Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
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) | 1,062,524,675 |
Entity Central Index Key | 0000092122 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Common Stock, par value $5 per share | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $5 per share |
Trading Symbol | SO |
Security Exchange Name | NYSE |
Series 2017B 5.25% Junior Subordinated Notes due 2077 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2017B 5.25% Junior Subordinated Notes due 2077 |
Trading Symbol | SOJC |
Security Exchange Name | NYSE |
2019 Series A Corporate Units | |
Document Information [Line Items] | |
Title of 12(b) Security | 2019 Series A Corporate Units |
Trading Symbol | SOLN |
Security Exchange Name | NYSE |
Series 2020A 4.95% Junior Subordinated Notes due 2080 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2020A 4.95% Junior Subordinated Notes due 2080 |
Trading Symbol | SOJD |
Security Exchange Name | NYSE |
Series 2020C 4.20% Junior Subordinated Notes due 2060 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2020C 4.20% Junior Subordinated Notes due 2060 |
Trading Symbol | SOJE |
Security Exchange Name | NYSE |
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 |
ALABAMA POWER CO | 5.00% Series Class A Preferred Stock | |
Document Information [Line Items] | |
Title of 12(b) Security | 5.00% Series Class A Preferred Stock |
Trading Symbol | ALP PR Q |
Security Exchange Name | NYSE |
GEORGIA POWER CO | |
Document Information [Line Items] | |
Entity File Number | 1-6468 |
Entity Registrant Name | Georgia Power Company |
Entity Tax Identification Number | 58-0257110 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | 241 Ralph McGill Boulevard, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-6526 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity 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 2016A 1.000% Senior Notes due 2022 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016A 1.000% Senior Notes due 2022 |
Trading Symbol | SO/22B |
Security Exchange Name | NYSE |
SOUTHERN POWER CO | Series 2016B 1.850% Senior Notes due 2026 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016B 1.850% Senior Notes due 2026 |
Trading Symbol | SO/26A |
Security Exchange Name | NYSE |
SOUTHERN Co GAS | |
Document Information [Line Items] | |
Entity File Number | 1-14174 |
Entity Registrant Name | Southern Company Gas |
Entity Tax Identification Number | 58-2210952 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | Ten Peachtree Place, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 404 |
Local Phone Number | 584-4000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Gain on dispositions, net | (23) | (44) |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 51 | 46 |
Earnings from equity method investments | 46 | 45 |
Interest expense, net of amounts capitalized | (462) | (450) |
Other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Consolidated Net Income | 991 | 1,107 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net loss attributable to noncontrolling interests | (45) | (32) |
Net Income | $ 1,032 | $ 1,135 |
Earnings per share - | ||
Basic (in dollars per share) | $ 0.97 | $ 1.07 |
Diluted (in dollars per share) | $ 0.97 | $ 1.06 |
Average number of shares of common stock outstanding — (in millions) | ||
Basic (in shares) | 1,063 | 1,060 |
Diluted (in shares) | 1,069 | 1,066 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | $ 3,613 | $ 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Natural gas | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,095 | 583 |
Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | 0 | 2 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,111 | 848 |
Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | $ 232 | $ 207 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total operating revenues | $ 6,648 | $ 5,910 |
Natural Gas | ||
Total operating revenues | 2,058 | 1,694 |
Alternative revenue programs | ||
Total operating revenues | $ 0 | $ 2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 991 | $ 1,107 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 19 | (30) |
Reclassification adjustment for amounts included in net income, net of tax | 20 | 55 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 3 | 3 |
Total other comprehensive income | 42 | 28 |
Comprehensive Income | 1,033 | 1,135 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Comprehensive loss attributable to noncontrolling interests | (45) | (32) |
Comprehensive Income | $ 1,074 | $ 1,163 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in fair value, tax | $ 8 | $ (10) |
Qualifying hedges, reclassification adjustment, tax | 6 | 18 |
Reclassification adjustment for amounts included in net income, tax | $ 1 | $ 1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - Southern - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Allowance for equity funds used during construction | (51) | (46) |
Pension, postretirement, and other employee benefits | (123) | (78) |
Settlement of asset retirement obligations | (87) | (109) |
Stock based compensation expense | 85 | 83 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Storm damage accruals | 52 | 54 |
Gain on dispositions, net | (20) | (41) |
Natural gas cost under recovery – long-term | 162 | (185) |
Retail fuel cost under recovery – long-term | (130) | 0 |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Prepayments | (86) | (98) |
-Materials and supplies | (28) | (27) |
-Natural gas for sale, net of temporary LIFO liquidation | 450 | 456 |
-Natural gas cost under recovery | (40) | (487) |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Accrued compensation | (470) | (417) |
-Accrued interest | (128) | (90) |
-Retail fuel cost over recovery | 0 | (53) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | 0 | (345) |
Property additions | (1,419) | (1,678) |
Nuclear decommissioning trust fund purchases | (294) | (550) |
Nuclear decommissioning trust fund sales | 289 | 546 |
Cost of removal, net of salvage | (227) | (85) |
Change in construction payables, net | 23 | (116) |
Payments pursuant to LTSAs | (37) | (60) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Financing Activities: | ||
Increase in notes payable | 137 | 182 |
Proceeds — | ||
Long-term debt | 700 | 2,150 |
Short-term borrowings | 850 | 325 |
Common stock | 38 | 14 |
Redemptions and repurchases — | ||
Long-term debt | (977) | (384) |
Short-term borrowings | (100) | (25) |
Capital contributions from noncontrolling interests | 73 | 313 |
Distributions to noncontrolling interests | (97) | (46) |
Payment of common stock dividends | (702) | (678) |
Other financing activities | (115) | (117) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Income taxes, net | (8) | (51) |
Noncash transactions — | ||
Accrued property additions at year-end | 863 | 872 |
Contributions from noncontrolling interests | 0 | 89 |
Contributions of wind turbine equipment | 0 | 82 |
Right-of-use assets obtained under leases | 3 | 76 |
Reassessment of right-of-use assets under operating leases | $ 40 | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net cash paid for capitalized interest | $ 23 | $ 21 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - Southern - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Unbilled revenues | 638 | 711 |
Other accounts and notes | 509 | 523 |
Accumulated provision for uncollectible accounts | (89) | (78) |
Materials and supplies | 1,571 | 1,543 |
Fossil fuel for generation | 411 | 450 |
Natural gas for sale | 121 | 362 |
Prepaid expenses | 739 | 330 |
Assets from risk management activities, net of collateral | 405 | 151 |
Regulatory assets – asset retirement obligations | 241 | 219 |
Natural gas cost under recovery | 306 | 266 |
Other regulatory assets | 576 | 653 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Nuclear fuel, at amortized cost | 839 | 824 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Goodwill | 5,280 | 5,280 |
Nuclear decommissioning trusts, at fair value | 2,403 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Other intangible assets, net of amortization | 435 | 445 |
Miscellaneous property and investments | 633 | 653 |
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,693 | 1,701 |
Deferred charges related to income taxes | 833 | 824 |
Prepaid pension costs | 1,772 | 1,657 |
Unamortized loss on reacquired debt | 257 | 258 |
Regulatory assets – asset retirement obligations, deferred | 5,683 | 5,466 |
Other regulatory assets, deferred | 5,372 | 5,577 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Notes payable | 2,330 | 1,440 |
Accounts payable | 2,251 | 2,169 |
Customer deposits | 454 | 479 |
Accrued taxes — | ||
Accrued income taxes | 57 | 50 |
Other accrued taxes | 415 | 641 |
Accrued interest | 404 | 533 |
Accrued compensation | 574 | 1,070 |
Asset retirement obligations | 695 | 697 |
Operating lease obligations | 245 | 250 |
Other regulatory liabilities | 711 | 563 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Deferred credits related to income taxes | 5,365 | 5,401 |
Accumulated deferred ITCs | 2,196 | 2,216 |
Employee benefit obligations | 1,526 | 1,550 |
Operating lease obligations, deferred | 1,521 | 1,503 |
Asset retirement obligations, deferred | 11,016 | 10,990 |
Other cost of removal obligations | 2,030 | 2,103 |
Other regulatory liabilities, deferred | 526 | 485 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Redeemable preferred stock | 291 | 291 |
Common Stockholder's Equity (See accompanying statements) | 32,629 | 32,276 |
Total Liabilities and Stockholders' Equity | $ 128,639 | $ 127,534 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Other intangible assets, amortization | $ 317 | $ 307 |
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 Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2020 | 1,058 | 1 | |||||
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 5,268 | $ (46) | $ 11,834 | $ 11,311 | $ (395) | $ 4,262 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 1,103 | 1,135 | (32) | ||||
Other comprehensive income (loss) | 28 | 28 | |||||
Stock issued (in shares) | 2 | ||||||
Stock issued | 14 | $ 5 | 9 | ||||
Stock-based compensation | 9 | 9 | |||||
Cash dividends on common stock | (678) | (678) | |||||
Capital contributions from noncontrolling interests | 403 | 403 | |||||
Distributions to noncontrolling interests | (46) | (46) | |||||
Other | 1 | 2 | (1) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 1,060 | 1 | |||||
Ending balance at Mar. 31, 2021 | 33,068 | $ 5,273 | $ (46) | 11,854 | 11,768 | (367) | 4,586 |
Beginning balance (in shares) at Dec. 31, 2021 | 1,061 | 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 (loss) | 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 | 1 | |||||
Ending balance at Mar. 31, 2022 | $ 32,629 | $ 5,286 | $ (49) | $ 11,994 | $ 11,261 | $ (195) | $ 4,332 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Southern (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.66 | $ 0.64 |
Condensed Statements of Income
Condensed Statements of Income (Unaudited) - APC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 51 | 46 |
Interest expense, net of amounts capitalized | (462) | (450) |
Total other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Net income | 991 | 1,107 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net Income | 1,032 | 1,135 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,111 | 848 |
Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | 232 | 207 |
Alabama Power | ||
Operating Revenues: | ||
Total operating revenues | 1,649 | 1,559 |
Operating Expenses: | ||
Other operations and maintenance | 409 | 361 |
Depreciation and amortization | 215 | 211 |
Taxes other than income taxes | 104 | 103 |
Total operating expenses | 1,154 | 1,046 |
Operating Income | 495 | 513 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 16 | 12 |
Interest expense, net of amounts capitalized | (89) | (84) |
Total other income (expense), net | 36 | 32 |
Total other income and (expense) | (37) | (40) |
Earnings Before Income Taxes | 458 | 473 |
Income taxes (benefit) | 107 | 110 |
Net income | 351 | 363 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net Income | 347 | 359 |
Alabama Power | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 1,379 | 1,352 |
Alabama Power | Wholesale revenues, non-affiliates | ||
Operating Revenues: | ||
Total operating revenues | 114 | 92 |
Alabama Power | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 65 | 32 |
Alabama Power | Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 91 | 83 |
Alabama Power | Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 333 | 291 |
Alabama Power | Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | 67 | 50 |
Alabama Power | Purchased power, affiliates | ||
Operating Expenses: | ||
Less Gross Gas Costs | $ 26 | $ 30 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Unaudited) - APC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 991 | $ 1,107 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 19 | (30) |
Reclassification adjustment for amounts included in net income, net of tax | 20 | 55 |
Total other comprehensive income | 42 | 28 |
Comprehensive Income | 1,033 | 1,135 |
Alabama Power | ||
Net income | 351 | 363 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (1) | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Total other comprehensive income | 0 | 1 |
Comprehensive Income | $ 351 | $ 364 |
Condensed Statements of Compr_2
Condensed Statements of Comprehensive Income (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in fair value, tax | $ 8 | $ (10) |
Qualifying hedges, reclassification adjustment, tax | 6 | 18 |
Alabama Power | ||
Changes in fair value, tax | (1) | 0 |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 0 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - APC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Pension, postretirement, and other employee benefits | (123) | (78) |
Settlement of asset retirement obligations | (87) | (109) |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Prepayments | (86) | (98) |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Accrued compensation | (470) | (417) |
-Retail fuel cost over recovery | 0 | (53) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Property additions | (1,419) | (1,678) |
Nuclear decommissioning trust fund purchases | (294) | (550) |
Nuclear decommissioning trust fund sales | 289 | 546 |
Cost of removal, net of salvage | (227) | (85) |
Change in construction payables, net | 23 | (116) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Redemptions and repurchases — | ||
Payment of common stock dividends | (702) | (678) |
Other financing activities | (115) | (117) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Noncash transactions — | ||
Accrued property additions at year-end | 863 | 872 |
Right-of-use assets obtained under leases | 3 | 76 |
Alabama Power | ||
Operating Activities: | ||
Net income (loss) | 351 | 363 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 250 | 248 |
Deferred income taxes | 35 | 33 |
Pension, postretirement, and other employee benefits | (48) | (29) |
Settlement of asset retirement obligations | (38) | (49) |
Retail fuel cost under recovery – long-term | (46) | 0 |
Other, net | (27) | (14) |
Changes in certain current assets and liabilities — | ||
-Receivables | (4) | 40 |
-Fossil fuel stock | 23 | 38 |
-Prepayments | (85) | (73) |
-Other current assets | (10) | (16) |
-Accounts payable | (237) | (299) |
-Accrued taxes | 102 | 104 |
-Accrued compensation | (99) | (105) |
-Retail fuel cost over recovery | 0 | (18) |
-Other current liabilities | (13) | (9) |
Net cash provided from operating activities | 154 | 214 |
Investing Activities: | ||
Property additions | (343) | (466) |
Nuclear decommissioning trust fund purchases | (72) | (310) |
Nuclear decommissioning trust fund sales | 72 | 310 |
Cost of removal, net of salvage | (60) | (23) |
Change in construction payables, net | 39 | 32 |
Other investing activities | (1) | (9) |
Net cash used for investing activities | (365) | (466) |
Proceeds — | ||
Senior notes | 700 | 0 |
Redemptions and repurchases — | ||
Senior notes | (550) | 0 |
Capital contributions from parent company | 625 | 600 |
Payment of common stock dividends | (254) | (246) |
Other financing activities | (17) | (13) |
Net cash provided from (used for) financing activities | 504 | 341 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 293 | 89 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,060 | 530 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,353 | 619 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 110 | 93 |
Noncash transactions — | ||
Accrued property additions at year-end | 188 | 198 |
Right-of-use assets obtained under leases | $ 1 | $ 1 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash paid for capitalized interest | $ 23 | $ 21 |
Alabama Power | ||
Net cash paid for capitalized interest | $ 4 | $ 3 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - APC - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Unbilled revenues | 638 | 711 |
Other accounts and notes | 509 | 523 |
Accumulated provision for uncollectible accounts | (89) | (78) |
Fossil fuel for generation | 411 | 450 |
Materials and supplies | 1,571 | 1,543 |
Prepaid expenses | 739 | 330 |
Other regulatory assets | 576 | 653 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Nuclear fuel, at amortized cost | 839 | 824 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,403 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Miscellaneous property and investments | 633 | 653 |
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,693 | 1,701 |
Deferred charges related to income taxes | 833 | 824 |
Regulatory assets – asset retirement obligations, deferred | 5,683 | 5,466 |
Other regulatory assets, deferred | 5,372 | 5,577 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Accounts payable — | ||
Customer deposits | 454 | 479 |
Accrued interest | 404 | 533 |
Accrued compensation | 574 | 1,070 |
Asset retirement obligations | 695 | 697 |
Other regulatory liabilities | 711 | 563 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Deferred credits related to income taxes | 5,365 | 5,401 |
Accumulated deferred ITCs | 2,196 | 2,216 |
Employee benefit obligations | 1,526 | 1,550 |
Operating lease obligations, deferred | 1,521 | 1,503 |
Asset retirement obligations, deferred | 11,016 | 10,990 |
Other cost of removal obligations | 2,030 | 2,103 |
Other regulatory liabilities, deferred | 526 | 485 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Redeemable preferred stock | 291 | 291 |
Common Stockholder's Equity (See accompanying statements) | 32,629 | 32,276 |
Total Liabilities and Stockholders' Equity | 128,639 | 127,534 |
Alabama Power | ||
Current Assets: | ||
Cash and cash equivalents | 1,353 | 1,060 |
Receivables — | ||
Customer accounts | 417 | 410 |
Unbilled revenues | 127 | 138 |
Affiliated | 36 | 37 |
Other accounts and notes | 64 | 55 |
Accumulated provision for uncollectible accounts | (15) | (14) |
Fossil fuel for generation | 136 | 159 |
Materials and supplies | 550 | 548 |
Prepaid expenses | 126 | 41 |
Other regulatory assets | 191 | 208 |
Other current assets | 131 | 67 |
Total current assets | 3,116 | 2,709 |
Property, Plant, and Equipment: | ||
In service | 33,333 | 33,135 |
Less: Accumulated depreciation | 10,451 | 10,313 |
Plant in service, net of depreciation | 22,882 | 22,822 |
Nuclear fuel, at amortized cost | 246 | 247 |
Construction work in progress | 1,249 | 1,147 |
Total property, plant, and equipment | 24,377 | 24,216 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,257 | 1,325 |
Equity investments in unconsolidated subsidiaries | 57 | 57 |
Miscellaneous property and investments | 126 | 126 |
Total other property and investments | 1,440 | 1,508 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 97 | 108 |
Deferred charges related to income taxes | 243 | 240 |
Prepaid pension and other postretirement benefit costs | 546 | 513 |
Regulatory assets – asset retirement obligations, deferred | 1,663 | 1,547 |
Other regulatory assets, deferred | 1,717 | 1,807 |
Other deferred charges and assets | 371 | 334 |
Total deferred charges and other assets | 4,637 | 4,549 |
Total Assets | 33,570 | 32,982 |
Current Liabilities: | ||
Securities due within one year | 201 | 751 |
Accounts payable — | ||
Affiliated | 194 | 309 |
Other | 372 | 459 |
Customer deposits | 106 | 106 |
Accrued taxes | 200 | 98 |
Accrued interest | 77 | 100 |
Accrued compensation | 124 | 219 |
Asset retirement obligations | 322 | 320 |
Other regulatory liabilities | 148 | 215 |
Other current liabilities | 128 | 125 |
Total current liabilities | 1,872 | 2,702 |
Long-term Debt | 9,631 | 8,936 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,619 | 3,573 |
Deferred credits related to income taxes | 1,959 | 1,968 |
Accumulated deferred ITCs | 86 | 88 |
Employee benefit obligations | 179 | 171 |
Operating lease obligations, deferred | 64 | 66 |
Asset retirement obligations, deferred | 4,013 | 4,014 |
Other cost of removal obligations | 144 | 192 |
Other regulatory liabilities, deferred | 224 | 210 |
Other deferred credits and liabilities | 56 | 58 |
Total deferred credits and other liabilities | 10,344 | 10,340 |
Total Liabilities | 21,847 | 21,978 |
Redeemable preferred stock | 291 | 291 |
Common Stockholder's Equity (See accompanying statements) | 11,432 | 10,713 |
Total Liabilities and Stockholders' Equity | $ 33,570 | $ 32,982 |
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 PowerCommon Stock | Alabama PowerPaid-In Capital | Alabama PowerRetained Earnings (Accumulated Deficit) | Alabama PowerAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,058 | 31 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 5,268 | $ 11,834 | $ 11,311 | $ (395) | $ 9,810 | $ 1,222 | $ 5,413 | $ 3,194 | $ (19) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income after dividends on preferred stock | 1,135 | 359 | 359 | |||||||
Capital contributions from parent company | 602 | 602 | ||||||||
Other comprehensive income (loss) | 28 | 28 | 1 | 1 | ||||||
Cash dividends on common stock | (678) | (678) | (246) | (246) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,060 | 31 | ||||||||
Ending balance at Mar. 31, 2021 | 33,068 | $ 5,273 | 11,854 | 11,768 | (367) | 10,526 | $ 1,222 | 6,015 | 3,307 | (18) |
Beginning balance (in shares) at Dec. 31, 2021 | 1,061 | 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 after dividends on preferred stock | 1,032 | 347 | 347 | |||||||
Capital contributions from parent company | 626 | 626 | ||||||||
Other comprehensive income (loss) | 42 | 42 | ||||||||
Cash dividends on common stock | (702) | (702) | (254) | (254) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 1,064 | 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) |
Condensed Statements of Incom_2
Condensed Statements of Income (Unaudited) - GPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 51 | 46 |
Interest expense, net of amounts capitalized | (462) | (450) |
Other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Consolidated Net Income | 991 | 1,107 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,111 | 848 |
Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | 232 | 207 |
Georgia Power | ||
Operating Revenues: | ||
Total operating revenues | 2,208 | 1,970 |
Operating Expenses: | ||
Other operations and maintenance | 517 | 474 |
Depreciation and amortization | 351 | 338 |
Taxes other than income taxes | 125 | 116 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Total operating expenses | 1,768 | 1,569 |
Operating Income | 440 | 401 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 32 | 31 |
Interest expense, net of amounts capitalized | (107) | (104) |
Other income (expense), net | 50 | 41 |
Total other income and (expense) | (25) | (32) |
Earnings Before Income Taxes | 415 | 369 |
Income taxes (benefit) | 30 | 18 |
Consolidated Net Income | 385 | 351 |
Georgia Power | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 2,017 | 1,787 |
Georgia Power | Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 66 | 43 |
Georgia Power | Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 125 | 140 |
Georgia Power | Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 419 | 313 |
Georgia Power | Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | 150 | 144 |
Georgia Power | Purchased power, affiliates | ||
Operating Expenses: | ||
Less Gross Gas Costs | $ 206 | $ 136 |
Condensed Statements of Compr_3
Condensed Statements of Comprehensive Income (Unaudited) - GPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 991 | $ 1,107 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 19 | (30) |
Reclassification adjustment for amounts included in net income, net of tax | 20 | 55 |
Total other comprehensive income | 42 | 28 |
Comprehensive Income | 1,033 | 1,135 |
Georgia Power | ||
Net income | 385 | 351 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 9 | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 2 |
Total other comprehensive income | 10 | 2 |
Comprehensive Income | $ 395 | $ 353 |
Condensed Statements of Compr_4
Condensed Statements of Comprehensive Income (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in fair value, tax | $ 8 | $ (10) |
Qualifying hedges, reclassification adjustment, tax | 6 | 18 |
Georgia Power | ||
Changes in fair value, tax | 3 | 0 |
Qualifying hedges, reclassification adjustment, tax | $ 1 | $ 0 |
Condensed Statements of Cash _3
Condensed Statements of Cash Flows (Unaudited) - GPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Pension, postretirement, and other employee benefits | (123) | (78) |
Settlement of asset retirement obligations | (87) | (109) |
Storm damage accruals | 52 | 54 |
Retail fuel cost under recovery – long-term | (130) | 0 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Accrued compensation | (470) | (417) |
-Accrued interest | (128) | (90) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Property additions | (1,419) | (1,678) |
Nuclear decommissioning trust fund purchases | (294) | (550) |
Nuclear decommissioning trust fund sales | 289 | 546 |
Cost of removal, net of salvage | (227) | (85) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Financing Activities: | ||
Increase in notes payable | 137 | 182 |
Proceeds — | ||
Short-term borrowings | 850 | 325 |
Redemptions and repurchases — | ||
Payment of common stock dividends | (702) | (678) |
Other financing activities | (115) | (117) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Noncash transactions — | ||
Accrued property additions at year-end | 863 | 872 |
Georgia Power | ||
Operating Activities: | ||
Net income (loss) | 385 | 351 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 397 | 384 |
Deferred income taxes | (6) | (86) |
Pension, postretirement, and other employee benefits | (63) | (43) |
Settlement of asset retirement obligations | (41) | (49) |
Storm damage accruals | 53 | 53 |
Retail fuel cost under recovery – long-term | (84) | 0 |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 |
Other, net | (85) | (19) |
Changes in certain current assets and liabilities — | ||
-Receivables | 0 | 176 |
-Prepaid income taxes | (36) | 0 |
-Other current assets | 22 | 4 |
-Accounts payable | 39 | (74) |
-Accrued taxes | (78) | (110) |
-Accrued compensation | (79) | (68) |
-Accrued interest | (43) | (34) |
-Other current liabilities | (20) | (44) |
Net cash provided from operating activities | 361 | 489 |
Investing Activities: | ||
Property additions | (749) | (775) |
Nuclear decommissioning trust fund purchases | (221) | (241) |
Nuclear decommissioning trust fund sales | 217 | 236 |
Cost of removal, net of salvage | (140) | (40) |
Change in construction payables | 14 | (103) |
Proceeds from dispositions | 56 | 1 |
Other investing activities | 14 | 9 |
Net cash used for investing activities | (809) | (913) |
Financing Activities: | ||
Increase in notes payable | 410 | 145 |
Proceeds — | ||
Senior notes | 0 | 750 |
Short-term borrowings | 450 | 0 |
Redemptions and repurchases — | ||
Senior notes | (400) | (325) |
FFB loan | (24) | (25) |
Capital contributions from parent company | 445 | 330 |
Payment of common stock dividends | (423) | (412) |
Other financing activities | (17) | (19) |
Net cash provided from (used for) financing activities | 441 | 444 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (7) | 20 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 33 | 9 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 26 | 29 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 139 | 128 |
Noncash transactions — | ||
Accrued property additions at year-end | 459 | 445 |
Right-of-use assets obtained under operating leases | $ 1 | $ 3 |
Condensed Statements of Cash _4
Condensed Statements of Cash Flows (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash paid for capitalized interest | $ 23 | $ 21 |
Georgia Power | ||
Net cash paid for capitalized interest | $ 16 | $ 15 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) - GPC - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Unbilled revenues | 638 | 711 |
Other accounts and notes | 509 | 523 |
Fossil fuel for generation | 411 | 450 |
Materials and supplies | 1,571 | 1,543 |
Regulatory assets – asset retirement obligations | 241 | 219 |
Assets from risk management activities | 405 | 151 |
Other regulatory assets | 576 | 653 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Nuclear fuel, at amortized cost | 839 | 824 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,403 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Miscellaneous property and investments | 633 | 653 |
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,693 | 1,701 |
