Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 75.8 | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,088,907,919 | ||
Documents Incorporated by Reference | Documents incorporated by reference: specified portions of The Southern Company's Definitive Proxy Statement on Schedule 14A relating to the 2023 Annual Meeting of Stockholders are incorporated by reference into PART III. Each of Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format specified in General Instructions I(2)(b), (c), and (d) of Form 10-K. This combined Form 10-K is separately filed by The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. | ||
Entity Central Index Key | 0000092122 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Common Stock, par value $5 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $5 per share | ||
Trading Symbol | SO | ||
Security Exchange Name | NYSE | ||
Series 2017B 5.25% Junior Subordinated Notes due 2077 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series 2017B 5.25% Junior Subordinated Notes due 2077 | ||
Trading Symbol | SOJC | ||
Security Exchange Name | NYSE | ||
Series 2020A 4.95% Junior Subordinated Notes due 2080 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series 2020A 4.95% Junior Subordinated Notes due 2080 | ||
Trading Symbol | SOJD | ||
Security Exchange Name | NYSE | ||
Series 2020C 4.20% Junior Subordinated Notes due 2060 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series 2020C 4.20% Junior Subordinated Notes due 2060 | ||
Trading Symbol | SOJE | ||
Security Exchange Name | NYSE | ||
Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081 | ||
Trading Symbol | SO 81 | ||
Security Exchange Name | NYSE | ||
Alabama Power | |||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,537,500 | ||
Entity Central Index Key | 0000003153 | ||
Georgia Power | |||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,261,500 | ||
Entity Central Index Key | 0000041091 | ||
Georgia Power | 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 | |||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,121,000 | ||
Entity Central Index Key | 0000066904 | ||
Southern Power | |||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,000 | ||
Entity Central Index Key | 0001160661 | ||
Southern Power | 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 Company 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 100 | ||
Entity Central Index Key | 0001004155 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Atlanta, Georgia |
Alabama Power | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Birmingham, Alabama |
Georgia Power | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Atlanta, Georgia |
Mississippi Power | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Atlanta, Georgia |
Southern Power | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Atlanta, Georgia |
Southern Company Gas | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Atlanta, Georgia |
Southern Natural Gas Company, LLC | |
Auditor [Line Items] | |
Auditor Name | BDO USA, LLP |
Auditor Firm ID | 243 |
Auditor Location | Houston, Texas |
Consolidated Statements of Inco
Consolidated Statements of Income - Southern - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Impairment charges | 251 | 2 | 0 |
Gain on dispositions, net | (57) | (186) | (65) |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating Income | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Allowance for equity funds used during construction | 224 | 190 | 149 |
Earnings from equity method investments | 151 | 76 | 153 |
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Impairment of leveraged leases | 0 | (7) | (206) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Net Income | 3,428 | 2,309 | 3,103 |
Dividends on preferred stock of subsidiaries | 11 | 15 | 15 |
Net loss attributable to noncontrolling interests | (107) | (99) | (31) |
Consolidated Net Income | $ 3,524 | $ 2,393 | $ 3,119 |
Earnings per share — | |||
Basic (in dollars per share) | $ 3.28 | $ 2.26 | $ 2.95 |
Diluted (in dollars per share) | $ 3.26 | $ 2.24 | $ 2.93 |
Average number of shares of common stock outstanding — (in millions) | |||
Basic (in shares) | 1,075 | 1,061 | 1,058 |
Diluted (in shares) | 1,081 | 1,068 | 1,065 |
Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | $ 18,197 | $ 14,852 | $ 13,643 |
Wholesale electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 3,641 | 2,455 | 1,945 |
Other electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 747 | 718 | 672 |
Natural Gas | |||
Operating Revenues: | |||
Total operating revenues | 5,962 | 4,380 | 3,434 |
Natural gas | |||
Operating Expenses: | |||
Cost of sales | 3,004 | 1,619 | 972 |
Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 732 | 708 | 681 |
Operating Expenses: | |||
Cost of sales | 396 | 357 | 327 |
Fuel | |||
Operating Expenses: | |||
Cost of sales | 6,835 | 4,010 | 2,967 |
Purchased power | |||
Operating Expenses: | |||
Cost of sales | $ 1,593 | $ 978 | $ 799 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Southern - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (60) | (49) | 10 |
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Pension and other postretirement benefit plans: | |||
Benefit plan net gain (loss), net of tax | 48 | 98 | (55) |
Reclassification adjustment for amounts included in net income, net of tax | 10 | 13 | 10 |
Total other comprehensive income (loss) | 71 | 158 | (75) |
Dividends on preferred stock of subsidiaries | 11 | 15 | 15 |
Comprehensive loss attributable to noncontrolling interests | (107) | (99) | (31) |
Comprehensive Income (Loss) Attributable to Parent | $ 3,595 | $ 2,551 | $ 3,044 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Southern (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Qualifying hedges, change in fair value, tax | $ (19) | $ (16) | $ 3 |
Qualifying hedges, reclassification adjustment, tax | 23 | 31 | (13) |
Pension and other postretirement benefit plans, gain (loss), tax | 18 | 37 | (17) |
Reclassification adjustment for amounts included in net income, tax | $ 3 | $ 5 | $ 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Southern - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428 | $ 2,309 | $ 3,103 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064 | 3,973 | 3,905 |
Deferred income taxes | 670 | (49) | (241) |
Utilization of federal investment tax credits | 88 | 288 | 341 |
Allowance for equity funds used during construction | (224) | (190) | (149) |
Pension, postretirement, and other employee benefits | (436) | (305) | (261) |
Settlement of asset retirement obligations | (455) | (456) | (442) |
Storm damage and reliability reserve accruals | 430 | 288 | 325 |
