | (11) | |
Goodwill | 0 | 0 | 0 | ||
Total assets | (858) | (858) | (678) | ||
Eliminations | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (2) | (3) | (15) | (22) | |
Net income | 0 | 0 | 0 | 0 | |
Total assets | (10,658) | (10,658) | (9,555) | ||
Eliminations | Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (160) | (691) | (417) | (1,391) | |
Net income | 0 | $ 0 | 0 | $ 0 | |
Goodwill | 0 | 0 | 0 | ||
Total assets | $ (568) | $ (568) | $ (659) |
Segment and Related Informati_5
Segment and Related Information - Schedule of Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Concentration Risk [Line Items] | ||||
Operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 |
Electric Utilities | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 6,167 | 7,427 | 15,414 | 17,943 |
Southern Company Gas' Revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 689 | 857 | 3,417 | 3,998 |
Retail electric revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Retail electric revenues | Electric Utilities | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 5,139 | 5,961 | 12,597 | 14,363 |
Wholesale electric revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Wholesale electric revenues | Electric Utilities | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 727 | 1,197 | 1,930 | 2,798 |
Other Revenue | Electric Utilities | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 301 | 269 | 887 | 782 |
Other electric revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 203 | 185 | 602 | 554 |
Natural Gas | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 689 | 857 | 3,417 | 3,998 |
Gas Distribution Operations | Southern Company Gas' Revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 617 | 748 | 2,989 | 3,513 |
Gas marketing services | Southern Company Gas' Revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 56 | 85 | 376 | 420 |
Other | Southern Company Gas' Revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | 16 | 24 | 52 | 65 |
Other revenues | ||||
Concentration Risk [Line Items] | ||||
Operating revenues | $ 222 | $ 178 | $ 662 | $ 519 |
Segment and Related Informati_6
Segment and Related Information - Schedule of Business Segment Financial Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total operating revenues | $ 6,980 | $ 8,378 | $ 19,208 | $ 22,232 | |
Net income after dividends on preferred stock | 1,422 | 1,472 | 3,121 | 3,611 | |
Total assets | 138,321 | 138,321 | $ 134,891 | ||
SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 689 | 857 | 3,417 | 3,998 | |
Net income after dividends on preferred stock | 82 | 83 | 475 | 516 | |
Total assets | 24,823 | 24,823 | 24,621 | ||
SOUTHERN POWER CO | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 653 | 1,180 | 1,686 | 2,618 | |
Net income after dividends on preferred stock | 100 | 95 | 288 | 265 | |
Total assets | 13,090 | 13,090 | 13,081 | ||
Operating Segments | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 683 | 844 | 3,402 | 3,977 | |
Net income after dividends on preferred stock | 96 | 81 | 484 | 506 | |
Total assets | 25,686 | 25,686 | 25,233 | ||
Operating Segments | Gas distribution operations | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 619 | 751 | 3,002 | 3,533 | |
Net income after dividends on preferred stock | 70 | 59 | 352 | 365 | |
Total assets | 22,625 | 22,625 | 22,040 | ||
Operating Segments | Gas Pipeline Investments | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 8 | 8 | 24 | 24 | |
Net income after dividends on preferred stock | 24 | 24 | 73 | 76 | |
Total assets | 1,542 | 1,542 | 1,577 | ||
Operating Segments | Gas marketing services | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 56 | 85 | 376 | 420 | |
Net income after dividends on preferred stock | 2 | (2) | 59 | 65 | |
Total assets | 1,519 | 1,519 | 1,616 | ||
Operating Segments | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 154 | 135 | 499 | 418 | |
Net income after dividends on preferred stock | (179) | (152) | (490) | (415) | |
Total assets | 2,370 | 2,370 | 2,665 | ||
Operating Segments | All Other | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | 8 | 16 | 30 | 43 | |
Net income after dividends on preferred stock | (14) | 2 | (9) | 10 | |
Total assets | 9,795 | 9,795 | 8,943 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | (30) | (41) | (122) | (127) | |
Net income after dividends on preferred stock | 0 | 1 | (4) | (11) | |
Total assets | (858) | (858) | (678) | ||
Eliminations | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Total operating revenues | (2) | (3) | (15) | (22) | |
Net income after dividends on preferred stock | 0 | $ 0 | 0 | $ 0 | |
Total assets | $ (10,658) | $ (10,658) | $ (9,555) |