Deferred charges related to income taxes | 833 | 824 |
Prepaid pension costs | 1,772 | 1,657 |
Regulatory assets – asset retirement obligations, deferred | 5,683 | 5,466 |
Other regulatory assets, deferred | 5,372 | 5,577 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Notes payable | 2,330 | 1,440 |
Accounts payable — | ||
Customer deposits | 454 | 479 |
Accrued interest | 404 | 533 |
Accrued compensation | 574 | 1,070 |
Operating lease obligations | 245 | 250 |
Asset retirement obligations | 695 | 697 |
Other regulatory liabilities | 711 | 563 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Deferred credits related to income taxes | 5,365 | 5,401 |
Accumulated deferred ITCs | 2,196 | 2,216 |
Employee benefit obligations | 1,526 | 1,550 |
Operating lease obligations, deferred | 1,521 | 1,503 |
Asset retirement obligations, deferred | 11,016 | 10,990 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Common Stockholder's Equity (See accompanying statements) | 32,629 | 32,276 |
Total Liabilities and Stockholders' Equity | 128,639 | 127,534 |
Georgia Power | ||
Current Assets: | ||
Cash and cash equivalents | 26 | 33 |
Receivables — | ||
Customer accounts | 561 | 547 |
Unbilled revenues | 216 | 231 |
Joint owner accounts | 60 | 116 |
Affiliated | 12 | 25 |
Other accounts and notes | 35 | 44 |
Fossil fuel for generation | 231 | 248 |
Materials and supplies | 681 | 670 |
Regulatory assets – storm damage | 4 | 48 |
Regulatory assets – asset retirement obligations | 200 | 178 |
Assets from risk management activities | 162 | 48 |
Other regulatory assets | 248 | 241 |
Other current assets | 124 | 130 |
Total current assets | 2,560 | 2,559 |
Property, Plant, and Equipment: | ||
In service | 41,592 | 41,332 |
Less: Accumulated depreciation | 13,029 | 12,854 |
Plant in service, net of depreciation | 28,563 | 28,478 |
Nuclear fuel, at amortized cost | 593 | 577 |
Construction work in progress | 7,086 | 6,688 |
Total property, plant, and equipment | 36,242 | 35,743 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,146 | 1,217 |
Equity investments in unconsolidated subsidiaries | 51 | 50 |
Miscellaneous property and investments | 74 | 69 |
Total other property and investments | 1,271 | 1,336 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,120 | 1,157 |
Deferred charges related to income taxes | 557 | 550 |
Prepaid pension costs | 608 | 563 |
Deferred under recovered fuel clause revenues | 494 | 410 |
Regulatory assets – asset retirement obligations, deferred | 3,781 | 3,688 |
Other regulatory assets, deferred | 2,067 | 1,964 |
Other deferred charges and assets | 506 | 491 |
Total deferred charges and other assets | 9,133 | 8,823 |
Total Assets | 49,206 | 48,461 |
Current Liabilities: | ||
Securities due within one year | 275 | 675 |
Notes payable | 860 | 0 |
Accounts payable — | ||
Affiliated | 548 | 757 |
Other | 873 | 702 |
Customer deposits | 257 | 259 |
Accrued taxes | 196 | 335 |
Accrued interest | 93 | 136 |
Accrued compensation | 124 | 232 |
Operating lease obligations | 156 | 156 |
Asset retirement obligations | 314 | 317 |
Other regulatory liabilities | 336 | 280 |
Other current liabilities | 292 | 254 |
Total current liabilities | 4,324 | 4,103 |
Long-term Debt | 13,088 | 13,109 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,155 | 3,019 |
Deferred credits related to income taxes | 2,303 | 2,321 |
Accumulated deferred ITCs | 326 | 328 |
Employee benefit obligations | 390 | 402 |
Operating lease obligations, deferred | 989 | 999 |
Asset retirement obligations, deferred | 6,526 | 6,507 |
Other deferred credits and liabilities | 456 | 439 |
Total deferred credits and other liabilities | 14,145 | 14,015 |
Total Liabilities | 31,557 | 31,227 |
Common Stockholder's Equity (See accompanying statements) | 17,649 | 17,234 |
Total Liabilities and Stockholders' Equity | $ 49,206 | $ 48,461 |
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 | Georgia PowerCommon Stock | Georgia PowerPaid-In Capital | Georgia PowerRetained Earnings (Accumulated Deficit) | Georgia PowerAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,058 | 9 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 5,268 | $ 11,834 | $ 11,311 | $ (395) | $ 16,501 | $ 398 | $ 12,361 | $ 3,789 | $ (47) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,107 | 351 | 351 | |||||||
Capital contributions from parent company | 332 | 332 | ||||||||
Other comprehensive income (loss) | 28 | 28 | 2 | 2 | ||||||
Cash dividends on common stock | (678) | (678) | (412) | (412) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,060 | 9 | ||||||||
Ending balance at Mar. 31, 2021 | 33,068 | $ 5,273 | 11,854 | 11,768 | (367) | 16,774 | $ 398 | 12,693 | 3,728 | (45) |
Beginning balance (in shares) at Dec. 31, 2021 | 1,061 | 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] | ||||||||||
Net income | 991 | 385 | 385 | |||||||
Capital contributions from parent company | 443 | 443 | ||||||||
Other comprehensive income (loss) | 42 | 42 | 10 | 10 | ||||||
Cash dividends on common stock | (702) | (702) | (423) | (423) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 1,064 | 9 | ||||||||
Ending balance at Mar. 31, 2022 | $ 32,629 | $ 5,286 | $ 11,994 | $ 11,261 | $ (195) | $ 17,649 | $ 398 | $ 14,596 | $ 2,686 | $ (31) |
Condensed Statements of Commo_3
Condensed Statements of Common Stockholders' Equity (Unaudited) - GPC (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.66 | $ 0.64 |
Condensed Statements of Incom_3
Condensed Statements of Income and Comprehensive Income (Unaudited) - MPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (462) | (450) |
Other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Consolidated Net Income | 991 | 1,107 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
Mississippi Power | ||
Operating Revenues: | ||
Total operating revenues | 335 | 307 |
Operating Expenses: | ||
Other operations and maintenance | 76 | 68 |
Depreciation and amortization | 45 | 47 |
Taxes other than income taxes | 29 | 31 |
Total operating expenses | 282 | 252 |
Operating Income | 53 | 55 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (13) | (14) |
Other income (expense), net | 10 | 8 |
Total other income and (expense) | (3) | (6) |
Earnings Before Income Taxes | 50 | 49 |
Income taxes (benefit) | 8 | 4 |
Consolidated Net Income | 42 | 45 |
Mississippi Power | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 217 | 204 |
Mississippi Power | Wholesale revenues, non-affiliates | ||
Operating Revenues: | ||
Total operating revenues | 68 | 63 |
Mississippi Power | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 42 | 33 |
Mississippi Power | Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 8 | 7 |
Mississippi Power | Fuel and purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | $ 132 | $ 106 |
Condensed Statements of Cash _5
Condensed Statements of Cash Flows (Unaudited) - MPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Retail fuel cost over recovery | 0 | (53) |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Accrued compensation | (470) | (417) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Property additions | (1,419) | (1,678) |
Construction payables | 23 | (116) |
Payments pursuant to LTSAs | (37) | (60) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Financing Activities: | ||
Increase in notes payable | 137 | 182 |
Payment of common stock dividends | (702) | (678) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Noncash transactions — | ||
Accrued property additions at year-end | 863 | 872 |
Mississippi Power | ||
Operating Activities: | ||
Net income (loss) | 42 | 45 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 55 | 53 |
Deferred income taxes | (5) | 4 |
Other, net | 17 | (14) |
Changes in certain current assets and liabilities — | ||
-Receivables | (7) | 7 |
-Retail fuel cost over recovery | (11) | 0 |
-Other current assets | (11) | 1 |
-Accounts payable | (9) | (30) |
-Accrued taxes | (63) | (75) |
-Accrued compensation | (18) | (16) |
-Other current liabilities | (6) | (13) |
Net cash provided from operating activities | (16) | (38) |
Investing Activities: | ||
Property additions | (45) | (45) |
Construction payables | (8) | (8) |
Payments pursuant to LTSAs | (8) | (7) |
Other investing activities | (7) | (7) |
Net cash used for investing activities | (68) | (67) |
Financing Activities: | ||
Increase in notes payable | 25 | 29 |
Capital contributions from parent company | 50 | 100 |
Payment of common stock dividends | (43) | (39) |
Net cash provided from (used for) financing activities | 32 | 90 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (52) | (15) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 61 | 39 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 9 | 24 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 22 | 16 |
Noncash transactions — | ||
Accrued property additions at year-end | $ 17 | $ 26 |
Condensed Statements of Cash _6
Condensed Statements of Cash Flows (Unaudited) - MPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash paid for capitalized interest | $ 23 | $ 21 |
Condensed Balance Sheets (Una_3
Condensed Balance Sheets (Unaudited) - MPC - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Unbilled revenues | 638 | 711 |
Other accounts and notes | 509 | 523 |
Fossil fuel for generation | 411 | 450 |
Materials and supplies | 1,571 | 1,543 |
Assets from risk management activities | 405 | 151 |
Other regulatory assets | 576 | 653 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 833 | 824 |
Regulatory assets – asset retirement obligations, deferred | 5,683 | 5,466 |
Other regulatory assets, deferred | 5,372 | 5,577 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Notes payable | 2,330 | 1,440 |
Accounts payable — | ||
Accrued compensation | 574 | 1,070 |
Asset retirement obligations | 695 | 697 |
Other regulatory liabilities | 711 | 563 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Deferred credits related to income taxes | 5,365 | 5,401 |
Employee benefit obligations | 1,526 | 1,550 |
Asset retirement obligations, deferred | 11,016 | 10,990 |
Other cost of removal obligations | 2,030 | 2,103 |
Other regulatory liabilities, deferred | 526 | 485 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Total Liabilities and Stockholders' Equity | 128,639 | 127,534 |
Mississippi Power | ||
Current Assets: | ||
Cash and cash equivalents | 9 | 61 |
Receivables — | ||
Customer accounts | 65 | 37 |
Unbilled revenues | 36 | 34 |
Affiliated | 17 | 29 |
Other accounts and notes | 30 | 28 |
Fossil fuel for generation | 30 | 28 |
Materials and supplies | 72 | 70 |
Assets from risk management activities | 94 | 28 |
Other regulatory assets | 61 | 54 |
Other current assets | 10 | 13 |
Total current assets | 424 | 382 |
Property, Plant, and Equipment: | ||
In service | 5,149 | 5,106 |
Less: Accumulated depreciation | 1,626 | 1,591 |
Plant in service, net of depreciation | 3,523 | 3,515 |
Construction work in progress | 111 | 127 |
Total property, plant, and equipment | 3,634 | 3,642 |
Other Property and Investments: | ||
Total other property and investments | 177 | 179 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 30 | 31 |
Prepaid pension costs | 85 | 79 |
Regulatory assets – asset retirement obligations, deferred | 235 | 232 |
Other regulatory assets, deferred | 298 | 317 |
Accumulated deferred income taxes | 115 | 118 |
Other deferred charges and assets | 127 | 100 |
Total deferred charges and other assets | 890 | 877 |
Total Assets | 5,125 | 5,080 |
Current Liabilities: | ||
Securities due within one year | 1 | 1 |
Notes payable | 25 | 0 |
Accounts payable — | ||
Affiliated | 58 | 81 |
Other | 53 | 47 |
Accrued taxes | 56 | 120 |
Accrued compensation | 20 | 36 |
Asset retirement obligations | 28 | 30 |
Other regulatory liabilities | 120 | 59 |
Other current liabilities | 55 | 65 |
Total current liabilities | 416 | 439 |
Long-term Debt | 1,510 | 1,510 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 462 | 464 |
Deferred credits related to income taxes | 269 | 269 |
Employee benefit obligations | 88 | 88 |
Asset retirement obligations, deferred | 161 | 160 |
Other cost of removal obligations | 194 | 195 |
Other regulatory liabilities, deferred | 84 | 64 |
Other deferred credits and liabilities | 24 | 24 |
Total deferred credits and other liabilities | 1,282 | 1,264 |
Total Liabilities | 3,208 | 3,213 |
Total common stockholders' equity | 1,917 | 1,867 |
Total Liabilities and Stockholders' Equity | $ 5,125 | $ 5,080 |
Condensed Statements of Commo_4
Condensed Statements of Common Stockholders' Equity (Unaudited) - MPC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Mississippi Power | Mississippi PowerCommon Stock | Mississippi PowerPaid-In Capital | Mississippi PowerRetained Earnings (Accumulated Deficit) | Mississippi PowerAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,058 | 1 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 5,268 | $ 11,834 | $ 11,311 | $ (395) | $ 1,742 | $ 38 | $ 4,460 | $ (2,754) | $ (2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,135 | 45 | 45 | |||||||
Capital contributions from parent company | 100 | 100 | ||||||||
Cash dividends on common stock | (678) | (678) | (39) | (39) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,060 | 1 | ||||||||
Ending balance at Mar. 31, 2021 | 33,068 | $ 5,273 | 11,854 | 11,768 | (367) | 1,848 | $ 38 | 4,560 | (2,748) | (2) |
Beginning balance (in shares) at Dec. 31, 2021 | 1,061 | 1 | ||||||||
Beginning balance at Dec. 31, 2021 | 32,276 | $ 5,279 | 11,950 | 10,929 | (237) | 1,867 | $ 38 | 4,582 | (2,753) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,032 | 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 | 1,064 | 1 | ||||||||
Ending balance at Mar. 31, 2022 | $ 32,629 | $ 5,286 | $ 11,994 | $ 11,261 | $ (195) | $ 1,917 | $ 38 | $ 4,633 | $ (2,754) | $ 0 |
Condensed Consolidated Statem_9
Condensed Consolidated Statements of Income (Unaudited) - SPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Gain on dispositions, net | (23) | (44) |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (462) | (450) |
Other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Consolidated Net Income | 991 | 1,107 |
Net loss attributable to noncontrolling interests | (45) | (32) |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,111 | 848 |
Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | 232 | 207 |
Southern Power | ||
Operating Revenues: | ||
Total operating revenues | 539 | 440 |
Operating Expenses: | ||
Other operations and maintenance | 105 | 101 |
Depreciation and amortization | 120 | 119 |
Taxes other than income taxes | 13 | 12 |
Gain on dispositions, net | (2) | (39) |
Total operating expenses | 489 | 354 |
Operating Income | 50 | 86 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (37) | (38) |
Other income (expense), net | 2 | 7 |
Total other income and (expense) | (35) | (31) |
Earnings Before Income Taxes | 15 | 55 |
Income taxes (benefit) | (12) | (10) |
Consolidated Net Income | 27 | 65 |
Net loss attributable to noncontrolling interests | (45) | (32) |
Net Income | 72 | 97 |
Southern Power | Wholesale revenues, non-affiliates | ||
Operating Revenues: | ||
Total operating revenues | 426 | 355 |
Southern Power | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 105 | 81 |
Southern Power | Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 8 | 4 |
Southern Power | Fuel | ||
Operating Expenses: | ||
Less Gross Gas Costs | 232 | 141 |
Southern Power | Purchased power | ||
Operating Expenses: | ||
Less Gross Gas Costs | $ 21 | $ 20 |
Condensed Consolidated State_10
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 991 | $ 1,107 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 19 | (30) |
Reclassification adjustment for amounts included in net income, net of tax | 20 | 55 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 3 | 3 |
Total other comprehensive income | 42 | 28 |
Comprehensive Income | 1,033 | 1,135 |
Comprehensive loss attributable to noncontrolling interests | (45) | (32) |
Comprehensive Income | 1,074 | 1,163 |
Southern Power | ||
Net income | 27 | 65 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (17) | (33) |
Reclassification adjustment for amounts included in net income, net of tax | 22 | 48 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 1 |
Total other comprehensive income | 5 | 16 |
Comprehensive Income | 32 | 81 |
Comprehensive loss attributable to noncontrolling interests | (45) | (32) |
Comprehensive Income | $ 77 | $ 113 |
Condensed Consolidated State_11
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in fair value, tax | $ 8 | $ (10) |
Qualifying hedges, reclassification adjustment, tax | 6 | 18 |
Reclassification adjustment for amounts included in net income, tax | 1 | 1 |
Southern Power | ||
Changes in fair value, tax | (6) | (11) |
Qualifying hedges, reclassification adjustment, tax | 7 | 15 |
Reclassification adjustment for amounts included in net income, tax | $ 0 | $ 0 |
Condensed Consolidated State_12
Condensed Consolidated Statements of Cash Flows (Unaudited) - SPC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Gain on dispositions, net | (20) | (41) |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | 0 | (345) |
Property additions | (1,419) | (1,678) |
Payments pursuant to LTSAs | (37) | (60) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Financing Activities: | ||
Increase in notes payable | 137 | 182 |
Proceeds — | ||
Capital contributions from noncontrolling interests | 73 | 313 |
Distributions to noncontrolling interests | (97) | (46) |
Payment of common stock dividends | (702) | (678) |
Other financing activities | (115) | (117) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Income taxes, net | (8) | (51) |
Noncash transactions — | ||
Contributions from noncontrolling interests | 0 | 89 |
Contributions of wind turbine equipment | 0 | 82 |
Accrued property additions at year-end | 863 | 872 |
Reassessment of right-of-use assets under operating leases | 40 | 0 |
Southern Power | ||
Operating Activities: | ||
Net income (loss) | 27 | 65 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 126 | 125 |
Deferred income taxes | 12 | (8) |
Amortization of investment tax credits | (15) | (15) |
Gain on dispositions, net | (2) | (39) |
Other, net | (3) | (4) |
Changes in certain current assets and liabilities — | ||
-Receivables | 11 | 23 |
-Prepaid income taxes | (8) | 16 |
-Other current assets | 0 | 3 |
-Accounts payable | (21) | 19 |
-Accrued taxes | 7 | 5 |
-Other current liabilities | (17) | (3) |
Net cash provided from operating activities | 117 | 187 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | 0 | (345) |
Property additions | (19) | (147) |
Proceeds from dispositions | 29 | 17 |
Change in construction payables | (31) | (7) |
Payments pursuant to LTSAs | (15) | (27) |
Other investing activities | (1) | 5 |
Net cash used for investing activities | (37) | (504) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (3) | |
Increase in notes payable | 140 | |
Proceeds — | ||
Senior notes | 0 | 400 |
Return of capital to parent company | 0 | (271) |
Capital contributions from noncontrolling interests | 73 | 313 |
Distributions to noncontrolling interests | (97) | (46) |
Payment of common stock dividends | (49) | (51) |
Other financing activities | 0 | (7) |
Net cash provided from (used for) financing activities | (76) | 478 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 4 | 161 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 135 | 182 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 139 | 343 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 29 | 26 |
Income taxes, net | (8) | (2) |
Noncash transactions — | ||
Contributions from noncontrolling interests | 0 | 89 |
Contributions of wind turbine equipment | 0 | 82 |
Accrued property additions at year-end | 46 | 60 |
Right-of-use assets obtained under operating leases | 0 | 65 |
Reassessment of right-of-use assets under operating leases | $ 40 | $ 0 |
Condensed Consolidated State_13
Condensed Consolidated Statements of Cash Flows (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash paid for capitalized interest | $ 23 | $ 21 |
Southern Power | ||
Net cash paid for capitalized interest | $ 0 | $ 1 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Unaudited) - SPC - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Other accounts and notes | 509 | 523 |
Materials and supplies | 1,571 | 1,543 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,693 | 1,701 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Notes payable | 2,330 | 1,440 |
Accounts payable — | ||
Accrued interest | 404 | 533 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Accumulated deferred ITCs | 2,196 | 2,216 |
Operating lease obligations, deferred | 1,521 | 1,503 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Total Stockholders' Equity (See accompanying statements) | 32,629 | 32,276 |
Total Liabilities and Stockholders' Equity | 128,639 | 127,534 |
Southern Power | ||
Current Assets: | ||
Cash and cash equivalents | 130 | 107 |
Receivables — | ||
Customer accounts | 160 | 139 |
Affiliated | 26 | 51 |
Other accounts and notes | 21 | 29 |
Materials and supplies | 108 | 106 |
Prepaid income taxes | 468 | 27 |
Other current assets | 49 | 46 |
Total current assets | 962 | 505 |
Property, Plant, and Equipment: | ||
In service | 14,594 | 14,585 |
Less: Accumulated depreciation | 3,341 | 3,241 |
Plant in service, net of depreciation | 11,253 | 11,344 |
Construction work in progress | 49 | 45 |
Total property, plant, and equipment | 11,302 | 11,389 |
Other Property and Investments: | ||
Intangible assets, net of amortization | 278 | 282 |
Equity investments in unconsolidated subsidiaries | 56 | 86 |
Net investment in sales-type leases | 159 | 161 |
Total other property and investments | 493 | 529 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 517 | 479 |
Prepaid LTSAs | 219 | 210 |
Income taxes receivable, non-current | 23 | 20 |
Other deferred charges and assets | 250 | 258 |
Total deferred charges and other assets | 1,009 | 967 |
Total Assets | 13,766 | 13,390 |
Current Liabilities: | ||
Securities due within one year | 666 | 679 |
Notes payable | 208 | 211 |
Accounts payable — | ||
Affiliated | 82 | 92 |
Other | 67 | 85 |
Accrued taxes | 21 | 14 |
Accrued interest | 32 | 32 |
Other current liabilities | 121 | 140 |
Total current liabilities | 1,197 | 1,253 |
Long-term Debt | 2,999 | 3,009 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 661 | 215 |
Accumulated deferred ITCs | 1,600 | 1,614 |
Operating lease obligations, deferred | 535 | 497 |
Other deferred credits and liabilities | 218 | 204 |
Total deferred credits and other liabilities | 3,014 | 2,530 |
Total Liabilities | 7,210 | 6,792 |
Total Stockholders' Equity (See accompanying statements) | 6,556 | 6,598 |
Total Liabilities and Stockholders' Equity | $ 13,766 | $ 13,390 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other intangible assets, amortization | $ 317 | $ 307 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | $ 114 | $ 109 |
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 | Southern PowerTotal Common Stockholders' Equity | Southern PowerPaid-In Capital | Southern PowerRetained Earnings (Accumulated Deficit) | Southern PowerAccumulated Other Comprehensive Income (Loss) | Southern PowerNoncontrolling Interests |
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 11,834 | $ 11,311 | $ (395) | $ 4,262 | $ 6,631 | $ 2,369 | $ 914 | $ 1,522 | $ (67) | $ 4,262 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,107 | 65 | 97 | 97 | (32) | ||||||
Return of capital to parent company | (271) | (271) | (271) | ||||||||
Other comprehensive income (loss) | 28 | 28 | 16 | 16 | 16 | ||||||
Cash dividends on common stock | (678) | (678) | (51) | (51) | (51) | ||||||
Capital contributions from noncontrolling interests | 403 | 403 | 403 | 403 | |||||||
Distributions to noncontrolling interests | (46) | (46) | (46) | (46) | |||||||
Other | 1 | 2 | (1) | (3) | (2) | (2) | 1 | (1) | (1) | ||
Ending balance at Mar. 31, 2021 | 33,068 | 11,854 | 11,768 | (367) | 4,586 | 6,744 | 2,158 | 641 | 1,569 | (52) | 4,586 |
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] | |||||||||||
Net income | 991 | 27 | 72 | 72 | (45) | ||||||
Other comprehensive income (loss) | 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 |
Condensed Consolidated State_15
Condensed Consolidated Statements of Income (Unaudited) - GAS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Total operating revenues | $ 6,648 | $ 5,910 |
Operating Expenses: | ||
Other operations and maintenance | 1,516 | 1,372 |
Depreciation and amortization | 892 | 871 |
Taxes other than income taxes | 372 | 345 |
Total operating expenses | 5,264 | 4,312 |
Operating Income | 1,384 | 1,598 |
Other Income and (Expense): | ||
Earnings from equity method investments | 46 | 45 |
Interest expense, net of amounts capitalized | (462) | (450) |
Other income (expense), net | 145 | 58 |
Total other income and (expense) | (220) | (301) |
Earnings Before Income Taxes | 1,164 | 1,297 |
Income taxes (benefit) | 173 | 190 |
Consolidated Net Income | 991 | 1,107 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Operating Revenues: | ||
Total operating revenues | 664 | 545 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 177 | 170 |
Natural Gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,694 |
Natural gas | ||
Operating Expenses: | ||
Less Gross Gas Costs | 1,095 | 583 |
Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | 0 | 2 |
Other revenues | ||
Operating Revenues: | ||
Total operating revenues | 136 | 159 |
Operating Expenses: | ||
Less Gross Gas Costs | 69 | 82 |
SOUTHERN Co GAS | ||
Operating Revenues: | ||
Total operating revenues | $ 2,058 | $ 1,694 |
Operating Expenses: | ||
Cost, Product and Service [Extensible Enumeration] | Natural gas | Natural gas |
Other operations and maintenance | $ 305 | $ 299 |
Depreciation and amortization | 137 | 130 |
Taxes other than income taxes | 100 | 81 |
Total operating expenses | 1,637 | 1,093 |
Operating Income | 421 | 601 |
Other Income and (Expense): | ||
Earnings from equity method investments | 40 | 41 |
Interest expense, net of amounts capitalized | (61) | (60) |
Other income (expense), net | 16 | (63) |
Total other income and (expense) | (5) | (82) |
Earnings Before Income Taxes | 416 | 519 |
Income taxes (benefit) | 97 | 121 |
Consolidated Net Income | 319 | 398 |
SOUTHERN Co GAS | Natural gas | ||
Operating Revenues: | ||
Total operating revenues | 2,058 | 1,692 |
Operating Expenses: | ||
Less Gross Gas Costs | 1,095 | 583 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | $ 0 | $ 2 |
Condensed Consolidated State_16
Condensed Consolidated Statements of Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SOUTHERN Co GAS | ||
Revenue taxes collected | $ 71 | $ 54 |
Condensed Consolidated State_17
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 991 | $ 1,107 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 19 | (30) |
Reclassification adjustment for amounts included in net income, net of tax | 20 | 55 |
Total other comprehensive income | 42 | 28 |
Comprehensive Income | 1,033 | 1,135 |
SOUTHERN Co GAS | ||
Net income | 319 | 398 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 26 | 1 |
Reclassification adjustment for amounts included in net income, net of tax | (6) | 3 |
Total other comprehensive income | 20 | 4 |
Comprehensive Income | $ 339 | $ 402 |
Condensed Consolidated State_18
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in fair value, tax | $ 8 | $ (10) |
Qualifying hedges, reclassification adjustment, tax | 6 | 18 |
SOUTHERN Co GAS | ||
Changes in fair value, tax | 10 | 0 |
Qualifying hedges, reclassification adjustment, tax | $ (2) | $ 1 |
Condensed Consolidated State_19
Condensed Consolidated Statements of Cash Flows (Unaudited) - GAS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) | $ 991 | $ 1,107 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 989 | 964 |
Deferred income taxes | 40 | 140 |
Natural gas cost under recovery – long-term | 162 | (185) |
Other, net | 7 | 114 |
Changes in certain current assets and liabilities — | ||
-Receivables | (217) | 308 |
-Natural gas for sale, net of temporary LIFO liquidation | 450 | 456 |
-Natural gas cost under recovery | (40) | (487) |
-Other current assets | 87 | 90 |
-Accounts payable | 132 | (216) |
-Accrued taxes | (58) | (212) |
-Other current liabilities | 35 | (63) |
Net cash provided from operating activities | 1,592 | 1,242 |
Investing Activities: | ||
Property additions | (1,419) | (1,678) |
Cost of removal, net of salvage | (227) | (85) |
Change in construction payables, net | 23 | (116) |
Other investing activities | 110 | 45 |
Net cash used for investing activities | (1,555) | (2,243) |
Proceeds — | ||
Short-term borrowings | 850 | 325 |
Redemptions and repurchases — | ||
Short-term borrowings | (100) | (25) |
Payment of common stock dividends | (702) | (678) |
Net cash provided from (used for) financing activities | (193) | 1,734 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (156) | 733 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,829 | 1,068 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,673 | 1,801 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 515 | 519 |
Income taxes, net | (8) | (51) |
Noncash transactions — | ||
Accrued property additions at year-end | 863 | 872 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Net income (loss) | 319 | 398 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 137 | 130 |
Deferred income taxes | 5 | 160 |
Mark-to-market adjustments | (38) | 64 |
Natural gas cost under recovery – long-term | 162 | (185) |
Other, net | 41 | 5 |
Changes in certain current assets and liabilities — | ||
-Receivables | (115) | 74 |