Stock based compensation expense | 127 | 144 | 113 |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Impairment charges | 251 | 91 | 206 |
Gain on dispositions, net | (42) | (176) | (66) |
Retail fuel cost under recovery – long-term | (2,166) | (536) | 0 |
Natural gas cost under recovery – long-term | 207 | (207) | 0 |
Other, net | 17 | 87 | (75) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769) | (81) | (222) |
-Fossil fuel for generation | (125) | 99 | (29) |
-Materials and supplies | (160) | (130) | (157) |
-Natural gas cost under recovery | 158 | (266) | 0 |
-Other current assets | (288) | (270) | (132) |
-Accounts payable | 1,021 | (8) | (27) |
-Accrued taxes | 51 | (54) | 242 |
-Customer refunds | 119 | 130 | (236) |
-Other current liabilities | 153 | (204) | 173 |
Net cash provided from operating activities | 6,302 | 6,169 | 6,696 |
Investing Activities: | |||
Property additions | (7,923) | (7,586) | (7,522) |
Nuclear decommissioning trust fund purchases | (1,125) | (1,598) | (877) |
Nuclear decommissioning trust fund sales | 1,112 | 1,593 | 871 |
Proceeds from dispositions | 275 | 917 | 1,049 |
Cost of removal, net of salvage | (649) | (442) | (361) |
Payments pursuant to LTSAs | (190) | (188) | (211) |
Other investing activities | 70 | (49) | 21 |
Net cash used for investing activities | (8,430) | (7,353) | (7,030) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 530 | ||
Increase (decrease) in notes payable, net | (337) | (1,096) | |
Proceeds — | |||
Long-term debt | 5,132 | 8,262 | 8,047 |
Short-term borrowings | 2,650 | 325 | 615 |
Common stock | 1,808 | 73 | 74 |
Redemptions and repurchases — | |||
Long-term debt | (2,158) | (4,327) | (4,458) |
Short-term borrowings | (1,150) | (25) | (840) |
Capital contributions from noncontrolling interests | 73 | 501 | 363 |
Distributions to noncontrolling interests | (259) | (351) | (271) |
Payment of common stock dividends | (2,907) | (2,777) | (2,685) |
Other financing activities | (218) | (266) | (325) |
Net cash provided from (used for) financing activities | 2,336 | 1,945 | (576) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208 | 761 | (910) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829 | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037 | 1,829 | 1,068 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758 | 1,718 | 1,683 |
Income taxes, net | 146 | 93 | 64 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024 | 866 | 989 |
Contributions from noncontrolling interests | 15 | 89 | 12 |
Contributions of wind turbine equipment | $ 0 | $ 82 | $ 17 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Southern (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Consolidated Balance Sheets - S
Consolidated Balance Sheets - Southern - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Unbilled revenues | 1,012 | 711 |
Other accounts and notes | 637 | 523 |
Accumulated provision for uncollectible accounts | (71) | (78) |
Materials and supplies | 1,664 | 1,543 |
Fossil fuel for generation | 575 | 450 |
Natural gas for sale | 438 | 362 |
Prepaid expenses | 347 | 330 |
Assets from risk management activities, net of collateral | 115 | 151 |
Regulatory assets – asset retirement obligations | 332 | 219 |
Natural gas cost under recovery | 108 | 266 |
Other regulatory assets | 860 | 653 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Other utility plant, net | 599 | 0 |
Nuclear fuel, at amortized cost | 843 | 824 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Goodwill | 5,161 | 5,280 |
Nuclear decommissioning trusts, at fair value | 2,145 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 |
Other intangible assets, net of amortization | 406 | 445 |
Miscellaneous property and investments | 602 | 653 |
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,531 | 1,701 |
Deferred charges related to income taxes | 866 | 824 |
Prepaid pension costs | 2,290 | 1,657 |
Unamortized loss on reacquired debt | 238 | 258 |
Deferred under recovered fuel clause revenues | 2,056 | 410 |
Regulatory assets – asset retirement obligations, deferred | 5,764 | 5,466 |
Other regulatory assets, deferred | 5,918 | 5,577 |
Other deferred charges and assets | 1,485 | 1,366 |
Total deferred charges and other assets | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Notes payable | 2,609 | 1,440 |
Accounts payable | 3,525 | 2,169 |
Customer deposits | 502 | 479 |
Accrued taxes — | ||
Accrued income taxes | 60 | 50 |
Other accrued taxes | 764 | 641 |
Accrued interest | 614 | 533 |
Accrued compensation | 1,127 | 1,070 |
Asset retirement obligations | 694 | 697 |
Operating lease obligations | 197 | 250 |
Other regulatory liabilities | 382 | 563 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Deferred credits related to income taxes | 5,235 | 5,401 |
Accumulated deferred ITCs | 2,133 | 2,216 |
Employee benefit obligations | 1,238 | 1,550 |
Operating lease obligations, deferred | 1,388 | 1,503 |
Asset retirement obligations, deferred | 10,146 | 10,990 |
Other cost of removal obligations | 1,903 | 2,103 |
Other regulatory liabilities, deferred | 733 | 485 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 291 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Paid-in capital | 13,673 | 11,950 |
Treasury, at cost | (53) | (47) |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Accumulated other comprehensive loss | (167) | (237) |
Total common stockholders' equity | 30,408 | 27,874 |
Noncontrolling Interests | 4,124 | 4,402 |
Total Stockholders' Equity (See accompanying statements) | 34,532 | 32,276 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 48 |
Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | $ 0 | $ 243 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Southern (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other intangible assets, amortization | $ 340,000,000 | $ 307,000,000 |
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (in shares) | 1,100,000,000 | 1,100,000,000 |
Treasury shares (in shares) | 1,000,000 | 1,000,000 |
Redeemable Preferred Stock | ||
Cumulative preferred stock | ||
Annual dividend requirement | $ 15,000,000 | $ 15,000,000 |
Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 100 | $ 100 |
Shares authorized (in shares) | 10,000,000 | 10,000,000 |
Shares outstanding (in shares) | 500,000 | 500,000 |
Redeemable Preferred Stock, $100 par or stated value | Minimum | ||
Cumulative preferred stock | ||
Dividend rate | 4.20% | 4.20% |
Redeemable Preferred Stock, $100 par or stated value | Maximum | ||
Cumulative preferred stock | ||
Dividend rate | 4.92% | 4.92% |
Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 1 | $ 1 |
Dividend rate | 5% | 5% |
Shares authorized (in shares) | 28,000,000 | 28,000,000 |