-Natural gas for sale, net of temporary LIFO liquidation | 450 | 456 |
-Prepaid income taxes | 34 | (51) |
-Natural gas cost under recovery | (40) | (487) |
-Other current assets | 39 | 17 |
-Accounts payable | (23) | (7) |
-Accrued taxes | 54 | 10 |
-Other current liabilities | (1) | (34) |
Net cash provided from operating activities | 1,024 | 550 |
Investing Activities: | ||
Property additions | (247) | (251) |
Cost of removal, net of salvage | (20) | (16) |
Change in construction payables, net | (5) | (47) |
Other investing activities | 1 | 6 |
Net cash used for investing activities | (271) | (308) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (577) | (127) |
Proceeds — | ||
Short-term borrowings | 0 | 300 |
Redemptions and repurchases — | ||
Short-term borrowings | (100) | 0 |
Medium-term notes | 0 | (30) |
Capital contributions from parent company | 39 | 39 |
Payment of common stock dividends | (130) | (132) |
Net cash provided from (used for) financing activities | (768) | 50 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (15) | 292 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 48 | 19 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 33 | 311 |
Supplemental Cash Flow Information: | ||
Interest, net of amounts capitalized | 55 | 52 |
Income taxes, net | 0 | (1) |
Noncash transactions — | ||
Accrued property additions at year-end | $ 107 | $ 95 |
Condensed Consolidated State_20
Condensed Consolidated Statements of Cash Flows (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash paid for capitalized interest | $ 23 | $ 21 |
SOUTHERN Co GAS | ||
Net cash paid for capitalized interest | $ 2 | $ 2 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheets (Unaudited) - GAS - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,662 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,006 | 1,806 |
Unbilled revenues | 638 | 711 |
Other accounts and notes | 509 | 523 |
Accumulated provision for uncollectible accounts | (89) | (78) |
Natural gas for sale | 121 | 362 |
Prepaid expenses | 739 | 330 |
Assets from risk management activities, net of collateral | 405 | 151 |
Natural gas cost under recovery | 306 | 266 |
Other regulatory assets | 576 | 653 |
Other current assets | 201 | 231 |
Total current assets | 9,297 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 116,259 | 115,592 |
Less: Accumulated depreciation | 34,645 | 34,079 |
Plant in service, net of depreciation | 81,614 | 81,513 |
Construction work in progress | 9,337 | 8,771 |
Total property, plant, and equipment | 91,790 | 91,108 |
Other Property and Investments: | ||
Goodwill | 5,280 | 5,280 |
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Other intangible assets, net of amortization | 435 | 445 |
Miscellaneous property and investments | 633 | 653 |
Total other property and investments | 10,044 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,693 | 1,701 |
Prepaid pension costs | 1,772 | 1,657 |
Other regulatory assets, deferred | 5,372 | 5,577 |
Other deferred charges and assets | 1,898 | 1,776 |
Total deferred charges and other assets | 17,508 | 17,259 |
Total Assets | 128,639 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 1,193 | 2,157 |
Notes payable | 2,330 | 1,440 |
Accounts payable — | ||
Customer deposits | 454 | 479 |
Accrued interest | 404 | 533 |
Accrued compensation | 574 | 1,070 |
Other regulatory liabilities | 711 | 563 |
Other current liabilities | 1,105 | 872 |
Total current liabilities | 10,434 | 10,921 |
Long-term Debt | 50,633 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 9,506 | 8,862 |
Deferred credits related to income taxes | 5,365 | 5,401 |
Employee benefit obligations | 1,526 | 1,550 |
Operating lease obligations, deferred | 1,521 | 1,503 |
Other cost of removal obligations | 2,030 | 2,103 |
Other deferred credits and liabilities | 966 | 816 |
Total deferred credits and other liabilities | 34,652 | 33,926 |
Total Liabilities | 95,719 | 94,967 |
Common Stockholder's Equity (See accompanying statements) | 32,629 | 32,276 |
Total Liabilities and Stockholders' Equity | 128,639 | 127,534 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 31 | 45 |
Receivables — | ||
Customer accounts | 603 | 462 |
Unbilled revenues | 245 | 278 |
Other accounts and notes | 52 | 49 |
Accumulated provision for uncollectible accounts | (51) | (39) |
Natural gas for sale | 121 | 362 |
Prepaid expenses | 88 | 114 |
Assets from risk management activities, net of collateral | 53 | 33 |
Natural gas cost under recovery | 306 | 266 |
Other regulatory assets | 104 | 136 |
Other current assets | 47 | 49 |
Total current assets | 1,599 | 1,755 |
Property, Plant, and Equipment: | ||
In service | 19,035 | 18,880 |
Less: Accumulated depreciation | 5,159 | 5,067 |
Plant in service, net of depreciation | 13,876 | 13,813 |
Construction work in progress | 768 | 684 |
Total property, plant, and equipment | 14,644 | 14,497 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,178 | 1,173 |
Other intangible assets, net of amortization | 34 | 37 |
Miscellaneous property and investments | 19 | 19 |
Total other property and investments | 6,246 | 6,244 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 67 | 70 |
Prepaid pension costs | 183 | 175 |
Other regulatory assets, deferred | 508 | 689 |
Other deferred charges and assets | 130 | 130 |
Total deferred charges and other assets | 888 | 1,064 |
Total Assets | 23,377 | 23,560 |
Current Liabilities: | ||
Securities due within one year | 46 | 47 |
Notes payable | 532 | 1,209 |
Accounts payable — | ||
Affiliated | 40 | 58 |
Other | 349 | 361 |
Customer deposits | 72 | 95 |
Accrued taxes | 191 | 124 |
Accrued interest | 68 | 59 |
Accrued compensation | 66 | 110 |
Temporary LIFO liquidation | 209 | 0 |
Other regulatory liabilities | 72 | 8 |
Other current liabilities | 140 | 155 |
Total current liabilities | 1,785 | 2,226 |
Long-term Debt | 6,814 | 6,855 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,568 | 1,555 |
Deferred credits related to income taxes | 808 | 816 |
Employee benefit obligations | 168 | 176 |
Operating lease obligations, deferred | 58 | 59 |
Other cost of removal obligations | 1,692 | 1,683 |
Accrued environmental remediation | 189 | 197 |
Other deferred credits and liabilities | 120 | 77 |
Total deferred credits and other liabilities | 4,603 | 4,563 |
Total Liabilities | 13,202 | 13,644 |
Common Stockholder's Equity (See accompanying statements) | 10,175 | 9,916 |
Total Liabilities and Stockholders' Equity | $ 23,377 | $ 23,560 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheets (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other intangible assets, amortization | $ 317 | $ 307 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 148 | $ 145 |
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 GASPaid-In Capital | SOUTHERN Co GASRetained Earnings (Accumulated Deficit) | SOUTHERN Co GASAccumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 32,234 | $ 11,834 | $ 11,311 | $ (395) | $ 9,767 | $ 9,930 | $ (141) | $ (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,107 | 398 | 398 | |||||
Capital contributions from parent company | 57 | 57 | ||||||
Other comprehensive income (loss) | 28 | 28 | 4 | 4 | ||||
Cash dividends on common stock | (678) | (678) | (132) | (132) | ||||
Ending balance at Mar. 31, 2021 | 33,068 | 11,854 | 11,768 | (367) | 10,094 | 9,987 | 125 | (18) |
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] | ||||||||
Net income | 991 | 319 | 319 | |||||
Capital contributions from parent company | 50 | 50 | ||||||
Other comprehensive income (loss) | 42 | 42 | 20 | 20 | ||||
Cash dividends on common stock | (702) | (702) | (130) | (130) | ||||
Ending balance at Mar. 31, 2022 | $ 32,629 | $ 11,994 | $ 11,261 | $ (195) | $ 10,175 | $ 10,074 | $ 57 | $ 44 |
Introduction
Introduction | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2022 and 2021. 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. Goodwill and Other Intangible Assets Goodwill at March 31, 2022 and December 31, 2021 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 Goodwill is not amortized, but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if impairment indicators arise. Other intangible assets were as follows: At March 31, 2022 At December 31, 2021 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (152) $ 60 $ 212 $ (150) $ 62 Trade names 64 (41) 23 64 (38) 26 PPA fair value adjustments 390 (114) 276 390 (109) 281 Other 11 (10) 1 11 (10) 1 Total other intangible assets subject to amortization $ 677 $ (317) $ 360 $ 677 $ (307) $ 370 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 752 $ (317) $ 435 $ 752 $ (307) $ 445 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (114) $ 276 $ 390 $ (109) $ 281 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (132) $ 24 $ 156 $ (130) $ 26 Trade names 26 (16) 10 26 (15) 11 Total other intangible assets subject to amortization $ 182 $ (148) $ 34 $ 182 $ (145) $ 37 Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2022 (in millions) Southern Company (a) $ 10 Southern Power (b) 5 Southern Company Gas 3 (a) Includes $5 million 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 Southern Southern March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in millions) Cash and cash equivalents $ 1,662 $ 1,798 $ 130 $ 107 $ 31 $ 45 Restricted cash (a) : Other current assets 2 2 — — 2 2 Other deferred charges and assets 9 29 9 29 — — Total cash, cash equivalents, and restricted cash (b) $ 1,673 $ 1,829 $ 139 $ 135 $ 33 $ 48 (a) For Southern Power, restricted cash reflects $9 million and $10 million at March 31, 2022 and December 31, 2021, respectively, held to fund estimated construction completion costs at the Deuel Harvest wind facility and $19 million at December 31, 2021 related to tax equity contributions restricted until the Garland battery energy storage facility achieved final contracted capacity. For Southern Company Gas, reflects restricted cash held as 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 March 31, 2022 is expected to be restored prior to year end. Depreciation and Amortization See Note 5 to the financial statements under "Depreciation and Amortization – Southern Power" in Item 8 of the Form 10-K for additional information. Effective January 1, 2022, Southern Power revised the depreciable lives of its wind generating facilities from up to 30 years to up to 35 years. This revision resulted in an immaterial decrease in depreciation for the three months ended March 31, 2022 and is expected to result in an immaterial decrease in annual depreciation for 2022. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY MATTERS See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters. The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2022 and December 31, 2021 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, 2021 (in millions) Alabama Power Rate CNP Compliance Other regulatory assets, deferred $ 12 $ 16 Rate CNP PPA Other regulatory assets, deferred 84 84 Retail Energy Cost Recovery (*) Other regulatory assets, deferred 46 126 Georgia Power Fuel Cost Recovery Deferred under recovered fuel clause revenues $ 494 $ 410 Mississippi Power Fuel Cost Recovery Other customer accounts receivable $ 16 $ 4 Ad Valorem Tax Other regulatory assets, current 12 12 Other regulatory assets, deferred 33 37 Southern Company Gas Natural Gas Cost Recovery Natural gas cost under recovery $ 306 $ 266 Other regulatory assets, deferred 44 207 Other regulatory liabilities, current 13 — (*) In accordance with an Alabama PSC order issued on February 1, 2022, Alabama Power applied $126 million of its 2021 Rate RSE refund to reduce the Rate ECR under recovered balance. Alabama Power Certificate of Convenience and Necessity On March 25, 2022, the FERC approved Alabama Power's acquisition of the Calhoun Generating Station, which is expected to be completed by September 30, 2022. The completion of the acquisition remains subject to approval by the Alabama PSC. The ultimate outcome of this matter cannot be determined at this time. Georgia Power Rate Plan In 2020, the Georgia PSC denied a motion for reconsideration filed by the Sierra Club regarding the Georgia PSC's decision in the 2019 ARP allowing Georgia Power to recover compliance costs for CCR AROs. The Superior Court of Fulton County subsequently affirmed the Georgia PSC's decision and, in October 2021, the Georgia Court of Appeals affirmed the Superior Court of Fulton County's order. In December 2021, the Sierra Club filed a petition for writ of certiorari to the Georgia Supreme Court. The ultimate outcome of this matter cannot be determined at this time. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information regarding Georgia Power's AROs. Integrated Resource Plan In light of the ongoing supply chain challenges in the solar industry, Georgia Power amended the 970 MWs of utility-scale PPAs authorized in its 2019 Integrated Resource Plan to extend by one year the in-service dates for solar generation resources to the end of 2024. Nuclear Construction In 2009, the Georgia PSC certified construction of Plant Vogtle Units 3 and 4, in which Georgia Power holds a 45.7% ownership interest. In 2012, the NRC issued the related combined construction and operating licenses, which allowed full construction of the two AP1000 nuclear units (with electric generating capacity of approximately 1,100 MWs each) and related facilities to begin. Until March 2017, construction on Plant Vogtle Units 3 and 4 continued under the Vogtle 3 and 4 Agreement, which was a substantially fixed price agreement. In connection with the EPC Contractor's bankruptcy filing in March 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into several transitional arrangements to allow construction to continue. In July 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into the Vogtle Services Agreement, whereby Westinghouse provides facility design and engineering services, procurement and technical support, and staff augmentation on a time and materials cost basis. The Vogtle Services Agreement provides that it will continue until the start-up and testing of Plant Vogtle Units 3 and 4 are complete and electricity is generated and sold from both units. The Vogtle Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. In October 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, executed the Bechtel Agreement, a cost reimbursable plus fee arrangement, whereby Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, which is subject to adjustment based on Bechtel's performance against cost and schedule targets. Each Vogtle Owner is severally (not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to Bechtel under the Bechtel Agreement. The Vogtle Owners may terminate the Bechtel Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay amounts related to work performed prior to the termination (including the applicable portion of the base fee), certain termination-related costs, and, at certain stages of the work, the applicable portion of the at-risk fee. Bechtel may terminate the Bechtel Agreement under certain circumstances, including certain Vogtle Owner suspensions of work, certain breaches of the Bechtel Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for information on the Amended and Restated Loan Guarantee Agreement, including applicable covenants, events of default, 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 the end of the first quarter 2023 and the fourth quarter 2023, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 10,294 Construction contingency estimate 107 Total project capital cost forecast (a)(b) 10,401 Net investment at March 31, 2022 (b) (8,715) Remaining estimate to complete $ 1,686 (a) Includes approximately $590 million of costs that are not shared with the other Vogtle Owners and approximately $440 million of incremental costs under the cost-sharing and tender provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $377 million, of which $221 million had been accrued through March 31, 2022. (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 $3.4 billion, of which $3.0 billion had been incurred through March 31, 2022. As part of its ongoing processes, Southern Nuclear continues to evaluate cost and schedule forecasts on a regular basis to incorporate current information available, particularly in the areas of engineering support, commodity installation, system turnovers and related test results, and workforce statistics. Southern Nuclear establishes aggressive target values for monthly construction production and system turnover activities, which are reflected in the site work plans. 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 Fuel load for Unit 3 is projected during the third quarter or the fourth quarter 2022 with an in-service date projected during the fourth quarter 2022 or the first quarter 2023. Unit 3's projected schedule primarily depends on improvements in overall construction productivity and production levels, the volume and completion of construction remediation work, completion of work packages, including inspection records, and other documentation necessary to submit the remaining ITAACs and begin fuel load, the pace of system and area turnovers, and the progression of startup and other testing. An in-service date during the third quarter or the fourth quarter 2023 for Unit 4 is projected. Unit 4's projected schedule primarily depends on overall construction productivity and production levels improving as well as appropriate levels of craft laborers, particularly electricians and pipefitters, being added and maintained. Any further delays could result in later in-service dates. During the first quarter 2022, established construction contingency totaling $43 million was assigned to the base capital cost forecast for costs primarily associated with construction productivity, the pace of system turnovers, and support resources for Units 3 and 4. As Unit 3 completes system turnover from construction and moves to testing and transition to operations, ongoing and potential future challenges include construction productivity, completion of construction remediation work, completion of work packages, including inspection records, and other documentation necessary to submit the remaining ITAACs and begin fuel load, and final component and pre-operational tests. As Unit 4 progresses through construction and continues to transition into testing, ongoing and potential future challenges include the pace and quality of electrical installation; availability of craft and supervisory resources, including the temporary diversion of such resources to support Unit 3 construction efforts; the pace of work package closures and system turnovers; and the timeframe and duration of hot functional and other testing. As construction, including subcontract work, continues on both Units 3 and 4, ongoing or future challenges include management of contractors and vendors; subcontractor performance; supervision of craft labor and related productivity, particularly in the installation of electrical, mechanical, and instrumentation and controls commodities, ability to attract and retain craft labor, and/or related cost escalation; and procurement and related installation. New challenges may arise, particularly as Units 3 and 4 move into initial 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). The ongoing and potential future challenges described above may change the projected schedule and estimated cost. There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4 at the federal and state level and additional challenges may arise. In addition, certain license amendment requests have been filed and approved or are pending before the NRC. 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. In connection with the additional construction remediation work described above, Southern Nuclear reviewed the project's construction quality programs and, where needed, is implementing improvement plans consistent with these processes. On March 25, 2022, the NRC completed its follow-up inspection related to the November 2021 final significance report on its special inspection to review the root cause of this additional construction remediation work and the corresponding corrective action plans. The NRC closed the two white findings identified in November 2021 and returned Vogtle Unit 3 to the NRC's baseline inspection program. Various design and other licensing-based compliance matters, including the timely submittal by Southern Nuclear of the ITAAC documentation for each unit and the related reviews and approvals by the NRC necessary to support NRC authorization to load fuel, have arisen or may arise, which may result in additional license amendments or require other resolution. If any license amendment requests or other licensing-based compliance issues, including inspections and ITAACs, are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs. The ultimate outcome of these matters cannot be determined at this time. However, any extension of the in-service date beyond the first quarter 2023 for Unit 3 or the fourth quarter 2023 for Unit 4, including the current level of cost sharing described below, is estimated to result in additional base capital costs for Georgia Power of up to $60 million per month for Unit 3 and $40 million per month for Unit 4, as well as the related AFUDC and any additional related construction, support resources, or testing costs. While Georgia Power is not precluded from seeking retail recovery of any future capital cost forecast increase other than the amounts related to the cost-sharing and tender provisions of the joint ownership agreements described below, management will ultimately determine whether or not to seek recovery. Any further changes to the capital cost forecast that are not expected to be recoverable through regulated rates will be required to be charged to income and such charges could be material. Joint Owner Contracts In November 2017, the Vogtle Owners entered into an amendment to their joint ownership agreements for Plant Vogtle Units 3 and 4 to provide for, among other conditions, additional Vogtle Owner approval requirements. Effective in August 2018, the Vogtle Owners further amended the joint ownership agreements to clarify and provide procedures for certain provisions of the joint ownership agreements related to adverse events that require the vote of the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 to continue construction (as amended, and together with the November 2017 amendment, the Vogtle Joint Ownership Agreements). The Vogtle Joint Ownership Agreements also confirm that the Vogtle Owners' sole recourse against Georgia Power or Southern Nuclear for any action or inaction in connection with their performance as agent for the Vogtle Owners is limited to removal of Georgia Power and/or Southern Nuclear as agent, except in cases of willful misconduct. 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 must pay its proportionate share of qualifying construction costs for Plant Vogtle Units 3 and 4 based on its ownership percentage up to the estimated cost at completion (EAC) for Plant Vogtle Units 3 and 4 which formed the basis of Georgia Power's forecast of $8.4 billion in the nineteenth VCM plus $800 million; (ii) Georgia Power will be responsible for 55.7% of actual qualifying construction costs between $800 million and $1.6 billion over the EAC in the nineteenth VCM (resulting in $80 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 44.3% of such costs pro rata in accordance with their respective ownership interests; and (iii) Georgia Power will be responsible for 65.7% of qualifying construction costs between $1.6 billion and $2.1 billion over the EAC in the nineteenth VCM (resulting in a further $100 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 34.3% of such costs pro rata in accordance with their respective ownership interests. If the EAC is revised and exceeds the EAC in the nineteenth VCM by more than $2.1 billion, each of the other Vogtle Owners will have a one-time option at the time the project budget cost forecast is so revised to tender a portion of its ownership interest to Georgia Power in exchange for Georgia Power's agreement to pay 100% of such Vogtle Owner's remaining share of total construction costs in excess of the EAC in the nineteenth VCM plus $2.1 billion. For purposes of the foregoing provisions, qualifying construction costs will not include costs (i) resulting from force majeure events, including epidemics and quarantines, governmental actions or inactions (or significant delays associated with issuance of such actions) that affect the licensing, completion, start-up, operations, or financing of Plant Vogtle Units 3 and 4, administrative proceedings or litigation regarding ITAAC or other regulatory challenges to commencement of operation of Plant Vogtle Units 3 and 4, and changes in laws or regulations governing Plant Vogtle Units 3 and 4, (ii) legal fees and legal expenses incurred due to litigation with contractors or subcontractors that are not subsidiaries or affiliates of Southern Company, and (iii) additional costs caused by requests from the Vogtle Owners other than Georgia Power, except for the exercise of a right to vote granted under the Vogtle Joint Ownership Agreements, that increase costs by $100,000 or more. In addition, pursuant to the Global Amendments, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 must vote to continue construction if certain adverse events occur, including, among other events: (i) the bankruptcy of Toshiba; (ii) the termination or rejection in bankruptcy of certain agreements, including the Vogtle Services Agreement, the Bechtel Agreement, or the agency agreement with Southern Nuclear; (iii) Georgia Power's public announcement of its intention not to submit for rate recovery any portion of its investment in Plant Vogtle Units 3 and 4 or the Georgia PSC determines that any of Georgia Power's costs relating to the construction of Plant Vogtle Units 3 and 4 will not be recovered in retail rates, excluding any additional amounts paid by Georgia Power on behalf of the other Vogtle Owners pursuant to the Global Amendments described above and the first 6% of costs during any six-month VCM reporting period that are disallowed by the Georgia PSC for recovery, or for which Georgia Power elects not to seek cost recovery, through retail rates; and (iv) an incremental extension of one year or more 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. Effective February 25, 2022, all of the Vogtle Owners had voted to continue construction. Georgia Power and the other Vogtle Owners do 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. Based on the definition in the Global Amendments, Georgia Power believes the starting dollar amount is $18.38 billion and the current project capital cost forecast exceeds the cost-sharing provision threshold, but not the tender provision threshold. The other Vogtle Owners have notified Georgia Power that they believe the current project capital cost forecast exceeds the cost-sharing thresholds and triggers the tender provisions under the Global Amendments. Georgia Power recorded a pre-tax charge to income in the fourth quarter 2021 of approximately $440 million ($328 million after tax) associated with these cost-sharing and tender provisions, which is included in the total project capital cost forecast. Georgia Power may be required to record further pre-tax charges to income of up to approximately $460 million associated with these provisions based on the current project capital cost forecast. Georgia Power's incremental charges associated with these provisions, which relate to the other Vogtle Owners' share of costs, will not be recovered from retail customers. In October 2021, Georgia Power and the other Vogtle Owners entered into an agreement to clarify the process for the tender provisions of the Global Amendments to provide for a decision between 120 and 180 days after the tender option is triggered, which the other Vogtle Owners assert occurred on February 14, 2022. Georgia Power's ownership interest in Plant Vogtle Units 3 and 4 continues to be 45.7%; however, it could increase if one or more of the other Vogtle Owners exercise the option to tender a portion of their ownership interest to Georgia Power and require Georgia Power to pay 100% of the remaining share of the costs necessary to complete Plant Vogtle Units 3 and 4. Georgia Power's incremental ownership interest would be calculated and conveyed to Georgia Power after Plant Vogtle Units 3 and 4 are placed in service. The ultimate outcome of these matters cannot be determined at this time. Regulatory Matters In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4 with a certified capital cost of $4.418 billion. In addition, in 2009 the Georgia PSC approved inclusion of the Plant Vogtle Units 3 and 4 related CWIP accounts in rate base, and the State of Georgia enacted the Georgia Nuclear Energy Financing Act, which allows Georgia Power to recover financing costs for Plant Vogtle Units 3 and 4. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff up to the certified capital cost of $4.418 billion. At March 31, 2022, Georgia Power had recovered approximately $2.8 billion of financing costs. Financing costs related to capital costs above $4.418 billion are being recognized through AFUDC and are expected to be recovered through retail rates over the life of Plant Vogtle Units 3 and 4; however, Georgia Power is not recording AFUDC related to any capital costs in excess of the total deemed reasonable by the Georgia PSC (currently $7.3 billion) and not requested for rate recovery. In November 2021, the Georgia PSC approved Georgia Power's request to decrease the NCCR tariff by $78 million annually, effective January 1, 2022. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 of each year. In 2013, in connection with the eighth VCM report, the Georgia PSC approved a stipulation between Georgia Power and the staff of the Georgia PSC to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate in accordance with the 2009 certification order until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. In 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving certain prudency matters in connection with the fifteenth VCM report. In December 2017, the Georgia PSC voted to approve (and issued its related order on January 11, 2018) Georgia Power's seventeenth VCM report and modified the Vogtle Cost Settlement Agreement. The Vogtle Cost Settlement Agreement, as modified by the January 11, 2018 order, resolved the following regulatory matters related to Plant Vogtle Units 3 and 4: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report should be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement was reasonable and prudent and none of the $0.3 billion paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) (a) capital costs incurred up to $5.68 billion would be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, (b) Georgia Power would have the burden to show that any capital costs above $5.68 billion were prudent, and (c) a revised capital cost forecast of $7.3 billion (after reflecting the impact of payments received under the Guarantee Settlement Agreement and related customer refunds) was found reasonable; (iv) construction of Plant Vogtle Units 3 and 4 should be completed, with Southern Nuclear serving as project manager and Bechtel as primary contractor; (v) approved and deemed reasonable Georgia Power's revised schedule placing Plant Vogtle Units 3 and 4 in service in November 2021 and November 2022, respectively; (vi) confirmed that the revised cost forecast does not represent a cost cap and that a prudence proceeding on cost recovery will occur following Unit 4 fuel load, consistent with applicable Georgia law; (vii) reduced the ROE used to calculate the NCCR tariff (a) from 10.95% (the ROE rate setting point authorized by the Georgia PSC in the 2013 alternate rate plan) to 10.00% effective January 1, 2016, (b) from 10.00% to 8.30%, effective January 1, 2020, and (c) from 8.30% to 5.30%, effective January 1, 2021 (provided that the ROE in no case will be less than Georgia Power's average cost of long-term debt); (viii) reduced the ROE used for AFUDC equity for Plant Vogtle Units 3 and 4 from 10.00% to Georgia Power's average cost of long-term debt, effective January 1, 2018; and (ix) agreed that effective the first month after Unit 3 reaches commercial operation, retail base rates would be adjusted to include the costs related to Unit 3 and common facilities deemed prudent in the Vogtle Cost Settlement Agreement (see Note 2 to the financial statements under "Georgia Power – Plant Vogtle Unit 3 and Common Facilities Rate Proceeding" in Item 8 of the Form 10-K for additional information). The January 11, 2018 order also stated that if Plant Vogtle Units 3 and 4 are not commercially operational by June 1, 2021 and June 1, 2022, respectively, the ROE used to calculate the NCCR tariff will be further reduced by 10 basis points each month (but not lower than Georgia Power's average cost of long-term debt) until the respective Unit is commercially operational. The ROE reductions negatively impacted earnings by approximately $270 million in 2021 and are estimated to have negative earnings impacts of approximately $300 million and $265 million in 2022 and 2023, respectively. In its January 11, 2018 order, the Georgia PSC also stated if other conditions change and assumptions upon which Georgia Power's seventeenth VCM report are based do not materialize, the Georgia PSC reserved the right to reconsider the decision to continue construction. In the August 2021 order approving the twenty-fourth VCM report, the Georgia PSC approved a stipulation addressing the following matters: (i) beginning with its twenty-fifth VCM report, Georgia Power will continue to report to the Georgia PSC all costs incurred during the period for review and will request for approval costs up to the $7.3 billion determined to be reasonable in the Georgia PSC's seventeenth VCM order and (ii) Georgia Power will not seek rate recovery of the $0.7 billion increase to the base capital cost forecast included in the nineteenth VCM report and charged to income by Georgia Power in the second quarter 2018. In addition, the stipulation confirms Georgia Power may request verification and approval of costs above $7.3 billion for inclusion in rate base at a later time, but no earlier than the prudence review contemplated by the seventeenth VCM order described previously. The Georgia PSC has approved 25 VCM reports covering periods through June 30, 2021. These reports reflect total construction capital costs incurred of $7.9 billion (net of $1.7 billion of payments received under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds), of which the Georgia PSC has verified and approved $7.3 billion as described above. Georgia Power filed its twenty-sixth VCM report with the Georgia PSC on February 17, 2022, reflecting $584 million of additional construction capital costs incurred through December 31, 2021 and the total capital cost forecast described above. The ultimate outcome of these matters cannot be determined at this time. Mississippi Power Performance Evaluation Plan On March 15, 2022, Mississippi Power submitted its annual retail PEP filing for 2022 to the Mississippi PSC, which requested a 1.9%, or approximately $18 million, annual increase in revenues, primarily due to increases in investment, operations and maintenance expenses, and depreciation and amortization. In accordance with the PEP rate schedule, the rate increase became effective with the first billing cycle of April 2022, subject to refund. The related proceedings are expected to conclude in summer 2022; however, the ultimate outcome of this matter cannot be determined at this time. Ad Valorem Tax Adjustment On April 13, 2022, Mississippi Power submitted its annual ad valorem tax adjustment filing for 2022, which requested a $5 million annual increase in revenues. The ultimate outcome of this matter cannot be determined at this time. Southern Company Gas Infrastructure Replacement Programs and Capital Projects Capital expenditures incurred under specific infrastructure replacement programs and capital projects during the first three months of 2022 were as follows: Utility Program Three Months Ended March 31, 2022 (in millions) Nicor Gas Investing in Illinois $ 51 Virginia Natural Gas Steps to Advance Virginia's Energy 14 Atlanta Gas Light System Reinforcement Rider 14 Chattanooga Gas Pipeline Replacement Program 1 Total $ 80 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIESSee Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements. The Registrants believe the pending legal challenges discussed below have no merit; however, the ultimate outcome of these matters cannot be determined at this time. Southern Company In February 2017, Jean Vineyard and Judy Mesirov each filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of Georgia. Each of these lawsuits names as defendants Southern Company, certain of its directors, certain of its current and former officers, and certain former Mississippi Power officers. In 2017, these two shareholder derivative lawsuits were consolidated in the U.S. District Court for the Northern District of Georgia. The complaints allege that the defendants caused Southern Company to make false or misleading statements regarding the Kemper County energy facility cost and schedule. Further, the complaints allege that the defendants were unjustly enriched and caused the waste of corporate assets and also allege that the individual defendants violated their fiduciary duties. In May 2017, Helen E. Piper Survivor's Trust filed a shareholder derivative lawsuit in the Superior Court of Gwinnett County, Georgia that names as defendants Southern Company, certain of its directors, certain of its current and former officers, and certain former Mississippi Power officers. The complaint alleges that the individual defendants, among other things, breached their fiduciary duties in connection with schedule delays and cost overruns associated with the construction of the Kemper County energy facility. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper County energy facility schedule and cost and failed to implement necessary internal controls to prevent harm to Southern Company. In August 2019, the court granted a motion filed by the plaintiff in July 2019 to substitute a new named plaintiff, Martin J. Kobuck, in place of Helen E. Piper Survivor's Trust. The plaintiffs in each of these cases seek to recover, on behalf of Southern Company, unspecified actual damages and, on each plaintiff's own behalf, attorneys' fees and costs in bringing the lawsuit. The plaintiffs also seek certain changes to Southern Company's corporate governance and internal processes. On January 21, 2022, the plaintiffs in the federal court action filed a motion for preliminary approval of settlement, together with an executed stipulation of settlement, which applies to both actions. On March 11, 2022, the U.S. District Court for the Northern District of Georgia entered an order preliminarily approving the settlement. The proposed settlement consists of an aggregate payment by Southern Company's insurers of approximately $4.5 million for attorneys' fees and expenses, as well as adoption of various corporate governance reforms by Southern Company. The terms of the proposed settlement and the corporate governance reforms remain subject to final approval by the court. Georgia Power In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state law claims. This case has been ruled upon and appealed numerous times over the last several years. In 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. The amount of any possible losses cannot be estimated at this time because, among other factors, it is unknown whether any losses would be subject to recovery from any municipalities. In July 2020, a group of individual plaintiffs filed a complaint in the Superior Court of Fulton County, Georgia against Georgia Power alleging that releases from Plant Scherer have impacted groundwater, surface water, and air, resulting in alleged personal injuries and property damage. The plaintiffs seek an unspecified amount of monetary damages including punitive damages, a medical monitoring fund, and injunctive relief. Georgia Power has filed multiple motions to dismiss the complaint. In October 2021, three 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 seek an unspecified amount of monetary damages including punitive damages. In November 2021, Georgia Power filed a notice to remove the three cases pending in the Superior Court of Monroe County, Georgia to the U.S. District Court for the Middle District of Georgia. On February 7, 2022, four additional complaints were filed in the Superior Court of Monroe County, Georgia against Georgia Power seeking damages for alleged personal injuries or property damage. On March 9, 2022, Georgia Power filed a notice to remove the four cases pending in the Superior Court of Monroe 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 motions and entered final judgment in favor of Mississippi Power. In January 2021, the district court denied further motions by the plaintiffs to vacate the judgment and to file a revised second amended complaint. In February 2021, the plaintiffs filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit. On March 21, 2022, the U.S. Court of Appeals for the Fifth Circuit issued an opinion affirming the dismissal of the claims against the Mississippi PSC defendants but reversing the dismissal of the claims against Mississippi Power. The appellate court remanded the case to the U.S. District Court for the Southern District of Mississippi for further proceedings. The appellate court's decision is not final until the opportunity for rehearing en banc is resolved. An adverse outcome in this proceeding could have a material impact on Mississippi Power's financial statements. Environmental Remediation The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental remediation costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. Georgia Power's environmental remediation liability was $16 million and $17 million at March 31, 2022 and December 31, 2021, 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 $249 million at both March 31, 2022 and December 31, 2021 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers and Lease Income | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers and Lease Income | REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME Revenue from Contracts with Customers The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. See Note 1 to the financial statements under "Revenues" in Item 8 of the Form 10-K for additional information on the revenue policies of the Registrants. See "Lease Income" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2022 and 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2022 Operating revenues Retail electric revenues Residential $ 1,525 $ 634 $ 821 $ 70 $ — $ — Commercial 1,178 375 738 65 — — Industrial 727 323 334 70 — — Other 26 4 20 2 — — Total retail electric revenues 3,456 1,336 1,913 207 — — Natural gas distribution revenues Residential 1,016 — — — — 1,016 Commercial 270 — — — — 270 Transportation 337 — — — — 337 Industrial 32 — — — — 32 Other 129 — — — — 129 Total natural gas distribution revenues 1,784 — — — — 1,784 Wholesale electric revenues PPA energy revenues 342 59 32 3 251 — PPA capacity revenues 134 39 12 3 81 — Non-PPA revenues 58 64 9 102 73 — Total wholesale electric revenues 534 162 53 108 405 — Other natural gas revenues Gas marketing services 243 — — — — 243 Other natural gas revenues 16 — — — — 16 Total natural gas revenues 259 — — — — 259 Other revenues 225 48 95 9 8 — Total revenue from contracts with customers 6,258 1,546 2,061 324 413 2,043 Other revenue sources (a) 390 103 147 11 126 15 Total operating revenues $ 6,648 $ 1,649 $ 2,208 $ 335 $ 539 $ 2,058 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Operating revenues Retail electric revenues Residential $ 1,468 $ 628 $ 776 $ 64 $ — $ — Commercial 1,117 372 686 59 — — Industrial 668 320 284 64 — — Other 24 5 17 2 — — Total retail electric revenues 3,277 1,325 1,763 189 — — Natural gas distribution revenues Residential 614 — — — — 614 Commercial 170 — — — — 170 Transportation 288 — — — — 288 Industrial 16 — — — — 16 Other 97 — — — — 97 Total natural gas distribution revenues 1,185 — — — — 1,185 Wholesale electric revenues PPA energy revenues 212 43 13 4 156 — PPA capacity revenues 119 29 13 3 75 — Non-PPA revenues 67 32 9 88 61 — Total wholesale electric revenues 398 104 35 95 292 — Other natural gas revenues Wholesale gas services 1,590 — — — — 1,590 Gas marketing services 194 — — — — 194 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 1,791 — — — — 1,791 Other revenues 249 46 113 8 4 — Total revenue from contracts with customers 6,900 1,475 1,911 292 296 2,976 Other revenue sources (a) 1,306 84 59 15 144 1,014 Other adjustments (b) (2,296) — — — — (2,296) Total operating revenues $ 5,910 $ 1,559 $ 1,970 $ 307 $ 440 $ 1,694 (a) Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K and Note (L) under "Southern Company Gas" for information on the sale of Sequent and components of wholesale gas services' operating revenues, respectively. Contract Balances The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2022 and December 31, 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At March 31, 2022 $ 2,571 $ 616 $ 695 $ 85 $ 128 $ 865 At December 31, 2021 2,504 589 736 73 149 753 Contract Assets At March 31, 2022 $ 81 $ 2 $ 31 $ — $ — $ — At December 31, 2021 117 2 63 — 1 — Contract Liabilities At March 31, 2022 $ 72 $ 3 $ 13 $ 2 $ 1 $ — At December 31, 2021 57 4 14 — 1 — At March 31, 2022 and December 31, 2021, Georgia Power had contract assets primarily related 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 relate to cash collections recognized in advance of revenue for unregulated service agreements. Southern Company's unregulated distributed generation business had $47 million and $50 million of contract assets and $54 million and $39 million of contract liabilities at March 31, 2022 and December 31, 2021, respectively, for outstanding performance obligations. Revenues recognized in the three months ended March 31, 2022, which were included in contract liabilities at December 31, 2021, were immaterial for all Registrants. Remaining Performance Obligations The Subsidiary Registrants have long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For the traditional electric operating companies 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. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at March 31, 2022 are expected to be recognized as follows: 2022 (remaining) 2023 2024 2025 2026 Thereafter (in millions) Southern Company $ 529 $ 459 $ 351 $ 321 $ 307 $ 2,345 Alabama Power 24 24 7 5 — — Georgia Power 55 55 26 22 11 21 Southern Power 252 294 310 294 299 2,339 Revenue expected to be recognized for performance obligations remaining at March 31, 2022 w as immaterial for Mississippi Power and Southern Company Gas. Lease Income Lease income for the three months ended March 31, 2022 and 2021 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2022 Lease income - interest income on sales-type leases $ 6 $ — $ — $ 4 $ 2 $ — Lease income - operating leases 51 20 8 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 141 $ 20 $ 8 $ 4 $ 113 $ 9 For the Three Months Ended March 31, 2021 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 55 21 10 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 142 $ 21 $ 10 $ 3 $ 111 $ 9 Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income for Alabama Power and Southern Power is included in wholesale revenues. |
Consolidated Entities and Equit
Consolidated Entities and Equity Method Investments | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Consolidated Entities and Equity Method Investments | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTSSee Note 7 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Power Variable Interest Entities Southern Power has certain subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests. SP Solar and SP Wind At March 31, 2022 and December 31, 2021, SP Solar had total assets of $6.0 billion and $6.1 billion, respectively, total liabilities of $407 million and $408 million, respectively, and noncontrolling interests of $1.1 billion. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to Global Atlantic in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. At March 31, 2022 and December 31, 2021, SP Wind had total assets of $2.3 billion, total liabilities of $180 million and $130 million, respectively, and noncontrolling interests of $41 million. Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. Other Variable Interest Entities Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights. At March 31, 2022 and December 31, 2021, the other VIEs had total assets of $1.8 billion and $1.9 billion, respectively, total liabilities of $248 million and $263 million, respectively, and noncontrolling interests of $876 million and $886 million, respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent. Equity Method Investments At March 31, 2022 and December 31, 2021, Southern Power had equity method investments in wind and battery energy storage projects totaling $56 million and $86 million, respectively. Earnings (loss) from these investments were immaterial for both periods presented. During the first quarter 2022, Southern Power sold an equity method investment in a wind project and received proceeds of $31 million. The gain associated with the transaction was immaterial. Southern Company Gas Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments at March 31, 2022 and December 31, 2021 and related earnings from those investments for the three months ended March 31, 2022 and 2021 were as follows: Investment Balance March 31, 2022 December 31, 2021 (in millions) SNG $ 1,138 $ 1,129 Other (*) 40 44 Total $ 1,178 $ 1,173 (*) Balance at March 31, 2022 reflects a $4 million distribution from PennEast Pipeline. Three Months Ended March 31, Earnings from Equity Method Investments 2022 2021 (in millions) SNG $ 39 $ 38 Other (*) 1 3 Total $ 40 $ 41 (*) Earnings primarily result from AFUDC equity recorded by the project entity. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing | FINANCING Bank Credit Arrangements See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. At March 31, 2022, committed credit arrangements with banks were as follows: Expires Company 2022 2024 2025 2026 Total Unused Expires within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,998 $ — Alabama Power — 550 — 700 1,250 1,250 — Georgia Power — — — 1,750 1,750 1,726 — Mississippi Power — 150 125 — 275 255 — Southern Power (a) — — — 600 600 568 — Southern Company Gas (b) 250 — — 1,500 1,750 1,747 250 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 700 $ 125 $ 6,550 $ 7,655 $ 7,574 $ 280 (a) Does not include Southern Power Company's two $75 million continuing letter of credit facilities for standby letters of credit, expiring in 2023 and 2025, respectively, of which $11 million and $19 million, respectively, was unused at March 31, 2022. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the arrangement expiring in 2026 and all $250 million of the arrangement expiring in 2022. Southern Company Gas' committed credit arrangement expiring in 2026 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 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. As reflected in the table above, in March 2022, Mississippi Power amended and restated its $125 million revolving credit arrangement, which among other things, extended the maturity date from 2023 to 2025 and allows for borrowing based on term SOFR. Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder. These bank credit arrangements, as well as the term loan arrangements of the Registrants, Nicor Gas, and SEGCO, contain covenants that limit debt levels and contain cross-acceleration or, in the case of Southern Power, cross-default provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. Such cross-default provisions to other indebtedness would trigger an event of default if Southern Power defaulted on indebtedness or guarantee obligations over a specified threshold. Such cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At March 31, 2022, 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. Earnings per Share For Southern Company, the only differences in computing basic and diluted earnings per share are attributable to awards outstanding under stock-based compensation plans and the equity units issued in 2019. Earnings per share dilution resulting from stock-based compensation plans and the equity units issuance is determined using the treasury stock method. See Note 8 to the financial statements under "Equity Units" in Item 8 of the Form 10-K for information on the equity units and Note 12 to the financial statements in Item 8 of the Form 10-K for information on stock-based compensation plans. Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2022 2021 (in millions) As reported shares 1,063 1,060 Effect of stock-based compensation 6 6 Diluted shares 1,069 1,066 An immaterial number of stock-based compensation awards was not included in the diluted earnings per share calculation because the awards were anti-dilutive for the three months ended March 31, 2022 and 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Current and Deferred Income Taxes Tax Credit and Net Operating Loss Carryforwards The utilization of each Registrant's estimated tax credit and state net operating loss carryforwards and related valuation allowances could be impacted by numerous factors, including the acquisition of additional renewable projects, an increase in Georgia Power's ownership interest percentage in Plant Vogtle Units 3 and 4, the purchase of rights to additional PTCs of Plant Vogtle Units 3 and 4 pursuant to certain joint ownership agreements, changes in taxable income projections, and potential income tax rate changes. See Note (B) and Note 2 to the financial statements in Item 8 of the Form 10-K under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. Effective Tax Rate Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs primarily at Southern Power. Details of significant changes in the effective tax rate for the applicable Registrants are provided herein. Mississippi Power Mississippi Power's effective tax rate was 16.4% for the three months ended March 31, 2022 compared to 8.4% for the corresponding period in 2021. The effective tax rate increase was primarily due to a decrease in the flowback of excess deferred income taxes beginning in April 2021. Southern Power Southern Power's effective tax benefit rate was (80.0)% for the three months ended March 31, 2022 compared to (17.3)% for the corresponding period in 2021. The effective tax rate decrease was primarily due to lower pre-tax earnings and higher wind PTCs in 2022, partially offset by changes in state apportionment methodology resulting from tax legislation enacted by the State of Alabama in February 2021. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022. 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. During the first quarter 2022, the qualified pension plan achieved the predetermined funding threshold whereby the asset allocation was adjusted to invest a larger portion of the portfolio in fixed rate debt securities. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three months ended March 31, 2022 and 2021 are presented in the following tables. Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2022 Pension Plans Service cost $ 103 $ 25 $ 26 $ 4 $ 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 — — — — — 4 Net loss 60 16 18 3 1 2 Net periodic pension cost (income) $ (51) $ (12) $ (24) $ (3) $ 1 $ (1) Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 10 3 4 — — 1 Expected return on plan assets (20) (8) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ 1 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Pension Plans Service cost $ 109 $ 26 $ 28 $ 4 $ 2 $ 9 Interest cost 87 20 26 4 1 6 Expected return on plan assets (298) (72) (94) (14) (3) (21) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net loss 78 21 25 4 1 3 Net periodic pension cost (income) $ (24) $ (5) $ (15) $ (2) $ 1 $ — Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 8 2 3 — — 1 Expected return on plan assets (19) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS At March 31, 2022, 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 March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 74 $ 473 $ — $ — $ 547 Interest rate derivatives — 17 — — 17 Investments in trusts: (b)(c) Domestic equity 754 202 — — 956 Foreign equity 143 167 — — 310 U.S. Treasury and government agency securities — 290 — — 290 Municipal bonds — 53 — — 53 Pooled funds – fixed income — 10 — — 10 Corporate bonds 1 490 — — 491 Mortgage and asset backed securities — 88 — — 88 Private equity — — — 156 156 Cash and cash equivalents 3 — — — 3 Other 42 25 — — 67 Cash equivalents 1,182 17 — — 1,199 Other investments 9 32 — — 41 Total $ 2,208 $ 1,864 $ — $ 156 $ 4,228 Liabilities: Energy-related derivatives (a) $ 3 $ 7 $ — $ — $ 10 Interest rate derivatives — 139 — — 139 Foreign currency derivatives — 130 — — 130 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ 3 $ 289 $ 14 $ — $ 306 Fair Value Measurements Using: At March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 128 $ — $ — $ 128 Nuclear decommissioning trusts: (b) Domestic equity 452 193 — — 645 Foreign equity 143 — — — 143 U.S. Treasury and government agency securities — 21 — — 21 Municipal bonds — 2 — — 2 Corporate bonds 1 253 — — 254 Mortgage and asset backed securities — 20 — — 20 Private equity — — — 156 156 Other 14 — — — 14 Cash equivalents 1,129 17 — — 1,146 Other investments — 32 — — 32 Total $ 1,739 $ 666 $ — $ 156 $ 2,561 Liabilities: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Georgia Power Assets: Energy-related derivatives $ — $ 179 $ — $ — $ 179 Interest rate derivatives — 12 — — 12 Nuclear decommissioning trusts: (b)(c) Domestic equity 302 1 — — 303 Foreign equity — 165 — — 165 U.S. Treasury and government agency securities — 269 — — 269 Municipal bonds — 51 — — 51 Corporate bonds — 237 — — 237 Mortgage and asset backed securities — 68 — — 68 Other 28 25 — — 53 Total $ 330 $ 1,007 $ — $ — $ 1,337 Liabilities: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Fair Value Measurements Using: At March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 138 $ — $ — $ 138 Liabilities: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Southern Power Assets: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Liabilities: Foreign currency derivatives $ — $ 43 $ — $ — $ 43 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ — $ 56 $ 14 $ — $ 70 Southern Company Gas Assets: Energy-related derivatives (a) $ 74 $ 20 $ — $ — $ 94 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 2 — — 2 Pooled funds – fixed income — 10 — — 10 Cash equivalents 3 — — — 3 Total $ 77 $ 40 $ — $ — $ 117 Liabilities: Energy-related derivatives (a) $ 3 $ 1 $ — $ — $ 4 Interest rate derivatives — 36 — — 36 Total $ 3 $ 37 $ — $ — $ 40 (a) Excludes cash collateral of $36 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. At March 31, 2022, approximately $72 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2022 and 2021. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (in millions) Southern Company $ (150) $ 39 Alabama Power (67) 41 Georgia Power (83) (2) Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby it is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligations are categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. 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" include investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds. At March 31, 2022, the fair value measurements of private equity investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $156 million and unfunded commitments related to the private equity investments totaled $84 million. Private equity investments include high-quality private equity funds across several market sectors and funds that invest in real estate assets. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. At March 31, 2022, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) Long-term debt, including securities due within one year: Carrying amount $ 51.6 $ 9.8 $ 13.2 $ 1.5 $ 3.7 $ 6.9 Fair value 51.9 10.0 13.5 1.5 3.8 6.9 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043. The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Registrants. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