Shares outstanding (in shares) | 10,000,000 | 10,000,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - Southern - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 1 | |||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 5,257 | $ (42) | $ 11,734 | $ 10,877 | $ (321) | $ 4,254 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 3,088 | 3,119 | (31) | ||||
Other comprehensive income (loss) | (75) | (75) | |||||
Stock issued (in shares) | 4 | ||||||
Stock issued | 74 | $ 11 | 63 | ||||
Stock-based compensation | 44 | 44 | |||||
Cash dividends on common stock | (2,685) | (2,685) | |||||
Contributions from noncontrolling interests | 307 | 307 | |||||
Distributions to noncontrolling interests | (271) | (271) | |||||
Purchase of membership interests from noncontrolling interests | 5 | ||||||
Purchase of membership interests from noncontrolling interests | (60) | (65) | |||||
Sale of noncontrolling interests | 65 | (2) | 67 | ||||
Other | (12) | $ (4) | (10) | (1) | 1 | ||
Ending balance (in shares) at Dec. 31, 2020 | 1,058 | 1 | |||||
Ending 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) | 2,294 | 2,393 | (99) | ||||
Other comprehensive income (loss) | 158 | 158 | |||||
Stock issued (in shares) | 3 | ||||||
Stock issued | 73 | $ 11 | 62 | ||||
Stock-based compensation | 62 | 62 | |||||
Cash dividends on common stock | (2,777) | (2,777) | |||||
Contributions from noncontrolling interests | 590 | 590 | |||||
Distributions to noncontrolling interests | (351) | (351) | |||||
Other | (7) | $ (1) | (8) | 2 | |||
Ending balance (in shares) at Dec. 31, 2021 | 1,061 | 1 | |||||
Ending 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) | 3,417 | 3,524 | (107) | ||||
Other comprehensive income (loss) | 71 | 71 | |||||
Stock issued (in shares) | 29 | ||||||
Stock issued | 1,808 | $ 138 | 1,670 | ||||
Stock-based compensation | 44 | 44 | |||||
Cash dividends on common stock | (2,907) | (2,907) | |||||
Contributions from noncontrolling interests | 88 | 88 | |||||
Distributions to noncontrolling interests | (259) | (259) | |||||
Other | (6) | $ (6) | 9 | (8) | (1) | ||
Ending balance (in shares) at Dec. 31, 2022 | 1,090 | 1 | |||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 5,417 | $ (53) | $ 13,673 | $ 11,538 | $ (167) | $ 4,124 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity - Southern (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 2.7000 | $ 2.6200 | $ 2.5400 |
Statements of Income - APC
Statements of Income - APC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating Income | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Allowance for equity funds used during construction | 224 | 190 | 149 |
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Net Income (Loss) | 3,428 | 2,309 | 3,103 |
Dividends on preferred stock of subsidiaries | 11 | 15 | 15 |
Consolidated Net Income | 3,524 | 2,393 | 3,119 |
Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 18,197 | 14,852 | 13,643 |
Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 732 | 708 | 681 |
Operating Expenses: | |||
Cost of sales | 396 | 357 | 327 |
Fuel | |||
Operating Expenses: | |||
Cost of sales | 6,835 | 4,010 | 2,967 |
Purchased power | |||
Operating Expenses: | |||
Cost of sales | 1,593 | 978 | 799 |
Alabama Power | |||
Operating Revenues: | |||
Total operating revenues | 7,817 | 6,413 | 5,830 |
Operating Expenses: | |||
Other operations and maintenance | 1,935 | 1,735 | 1,619 |
Depreciation and amortization | 875 | 859 | 812 |
Taxes other than income taxes | 424 | 410 | 416 |
Total operating expenses | 5,875 | 4,607 | 4,136 |
Operating Income | 1,942 | 1,806 | 1,694 |
Other Income and (Expense): | |||
Allowance for equity funds used during construction | 70 | 52 | 46 |
Interest expense, net of amounts capitalized | (382) | (340) | (338) |
Other income (expense), net | 144 | 107 | 100 |
Total other income and (expense) | (168) | (181) | (192) |
Earnings Before Income Taxes | 1,774 | 1,625 | 1,502 |
Income taxes (benefit) | 423 | 372 | 337 |
Net Income (Loss) | 1,351 | 1,253 | 1,165 |
Dividends on preferred stock of subsidiaries | 11 | 15 | 15 |
Consolidated Net Income | 1,340 | 1,238 | 1,150 |
Alabama Power | Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 6,470 | 5,499 | 5,213 |
Alabama Power | Wholesale revenues | |||
Operating Revenues: | |||
Total operating revenues | 726 | 377 | 269 |
Alabama Power | Wholesale revenues, affiliates | |||
Operating Revenues: | |||
Total operating revenues | 202 | 171 | 46 |
Alabama Power | Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 419 | 366 | 302 |
Alabama Power | Fuel | |||
Operating Expenses: | |||
Cost of sales | 1,840 | 1,235 | 970 |
Alabama Power | Purchased power | |||
Operating Expenses: | |||
Cost of sales | 441 | 221 | 191 |
Alabama Power | Purchased power, affiliates | |||
Operating Expenses: | |||
Cost of sales | $ 360 | $ 147 | $ 128 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) - APC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (60) | (49) | 10 |
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Current period change | 71 | 158 | (75) |
Comprehensive Income (Loss) Attributable to Parent | 3,595 | 2,551 | 3,044 |
Alabama Power | |||
Net Income (Loss) | 1,351 | 1,253 | 1,165 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (1) | 2 | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 5 | 4 | 4 |
Current period change | 4 | 6 | 4 |
Comprehensive Income (Loss) Attributable to Parent | $ 1,355 | $ 1,259 | $ 1,169 |
Statements of Comprehensive I_2
Statements of Comprehensive Income (Loss) - APC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifying hedges, change in fair value, tax | $ (19) | $ (16) | $ 3 |
Qualifying hedges, reclassification adjustment, tax | 23 | 31 | (13) |
Alabama Power | |||
Qualifying hedges, change in fair value, tax | 0 | 1 | 0 |
Qualifying hedges, reclassification adjustment, tax | $ 2 | $ 2 | $ 2 |
Statements of Cash Flows - APC
Statements of Cash Flows - APC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428 | $ 2,309 | $ 3,103 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064 | 3,973 | 3,905 |
Deferred income taxes | 670 | (49) | (241) |
Allowance for equity funds used during construction | (224) | (190) | (149) |
Pension, postretirement, and other employee benefits | (436) | (305) | (261) |
Settlement of asset retirement obligations | (455) | (456) | (442) |
Natural disaster reserve and reliability reserve accruals | 430 | 288 | 325 |
Retail fuel cost under recovery – long-term | (2,166) | (536) | 0 |
Other, net | 17 | 87 | (75) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769) | (81) | (222) |
-Materials and supplies | (160) | (130) | (157) |
-Other current assets | (288) | (270) | (132) |
-Accounts payable | 1,021 | (8) | (27) |
-Accrued taxes | 51 | (54) | 242 |
-Customer refunds | 119 | 130 | (236) |
-Other current liabilities | 153 | (204) | 173 |
Net cash provided from operating activities | 6,302 | 6,169 | 6,696 |
Investing Activities: | |||
Property additions | (7,923) | (7,586) | (7,522) |
Nuclear decommissioning trust fund purchases | (1,125) | (1,598) | (877) |
Nuclear decommissioning trust fund sales | 1,112 | 1,593 | 871 |
Cost of removal, net of salvage | (649) | (442) | (361) |
Other investing activities | 70 | (49) | 21 |
Net cash used for investing activities | (8,430) | (7,353) | (7,030) |
Redemptions and repurchases — | |||
Preferred stock | (298) | 0 | 0 |
Payment of common stock dividends | (2,907) | (2,777) | (2,685) |
Other financing activities | (218) | (266) | (325) |
Net cash provided from (used for) financing activities | 2,336 | 1,945 | (576) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208 | 761 | (910) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829 | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037 | 1,829 | 1,068 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758 | 1,718 | 1,683 |
Income taxes, net | 146 | 93 | 64 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024 | 866 | 989 |
Alabama Power | |||
Operating Activities: | |||
Consolidated net income | 1,351 | 1,253 | 1,165 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 1,014 | 1,005 | 963 |
Deferred income taxes | 355 | 245 | 78 |
Allowance for equity funds used during construction | (70) | (52) | (46) |
Pension, postretirement, and other employee benefits | (118) | (106) | (90) |
Settlement of asset retirement obligations | (205) | (202) | (219) |
Natural disaster reserve and reliability reserve accruals | 185 | 75 | 112 |
Retail fuel cost under recovery – long-term | (520) | (126) | 0 |
Other, net | (50) | (52) | 50 |
Changes in certain current assets and liabilities — | |||
-Receivables | (321) | 42 | (49) |
-Materials and supplies | (7) | (6) | (47) |
-Retail fuel cost under recovery | (102) | 0 | 0 |
-Other current assets | (93) | 44 | (66) |
-Accounts payable | 249 | (109) | (90) |
-Accrued taxes | (65) | (56) | 84 |
-Customer refunds | 5 | 128 | (12) |
-Other current liabilities | 31 | (30) | (91) |
Net cash provided from operating activities | 1,639 | 2,053 | 1,742 |
Investing Activities: | |||
Property additions | (2,016) | (1,753) | (1,970) |
Nuclear decommissioning trust fund purchases | (355) | (638) | (268) |
Nuclear decommissioning trust fund sales | 354 | 637 | 267 |
Cost of removal, net of salvage | (234) | (165) | (98) |
Change in construction payables, net | 50 | (16) | (34) |
Other investing activities | (62) | (26) | (19) |
Net cash used for investing activities | (2,263) | (1,961) | (2,122) |
Proceeds — | |||
Senior notes | 1,700 | 1,300 | 600 |
Revenue bonds | 0 | 0 | 87 |
Redemptions and repurchases — | |||
Senior notes | (750) | (200) | (250) |
Preferred stock | (298) | 0 | 0 |
Revenue bonds | 0 | (65) | (87) |
Other long-term debt | 0 | (206) | 0 |
Capital contributions from parent company | 649 | 636 | 653 |
Payment of common stock dividends | (1,016) | (984) | (957) |
Other financing activities | (34) | (43) | (30) |
Net cash provided from (used for) financing activities | 251 | 438 | 16 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (373) | 530 | (364) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,060 | 530 | 894 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 687 | 1,060 | 530 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 342 | 308 | 321 |
Income taxes, net | 121 | 185 | 187 |
Noncash transactions — | |||
Accrued property additions at year-end | $ 182 | $ 150 | $ 166 |
Statements of Cash Flows - APC
Statements of Cash Flows - APC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Alabama Power | |||
Net cash paid for capitalized interest | $ 20 | $ 15 | $ 15 |
Balance Sheets - APC
Balance Sheets - APC - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Unbilled revenues | 1,012 | 711 |
Other accounts and notes | 637 | 523 |
Accumulated provision for uncollectible accounts | (71) | (78) |
Fossil fuel for generation | 575 | 450 |
Materials and supplies | 1,664 | 1,543 |
Prepaid expenses | 347 | 330 |
Other regulatory assets | 860 | 653 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Other utility plant, net | 599 | 0 |
Nuclear fuel, at amortized cost | 843 | 824 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,145 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 |
Miscellaneous property and investments | 602 | 653 |
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,531 | 1,701 |
Deferred charges related to income taxes | 866 | 824 |
Regulatory assets – asset retirement obligations, deferred | 5,764 | 5,466 |
Other regulatory assets, deferred | 5,918 | 5,577 |
Other deferred charges and assets | 1,485 | 1,366 |
Total deferred charges and other assets | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Accounts payable — | ||
Customer deposits | 502 | 479 |
Accrued interest | 614 | 533 |
Accrued compensation | 1,127 | 1,070 |
Asset retirement obligations | 694 | 697 |
Other regulatory liabilities | 382 | 563 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Deferred credits related to income taxes | 5,235 | 5,401 |
Accumulated deferred ITCs | 2,133 | 2,216 |
Employee benefit obligations | 1,238 | 1,550 |
Operating lease obligations, deferred | 1,388 | 1,503 |
Asset retirement obligations, deferred | 10,146 | 10,990 |
Other cost of removal obligations | 1,903 | 2,103 |
Other regulatory liabilities, deferred | 733 | 485 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 291 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Paid-in capital | 13,673 | 11,950 |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Accumulated other comprehensive loss | (167) | (237) |
Total Stockholders' Equity (See accompanying statements) | 34,532 | 32,276 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 48 |
Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 243 |
Alabama Power | ||
Current Assets: | ||
Cash and cash equivalents | 687 | 1,060 |
Receivables — | ||
Customer accounts | 431 | 410 |
Unbilled revenues | 174 | 138 |
Affiliated | 101 | 37 |
Other accounts and notes | 153 | 55 |
Accumulated provision for uncollectible accounts | (14) | (14) |
Fossil fuel for generation | 229 | 159 |
Materials and supplies | 557 | 548 |
Prepaid expenses | 65 | 41 |
Other regulatory assets | 474 | 208 |
Other current assets | 67 | 67 |
Total current assets | 2,924 | 2,709 |
Property, Plant, and Equipment: | ||
In service | 33,472 | 33,135 |
Less: Accumulated depreciation | 10,470 | 10,313 |
Plant in service, net of depreciation | 23,002 | 22,822 |
Other utility plant, net | 599 | 0 |
Nuclear fuel, at amortized cost | 239 | 247 |
Construction work in progress | 1,526 | 1,147 |