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. Prior to the sale of Sequent on July 1, 2021, Southern Company Gas' wholesale gas operations used various contracts in its commercial activities that generally met the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information regarding the sale of Sequent. 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 March 31, 2022, 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 (*) 279 2030 2025 Alabama Power 65 2025 — Georgia Power 75 2024 — Mississippi Power 71 2026 — Southern Power 4 2030 — Southern Company Gas (*) 64 2024 2025 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 66.2 million mmBtu and short natural gas positions of 2.6 million mmBtu at March 31, 2022, 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 18 million mmBtu for Southern Company, which includes 4 million mmBtu for Alabama Power, 6 million mmBtu for Georgia Power, 3 million mmBtu for Mississippi Power, and 5 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax gains expected to be reclassified from accumulated OCI to earnings for the 12-month period ending March 31, 2023 are $29 million for Southern Company, $26 million for Southern Company Gas, and immaterial for all other Registrants. 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 March 31, 2022, the following interest rate derivatives were outstanding: Notional Interest Weighted Hedge Fair Value Gain (Loss) at March 31, 2022 (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Georgia Power $ 200 1.87% — February 2032 $ 8 Georgia Power 100 2.27% — November 2051 4 Cash Flow Hedges of Existing Debt Southern Company parent 100 2.58% — April 2027 (1) Fair Value Hedges of Existing Debt Southern Company parent 400 1.75% 1-month LIBOR + 0.68% March 2028 (29) Southern Company parent 1,000 3.70% 1-month LIBOR + 2.36% April (69) Southern Company Gas 500 1.75% 1-month LIBOR + 0.38% January 2031 (35) Southern Company $ 2,300 $ (122) For cash flow hedge interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending March 31, 2023 total $(20) million for Southern Company and are immaterial for all other Registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2051 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 March 31, 2022, the following foreign currency derivatives were outstanding: Pay Notional Pay Receive Notional Receive Hedge Fair Value Gain (Loss) at March 31, 2022 (in millions) (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company parent $ 1,476 3.39% € 1,250 1.88% September 2027 $ (87) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ (24) Southern Power 564 3.78% 500 1.85% June 2026 (19) Southern Power total $ 1,241 € 1,100 $ (43) Southern Company $ 2,717 € 2,350 $ (130) The estimated pre-tax losses related to Southern Power's foreign currency derivatives accounted for as cash flow hedges expected to be reclassified from accumulated OCI to earnings for the 12-month period ending March 31, 2023 are $17 million. 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 March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 381 $ 1 $ 129 $ 30 Other deferred charges and assets/Other deferred credits and liabilities 116 6 72 6 Total derivatives designated as hedging instruments for regulatory purposes $ 497 $ 7 $ 201 $ 36 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 28 $ 2 $ 7 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 5 — 1 — Interest rate derivatives: Assets from risk management activities/Other current liabilities 17 3 19 — Other deferred charges and assets/Other deferred credits and liabilities — 136 — 29 Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 59 — 39 Other deferred charges and assets/Other deferred credits and liabilities — 71 — 40 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 50 $ 271 $ 27 $ 113 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 16 $ 2 $ 9 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 1 — 1 — Total derivatives not designated as hedging instruments $ 17 $ 2 $ 10 $ 4 Gross amounts recognized $ 564 $ 280 $ 238 $ 153 Gross amounts offset (a) (45) (9) (25) (28) Net amounts recognized in the Balance Sheets (b) $ 519 $ 271 $ 213 $ 125 At March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 87 $ — $ 30 $ 9 Other deferred charges and assets/Other deferred credits and liabilities 41 2 25 2 Total derivatives designated as hedging instruments for regulatory purposes $ 128 $ 2 $ 55 $ 11 Gross amounts offset (2) (2) (5) (5) Net amounts recognized in the Balance Sheets $ 126 $ — $ 50 $ 6 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 150 $ — $ 54 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 29 1 21 2 Total derivatives designated as hedging instruments for regulatory purposes $ 179 $ 1 $ 75 $ 8 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Assets from risk management activities/Other current liabilities $ 12 $ — $ — $ — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 12 $ — $ — $ — Gross amounts recognized $ 191 $ 1 $ 75 $ 8 Gross amounts offset (1) (1) (8) (8) Net amounts recognized in the Balance Sheets $ 190 $ — $ 67 $ — Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 94 $ — $ 30 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 44 2 26 2 Total derivatives designated as hedging instruments for regulatory purposes $ 138 $ 2 $ 56 $ 5 Gross amounts offset (2) (2) (4) (4) Net amounts recognized in the Balance Sheets $ 136 $ — $ 52 $ 1 At March 31, 2022 At December 31, 2021 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 $ 3 $ — $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities 3 — 1 — Foreign currency derivatives: Other current assets/Other current liabilities — 35 — 16 Other deferred charges and assets/Other deferred credits and liabilities — 8 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 6 $ 43 $ 3 $ 16 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 2 $ — $ 1 $ — Gross amounts recognized $ 8 $ 43 $ 4 $ 16 Gross amounts offset — — — — Net amounts recognized in the Balance Sheets $ 8 $ 43 $ 4 $ 16 At March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 49 $ 1 $ 15 $ 12 Other deferred charges and assets/Other deferred credits and liabilities 3 — — — Total derivatives designated as hedging instruments for regulatory purposes $ 52 $ 1 $ 15 $ 12 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 25 $ 2 $ 5 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 2 — — — Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities-current — — 6 — Other deferred charges and assets/Other deferred credits and liabilities — 36 — 6 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 27 $ 38 $ 11 $ 11 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 14 $ 1 $ 8 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 1 — 1 — Total derivatives not designated as hedging instruments $ 15 $ 1 $ 9 $ 4 Gross amounts recognized $ 94 $ 40 $ 35 $ 27 Gross amounts offset (a) (40) (4) (8) (11) Net amounts recognized in the Balance Sheets (b) $ 54 $ 36 $ 27 $ 16 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $36 million and $3 million at March 31, 2022 and December 31, 2021, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. Energy-related derivatives not designated as hedging instruments were immaterial for the traditional electric operating companies at March 31, 2022. There were no such instruments for the traditional electric operating companies at December 31, 2021. At March 31, 2022 and December 31, 2021, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At March 31, 2022: Energy-related derivatives: Other regulatory liabilities, current $ 353 $ 87 $ 150 $ 94 $ 22 Other regulatory liabilities, deferred 111 39 28 42 2 Total energy-related derivative gains (losses) $ 464 $ 126 $ 178 $ 136 $ 24 At December 31, 2021: Energy-related derivatives: Other regulatory assets, current $ (17) $ (6) $ — $ — $ (11) Other regulatory liabilities, current 107 28 48 27 4 Other regulatory liabilities, deferred 65 22 19 24 — Total energy-related derivative gains (losses) $ 155 $ 44 $ 67 $ 51 $ (7) For the three months ended March 31, 2022 and 2021, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2022 2021 (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ 42 $ 5 Interest rate derivatives 9 3 Foreign currency derivatives (28) (47) Fair value hedges (*) : Foreign currency derivatives 4 — Total $ 27 $ (39) Georgia Power Cash flow hedges: Interest rate derivatives $ 12 $ — Southern Power Cash flow hedges: Energy-related derivatives $ 5 $ 4 Foreign currency derivatives (28) (47) Total $ (23) $ (43) Southern Company Gas Cash flow hedges: Energy-related derivatives $ 37 $ 1 (*) 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 months ended March 31, 2022 and 2021, the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for the other Registrants. For the three months ended March 31, 2022 and 2021, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2022 2021 (in millions) Southern Company Total cost of natural gas $ 1,095 $ 583 Gain (loss) on energy-related cash flow hedges (a) 9 (3) Total depreciation and amortization 892 871 Gain (loss) on energy-related cash flow hedges (a) 2 3 Total interest expense, net of amounts capitalized (462) (450) Gain (loss) on interest rate cash flow hedges (a) (7) (7) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Gain (loss) on interest rate fair value hedges (b) (123) (10) Total other income (expense), net 145 58 Gain (loss) on foreign currency cash flow hedges (a)(c) (25) (60) Gain (loss) on foreign currency fair value hedges (24) — Amount excluded from effectiveness testing recognized in earnings (4) — Southern Power Total depreciation and amortization $ 120 $ 119 Gain (loss) on energy-related cash flow hedges (a) 2 3 Total interest expense, net of amounts capitalized (37) (38) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Total other income (expense), net 2 7 Gain (loss) on foreign currency cash flow hedges (a)(c) (25) (60) Southern Company Gas Total cost of natural gas $ 1,095 $ 583 Gain (loss) on energy-related cash flow hedges (a) 9 — Total interest expense, net of amounts capitalized (61) (60) Gain (loss) on interest rate cash flow hedges (a) (1) — Gain (loss) on interest rate fair value hedges (b) (36) — (a) Reclassified from accumulated OCI into earnings. (b) For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c) The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. For the three months ended March 31, 2022 and 2021, the pre-tax effects of cash flow and fair value hedge accounting on income for energy-related derivatives and interest rate derivatives were immaterial for the traditional electric operating companies. At March 31, 2022 and December 31, 2021, 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 March 31, 2022 At December 31, 2021 At March 31, 2022 At December 31, 2021 (in millions) (in millions) Southern Company Long-term debt $ (3,136) $ (3,280) $ 126 $ 9 Southern Company Gas Long-term debt $ (459) $ (493) $ 37 $ 2 For the three months ended March 31, 2022 and 2021, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2022 2021 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 2 $ (17) Cost of natural gas 21 7 Total derivatives in non-designated hedging relationships $ 23 $ (10) (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. For the three months ended March 31, 2022 and 2021, the pre-tax effects of interest rate derivatives not designated as hedging instruments were immaterial for Southern Company and Southern Company Gas and the pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for all 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. At March 31, 2022, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For the applicable Registrants, the fair value of interest rate and 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 March 31, 2022. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. Following the sale of Gulf Power to NextEra Energy, Inc., Gulf Power has continued participating in the Southern Company power pool; however, the parties currently expect this participation to end during the third quarter 2022. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivatives executed with the same counterparty. Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions and they may be required to post collateral based on the value of the positions in these accounts and the associated margin requirements. At March 31, 2022, cash collateral posted in these accounts was immaterial. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At March 31, 2022, cash collateral held on deposit in broker margin accounts was $36 million. The Registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The Registrants only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's and S&P or with counterparties who have posted collateral to cover potential credit exposure. The Registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk. Southern Company Gas uses established credit policies to determine and monitor the creditworthiness of counterparties, including requirements to post collateral or other credit security, as well as the quality of pledged collateral. Collateral or credit security is most often in the form of cash or letters of credit from an investment-grade financial institution, but may also include cash or U.S. government securities held by a trustee. Prior to entering a physical transaction, Southern Company Gas assigns its counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. Southern Company Gas utilizes netting agreements whenever possible to mitigate exposure to counterparty credit risk. Netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty across product lines and against cash collateral, provided the netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, counterparties are settled net, they are recorded on a gross basis on the balance sheet as energy marketing receivables and energy marketing payables. The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
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 Construction Projects During the three months ended March 31, 2022, Southern Power completed construction of and placed in service the remaining 40 MWs of the Tranquillity battery energy storage facility and the remaining 15 MWs of the Garland battery energy storage facility. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location COD PPA Contract Period Projects Completed During the Three Months Ended March 31, 2022 Garland Solar Storage (a) Battery energy storage system 88 Kern County, CA September 2021 through February 2022 (b) 20 years Tranquillity Solar Storage (a) Battery energy storage system 72 Fresno County, CA November 2021 through March 2022 (c) 20 years (a) Southern Power consolidates each project's operating results in its financial statements and the tax equity partner and two other partners each own a noncontrolling interest. (b) The facility has a total capacity of 88 MWs, of which 73 MWs were placed in service in 2021 and 15 MWs were placed in service in February 2022. (c) The facility has a total capacity of 72 MWs, of which 32 MWs were placed in service in 2021 and 40 MWs were placed in service in March 2022. |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2022 | |
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. Prior to the sale of Sequent on July 1, 2021, Southern Company Gas' other businesses also included wholesale gas 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 $105 million and $81 million for the three months ended March 31, 2022 and 2021, respectively. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies were immaterial for both periods presented. Revenues from sales of natural gas from Southern Company Gas to Southern Power were $12 million for the three months ended March 31, 2021, which represented sales from Sequent prior to its sale. 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 and, for the three months ended March 31, 2021, leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three months ended March 31, 2022 and 2021 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended March 31, 2022 Operating revenues $ 4,191 $ 539 $ (221) $ 4,509 $ 2,058 $ 123 $ (42) $ 6,648 Segment net income (loss) (a) 774 72 — 846 319 (125) (8) 1,032 At March 31, 2022 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 90,460 13,766 (627) 103,599 23,377 4,236 (2,573) 128,639 Three Months Ended March 31, 2021 Operating revenues $ 3,764 $ 440 $ (87) $ 4,117 $ 1,694 $ 134 $ (35) $ 5,910 Segment net income (loss) (a)(b)(c) 756 97 — 853 398 (108) (8) 1,135 At December 31, 2021 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 89,051 13,390 (667) 101,774 23,560 2,975 (775) 127,534 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes a pre-tax charge of $48 million ($36 million after tax) at Georgia Power for estimated losses associated with the construction of Plant Vogtle Units 3 and 4. 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 gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2022 $ 3,613 $ 664 $ 232 $ 4,509 Three Months Ended March 31, 2021 3,342 545 230 4,117 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2022 $ 1,791 $ — $ 243 $ 24 $ 2,058 Three Months Ended March 31, 2021 1,192 298 195 9 1,694 (*) Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein and Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. Southern Company Gas Southern Company Gas manages its business through three reportable segments – gas distribution operations, gas pipeline investments, and gas marketing services. Prior to the sale of Sequent on July 1, 2021, Southern Company Gas' reportable segments also included wholesale gas services. The non-reportable segments are combined and presented as all other. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information on the sale of Sequent. 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. Gas pipeline investments also includes a 20% ownership interest in the PennEast Pipeline project, which was cancelled in September 2021. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. Through July 1, 2021, wholesale gas services provided natural gas asset management and/or related logistics services for each of Southern Company Gas' utilities except Nicor Gas as well as for non-affiliated companies. Additionally, wholesale gas services engaged in natural gas storage and gas pipeline arbitrage and related activities. 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. Business segment financial data for the three months ended March 31, 2022 and 2021 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2022 Operating revenues $ 1,803 $ 8 $ — $ 243 $ 2,054 $ 16 $ (12) $ 2,058 Segment net income (loss) 214 29 — 66 309 10 — 319 Total assets at March 31, 2022 21,034 1,473 — 1,640 24,147 12,017 (12,787) 23,377 Three Months Ended March 31, 2021 Operating revenues $ 1,200 $ 8 $ 298 $ 195 $ 1,701 $ 7 $ (14) $ 1,694 Segment net income (loss) 183 29 126 56 394 4 — 398 Total assets at December 31, 2021 20,917 1,467 31 1,556 23,971 12,114 (12,525) 23,560 (*) As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment for the three months ended March 31, 2022. Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2021 $ 2,588 $ 63 $ 2,651 $ 2,353 $ 298 |
Introduction (Policies)
Introduction (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2022 and 2021. 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. |
Goodwill | Goodwill is not amortized, but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if 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. |
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. |
Derivatives | 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. Prior to the sale of Sequent on July 1, 2021, Southern Company Gas' wholesale gas operations used various contracts in its commercial activities that generally met the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information regarding the sale of Sequent. 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. |
Introduction (Tables)
Introduction (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Goodwill at March 31, 2022 and December 31, 2021 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows: At March 31, 2022 At December 31, 2021 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (152) $ 60 $ 212 $ (150) $ 62 Trade names 64 (41) 23 64 (38) 26 PPA fair value adjustments 390 (114) 276 390 (109) 281 Other 11 (10) 1 11 (10) 1 Total other intangible assets subject to amortization $ 677 $ (317) $ 360 $ 677 $ (307) $ 370 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 752 $ (317) $ 435 $ 752 $ (307) $ 445 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (114) $ 276 $ 390 $ (109) $ 281 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (132) $ 24 $ 156 $ (130) $ 26 Trade names 26 (16) 10 26 (15) 11 Total other intangible assets subject to amortization $ 182 $ (148) $ 34 $ 182 $ (145) $ 37 |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows: At March 31, 2022 At December 31, 2021 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (152) $ 60 $ 212 $ (150) $ 62 Trade names 64 (41) 23 64 (38) 26 PPA fair value adjustments 390 (114) 276 390 (109) 281 Other 11 (10) 1 11 (10) 1 Total other intangible assets subject to amortization $ 677 $ (317) $ 360 $ 677 $ (307) $ 370 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 752 $ (317) $ 435 $ 752 $ (307) $ 445 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (114) $ 276 $ 390 $ (109) $ 281 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (132) $ 24 $ 156 $ (130) $ 26 Trade names 26 (16) 10 26 (15) 11 Total other intangible assets subject to amortization $ 182 $ (148) $ 34 $ 182 $ (145) $ 37 |
Schedule of Amortization of Other Intangible Assets | Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2022 (in millions) Southern Company (a) $ 10 Southern Power (b) 5 Southern Company Gas 3 (a) Includes $5 million 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 Southern Southern March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in millions) Cash and cash equivalents $ 1,662 $ 1,798 $ 130 $ 107 $ 31 $ 45 Restricted cash (a) : Other current assets 2 2 — — 2 2 Other deferred charges and assets 9 29 9 29 — — Total cash, cash equivalents, and restricted cash (b) $ 1,673 $ 1,829 $ 139 $ 135 $ 33 $ 48 (a) For Southern Power, restricted cash reflects $9 million and $10 million at March 31, 2022 and December 31, 2021, respectively, held to fund estimated construction completion costs at the Deuel Harvest wind facility and $19 million at December 31, 2021 related to tax equity contributions restricted until the Garland battery energy storage facility achieved final contracted capacity. For Southern Company Gas, reflects restricted cash held as 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 Southern Southern March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in millions) Cash and cash equivalents $ 1,662 $ 1,798 $ 130 $ 107 $ 31 $ 45 Restricted cash (a) : Other current assets 2 2 — — 2 2 Other deferred charges and assets 9 29 9 29 — — Total cash, cash equivalents, and restricted cash (b) $ 1,673 $ 1,829 $ 139 $ 135 $ 33 $ 48 (a) For Southern Power, restricted cash reflects $9 million and $10 million at March 31, 2022 and December 31, 2021, respectively, held to fund estimated construction completion costs at the Deuel Harvest wind facility and $19 million at December 31, 2021 related to tax equity contributions restricted until the Garland battery energy storage facility achieved final contracted capacity. For Southern Company Gas, reflects restricted cash held as collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may not add due to rounding. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Cost Recovery Clauses | The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2022 and December 31, 2021 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, 2021 (in millions) Alabama Power Rate CNP Compliance Other regulatory assets, deferred $ 12 $ 16 Rate CNP PPA Other regulatory assets, deferred 84 84 Retail Energy Cost Recovery (*) Other regulatory assets, deferred 46 126 Georgia Power Fuel Cost Recovery Deferred under recovered fuel clause revenues $ 494 $ 410 Mississippi Power Fuel Cost Recovery Other customer accounts receivable $ 16 $ 4 Ad Valorem Tax Other regulatory assets, current 12 12 Other regulatory assets, deferred 33 37 Southern Company Gas Natural Gas Cost Recovery Natural gas cost under recovery $ 306 $ 266 Other regulatory assets, deferred 44 207 Other regulatory liabilities, current 13 — (*) In accordance with an Alabama PSC order issued on February 1, 2022, Alabama Power applied $126 million of its 2021 Rate RSE refund to reduce the Rate ECR under recovered balance. |
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 the end of the first quarter 2023 and the fourth quarter 2023, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 10,294 Construction contingency estimate 107 Total project capital cost forecast (a)(b) 10,401 Net investment at March 31, 2022 (b) (8,715) Remaining estimate to complete $ 1,686 (a) Includes approximately $590 million of costs that are not shared with the other Vogtle Owners and approximately $440 million of incremental costs under the cost-sharing and tender provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $377 million, of which $221 million had been accrued through March 31, 2022. (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 three months of 2022 were as follows: Utility Program Three Months Ended March 31, 2022 (in millions) Nicor Gas Investing in Illinois $ 51 Virginia Natural Gas Steps to Advance Virginia's Energy 14 Atlanta Gas Light System Reinforcement Rider 14 Chattanooga Gas Pipeline Replacement Program 1 Total $ 80 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers and Lease Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2022 and 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2022 Operating revenues Retail electric revenues Residential $ 1,525 $ 634 $ 821 $ 70 $ — $ — Commercial 1,178 375 738 65 — — Industrial 727 323 334 70 — — Other 26 4 20 2 — — Total retail electric revenues 3,456 1,336 1,913 207 — — Natural gas distribution revenues Residential 1,016 — — — — 1,016 Commercial 270 — — — — 270 Transportation 337 — — — — 337 Industrial 32 — — — — 32 Other 129 — — — — 129 Total natural gas distribution revenues 1,784 — — — — 1,784 Wholesale electric revenues PPA energy revenues 342 59 32 3 251 — PPA capacity revenues 134 39 12 3 81 — Non-PPA revenues 58 64 9 102 73 — Total wholesale electric revenues 534 162 53 108 405 — Other natural gas revenues Gas marketing services 243 — — — — 243 Other natural gas revenues 16 — — — — 16 Total natural gas revenues 259 — — — — 259 Other revenues 225 48 95 9 8 — Total revenue from contracts with customers 6,258 1,546 2,061 324 413 2,043 Other revenue sources (a) 390 103 147 11 126 15 Total operating revenues $ 6,648 $ 1,649 $ 2,208 $ 335 $ 539 $ 2,058 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Operating revenues Retail electric revenues Residential $ 1,468 $ 628 $ 776 $ 64 $ — $ — Commercial 1,117 372 686 59 — — Industrial 668 320 284 64 — — Other 24 5 17 2 — — Total retail electric revenues 3,277 1,325 1,763 189 — — Natural gas distribution revenues Residential 614 — — — — 614 Commercial 170 — — — — 170 Transportation 288 — — — — 288 Industrial 16 — — — — 16 Other 97 — — — — 97 Total natural gas distribution revenues 1,185 — — — — 1,185 Wholesale electric revenues PPA energy revenues 212 43 13 4 156 — PPA capacity revenues 119 29 13 3 75 — Non-PPA revenues 67 32 9 88 61 — Total wholesale electric revenues 398 104 35 95 292 — Other natural gas revenues Wholesale gas services 1,590 — — — — 1,590 Gas marketing services 194 — — — — 194 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 1,791 — — — — 1,791 Other revenues 249 46 113 8 4 — Total revenue from contracts with customers 6,900 1,475 1,911 292 296 2,976 Other revenue sources (a) 1,306 84 59 15 144 1,014 Other adjustments (b) (2,296) — — — — (2,296) Total operating revenues $ 5,910 $ 1,559 $ 1,970 $ 307 $ 440 $ 1,694 (a) Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K and Note (L) under "Southern Company Gas" for information on the sale of Sequent and components of wholesale gas services' operating revenues, respectively. |