Total property, plant, and equipment | 25,366 | 24,216 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,127 | 1,325 |
Equity investments in unconsolidated subsidiaries | 57 | 57 |
Miscellaneous property and investments | 124 | 126 |
Total other property and investments | 1,308 | 1,508 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 71 | 108 |
Deferred charges related to income taxes | 250 | 240 |
Prepaid pension and other postretirement benefit costs | 657 | 513 |
Regulatory assets – asset retirement obligations, deferred | 1,845 | 1,547 |
Other regulatory assets, deferred | 2,107 | 1,807 |
Other deferred charges and assets | 442 | 334 |
Total deferred charges and other assets | 5,372 | 4,549 |
Total Assets | 34,970 | 32,982 |
Current Liabilities: | ||
Securities due within one year | 301 | 751 |
Accounts payable — | ||
Affiliated | 443 | 309 |
Other | 641 | 459 |
Customer deposits | 106 | 106 |
Accrued taxes | 57 | 98 |
Accrued interest | 120 | 100 |
Accrued compensation | 229 | 219 |
Asset retirement obligations | 330 | 320 |
Other regulatory liabilities | 96 | 215 |
Other current liabilities | 91 | 125 |
Total current liabilities | 2,414 | 2,702 |
Long-Term Debt | 10,329 | 8,936 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,981 | 3,573 |
Deferred credits related to income taxes | 1,925 | 1,968 |
Accumulated deferred ITCs | 81 | 88 |
Employee benefit obligations | 145 | 171 |
Operating lease obligations, deferred | 67 | 66 |
Asset retirement obligations, deferred | 3,957 | 4,014 |
Other cost of removal obligations | 0 | 192 |
Other regulatory liabilities, deferred | 315 | 210 |
Other deferred credits and liabilities | 69 | 58 |
Total deferred credits and other liabilities | 10,540 | 10,340 |
Total Liabilities | 23,283 | 21,978 |
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 291 |
Common Stockholders' Equity: | ||
Common stock | 1,222 | 1,222 |
Paid-in capital | 6,710 | 6,056 |
Retained earnings (accumulated deficit) | 3,764 | 3,448 |
Accumulated other comprehensive loss | (9) | (13) |
Total Stockholders' Equity (See accompanying statements) | 11,687 | 10,713 |
Total Liabilities and Stockholders' Equity | 34,970 | 32,982 |
Commitments and Contingent Matters | ||
Alabama Power | Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | 0 | 48 |
Alabama Power | Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Redeemable preferred stock | $ 0 | $ 243 |
Balance Sheets - APC (Parenthet
Balance Sheets - APC (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Redeemable Preferred Stock | ||
Cumulative preferred stock | ||
Annual dividend requirement | $ 15,000,000 | $ 15,000,000 |
Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 100 | $ 100 |
Shares authorized (in shares) | 10,000,000 | 10,000,000 |
Shares outstanding (in shares) | 500,000 | 500,000 |
Redeemable Preferred Stock, $100 par or stated value | Minimum | ||
Cumulative preferred stock | ||
Dividend rate | 4.20% | 4.20% |
Redeemable Preferred Stock, $100 par or stated value | Maximum | ||
Cumulative preferred stock | ||
Dividend rate | 4.92% | 4.92% |
Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 1 | $ 1 |
Dividend rate | 5% | 5% |
Shares authorized (in shares) | 28,000,000 | 28,000,000 |
Shares outstanding (in shares) | 10,000,000 | 10,000,000 |
Alabama Power | ||
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 40 | $ 40 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 31,000,000 | 31,000,000 |
Alabama Power | Redeemable Preferred Stock | ||
Cumulative preferred stock | ||
Annual dividend requirement | $ 15,000,000 | $ 15,000,000 |
Alabama Power | Redeemable Preferred Stock, $100 par or stated value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 100 | $ 100 |
Shares authorized (in shares) | 3,900,000 | 3,900,000 |
Shares outstanding (in shares) | 500,000 | |
Alabama Power | Redeemable Preferred Stock, $100 par or stated value | Minimum | ||
Cumulative preferred stock | ||
Dividend rate | 4.20% | 4.20% |
Alabama Power | Redeemable Preferred Stock, $100 par or stated value | Maximum | ||
Cumulative preferred stock | ||
Dividend rate | 4.92% | 4.92% |
Alabama Power | Redeemable Preferred Stock, $1 par value | ||
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 1 | $ 1 |
Dividend rate | 5% | 5% |
Shares authorized (in shares) | 27,500,000 | 27,500,000 |
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 25 | $ 25 |
Common stock, shares outstanding (in shares) | 10,000,000 |
Statements of Common Stockholde
Statements of Common Stockholders' Equity - APC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Alabama Power | Alabama Power Common Stock | Alabama Power Paid-In Capital | Alabama Power Retained Earnings | Alabama Power Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 31 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 5,257 | $ 11,734 | $ 10,877 | $ (321) | $ 8,955 | $ 1,222 | $ 4,755 | $ 3,001 | $ (23) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 3,119 | 1,150 | 1,150 | |||||||
Capital contributions from parent company | 658 | 658 | ||||||||
Other comprehensive income (loss) | (75) | (75) | 4 | 4 | ||||||
Cash dividends on common stock | (2,685) | (2,685) | (957) | (957) | ||||||
Other | 12 | 10 | 1 | |||||||
Ending balance (in shares) at Dec. 31, 2020 | 1,058 | 31 | ||||||||
Ending 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] | ||||||||||
Consolidated Net Income | 2,393 | 1,238 | 1,238 | |||||||
Capital contributions from parent company | 643 | 643 | ||||||||
Other comprehensive income (loss) | 158 | 158 | 6 | 6 | ||||||
Cash dividends on common stock | (2,777) | (2,777) | (984) | (984) | ||||||
Other | 7 | 8 | (2) | |||||||
Ending balance (in shares) at Dec. 31, 2021 | 1,061 | 31 | ||||||||
Ending 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] | ||||||||||
Consolidated Net Income | 3,524 | 1,340 | 1,340 | |||||||
Capital contributions from parent company | 654 | 654 | ||||||||
Other comprehensive income (loss) | 71 | 71 | 4 | 4 | ||||||
Cash dividends on common stock | (2,907) | (2,907) | (1,016) | (1,016) | ||||||
Other | 6 | (9) | 8 | 1 | (8) | (8) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 1,090 | 31 | ||||||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 5,417 | $ 13,673 | $ 11,538 | $ (167) | $ 11,687 | $ 1,222 | $ 6,710 | $ 3,764 | $ (9) |
Statements of Income - GPC
Statements of Income - GPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating Income | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Allowance for equity funds used during construction | 224 | 190 | 149 |
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Net Income (Loss) | 3,428 | 2,309 | 3,103 |
Net income after dividends on preferred stock | 3,524 | 2,393 | 3,119 |
Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 18,197 | 14,852 | 13,643 |
Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 732 | 708 | 681 |
Operating Expenses: | |||
Cost of sales | 396 | 357 | 327 |
Fuel | |||
Operating Expenses: | |||
Cost of sales | 6,835 | 4,010 | 2,967 |
Purchased power | |||
Operating Expenses: | |||
Cost of sales | 1,593 | 978 | 799 |
Georgia Power | |||
Operating Revenues: | |||
Total operating revenues | 11,584 | 9,260 | 8,309 |
Operating Expenses: | |||
Other operations and maintenance | 2,349 | 2,213 | 1,953 |
Depreciation and amortization | 1,430 | 1,371 | 1,425 |
Taxes other than income taxes | 527 | 476 | 444 |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Total operating expenses | 9,232 | 8,692 | 6,337 |
Operating Income | 2,352 | 568 | 1,972 |
Other Income and (Expense): | |||
Allowance for equity funds used during construction | 140 | 127 | 91 |
Interest expense, net of amounts capitalized | (485) | (421) | (425) |
Other income (expense), net | 176 | 142 | 89 |
Total other income and (expense) | (169) | (152) | (245) |
Earnings Before Income Taxes | 2,183 | 416 | 1,727 |
Income taxes (benefit) | 370 | (168) | 152 |
Net Income (Loss) | 1,813 | 584 | 1,575 |
Georgia Power | Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 10,792 | 8,478 | 7,609 |
Georgia Power | Wholesale revenues | |||
Operating Revenues: | |||
Total operating revenues | 235 | 197 | 115 |
Georgia Power | Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 557 | 585 | 585 |
Georgia Power | Fuel | |||
Operating Expenses: | |||
Cost of sales | 2,486 | 1,449 | 1,141 |
Georgia Power | Purchased power | |||
Operating Expenses: | |||
Cost of sales | 856 | 632 | 540 |
Georgia Power | Purchased power, affiliates | |||
Operating Expenses: | |||
Cost of sales | $ 1,401 | $ 859 | $ 509 |
Statements of Comprehensive I_3
Statements of Comprehensive Income (Loss) - GPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (60) | (49) | 10 |
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Current period change | 71 | 158 | (75) |
Comprehensive Income (Loss) Attributable to Parent | 3,595 | 2,551 | 3,044 |
Georgia Power | |||
Net Income (Loss) | 1,813 | 584 | 1,575 |
Qualifying hedges: | |||
Changes in fair value, net of tax | 23 | 0 | (2) |
Reclassification adjustment for amounts included in net income, net of tax | 5 | 6 | 6 |
Current period change | 28 | 6 | 4 |
Comprehensive Income (Loss) Attributable to Parent | $ 1,841 | $ 590 | $ 1,579 |
Statements of Comprehensive I_4
Statements of Comprehensive Income (Loss) - GPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifying hedges, change in fair value, tax | $ (19) | $ (16) | $ 3 |
Qualifying hedges, reclassification adjustment, tax | 23 | 31 | (13) |
Georgia Power | |||
Qualifying hedges, change in fair value, tax | 8 | 0 | (1) |
Qualifying hedges, reclassification adjustment, tax | $ 2 | $ 2 | $ 2 |
Statements of Cash Flows - GPC
Statements of Cash Flows - GPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428 | $ 2,309 | $ 3,103 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064 | 3,973 | 3,905 |
Deferred income taxes | 670 | (49) | (241) |
Allowance for equity funds used during construction | (224) | (190) | (149) |
Pension, postretirement, and other employee benefits | (436) | (305) | (261) |
Settlement of asset retirement obligations | (455) | (456) | (442) |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Other, net | 17 | 87 | (75) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769) | (81) | (222) |
-Fossil fuel for generation | (125) | 99 | (29) |
-Materials and supplies | (160) | (130) | (157) |
-Other current assets | (288) | (270) | (132) |
-Accounts payable | 1,021 | (8) | (27) |
-Accrued taxes | 51 | (54) | 242 |
-Customer refunds | 119 | 130 | (236) |
-Other current liabilities | 153 | (204) | 173 |
Net cash provided from operating activities | 6,302 | 6,169 | 6,696 |
Investing Activities: | |||
Property additions | (7,923) | (7,586) | (7,522) |
Nuclear decommissioning trust fund purchases | (1,125) | (1,598) | (877) |
Nuclear decommissioning trust fund sales | 1,112 | 1,593 | 871 |
Cost of removal, net of salvage | (649) | (442) | (361) |
Payments pursuant to LTSAs | (190) | (188) | (211) |
Other investing activities | 70 | (49) | 21 |
Net cash used for investing activities | (8,430) | (7,353) | (7,030) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | (337) | (1,096) | |
Proceeds — | |||
Short-term borrowings | 2,650 | 325 | 615 |
Redemptions and repurchases — | |||
Short-term borrowings | (1,150) | (25) | (840) |
Payment of common stock dividends | (2,907) | (2,777) | (2,685) |
Other financing activities | (218) | (266) | (325) |
Net cash provided from (used for) financing activities | 2,336 | 1,945 | (576) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208 | 761 | (910) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829 | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037 | 1,829 | 1,068 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758 | 1,718 | 1,683 |
Income taxes, net | 146 | 93 | 64 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024 | 866 | 989 |
Georgia Power | |||
Operating Activities: | |||
Consolidated net income | 1,813 | 584 | 1,575 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 1,622 | 1,557 | 1,607 |
Deferred income taxes | 313 | (550) | (273) |
Allowance for equity funds used during construction | (140) | (127) | (91) |
Pension, postretirement, and other employee benefits | (240) | (148) | (137) |
Settlement of asset retirement obligations | (212) | (210) | (185) |
Storm damage and reliability reserve accruals | 213 | 213 | 213 |
Retail fuel cost recovery – long-term | (1,646) | (410) | (73) |
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 |
Other, net | 81 | 53 | 14 |
Changes in certain current assets and liabilities — | |||
-Receivables | (286) | 81 | (114) |
-Fossil fuel for generation | (43) | 30 | (6) |
-Materials and supplies | (73) | (82) | (91) |
-Other current assets | (83) | (30) | (48) |
-Accounts payable | 264 | 186 | 59 |
-Accrued taxes | 173 | 21 | 55 |
-Retail fuel cost over recovery | 0 | (113) | 113 |
-Customer refunds | 113 | 1 | (223) |
-Other current liabilities | (14) | (1) | 64 |
Net cash provided from operating activities | 2,038 | 2,747 | 2,784 |
Investing Activities: | |||
Property additions | (3,901) | (3,376) | (3,445) |
Nuclear decommissioning trust fund purchases | (770) | (960) | (609) |
Nuclear decommissioning trust fund sales | 758 | 956 | 604 |
Cost of removal, net of salvage | (274) | (149) | (143) |
Change in construction payables, net of joint owner portion | 186 | (65) | 16 |
Payments pursuant to LTSAs | (44) | (42) | (86) |
Contributions in aid of construction | 92 | 65 | 20 |
Proceeds from dispositions | 56 | 8 | 153 |