Schedule of Contract Balances | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2022 and December 31, 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At March 31, 2022 $ 2,571 $ 616 $ 695 $ 85 $ 128 $ 865 At December 31, 2021 2,504 589 736 73 149 753 Contract Assets At March 31, 2022 $ 81 $ 2 $ 31 $ — $ — $ — At December 31, 2021 117 2 63 — 1 — Contract Liabilities At March 31, 2022 $ 72 $ 3 $ 13 $ 2 $ 1 $ — At December 31, 2021 57 4 14 — 1 — |
Schedule of Remaining Performance Obligations | Revenues from contracts with customers related to these performance obligations remaining at March 31, 2022 are expected to be recognized as follows: 2022 (remaining) 2023 2024 2025 2026 Thereafter (in millions) Southern Company $ 529 $ 459 $ 351 $ 321 $ 307 $ 2,345 Alabama Power 24 24 7 5 — — Georgia Power 55 55 26 22 11 21 Southern Power 252 294 310 294 299 2,339 |
Schedule of Lease Income | Lease income for the three months ended March 31, 2022 and 2021 is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2022 Lease income - interest income on sales-type leases $ 6 $ — $ — $ 4 $ 2 $ — Lease income - operating leases 51 20 8 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 141 $ 20 $ 8 $ 4 $ 113 $ 9 For the Three Months Ended March 31, 2021 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 55 21 10 — 21 9 Variable lease income 84 — — — 90 — Total lease income $ 142 $ 21 $ 10 $ 3 $ 111 $ 9 |
Consolidated Entities and Equ_2
Consolidated Entities and Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Equity Method Investments | The carrying amounts of Southern Company Gas' equity method investments at March 31, 2022 and December 31, 2021 and related earnings from those investments for the three months ended March 31, 2022 and 2021 were as follows: Investment Balance March 31, 2022 December 31, 2021 (in millions) SNG $ 1,138 $ 1,129 Other (*) 40 44 Total $ 1,178 $ 1,173 (*) Balance at March 31, 2022 reflects a $4 million distribution from PennEast Pipeline. |
Schedule of Earnings (Loss) from Equity Method Investments | Three Months Ended March 31, Earnings from Equity Method Investments 2022 2021 (in millions) SNG $ 39 $ 38 Other (*) 1 3 Total $ 40 $ 41 (*) Earnings primarily result from AFUDC equity recorded by the project entity. |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Arrangements | At March 31, 2022, committed credit arrangements with banks were as follows: Expires Company 2022 2024 2025 2026 Total Unused Expires within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,998 $ — Alabama Power — 550 — 700 1,250 1,250 — Georgia Power — — — 1,750 1,750 1,726 — Mississippi Power — 150 125 — 275 255 — Southern Power (a) — — — 600 600 568 — Southern Company Gas (b) 250 — — 1,500 1,750 1,747 250 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 700 $ 125 $ 6,550 $ 7,655 $ 7,574 $ 280 (a) Does not include Southern Power Company's two $75 million continuing letter of credit facilities for standby letters of credit, expiring in 2023 and 2025, respectively, of which $11 million and $19 million, respectively, was unused at March 31, 2022. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the arrangement expiring in 2026 and all $250 million of the arrangement expiring in 2022. Southern Company Gas' committed credit arrangement expiring in 2026 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 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. |
Schedule of Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2022 2021 (in millions) As reported shares 1,063 1,060 Effect of stock-based compensation 6 6 Diluted shares 1,069 1,066 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2022 and 2021 are presented in the following tables. Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2022 Pension Plans Service cost $ 103 $ 25 $ 26 $ 4 $ 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 — — — — — 4 Net loss 60 16 18 3 1 2 Net periodic pension cost (income) $ (51) $ (12) $ (24) $ (3) $ 1 $ (1) Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 10 3 4 — — 1 Expected return on plan assets (20) (8) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ 1 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Three Months Ended March 31, 2021 Pension Plans Service cost $ 109 $ 26 $ 28 $ 4 $ 2 $ 9 Interest cost 87 20 26 4 1 6 Expected return on plan assets (298) (72) (94) (14) (3) (21) Amortization: Prior service costs — — — — — (1) Regulatory asset — — — — — 4 Net loss 78 21 25 4 1 3 Net periodic pension cost (income) $ (24) $ (5) $ (15) $ (2) $ 1 $ — Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ — Interest cost 8 2 3 — — 1 Expected return on plan assets (19) (7) (7) — — (2) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1) Net periodic postretirement benefit cost (income) $ (4) $ (4) $ (1) $ — $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | At March 31, 2022, 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 March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 74 $ 473 $ — $ — $ 547 Interest rate derivatives — 17 — — 17 Investments in trusts: (b)(c) Domestic equity 754 202 — — 956 Foreign equity 143 167 — — 310 U.S. Treasury and government agency securities — 290 — — 290 Municipal bonds — 53 — — 53 Pooled funds – fixed income — 10 — — 10 Corporate bonds 1 490 — — 491 Mortgage and asset backed securities — 88 — — 88 Private equity — — — 156 156 Cash and cash equivalents 3 — — — 3 Other 42 25 — — 67 Cash equivalents 1,182 17 — — 1,199 Other investments 9 32 — — 41 Total $ 2,208 $ 1,864 $ — $ 156 $ 4,228 Liabilities: Energy-related derivatives (a) $ 3 $ 7 $ — $ — $ 10 Interest rate derivatives — 139 — — 139 Foreign currency derivatives — 130 — — 130 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ 3 $ 289 $ 14 $ — $ 306 Fair Value Measurements Using: At March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 128 $ — $ — $ 128 Nuclear decommissioning trusts: (b) Domestic equity 452 193 — — 645 Foreign equity 143 — — — 143 U.S. Treasury and government agency securities — 21 — — 21 Municipal bonds — 2 — — 2 Corporate bonds 1 253 — — 254 Mortgage and asset backed securities — 20 — — 20 Private equity — — — 156 156 Other 14 — — — 14 Cash equivalents 1,129 17 — — 1,146 Other investments — 32 — — 32 Total $ 1,739 $ 666 $ — $ 156 $ 2,561 Liabilities: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Georgia Power Assets: Energy-related derivatives $ — $ 179 $ — $ — $ 179 Interest rate derivatives — 12 — — 12 Nuclear decommissioning trusts: (b)(c) Domestic equity 302 1 — — 303 Foreign equity — 165 — — 165 U.S. Treasury and government agency securities — 269 — — 269 Municipal bonds — 51 — — 51 Corporate bonds — 237 — — 237 Mortgage and asset backed securities — 68 — — 68 Other 28 25 — — 53 Total $ 330 $ 1,007 $ — $ — $ 1,337 Liabilities: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Fair Value Measurements Using: At March 31, 2022 Quoted Prices Significant Significant Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 138 $ — $ — $ 138 Liabilities: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Southern Power Assets: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Liabilities: Foreign currency derivatives $ — $ 43 $ — $ — $ 43 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ — $ 56 $ 14 $ — $ 70 Southern Company Gas Assets: Energy-related derivatives (a) $ 74 $ 20 $ — $ — $ 94 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 2 — — 2 Pooled funds – fixed income — 10 — — 10 Cash equivalents 3 — — — 3 Total $ 77 $ 40 $ — $ — $ 117 Liabilities: Energy-related derivatives (a) $ 3 $ 1 $ — $ — $ 4 Interest rate derivatives — 36 — — 36 Total $ 3 $ 37 $ — $ — $ 40 (a) Excludes cash collateral of $36 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. At March 31, 2022, approximately $72 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. |
Schedule of Increase (Decrease) In Fair Value Of Funds | The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2022 and 2021. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (in millions) Southern Company $ (150) $ 39 Alabama Power (67) 41 Georgia Power (83) (2) |
Schedule of Financial Instruments for which Carrying Amount Did Not Equal Fair Value | At March 31, 2022, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) Long-term debt, including securities due within one year: Carrying amount $ 51.6 $ 9.8 $ 13.2 $ 1.5 $ 3.7 $ 6.9 Fair value 51.9 10.0 13.5 1.5 3.8 6.9 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Energy-Related Derivatives | At March 31, 2022, 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 (*) 279 2030 2025 Alabama Power 65 2025 — Georgia Power 75 2024 — Mississippi Power 71 2026 — Southern Power 4 2030 — Southern Company Gas (*) 64 2024 2025 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 66.2 million mmBtu and short natural gas positions of 2.6 million mmBtu at March 31, 2022, which is also included in Southern Company's total volume. |
Schedule of Interest Rate Derivatives | At March 31, 2022, the following interest rate derivatives were outstanding: Notional Interest Weighted Hedge Fair Value Gain (Loss) at March 31, 2022 (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Georgia Power $ 200 1.87% — February 2032 $ 8 Georgia Power 100 2.27% — November 2051 4 Cash Flow Hedges of Existing Debt Southern Company parent 100 2.58% — April 2027 (1) Fair Value Hedges of Existing Debt Southern Company parent 400 1.75% 1-month LIBOR + 0.68% March 2028 (29) Southern Company parent 1,000 3.70% 1-month LIBOR + 2.36% April (69) Southern Company Gas 500 1.75% 1-month LIBOR + 0.38% January 2031 (35) Southern Company $ 2,300 $ (122) |
Schedule of Foreign Currency Derivatives | At March 31, 2022, the following foreign currency derivatives were outstanding: Pay Notional Pay Receive Notional Receive Hedge Fair Value Gain (Loss) at March 31, 2022 (in millions) (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company parent $ 1,476 3.39% € 1,250 1.88% September 2027 $ (87) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ (24) Southern Power 564 3.78% 500 1.85% June 2026 (19) Southern Power total $ 1,241 € 1,100 $ (43) Southern Company $ 2,717 € 2,350 $ (130) |
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 March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 381 $ 1 $ 129 $ 30 Other deferred charges and assets/Other deferred credits and liabilities 116 6 72 6 Total derivatives designated as hedging instruments for regulatory purposes $ 497 $ 7 $ 201 $ 36 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 28 $ 2 $ 7 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 5 — 1 — Interest rate derivatives: Assets from risk management activities/Other current liabilities 17 3 19 — Other deferred charges and assets/Other deferred credits and liabilities — 136 — 29 Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 59 — 39 Other deferred charges and assets/Other deferred credits and liabilities — 71 — 40 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 50 $ 271 $ 27 $ 113 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 16 $ 2 $ 9 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 1 — 1 — Total derivatives not designated as hedging instruments $ 17 $ 2 $ 10 $ 4 Gross amounts recognized $ 564 $ 280 $ 238 $ 153 Gross amounts offset (a) (45) (9) (25) (28) Net amounts recognized in the Balance Sheets (b) $ 519 $ 271 $ 213 $ 125 At March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 87 $ — $ 30 $ 9 Other deferred charges and assets/Other deferred credits and liabilities 41 2 25 2 Total derivatives designated as hedging instruments for regulatory purposes $ 128 $ 2 $ 55 $ 11 Gross amounts offset (2) (2) (5) (5) Net amounts recognized in the Balance Sheets $ 126 $ — $ 50 $ 6 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 150 $ — $ 54 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 29 1 21 2 Total derivatives designated as hedging instruments for regulatory purposes $ 179 $ 1 $ 75 $ 8 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Assets from risk management activities/Other current liabilities $ 12 $ — $ — $ — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 12 $ — $ — $ — Gross amounts recognized $ 191 $ 1 $ 75 $ 8 Gross amounts offset (1) (1) (8) (8) Net amounts recognized in the Balance Sheets $ 190 $ — $ 67 $ — Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 94 $ — $ 30 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 44 2 26 2 Total derivatives designated as hedging instruments for regulatory purposes $ 138 $ 2 $ 56 $ 5 Gross amounts offset (2) (2) (4) (4) Net amounts recognized in the Balance Sheets $ 136 $ — $ 52 $ 1 At March 31, 2022 At December 31, 2021 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 $ 3 $ — $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities 3 — 1 — Foreign currency derivatives: Other current assets/Other current liabilities — 35 — 16 Other deferred charges and assets/Other deferred credits and liabilities — 8 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 6 $ 43 $ 3 $ 16 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 2 $ — $ 1 $ — Gross amounts recognized $ 8 $ 43 $ 4 $ 16 Gross amounts offset — — — — Net amounts recognized in the Balance Sheets $ 8 $ 43 $ 4 $ 16 At March 31, 2022 At December 31, 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 49 $ 1 $ 15 $ 12 Other deferred charges and assets/Other deferred credits and liabilities 3 — — — Total derivatives designated as hedging instruments for regulatory purposes $ 52 $ 1 $ 15 $ 12 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 25 $ 2 $ 5 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 2 — — — Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities-current — — 6 — Other deferred charges and assets/Other deferred credits and liabilities — 36 — 6 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 27 $ 38 $ 11 $ 11 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Other current liabilities $ 14 $ 1 $ 8 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 1 — 1 — Total derivatives not designated as hedging instruments $ 15 $ 1 $ 9 $ 4 Gross amounts recognized $ 94 $ 40 $ 35 $ 27 Gross amounts offset (a) (40) (4) (8) (11) Net amounts recognized in the Balance Sheets (b) $ 54 $ 36 $ 27 $ 16 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $36 million and $3 million at March 31, 2022 and December 31, 2021, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. |
Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) | At March 31, 2022 and December 31, 2021, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At March 31, 2022: Energy-related derivatives: Other regulatory liabilities, current $ 353 $ 87 $ 150 $ 94 $ 22 Other regulatory liabilities, deferred 111 39 28 42 2 Total energy-related derivative gains (losses) $ 464 $ 126 $ 178 $ 136 $ 24 At December 31, 2021: Energy-related derivatives: Other regulatory assets, current $ (17) $ (6) $ — $ — $ (11) Other regulatory liabilities, current 107 28 48 27 4 Other regulatory liabilities, deferred 65 22 19 24 — Total energy-related derivative gains (losses) $ 155 $ 44 $ 67 $ 51 $ (7) |
Schedule of Pre-Tax Effects of Hedging on AOCI | For the three months ended March 31, 2022 and 2021, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2022 2021 (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ 42 $ 5 Interest rate derivatives 9 3 Foreign currency derivatives (28) (47) Fair value hedges (*) : Foreign currency derivatives 4 — Total $ 27 $ (39) Georgia Power Cash flow hedges: Interest rate derivatives $ 12 $ — Southern Power Cash flow hedges: Energy-related derivatives $ 5 $ 4 Foreign currency derivatives (28) (47) Total $ (23) $ (43) Southern Company Gas Cash flow hedges: Energy-related derivatives $ 37 $ 1 (*) 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 months ended March 31, 2022 and 2021, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2022 2021 (in millions) Southern Company Total cost of natural gas $ 1,095 $ 583 Gain (loss) on energy-related cash flow hedges (a) 9 (3) Total depreciation and amortization 892 871 Gain (loss) on energy-related cash flow hedges (a) 2 3 Total interest expense, net of amounts capitalized (462) (450) Gain (loss) on interest rate cash flow hedges (a) (7) (7) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Gain (loss) on interest rate fair value hedges (b) (123) (10) Total other income (expense), net 145 58 Gain (loss) on foreign currency cash flow hedges (a)(c) (25) (60) Gain (loss) on foreign currency fair value hedges (24) — Amount excluded from effectiveness testing recognized in earnings (4) — Southern Power Total depreciation and amortization $ 120 $ 119 Gain (loss) on energy-related cash flow hedges (a) 2 3 Total interest expense, net of amounts capitalized (37) (38) Gain (loss) on foreign currency cash flow hedges (a) (6) (6) Total other income (expense), net 2 7 Gain (loss) on foreign currency cash flow hedges (a)(c) (25) (60) Southern Company Gas Total cost of natural gas $ 1,095 $ 583 Gain (loss) on energy-related cash flow hedges (a) 9 — Total interest expense, net of amounts capitalized (61) (60) Gain (loss) on interest rate cash flow hedges (a) (1) — Gain (loss) on interest rate fair value hedges (b) (36) — (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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 At December 31, 2021 At March 31, 2022 At December 31, 2021 (in millions) (in millions) Southern Company Long-term debt $ (3,136) $ (3,280) $ 126 $ 9 Southern Company Gas Long-term debt $ (459) $ (493) $ 37 $ 2 |
Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income | For the three months ended March 31, 2022 and 2021, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2022 2021 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 2 $ (17) Cost of natural gas 21 7 Total derivatives in non-designated hedging relationships $ 23 $ (10) (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Construction Projects | Project Facility Resource Approximate Nameplate Capacity ( MW ) Location COD PPA Contract Period Projects Completed During the Three Months Ended March 31, 2022 Garland Solar Storage (a) Battery energy storage system 88 Kern County, CA September 2021 through February 2022 (b) 20 years Tranquillity Solar Storage (a) Battery energy storage system 72 Fresno County, CA November 2021 through March 2022 (c) 20 years (a) Southern Power consolidates each project's operating results in its financial statements and the tax equity partner and two other partners each own a noncontrolling interest. (b) The facility has a total capacity of 88 MWs, of which 73 MWs were placed in service in 2021 and 15 MWs were placed in service in February 2022. (c) The facility has a total capacity of 72 MWs, of which 32 MWs were placed in service in 2021 and 40 MWs were placed in service in March 2022. |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Business Segments | Financial data for business segments and products and services for the three months ended March 31, 2022 and 2021 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) Three Months Ended March 31, 2022 Operating revenues $ 4,191 $ 539 $ (221) $ 4,509 $ 2,058 $ 123 $ (42) $ 6,648 Segment net income (loss) (a) 774 72 — 846 319 (125) (8) 1,032 At March 31, 2022 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 90,460 13,766 (627) 103,599 23,377 4,236 (2,573) 128,639 Three Months Ended March 31, 2021 Operating revenues $ 3,764 $ 440 $ (87) $ 4,117 $ 1,694 $ 134 $ (35) $ 5,910 Segment net income (loss) (a)(b)(c) 756 97 — 853 398 (108) (8) 1,135 At December 31, 2021 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 89,051 13,390 (667) 101,774 23,560 2,975 (775) 127,534 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes a pre-tax charge of $48 million ($36 million after tax) at Georgia Power for estimated losses associated with the construction of Plant Vogtle Units 3 and 4. 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 gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information. Business segment financial data for the three months ended March 31, 2022 and 2021 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2022 Operating revenues $ 1,803 $ 8 $ — $ 243 $ 2,054 $ 16 $ (12) $ 2,058 Segment net income (loss) 214 29 — 66 309 10 — 319 Total assets at March 31, 2022 21,034 1,473 — 1,640 24,147 12,017 (12,787) 23,377 Three Months Ended March 31, 2021 Operating revenues $ 1,200 $ 8 $ 298 $ 195 $ 1,701 $ 7 $ (14) $ 1,694 Segment net income (loss) 183 29 126 56 394 4 — 398 Total assets at December 31, 2021 20,917 1,467 31 1,556 23,971 12,114 (12,525) 23,560 (*) As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment for the three months ended March 31, 2022. Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2021 $ 2,588 $ 63 $ 2,651 $ 2,353 $ 298 |
Schedule of Financial Data for Products and Services | Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2022 $ 3,613 $ 664 $ 232 $ 4,509 Three Months Ended March 31, 2021 3,342 545 230 4,117 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2022 $ 1,791 $ — $ 243 $ 24 $ 2,058 Three Months Ended March 31, 2021 1,192 298 195 9 1,694 (*) Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein and Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. |
Introduction - Schedule of Good
Introduction - Schedule of Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 5,280 | $ 5,280 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,015 | 5,015 |
SOUTHERN Co GAS | Gas distribution operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,034 | 4,034 |
SOUTHERN Co GAS | Gas marketing services | ||
Goodwill [Line Items] | ||
Goodwill | $ 981 | $ 981 |
Introduction - Schedule of Othe
Introduction - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | $ 677 | $ 677 |
Accumulated Amortization | (317) | (307) |
Other Intangible Assets, Net | 360 | 370 |
Other intangible assets not subject to amortization: | ||
Federal Communications Commission licenses | 75 | 75 |
Total other intangible assets | ||
Gross Carrying Amount | 752 | 752 |
Accumulated Amortization | (317) | (307) |
Other Intangible Assets, Net | 435 | 445 |
Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 212 | 212 |
Accumulated Amortization | (152) | (150) |
Other Intangible Assets, Net | 60 | 62 |
Total other intangible assets | ||
Accumulated Amortization | (152) | (150) |
Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (41) | (38) |
Other Intangible Assets, Net | 23 | 26 |
Total other intangible assets | ||
Accumulated Amortization | (41) | (38) |
PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (114) | (109) |
Other Intangible Assets, Net | 276 | 281 |
Total other intangible assets | ||
Accumulated Amortization | (114) | (109) |
Other | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 11 | 11 |
Accumulated Amortization | (10) | (10) |
Other Intangible Assets, Net | 1 | 1 |
Total other intangible assets | ||
Accumulated Amortization | (10) | (10) |
SOUTHERN POWER CO | ||
Other intangible assets subject to amortization: | ||
Accumulated Amortization | (114) | (109) |
Total other intangible assets | ||
Accumulated Amortization | (114) | (109) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (114) | (109) |
Other Intangible Assets, Net | 276 | 281 |
Total other intangible assets | ||
Accumulated Amortization | (114) | (109) |
SOUTHERN Co GAS | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 182 | 182 |
Accumulated Amortization | (148) | (145) |
Other Intangible Assets, Net | 34 | 37 |
Total other intangible assets | ||
Accumulated Amortization | (148) | (145) |
Other Intangible Assets, Net | 34 | 37 |
SOUTHERN Co GAS | Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (132) | (130) |
Other Intangible Assets, Net | 24 | 26 |
Total other intangible assets | ||
Accumulated Amortization | (132) | (130) |
SOUTHERN Co GAS | Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (16) | (15) |
Other Intangible Assets, Net | 10 | 11 |
Total other intangible assets | ||
Accumulated Amortization | $ (16) | $ (15) |
Introduction - Schedule of Amor
Introduction - Schedule of Amortization of Other Intangible Assets (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 10 |
Decrease in operating revenues | 5 |
SOUTHERN POWER CO | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 5 |
SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 3 |
Introduction - Schedule of Cash
Introduction - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,662 | $ 1,798 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 1,673 | 1,829 | $ 1,801 | $ 1,068 |
Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 2 | 2 | ||
Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 9 | 29 | ||
SOUTHERN POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 130 | 107 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 139 | 135 | 343 | 182 |
SOUTHERN POWER CO | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 0 | 0 | ||
SOUTHERN POWER CO | Other deferred charges and assets | ||||
Restricted cash: | ||||
Restricted cash | 9 | 29 | ||
SOUTHERN POWER CO | Tax Equity Contributions | Garland | ||||
Restricted cash: | ||||
Restricted cash | 19 | |||
SOUTHERN POWER CO | Estimated Construction Completion Costs | Deuel Harvest | ||||
Restricted cash: | ||||
Restricted cash | 9 | 10 | ||
SOUTHERN Co GAS | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 31 | 45 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 33 | 48 | $ 311 | $ 19 |
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 - Depreciation and
Introduction - Depreciation and Amortization (Details) | Jan. 01, 2022 | Dec. 31, 2021 |
Maximum | Wind Generating Facility | SOUTHERN POWER CO | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 35 years | 30 years |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Cost Recovery Clauses (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | $ 306 | $ 266 |
ALABAMA POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | 12 | 16 |
Rate CNP PPA | 84 | 84 |
Retail Energy Cost Recovery | 46 | 126 |
GEORGIA POWER CO | Other deferred charges and assets | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 494 | 410 |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 33 | 37 |
MISSISSIPPI POWER CO | Other customer accounts receivable | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 16 | 4 |
MISSISSIPPI POWER CO | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 12 | 12 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 306 | 266 |
SOUTHERN Co GAS | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 44 | 207 |
SOUTHERN Co GAS | Other regulatory assets, current | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | 306 | 266 |
SOUTHERN Co GAS | Other regulatory liabilities, current | ||
Loss Contingencies [Line Items] | ||
Natural gas cost under recovery | $ 13 | $ 0 |
Regulatory Matters - GPC Integr
Regulatory Matters - GPC Integrated Resource Plan (Details) - GEORGIA POWER CO | 3 Months Ended |
Mar. 31, 2022MW | |
Public Utilities, General Disclosures [Line Items] | |
Approved capacity increase (in MWs) | 970 |
Service date extension term | 1 year |
Regulatory Matters - GPC Nuclea
Regulatory Matters - GPC Nuclear Construction (Details) - GEORGIA POWER CO - Plant Vogtle Units 3 And 4 $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2012utilityMW | Aug. 31, 2018 | |
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 | $ 3,400 | ||
Estimated cost to complete, construction contingency estimate, financing costs, incurred to date | 3,000 | ||
Construction contingency estimate | 43 | ||
Base project capital cost forecast, monthly | 60 | ||
Monthly AFUDC | $ 40 | ||
Percentage of ownership interest required for voting for continuing construction | 90.00% | ||
Vogtle Owners | |||
Loss Contingencies [Line Items] | |||
Period of notice required in the event letters of credit are not renewed | 30 days | ||
Minimum | COVID-19 | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss, loss of productivity, term | 3 months | ||
Estimate of possible loss | $ 160 | ||
Maximum | COVID-19 | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss, loss of productivity, term | 4 months | ||
Estimate of possible loss | $ 200 |
Regulatory Matters - GPC Nucl_2
Regulatory Matters - GPC Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Loss Contingencies [Line Items] | |
Pre-tax charge to income | $ 440 |
Plant Vogtle Units 3 And 4 | |
Loss Contingencies [Line Items] | |
Base project capital cost forecast | 10,294 |
Construction contingency estimate | 107 |
Total project capital cost forecast | 10,401 |
Net investment as of end of the period | (8,715) |
Remaining estimate to complete | 1,686 |
Estimated cost to complete, costs not shared with other owners | 590 |
Expected capitalized costs | 377 |
Capitalized interest accrued | 221 |
Plant Vogtle Units 3 And 4 | Twenty Fifth Vogtle Construction Monitoring Report | |
Loss Contingencies [Line Items] | |
Guarantor obligations | 1,700 |
Customer refund | $ 188 |
Regulatory Matters - GPC Amendm
Regulatory Matters - GPC Amendments to the Vogtle Joint Ownership Agreements (Details) - Georgia Power - USD ($) $ in Thousands | Jan. 11, 2018 | Mar. 31, 2022 | Aug. 31, 2018 |
Public Utilities, General Disclosures [Line Items] | |||
Pre-tax charge to income | $ 440,000 | ||
After tax charge to income | 328,000 | ||
Plant Vogtle Units 3 And 4 | |||
Public Utilities, General Disclosures [Line Items] | |||
Production tax credits, aggregate purchase price, maximum | 300,000 | ||
Preliminary estimated cost to complete | 10,401,000 | ||
Additional construction capital costs | $ 3,300,000 | $ 460,000 | |
Remaining share of construction costs, agreement to pay, percentage | 100.00% | ||
Percentage of ownership interest required for voting for continuing construction | 90.00% | ||
Percentage of costs, disallowed for recovery | 6.00% | ||
Costs disallowed for recovery, period | 6 months | ||
Public utilities, extension project schedule, term | 1 year | ||
Estimated cost to complete, starting dollar amount | $ 18,380,000 | ||