Other investing activities | (57) | (27) | (13) |
Net cash used for investing activities | (3,954) | (3,590) | (3,503) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 0 | (60) | (55) |
Proceeds — | |||
Senior notes | 1,500 | 750 | 1,500 |
FFB loan | 0 | 440 | 848 |
Revenue bonds | 200 | 122 | 53 |
Short-term borrowings | 2,100 | 0 | 250 |
Redemptions and repurchases — | |||
Senior notes | (400) | (325) | (950) |
FFB loan | (88) | (96) | (73) |
Revenue bonds | (53) | (69) | (336) |
Short-term borrowings | (500) | 0 | (375) |
Other long-term debt | (125) | 0 | 0 |
Capital contributions from parent company | 1,471 | 1,782 | 1,392 |
Payment of common stock dividends | (1,691) | (1,649) | (1,542) |
Other financing activities | (51) | (28) | (36) |
Net cash provided from (used for) financing activities | 2,363 | 867 | 676 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 447 | 24 | (43) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 33 | 9 | 52 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 480 | 33 | 9 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 432 | 382 | 380 |
Income taxes, net | 30 | 305 | 373 |
Noncash transactions — | |||
Accrued property additions at year-end | $ 626 | $ 479 | $ 553 |
Statements of Cash Flows - GPC
Statements of Cash Flows - GPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Georgia Power | |||
Net cash paid for capitalized interest | $ 73 | $ 63 | $ 47 |
Balance Sheets - GPC
Balance Sheets - GPC - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Unbilled revenues | 1,012 | 711 |
Other accounts and notes | 637 | 523 |
Fossil fuel for generation | 575 | 450 |
Materials and supplies | 1,664 | 1,543 |
Regulatory assets – asset retirement obligations | 332 | 219 |
Other regulatory assets | 860 | 653 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Nuclear fuel, at amortized cost | 843 | 824 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 2,145 | 2,542 |
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 |
Miscellaneous property and investments | 602 | 653 |
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,531 | 1,701 |
Deferred charges related to income taxes | 866 | 824 |
Prepaid pension costs | 2,290 | 1,657 |
Deferred under recovered fuel clause revenues | 2,056 | 410 |
Regulatory assets – asset retirement obligations, deferred | 5,764 | 5,466 |
Other regulatory assets, deferred | 5,918 | 5,577 |
Other deferred charges and assets | 1,485 | 1,366 |
Deferred cloud implementation costs | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Notes payable | 2,609 | 1,440 |
Accounts payable — | ||
Customer deposits | 502 | 479 |
Accrued interest | 614 | 533 |
Accrued compensation | 1,127 | 1,070 |
Operating lease obligations | 197 | 250 |
Asset retirement obligations | 694 | 697 |
Other regulatory liabilities | 382 | 563 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Deferred credits related to income taxes | 5,235 | 5,401 |
Accumulated deferred ITCs | 2,133 | 2,216 |
Employee benefit obligations | 1,238 | 1,550 |
Operating lease obligations, deferred | 1,388 | 1,503 |
Asset retirement obligations, deferred | 10,146 | 10,990 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Paid-in capital | 13,673 | 11,950 |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Accumulated other comprehensive loss | (167) | (237) |
Total Stockholders' Equity (See accompanying statements) | 34,532 | 32,276 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Georgia Power | ||
Current Assets: | ||
Cash and cash equivalents | 364 | 33 |
Receivables — | ||
Customer accounts | 735 | 547 |
Unbilled revenues | 309 | 231 |
Joint owner accounts | 128 | 116 |
Affiliated | 53 | 25 |
Other accounts and notes | 62 | 44 |
Fossil fuel for generation | 291 | 248 |
Materials and supplies | 729 | 670 |
Regulatory assets – asset retirement obligations | 158 | 178 |
Other regulatory assets | 324 | 289 |
Other current assets | 246 | 178 |
Total current assets | 3,399 | 2,559 |
Property, Plant, and Equipment: | ||
In service | 41,879 | 41,332 |
Less: Accumulated depreciation | 13,115 | 12,854 |
Plant in service, net of depreciation | 28,764 | 28,478 |
Nuclear fuel, at amortized cost | 604 | 577 |
Construction work in progress | 8,103 | 6,688 |
Total property, plant, and equipment | 37,471 | 35,743 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,018 | 1,217 |
Equity investments in unconsolidated subsidiaries | 51 | 50 |
Miscellaneous property and investments | 107 | 69 |
Total other property and investments | 1,176 | 1,336 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,007 | 1,157 |
Deferred charges related to income taxes | 583 | 550 |
Prepaid pension costs | 738 | 563 |
Deferred under recovered fuel clause revenues | 2,056 | 410 |
Regulatory assets – asset retirement obligations, deferred | 3,671 | 3,688 |
Other regulatory assets, deferred | 2,522 | 1,964 |
Other deferred charges and assets | 540 | 491 |
Deferred cloud implementation costs | 11,117 | 8,823 |
Total Assets | 53,163 | 48,461 |
Current Liabilities: | ||
Securities due within one year | 901 | 675 |
Notes payable | 1,600 | 0 |
Accounts payable — | ||
Affiliated | 928 | 757 |
Other | 1,076 | 702 |
Customer deposits | 252 | 259 |
Accrued taxes | 508 | 335 |
Accrued interest | 157 | 136 |
Accrued compensation | 254 | 232 |
Operating lease obligations | 151 | 156 |
Asset retirement obligations | 295 | 317 |
Other regulatory liabilities | 170 | 280 |
Other current liabilities | 286 | 254 |
Total current liabilities | 6,578 | 4,103 |
Long-Term Debt | 14,009 | 13,109 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,707 | 3,019 |
Deferred credits related to income taxes | 2,244 | 2,321 |
Accumulated deferred ITCs | 319 | 328 |
Employee benefit obligations | 318 | 402 |
Operating lease obligations, deferred | 851 | 999 |
Asset retirement obligations, deferred | 5,739 | 6,507 |
Other deferred credits and liabilities | 540 | 439 |
Total deferred credits and other liabilities | 13,718 | 14,015 |
Total Liabilities | 34,305 | 31,227 |
Common Stockholders' Equity: | ||
Common stock | 398 | 398 |
Paid-in capital | 15,626 | 14,153 |
Retained earnings (accumulated deficit) | 2,846 | 2,724 |
Accumulated other comprehensive loss | (12) | (41) |
Total Stockholders' Equity (See accompanying statements) | 18,858 | 17,234 |
Total Liabilities and Stockholders' Equity | 53,163 | 48,461 |
Commitments and Contingent Matters |
Balance Sheets - GPC (Parenthet
Balance Sheets - GPC (Parenthetical) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Georgia Power | ||
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 9,000,000 | 9,000,000 |
Statements of Common Stockhol_2