Proportionate ownership share | 45.70% | ||
Plant Vogtle Units 3 And 4 | Vogtle Owners | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs | $ 100 | ||
Plant Vogtle Units 3 And 4 | Category I | |||
Public Utilities, General Disclosures [Line Items] | |||
Preliminary estimated cost to complete | 8,400,000 | ||
Additional construction capital costs, threshold | $ 800,000 | ||
Plant Vogtle Units 3 And 4 | Category II | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 55.70% | ||
Additional construction capital costs | $ 80,000 | ||
Plant Vogtle Units 3 And 4 | 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 | Category II | Minimum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 800,000 | ||
Plant Vogtle Units 3 And 4 | Category II | Maximum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 1,600,000 | ||
Plant Vogtle Units 3 And 4 | Category III | |||
Public Utilities, General Disclosures [Line Items] | |||
Percentage of construction costs, responsibility to pay | 65.70% | ||
Additional construction capital costs | $ 100,000 | ||
Plant Vogtle Units 3 And 4 | 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 | Category III | Minimum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 1,600,000 | ||
Plant Vogtle Units 3 And 4 | Category III | Maximum | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional construction capital costs, threshold | $ 2,100,000 |
Regulatory Matters - GPC Nucl_3
Regulatory Matters - GPC Nuclear Construction Regulatory Matters (Details) - Plant Vogtle Units 3 And 4 - Georgia Power $ in Millions | Feb. 17, 2022USD ($) | Jan. 01, 2022USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 11, 2018USD ($) | Jan. 01, 2016 | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($)report | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2009USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2013 |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Estimated in-service capital cost | $ 4,418 | |||||||||||||
Financing costs collected, net of tax | $ 2,800 | |||||||||||||
Requested decrease in tariff | $ 78 | |||||||||||||
Additional construction capital costs | $ 3,300 | $ 460 | ||||||||||||
Payments for contractor settlement agreement | 300 | |||||||||||||
Amendment to estimated in-service capital cost | $ 5,680 | |||||||||||||
Retail rate of return on common equity | 10.95% | |||||||||||||
Public utilities, approved return on equity percentage | 5.30% | 8.30% | 10.00% | |||||||||||
Public utilities, approved return on equity, monthly percentage decrease | 0.10% | |||||||||||||
Return on equity reduction, negative impact on earnings | $ 270 | |||||||||||||
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 | $ 584 | |||||||||||||
Scenario, Forecast | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Return on equity reduction, negative impact on earnings | $ 265 | $ 300 |
Regulatory Matters - MPC (Detai
Regulatory Matters - MPC (Details) - MISSISSIPPI POWER CO - USD ($) $ in Millions | Apr. 13, 2022 | Mar. 15, 2022 | Jun. 08, 2021 |
Loss Contingencies [Line Items] | |||
Approved rate increase, percentage | 1.90% | ||
Approved rate increase (decrease) | $ 18 | ||
Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Approved rate increase (decrease) | $ 5 |
Regulatory Matters - GAS Schedu
Regulatory Matters - GAS Schedule of Infrastructure Replacement Programs and Capital Projects (Details) - SOUTHERN Co GAS $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 80 |
Investing in Illinois | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 51 |
Steps to Advance Virginia's Energy | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 14 |
System Reinforcement Rider | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 14 |
Pipeline Replacement Program | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 1 |
Contingencies - General Litigat
Contingencies - General Litigation Matters (Details) - Pending Litigation $ in Millions | Mar. 11, 2022USD ($) | Feb. 07, 2022claim | Oct. 08, 2021claim | Mar. 31, 2019plaintiff | Dec. 31, 2018USD ($)plaintiffdefendant | Mar. 09, 2022claim | Dec. 31, 2017claim |
Shareholder Derivative Lawsuits | |||||||
Loss Contingencies [Line Items] | |||||||
Pending number of claims | 2 | ||||||
Settlement expense | $ | $ 4.5 | ||||||
GEORGIA POWER CO | Class Action Lawsuit | |||||||
Loss Contingencies [Line Items] | |||||||
Pending number of claims | 4 | ||||||
Complaints filed | 4 | 3 | |||||
MISSISSIPPI POWER CO | 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 |
Contingencies - Environmental R
Contingencies - Environmental Remediation (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
GEORGIA POWER CO | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 16 | $ 17 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 249 | $ 249 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers and Lease Income - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 6,258 | $ 6,900 |
Total operating revenues | 6,648 | 5,910 |
Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 3,613 | 3,342 |
Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,456 | 3,277 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,525 | 1,468 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,178 | 1,117 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 727 | 668 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 26 | 24 |
Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 2,058 | 1,694 |
Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,784 | 1,185 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,016 | 614 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 270 | 170 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 337 | 288 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 32 | 16 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 129 | 97 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 259 | 1,791 |
Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,590 | |
Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 243 | 194 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 16 | 7 |
Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 390 | 1,306 |
Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | (2,296) | |
Wholesale Electric | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 664 | 545 |
Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 534 | 398 |
PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 342 | 212 |
PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 134 | 119 |
Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 58 | 67 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 225 | 249 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,546 | 1,475 |
Total operating revenues | 1,649 | 1,559 |
ALABAMA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,379 | 1,352 |
ALABAMA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,336 | 1,325 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 634 | 628 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 375 | 372 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 323 | 320 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4 | 5 |
ALABAMA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
ALABAMA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ALABAMA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 103 | 84 |
ALABAMA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | |
ALABAMA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 162 | 104 |
ALABAMA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 59 | 43 |
ALABAMA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 39 | 29 |
ALABAMA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 64 | 32 |
ALABAMA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 48 | 46 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,061 | 1,911 |
Total operating revenues | 2,208 | 1,970 |
GEORGIA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 2,017 | 1,787 |
GEORGIA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,913 | 1,763 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 821 | 776 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 738 | 686 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 334 | 284 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 20 | 17 |
GEORGIA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
GEORGIA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
GEORGIA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 147 | 59 |
GEORGIA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | |
GEORGIA POWER CO | Wholesale Electric | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 66 | 43 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 53 | 35 |
GEORGIA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 32 | 13 |
GEORGIA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 12 | 13 |
GEORGIA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 9 | 9 |
GEORGIA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 95 | 113 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 324 | 292 |
Total operating revenues | 335 | 307 |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 217 | 204 |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 207 | 189 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 70 | 64 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 65 | 59 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 70 | 64 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2 | 2 |
MISSISSIPPI POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
MISSISSIPPI POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
MISSISSIPPI POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 11 | 15 |
MISSISSIPPI POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 108 | 95 |
MISSISSIPPI POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3 | 4 |
MISSISSIPPI POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3 | 3 |
MISSISSIPPI POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 102 | 88 |
MISSISSIPPI POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 9 | 8 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 413 | 296 |
Total operating revenues | 539 | 440 |
SOUTHERN POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
SOUTHERN POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 126 | 144 |
SOUTHERN POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 405 | 292 |
SOUTHERN POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 251 | 156 |
SOUTHERN POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 81 | 75 |
SOUTHERN POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 73 | 61 |
SOUTHERN POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 8 | 4 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,043 | 2,976 |
Total operating revenues | 2,058 | 1,694 |
SOUTHERN Co GAS | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,784 | 1,185 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,016 | 614 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 270 | 170 |
SOUTHERN Co GAS | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 337 | 288 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 32 | 16 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 129 | 97 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 259 | 1,791 |
SOUTHERN Co GAS | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,590 | |
SOUTHERN Co GAS | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 243 | 194 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 16 | 7 |
SOUTHERN Co GAS | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 15 | 1,014 |
SOUTHERN Co GAS | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | (2,296) | |
SOUTHERN Co GAS | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SOUTHERN Co GAS | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers and Lease Income - Schedule of Contract Balances (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | $ 2,571 | $ 2,504 |
Contract Assets | 81 | 117 |
Contract Liabilities | 72 | 57 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 616 | 589 |
Contract Assets | 2 | 2 |
Contract Liabilities | 3 | 4 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 695 | 736 |
Contract Assets | 31 | 63 |
Contract Liabilities | 13 | 14 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 85 | 73 |
Contract Assets | 0 | 0 |
Contract Liabilities | 2 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 128 | 149 |
Contract Assets | 0 | 1 |
Contract Liabilities | 1 | 1 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 865 | 753 |
Contract Assets | 0 | 0 |
Contract Liabilities | $ 0 | $ 0 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers and Lease Income - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 81 | $ 117 |
Contract liabilities | 72 | 57 |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 47 | 50 |
Contract liabilities | $ 54 | $ 39 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers and Lease Income - Schedule of Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 529 |
Performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 459 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 351 |
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 | $ 321 |
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 | $ 307 |
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 | $ 2,345 |
Performance obligation, expected timing of satisfaction | |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 3 months |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 7 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 5 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | 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 | |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 55 |
Performance obligation, expected timing of satisfaction | 3 months |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 55 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 26 |
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 | $ 22 |
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 | $ 11 |
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 | $ 21 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 252 |
Performance obligation, expected timing of satisfaction | 3 months |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 294 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 310 |
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 | $ 294 |
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 | $ 299 |
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 | $ 2,339 |
Performance obligation, expected timing of satisfaction |
Revenue from Contracts with C_7
Revenue from Contracts with Customers and Lease Income - Schedule of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | $ 6 | $ 3 |
Lease income - operating leases | 51 | 55 |
Variable lease income | 84 | 84 |
Total lease income | 141 | 142 |
ALABAMA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 20 | 21 |
Variable lease income | 0 | 0 |
Total lease income | 20 | 21 |
GEORGIA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 8 | 10 |
Variable lease income | 0 | 0 |
Total lease income | 8 | 10 |
MISSISSIPPI POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 4 | 3 |
Lease income - operating leases | 0 | 0 |
Variable lease income | 0 | 0 |
Total lease income | 4 | 3 |
SOUTHERN POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 2 | 0 |
Lease income - operating leases | 21 | 21 |
Variable lease income | 90 | 90 |
Total lease income | 113 | 111 |
SOUTHERN Co GAS | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 9 | 9 |
Variable lease income | 0 | 0 |
Total lease income | $ 9 | $ 9 |
Consolidated Entities and Equ_3
Consolidated Entities and Equity Method Investments - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)investor | Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 128,639 | $ 127,534 |
Liabilities | 95,719 | 94,967 |
Equity investments in unconsolidated subsidiaries | 1,293 | 1,282 |
Southern Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 13,766 | 13,390 |
Liabilities | 7,210 | 6,792 |
Equity investments in unconsolidated subsidiaries | 56 | 86 |
Proceeds from sale of equity method investments | $ 31 | |
SP Solar Holdings I, LP | Southern Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 67.00% | |
SP Solar Holdings I, LP | Global Atlantic | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 33.00% | |
Variable Interest Entity, Primary Beneficiary | SP Solar Holdings I, LP | Southern Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 6,000 | 6,100 |
Liabilities | 407 | 408 |
Noncontrolling interests related to other partners' interests | 1,100 | 1,100 |
Variable Interest Entity, Primary Beneficiary | SP Wind | Southern Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2,300 | 2,300 |
Liabilities | 180 | 130 |
Noncontrolling interests related to other partners' interests | $ 41 | 41 |
Distribution made to limited partner, cash distributions paid, percentage | 60.00% | |
Number of financial investors | investor | 3 | |
Variable Interest Entity, Primary Beneficiary | SP Wind | Financial Investors | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 40.00% | |
Variable Interest Entity, Primary Beneficiary | Other Variable Interest Entities | Southern Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 1,800 | 1,900 |
Liabilities | 248 | 263 |
Noncontrolling interests related to other partners' interests | $ 876 | $ 886 |
Consolidated Entities and Equ_4
Consolidated Entities and Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,293 | $ 1,282 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,178 | 1,173 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,138 | 1,129 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 40 | $ 44 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution | $ 4 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 46 | $ 45 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 40 | 41 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 39 | 38 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 1 | $ 3 |
Financing - Schedule of Credit
Financing - Schedule of Credit Arrangements (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)letter_of_credit | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | $ 280,000,000 |
Expires, 2024 | 700,000,000 |
Expires, 2025 | 125,000,000 |
Expires, 2026 | 6,550,000,000 |
Total | 7,655,000,000 |
Unused | 7,574,000,000 |
Expires within One Year | 280,000,000 |
Southern Company parent | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Expires, 2026 | 2,000,000,000 |
Total | 2,000,000,000 |
Unused | 1,998,000,000 |
Expires within One Year | 0 |
ALABAMA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2024 | 550,000,000 |
Expires, 2025 | 0 |
Expires, 2026 | 700,000,000 |
Total | 1,250,000,000 |
Unused | 1,250,000,000 |
Expires within One Year | 0 |
GEORGIA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Expires, 2026 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,726,000,000 |
Expires within One Year | 0 |
MISSISSIPPI POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2024 | 150,000,000 |
Expires, 2025 | 125,000,000 |
Expires, 2026 | 0 |
Total | 275,000,000 |
Unused | 255,000,000 |
Expires within One Year | 0 |
SOUTHERN POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Expires, 2026 | 600,000,000 |
Total | 600,000,000 |
Unused | 568,000,000 |
Expires within One Year | $ 0 |
Letter of credits not included | letter_of_credit | 2 |
SOUTHERN POWER CO | Continuing Letter of Credit Facility A | |
Line of Credit Facility [Line Items] | |
Expires, 2025 | $ 75,000,000 |
Unused | 11,000,000 |
Expires, 2023 | 75,000,000 |
SOUTHERN POWER CO | Continuing Letter of Credit Facility B | |
Line of Credit Facility [Line Items] | |
Unused | 19,000,000 |
SOUTHERN Co GAS | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 250,000,000 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Expires, 2026 | 1,500,000,000 |
Total | 1,750,000,000 |
Unused | 1,747,000,000 |
Expires within One Year | 250,000,000 |
SEGCO | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 30,000,000 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Expires, 2026 | 0 |
Total | 30,000,000 |
Unused | 30,000,000 |
Expires within One Year | 30,000,000 |
Southern Company Gas Capital | |
Line of Credit Facility [Line Items] | |
Expires, 2026 | 800,000,000 |
Nicor Gas | |
Line of Credit Facility [Line Items] | |
Expires, 2026 | $ 700,000,000 |
Financing - Narrative (Details)
Financing - Narrative (Details) | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 7,655,000,000 |
Variable rate pollution control revenue bonds outstanding | 1,500,000,000 |
MISSISSIPPI POWER CO | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | 275,000,000 |
Variable rate pollution control revenue bonds outstanding | 34,000,000 |
MISSISSIPPI POWER CO | Line of Credit | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | 125,000,000 |
ALABAMA POWER CO | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | 1,250,000,000 |
Variable rate pollution control revenue bonds outstanding | 789,000,000 |
GEORGIA POWER CO | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | 1,750,000,000 |
Variable rate pollution control revenue bonds outstanding | 672,000,000 |
Fixed rate pollution control revenue bonds outstanding | $ 330,000,000 |
Financing - Schedule of Shares
Financing - Schedule of Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
As reported shares (in shares) | 1,063 | 1,060 |
Effect of stock-based compensation (in shares) | 6 | 6 |
Diluted shares (in shares) | 1,069 | 1,066 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
MISSISSIPPI POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 16.40% | 8.40% |
SOUTHERN POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | (80.00%) | (17.30%) |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | |
Pension Plans and Postretirement Plans | ||
Service cost | 103,000,000 | $ 109,000,000 |
Interest cost | 102,000,000 | 87,000,000 |
Expected return on plan assets | (316,000,000) | (298,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 60,000,000 | 78,000,000 |
Net periodic pension cost (income) | (51,000,000) | (24,000,000) |
Pension Plans | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 25,000,000 | 26,000,000 |
Interest cost | 24,000,000 | 20,000,000 |
Expected return on plan assets | (77,000,000) | (72,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 16,000,000 | 21,000,000 |
Net periodic pension cost (income) | (12,000,000) | (5,000,000) |
Pension Plans | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 26,000,000 | 28,000,000 |
Interest cost | 31,000,000 | 26,000,000 |
Expected return on plan assets | (99,000,000) | (94,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 18,000,000 | 25,000,000 |
Net periodic pension cost (income) | (24,000,000) | (15,000,000) |
Pension Plans | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 4,000,000 | 4,000,000 |
Interest cost | 5,000,000 | 4,000,000 |
Expected return on plan assets | (15,000,000) | (14,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 3,000,000 | 4,000,000 |
Net periodic pension cost (income) | (3,000,000) | (2,000,000) |
Pension Plans | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 2,000,000 |
Interest cost | 2,000,000 | 1,000,000 |
Expected return on plan assets | (4,000,000) | (3,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 1,000,000 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 |
Pension Plans | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 9,000,000 | 9,000,000 |
Interest cost | 7,000,000 | 6,000,000 |
Expected return on plan assets | (22,000,000) | (21,000,000) |
Amortization: | ||
Prior service costs | (1,000,000) | (1,000,000) |
Regulatory asset | 4,000,000 | 4,000,000 |
Net (gain)/loss | 2,000,000 | 3,000,000 |
Net periodic pension cost (income) | (1,000,000) | 0 |
Postretirement Benefits | ||
Pension Plans and Postretirement Plans | ||
Service cost | 6,000,000 | 6,000,000 |
Interest cost | 10,000,000 | 8,000,000 |
Expected return on plan assets | (20,000,000) | (19,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | |
Net periodic pension cost (income) | (4,000,000) | (4,000,000) |
Postretirement Benefits | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 1,000,000 |
Interest cost | 3,000,000 | 2,000,000 |
Expected return on plan assets | (8,000,000) | (7,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | |
Net periodic pension cost (income) | (4,000,000) | (4,000,000) |
Postretirement Benefits | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 2,000,000 |
Interest cost | 4,000,000 | 3,000,000 |
Expected return on plan assets | (7,000,000) | (7,000,000) |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | |
Net periodic pension cost (income) | (1,000,000) | (1,000,000) |
Postretirement Benefits | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1,000,000 | 1,000,000 |
Expected return on plan assets | (2,000,000) | (2,000,000) |
Amortization: | ||
Regulatory asset | 2,000,000 | 2,000,000 |
Net (gain)/loss | (1,000,000) | |
Net periodic pension cost (income) | $ 1,000,000 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivatives | $ 519 | $ 213 |
Liabilities: | ||
Derivatives | 271 | 125 |
Other | 13 | |
Collateral already posted, assets, aggregate fair value | 36 | |
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 | 126 | 50 |
Liabilities: | ||
Derivatives | 0 | 6 |
GEORGIA POWER CO | ||
Assets: | ||
Derivatives | 190 | 67 |
Investments in trusts | 72 | |
Liabilities: | ||
Derivatives | 0 | 0 |
MISSISSIPPI POWER CO | ||
Assets: | ||
Derivatives | 136 | 52 |
Liabilities: | ||
Derivatives | 0 | 1 |
SOUTHERN POWER CO | ||
Assets: | ||
Derivatives | 8 | 4 |
Liabilities: | ||
Derivatives | 43 | 16 |
Other | 13 | |
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 | 54 | 27 |
Liabilities: | ||
Derivatives | 36 | 16 |
Total | ||
Collateral already posted, assets, aggregate fair value | 36 | $ 3 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 1,199 | |
Other investments | 41 | |
Total | 4,228 | |
Liabilities: | ||
Contingent consideration | 14 | |
Total | 306 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 1,182 | |
Other investments | 9 | |
Total | 2,208 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 3 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 17 | |
Other investments | 32 | |
Total | 1,864 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 289 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 0 | |
Liabilities: | ||
Contingent consideration | 14 | |
Total | 14 | |
Fair Value, Measurements, Recurring | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 156 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | ||
Assets: | ||
Derivatives | 547 | |
Liabilities: | ||
Derivatives | 10 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 74 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 473 | |
Liabilities: | ||
Derivatives | 7 | |
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 | ||
Assets: | ||
Derivatives | 17 | |
Liabilities: | ||
Derivatives | 139 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 17 | |
Liabilities: | ||
Derivatives | 139 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Investments in trusts | 956 | |
Fair Value, Measurements, Recurring | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 754 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 202 | |
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 | 310 | |
Fair Value, Measurements, Recurring | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 143 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 167 | |
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 | 290 | |
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 | 290 | |
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 | 53 | |
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 | 53 | |
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 | 10 | |
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 | 10 | |
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 | 491 | |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 490 | |
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 | 88 | |
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 | 88 | |
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 | 156 | |
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 | 156 | |
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 | 67 | |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 42 | |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 25 | |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Liabilities: | ||
Derivatives | 130 | |
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 | 130 | |
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 | 1,146 | |
Other investments | 32 | |
Total | 2,561 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 1,129 | |
Other investments | 0 | |
Total | 1,739 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 17 | |
Other investments | 32 | |
Total | 666 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 156 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 128 | |
Liabilities: | ||
Derivatives | 2 | |
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 | 128 | |
Liabilities: | ||
Derivatives | 2 | |
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 | 645 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 452 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 193 | |
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 | 143 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 143 | |
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 | 21 | |
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 | 21 | |
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 | 2 | |
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 | 2 | |
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 | 254 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 253 | |
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 | 20 | |
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 | 20 | |
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 | 156 | |
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 | 156 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 14 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 14 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | ||
Assets: | ||
Total | 1,337 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total | 330 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 1,007 | |
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 | 179 | |
Liabilities: | ||
Derivatives | 1 | |
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 | 179 | |
Liabilities: | ||
Derivatives | 1 | |
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 | Interest rate derivatives | ||
Assets: | ||
Derivatives | 12 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 12 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 303 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 302 | |
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 | 165 | |
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 | 165 | |
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 | 269 | |
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 | 269 | |
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 | 51 | |
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 | 51 | |
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 | 237 | |
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 | 237 | |
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 | 68 | |
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 | 68 | |
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 | 53 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 28 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 25 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 138 | |
Liabilities: | ||
Derivatives | 2 | |
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 | 138 | |
Liabilities: | ||
Derivatives | 2 | |
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 | ||
Liabilities: | ||
Contingent consideration | 14 | |
Total | 70 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Contingent consideration | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Contingent consideration | 0 | |
Total | 56 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Contingent consideration | 14 | |
Total | 14 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | ||
Liabilities: | ||
Derivatives | 43 | |
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 | 43 | |
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: | ||
Total | 117 | |
Liabilities: | ||
Total | 40 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total | 77 | |
Liabilities: | ||
Total | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 40 | |
Liabilities: | ||
Total | 37 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 0 | |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | ||
Assets: | ||
Derivatives | 94 | |
Liabilities: | ||
Derivatives | 4 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 74 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 20 | |
Liabilities: | ||
Derivatives | 1 | |
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 | 36 | |
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 | 36 | |
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 | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 8 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 2 | |
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 | 2 | |
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 | 10 | |
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 | 10 | |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (150) | $ 39 |
ALABAMA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | (67) | 41 |
GEORGIA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (83) | $ (2) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - ALABAMA POWER CO - Private equity $ in Millions | Mar. 31, 2022USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 156 |
Unfunded commitments | $ 84 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Mar. 31, 2022USD ($) |
Long-term debt, including securities due within one year: | |
Carrying amount | $ 51,600 |
Fair value | 51,900 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 9,800 |
Fair value | 10,000 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 13,200 |
Fair value | 13,500 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1,500 |
Fair value | 1,500 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 3,700 |
Fair value | 3,800 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 6,900 |
Fair value | $ 6,900 |
Derivatives - Schedule of Energ
Derivatives - Schedule of Energy-Related Derivatives (Details) - Energy-related, Natural Gas MMBTU in Millions | Mar. 31, 2022MMBTU |
Energy-related derivative contracts | |
Net Purchased mmBtu | 279 |
ALABAMA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 65 |
GEORGIA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 75 |
MISSISSIPPI POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 71 |
SOUTHERN POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 4 |
SOUTHERN Co GAS | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 64 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Long | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 66.2 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Short | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 2.6 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) MMBTU in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)MMBTU | Dec. 31, 2021USD ($) | |
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 18 | |
Collateral already posted, assets, aggregate fair value | $ 36,000,000 | |
Energy-related, Natural Gas | ||
Derivative [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | 29,000,000 | |
Interest rate derivatives | ||
Derivative [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (20,000,000) | |
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 | |
GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 6 | |
MISSISSIPPI POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 3 | |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 5 | |
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | $ 17,000,000 | |
Registrants | Derivative Counterparties | ||
Derivative [Line Items] | ||
Collateral already posted, assets, aggregate fair value | 0 | |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Collateral already posted, assets, aggregate fair value | 36,000,000 | $ 3,000,000 |
SOUTHERN Co GAS | Energy-related, Natural Gas | ||
Derivative [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 26,000,000 |
Derivatives - Schedule of Inter
Derivatives - Schedule of Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 2,300 |
Fair Value Gain (Loss) | (122) |
GEORGIA POWER CO | Cash Flow Hedges of Forecasted Debt | February 2032 | |
Derivative [Line Items] | |
Notional Amount | $ 200 |
Interest Rate Received | 1.87% |
Weighted Average Interest Rate Paid | 0.00% |
Fair Value Gain (Loss) | $ 8 |
GEORGIA POWER CO | Cash Flow Hedges of Forecasted Debt | November 2051 | |
Derivative [Line Items] | |
Notional Amount | $ 100 |
Interest Rate Received | 2.27% |
Weighted Average Interest Rate Paid | 0.00% |
Fair Value Gain (Loss) | $ 4 |
Southern Company parent | Cash Flow Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 100 |
Interest Rate Received | 2.58% |
Weighted Average Interest Rate Paid | 0.00% |
Fair Value Gain (Loss) | $ (1) |
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) | $ (29) |
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) | $ (69) |
SOUTHERN Co GAS | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 500 |
Interest Rate Received | 1.75% |
Fair Value Gain (Loss) | $ (35) |
London Interbank Offered Rate (LIBOR) | Southern Company parent | Fair Value Hedges of Existing Debt | March 2028 | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.68% |
London Interbank Offered Rate (LIBOR) | Southern Company parent | Fair Value Hedges of Existing Debt | April 2030 | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 2.36% |
London Interbank Offered Rate (LIBOR) | SOUTHERN Co GAS | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.38% |
Derivatives - Schedule of Forei
Derivatives - Schedule of Foreign Currency Derivatives (Details) - 3 months ended Mar. 31, 2022 - Foreign currency derivatives € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 2,717 | |
Receive Notional | € | € 2,350 | |
Fair Value Gain (Loss) | (130) | |
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) | $ (87) | |
Cash Flow Hedges of Existing Debt | SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Pay Notional | 1,241 | |
Receive Notional | € | 1,100 | |
Fair Value Gain (Loss) | (43) | |
Cash Flow Hedges of Existing Debt | SOUTHERN POWER CO | June 2022 | ||
Derivative [Line Items] | ||
Pay Notional | $ 677 | |
Pay Rate | 2.95% | |
Receive Notional | € | 600 | |
Receive Rate | 1.00% | |
Fair Value Gain (Loss) | $ (24) | |
Cash Flow Hedges of Existing Debt | SOUTHERN POWER CO | June 2026 | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | € 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) | $ (19) |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Category and Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | $ 564 | $ 238 |
Derivative asset, Gross amounts offset | (45) | (25) |
Derivative asset, net amounts recognized in the balance sheets | 519 | 213 |
Derivative liability, gross amount recognized | 280 | 153 |
Derivative liability, Gross amounts offset | (9) | (28) |
Derivative liability, net amounts recognized in the balance sheets | 271 | 125 |
Collateral already posted, assets, aggregate fair value | 36 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 17 | 10 |
Derivative liability, gross amount recognized | 2 | 4 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 16 | 9 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 4 |
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 |
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 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 497 | 201 |
Derivative liability, gross amount recognized | 7 | 36 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 381 | 129 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 30 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 116 | 72 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 6 | 6 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 50 | 27 |
Derivative liability, gross amount recognized | 271 | 113 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 28 | 7 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 5 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 5 | 1 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | 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 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 17 | 19 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 3 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | 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 | 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 | 136 | 29 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 59 | 39 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 71 | 40 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Gross amounts offset | (2) | (5) |
Derivative asset, net amounts recognized in the balance sheets | 126 | 50 |
Derivative liability, Gross amounts offset | (2) | (5) |
Derivative liability, net amounts recognized in the balance sheets | 0 | 6 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 128 | 55 |
Derivative liability, gross amount recognized | 2 | 11 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 87 | 30 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 9 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 41 | 25 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 2 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 191 | 75 |
Derivative asset, Gross amounts offset | (1) | (8) |
Derivative asset, net amounts recognized in the balance sheets | 190 | 67 |
Derivative liability, gross amount recognized | 1 | 8 |
Derivative liability, Gross amounts offset | (1) | (8) |
Derivative liability, net amounts recognized in the balance sheets | 0 | 0 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 179 | 75 |
Derivative liability, gross amount recognized | 1 | 8 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 150 | 54 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 6 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 29 | 21 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 2 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 12 | 0 |
Derivative liability, gross amount recognized | 0 | 0 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 12 | 0 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Gross amounts offset | (2) | (4) |
Derivative asset, net amounts recognized in the balance sheets | 136 | 52 |
Derivative liability, Gross amounts offset | (2) | (4) |
Derivative liability, net amounts recognized in the balance sheets | 0 | 1 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 138 | 56 |
Derivative liability, gross amount recognized | 2 | 5 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 94 | 30 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 3 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 44 | 26 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 2 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 8 | 4 |
Derivative asset, Gross amounts offset | 0 | 0 |
Derivative asset, net amounts recognized in the balance sheets | 8 | 4 |
Derivative liability, gross amount recognized | 43 | 16 |
Derivative liability, Gross amounts offset | 0 | 0 |
Derivative liability, net amounts recognized in the balance sheets | 43 | 16 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 2 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 6 | 3 |
Derivative liability, gross amount recognized | 43 | 16 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 3 | 2 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 3 | 1 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other 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 | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 35 | 16 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 8 | 0 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 94 | 35 |
Derivative asset, Gross amounts offset | (40) | (8) |
Derivative asset, net amounts recognized in the balance sheets | 54 | 27 |
Derivative liability, gross amount recognized | 40 | 27 |
Derivative liability, Gross amounts offset | (4) | (11) |
Derivative liability, net amounts recognized in the balance sheets | 36 | 16 |
Collateral already posted, assets, aggregate fair value | 36 | 3 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 15 | 9 |
Derivative liability, gross amount recognized | 1 | 4 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 14 | 8 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 4 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 1 | 1 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 52 | 15 |
Derivative liability, gross amount recognized | 1 | 12 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 49 | 15 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 1 | 12 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 3 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 27 | 11 |
Derivative liability, gross amount recognized | 38 | 11 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 25 | 5 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 2 | 5 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 2 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross amount recognized | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, gross amount recognized | 0 | 6 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | 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 | 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 | 36 | 6 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | 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 | $ 0 | $ 0 |
Derivatives - Schedule of Pre-t
Derivatives - Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) (Details) - Energy-related derivatives - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ 464 | $ 155 |
Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 353 | 107 |
Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 111 | 65 |
Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (17) | |
ALABAMA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 126 | 44 |
ALABAMA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 87 | 28 |
ALABAMA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 39 | 22 |
ALABAMA POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | (6) | |
GEORGIA POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 178 | 67 |
GEORGIA POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 150 | 48 |
GEORGIA POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 28 | 19 |
GEORGIA POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 0 | |
MISSISSIPPI POWER CO | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 136 | 51 |
MISSISSIPPI POWER CO | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 94 | 27 |
MISSISSIPPI POWER CO | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 42 | 24 |
MISSISSIPPI POWER CO | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 0 | |
SOUTHERN Co GAS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 24 | (7) |
SOUTHERN Co GAS | Other regulatory liabilities, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | 22 | 4 |
SOUTHERN Co GAS | Other regulatory liabilities, deferred | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ 2 | 0 |
SOUTHERN Co GAS | Other regulatory assets, current | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total energy-related derivative gains (losses) | $ (11) |
Derivatives - Schedule of Pre_2
Derivatives - Schedule of Pre-Tax Effects of Hedging on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | $ 27 | $ (39) |
Cash Flow Hedging | Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 42 | 5 |
Cash Flow Hedging | Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 9 | 3 |
Cash Flow Hedging | Foreign currency derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (28) | (47) |
Fair Value Hedging | Foreign currency derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 4 | 0 |
GEORGIA POWER CO | Cash Flow Hedging | Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 12 | 0 |
Southern Power | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (23) | (43) |
Southern Power | Cash Flow Hedging | Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | 5 | 4 |
Southern Power | Cash Flow Hedging | Foreign currency derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | (28) | (47) |
SOUTHERN Co GAS | Cash Flow Hedging | Energy-related derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative | $ 37 | $ 1 |
Derivatives - Schedule of Pre_3
Derivatives - Schedule of Pre-Tax Effects of Cash Flow and Fair Value Hedging on Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Depreciation and amortization | $ 892 | $ 871 |
Total interest expense, net of amounts capitalized | (462) | (450) |
Total other income (expense), net | 145 | 58 |
Natural gas | ||
Derivative [Line Items] | ||
Total cost of sales | 1,095 | 583 |
Other Income (Expense) | ||
Derivative [Line Items] | ||
Amount excluded from effectiveness testing recognized in earnings | (4) | 0 |
Cash Flow Hedging | Energy-related derivatives | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 9 | (3) |
Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 2 | 3 |
Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (7) | (7) |
Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (6) | (6) |
Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (25) | (60) |
Fair Value Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (123) | (10) |
Fair Value Hedging | Foreign currency derivatives | Other Income (Expense) | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (24) | 0 |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Depreciation and amortization | 120 | 119 |
Total interest expense, net of amounts capitalized | (37) | (38) |
Total other income (expense), net | 2 | 7 |
SOUTHERN POWER CO | Cash Flow Hedging | Energy-related derivatives | Depreciation and Amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 2 | 3 |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (6) | (6) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Other Income (Expense) | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (25) | (60) |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Depreciation and amortization | 137 | 130 |
Total interest expense, net of amounts capitalized | (61) | (60) |
Total other income (expense), net | 16 | (63) |
SOUTHERN Co GAS | Natural gas | ||
Derivative [Line Items] | ||
Total cost of sales | 1,095 | 583 |
SOUTHERN Co GAS | Cash Flow Hedging | Energy-related derivatives | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | 9 | 0 |
SOUTHERN Co GAS | Cash Flow Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | (1) | 0 |
SOUTHERN Co GAS | Fair Value Hedging | Interest rate derivatives | Interest Expense | ||
Derivative [Line Items] | ||
Gain (loss) on hedges | $ (36) | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (3,136) | $ (3,280) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 126 | 9 |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (459) | (493) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ 37 | $ 2 |
Derivatives - Schedule of Pre_4
Derivatives - Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income (Details) - Derivatives not designated as hedging instruments - Energy-related derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 23 | $ (10) |
Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 2 | (17) |
Cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 21 | $ 7 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Southern Power Narrative (Details) - SOUTHERN POWER CO - MW | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Tranquillity Solar Storage | ||||
Business Acquisition [Line Items] | ||||
Nameplate capacity placed in service (in MWs) | 40 | 40 | 32 | |
Garland Solar Storage | ||||
Business Acquisition [Line Items] | ||||
Nameplate capacity placed in service (in MWs) | 15 | 15 | 73 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Construction Projects (Details) - SOUTHERN POWER CO - MW | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Garland Solar Storage | ||||||
Business Acquisition [Line Items] | ||||||
Approximate Nameplate Capacity (MW) | 88 | 88 | 88 | |||
PPA Contract Period | 20 years | |||||
Nameplate capacity placed in service (in MWs) | 15 | 15 | 73 | |||
Tranquillity Solar Storage | ||||||
Business Acquisition [Line Items] | ||||||
Approximate Nameplate Capacity (MW) | 72 | 72 | 72 | |||
PPA Contract Period | 20 years | |||||
Nameplate capacity placed in service (in MWs) | 40 | 40 | 32 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)statesegment | Mar. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 3 | |
Operating revenues | $ 6,258 | $ 6,900 |
SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 413 | 296 |
SOUTHERN POWER CO | Traditional Electric Operating Companies | Wholesale revenues, affiliates | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 105 | 81 |
SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 4 | |
Operating revenues | $ 2,043 | 2,976 |
Number of reportable segments | segment | 3 | |
SOUTHERN Co GAS | SOUTHERN POWER CO | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 12 | |
Southern Natural Gas Company, LLC | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
Dalton Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
PennEast Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 20.00% |
Segment and Related Informati_4
Segment and Related Information - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 6,648 | $ 5,910 | |
Net income | 1,032 | 1,135 | |
Goodwill | 5,280 | $ 5,280 | |
Total assets | 128,639 | 127,534 | |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 | |
Gain on sale | 20 | 41 | |
GEORGIA POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,208 | 1,970 | |
Total assets | 49,206 | 48,461 | |
Estimated loss on Plant Vogtle Units 3 and 4 | 0 | 48 | |
Estimated loss on Plant Vogtle Units 3 and 4, net of tax | 36 | ||
SOUTHERN POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 539 | 440 | |
Segment net income (loss) | 72 | 97 | |
Total assets | 13,766 | 13,390 | |
Gain on sale | 2 | 39 | |
SOUTHERN POWER CO | Wind Generating Facility | |||
Segment Reporting Information [Line Items] | |||
Gain on sale | 37 | ||
Gain on sale, net of tax | 28 | ||
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,058 | 1,694 | |
Segment net income (loss) | 319 | 398 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 23,377 | 23,560 | |
Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 4,509 | 4,117 | |
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,058 | 1,694 | |
Gas distribution operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 4,034 | 4,034 | |
Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 298 | ||
Gas marketing services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 981 | 981 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,054 | 1,701 | |
Segment net income (loss) | 309 | 394 | |
Total assets | 24,147 | 23,971 | |
Operating Segments | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 4,509 | 4,117 | |
Net income | 846 | 853 | |
Goodwill | 2 | 2 | |
Total assets | 103,599 | 101,774 | |
Operating Segments | Traditional Electric Operating Companies | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 4,191 | 3,764 | |
Net income | 774 | 756 | |
Goodwill | 0 | 0 | |
Total assets | 90,460 | 89,051 | |
Operating Segments | SOUTHERN POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 539 | 440 | |
Net income | 72 | 97 | |
Goodwill | 2 | 2 | |
Total assets | 13,766 | 13,390 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,058 | 1,694 | |
Net income | 319 | 398 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 23,377 | 23,560 | |
Operating Segments | Gas distribution operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,803 | 1,200 | |
Segment net income (loss) | 214 | 183 | |
Total assets | 21,034 | 20,917 | |
Operating Segments | Gas Pipeline Investments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 8 | |
Segment net income (loss) | 29 | 29 | |
Total assets | 1,473 | 1,467 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 298 | |
Segment net income (loss) | 0 | 126 | |
Total assets | 0 | 31 | |
Operating Segments | Gas marketing services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 243 | 195 | |
Segment net income (loss) | 66 | 56 | |
Total assets | 1,640 | 1,556 | |
Operating Segments | All Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 123 | 134 | |
Net income | (125) | (108) | |
Goodwill | 263 | 263 | |
Total assets | 4,236 | 2,975 | |
Operating Segments | All Other | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 16 | 7 | |
Segment net income (loss) | 10 | 4 | |
Total assets | 12,017 | 12,114 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (42) | (35) | |
Net income | (8) | (8) | |
Goodwill | 0 | 0 | |
Total assets | (2,573) | (775) | |
Eliminations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (12) | (14) | |
Segment net income (loss) | 0 | 0 | |
Total assets | (12,787) | (12,525) | |
Eliminations | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (221) | (87) | |
Net income | 0 | $ 0 | |
Goodwill | 0 | 0 | |
Total assets | $ (627) | $ (667) |
Segment and Related Informati_5
Segment and Related Information - Schedule of Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||
Operating revenues | $ 6,648 | $ 5,910 |
Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,613 | 3,342 |
Wholesale Electric | ||
Concentration Risk [Line Items] | ||
Operating revenues | 664 | 545 |
Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 177 | 170 |
Other revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 136 | 159 |
Less Gross Gas Costs | 69 | 82 |
Natural Gas | ||
Concentration Risk [Line Items] | ||
Operating revenues | 2,058 | 1,694 |
Electric Utilities | ||
Concentration Risk [Line Items] | ||
Operating revenues | 4,509 | 4,117 |
Electric Utilities | Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,613 | 3,342 |
Electric Utilities | Wholesale Electric | ||
Concentration Risk [Line Items] | ||
Operating revenues | 664 | 545 |
Electric Utilities | Other Revenue | ||
Concentration Risk [Line Items] | ||
Operating revenues | 232 | 230 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 2,058 | 1,694 |
Southern Company Gas' Revenues | Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,791 | 1,192 |
Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 0 | 298 |
Southern Company Gas' Revenues | Gas marketing services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 243 | 195 |
Southern Company Gas' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 24 | 9 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | $ 2,058 | 1,694 |
Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 298 | |
Less Gross Gas Costs | 2,353 | |
Third Party Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 2,588 | |
Intercompany Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 63 | |
Total Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | $ 2,651 |