Statements of Common Stockholders' Equity - GPC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Georgia Power | Georgia Power Common Stock | Georgia Power Paid-In Capital | Georgia Power Retained Earnings | Georgia Power Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 9 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 5,257 | $ 11,734 | $ 10,877 | $ (321) | $ 15,065 | $ 398 | $ 10,962 | $ 3,756 | $ (51) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) | 3,103 | 1,575 | 1,575 | |||||||
Capital contributions from parent company | 1,399 | 1,399 | ||||||||
Other comprehensive income (loss) | (75) | (75) | 4 | 4 | ||||||
Cash dividends on common stock | (2,685) | (2,685) | (1,542) | (1,542) | ||||||
Other | 12 | 10 | 1 | |||||||
Ending balance (in shares) at Dec. 31, 2020 | 1,058 | 9 | ||||||||
Ending 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 (Loss) | 2,309 | 584 | 584 | |||||||
Capital contributions from parent company | 1,792 | 1,792 | ||||||||
Other comprehensive income (loss) | 158 | 158 | 6 | 6 | ||||||
Cash dividends on common stock | (2,777) | (2,777) | (1,649) | (1,649) | ||||||
Other | 7 | 8 | (2) | |||||||
Ending balance (in shares) at Dec. 31, 2021 | 1,061 | 9 | ||||||||
Ending 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 (Loss) | 3,428 | 1,813 | 1,813 | |||||||
Capital contributions from parent company | 1,473 | 1,473 | ||||||||
Other comprehensive income (loss) | 71 | 71 | 28 | 28 | ||||||
Cash dividends on common stock | (2,907) | (2,907) | (1,691) | (1,691) | ||||||
Other | 6 | (9) | 8 | 1 | 1 | 1 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 1,090 | 9 | ||||||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 5,417 | $ 13,673 | $ 11,538 | $ (167) | $ 18,858 | $ 398 | $ 15,626 | $ 2,846 | $ (12) |
Statements of Common Stockhol_3
Statements of Common Stockholders' Equity - GPC (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 2.7000 | $ 2.6200 | $ 2.5400 |
Statements of Income - MPC
Statements of Income - MPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating Income | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Net Income (Loss) | 3,428 | 2,309 | 3,103 |
Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 18,197 | 14,852 | 13,643 |
Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 732 | 708 | 681 |
Operating Expenses: | |||
Cost of sales | 396 | 357 | 327 |
Mississippi Power | |||
Operating Revenues: | |||
Total operating revenues | 1,694 | 1,322 | 1,172 |
Operating Expenses: | |||
Other operations and maintenance | 376 | 313 | 284 |
Depreciation and amortization | 181 | 180 | 183 |
Taxes other than income taxes | 124 | 128 | 124 |
Total operating expenses | 1,470 | 1,117 | 963 |
Operating Income | 224 | 205 | 209 |
Other Income and (Expense): | |||
Interest expense, net of amounts capitalized | (56) | (60) | (60) |
Other income (expense), net | 33 | 35 | 17 |
Total other income and (expense) | (23) | (25) | (43) |
Earnings Before Income Taxes | 201 | 180 | 166 |
Income taxes (benefit) | 37 | 21 | 14 |
Net Income (Loss) | 164 | 159 | 152 |
Mississippi Power | Retail electric revenues | |||
Operating Revenues: | |||
Total operating revenues | 935 | 875 | 821 |
Mississippi Power | Wholesale revenues | |||
Operating Revenues: | |||
Total operating revenues | 252 | 230 | 215 |
Mississippi Power | Wholesale revenues, affiliates | |||
Operating Revenues: | |||
Total operating revenues | 460 | 188 | 111 |
Mississippi Power | Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 47 | 29 | 25 |
Mississippi Power | Fuel and purchased power | |||
Operating Expenses: | |||
Cost of sales | $ 789 | $ 496 | $ 372 |
Statements of Comprehensive I_5
Statements of Comprehensive Income - MPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Current period change | 71 | 158 | (75) |
Comprehensive Income (Loss) Attributable to Parent | 3,595 | 2,551 | 3,044 |
Mississippi Power | |||
Net Income (Loss) | 164 | 159 | 152 |
Qualifying hedges: | |||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 1 | 1 |
Current period change | 0 | 1 | 1 |
Comprehensive Income (Loss) Attributable to Parent | $ 164 | $ 160 | $ 153 |
Statements of Comprehensive I_6
Statements of Comprehensive Income - MPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifying hedges, reclassification adjustment, tax | $ 23 | $ 31 | $ (13) |
Mississippi Power | |||
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows - MPC
Statements of Cash Flows - MPC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428,000 | $ 2,309,000 | $ 3,103,000 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064,000 | 3,973,000 | 3,905,000 |
Settlement of asset retirement obligations | (455,000) | (456,000) | (442,000) |
Other, net | 17,000 | 87,000 | (75,000) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769,000) | (81,000) | (222,000) |
-Other current assets | (288,000) | (270,000) | (132,000) |
-Accounts payable | 1,021,000 | (8,000) | (27,000) |
-Other current liabilities | 153,000 | (204,000) | 173,000 |
Net cash provided from operating activities | 6,302,000 | 6,169,000 | 6,696,000 |
Investing Activities: | |||
Property additions | (7,923,000) | (7,586,000) | (7,522,000) |
Payments pursuant to LTSAs | (190,000) | (188,000) | (211,000) |
Other investing activities | 70,000 | (49,000) | 21,000 |
Net cash used for investing activities | (8,430,000) | (7,353,000) | (7,030,000) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 530,000 | ||
Increase (decrease) in notes payable, net | (337,000) | (1,096,000) | |
Proceeds — | |||
Short-term borrowings | 2,650,000 | 325,000 | 615,000 |
Redemptions and repurchases — | |||
Short-term borrowings | (1,150,000) | (25,000) | (840,000) |
Payment of common stock dividends | (2,907,000) | (2,777,000) | (2,685,000) |
Other financing activities | (218,000) | (266,000) | (325,000) |
Net cash provided from (used for) financing activities | 2,336,000 | 1,945,000 | (576,000) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208,000 | 761,000 | (910,000) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829,000 | 1,068,000 | 1,978,000 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037,000 | 1,829,000 | 1,068,000 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758,000 | 1,718,000 | 1,683,000 |
Income taxes, net | 146,000 | 93,000 | 64,000 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024,000 | 866,000 | 989,000 |
Mississippi Power | |||
Operating Activities: | |||
Consolidated net income | 164,000 | 159,000 | 152,000 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 223,000 | 213,000 | 191,000 |
Settlement of asset retirement obligations | (20,000) | (24,000) | (22,000) |
System restoration rider and reliability reserve accruals | 32,000 | (2,000) | 1,000 |
Other, net | (2,000) | (35,000) | (6,000) |
Changes in certain current assets and liabilities — | |||
-Receivables | (82,000) | 9,000 | (7,000) |
-Other current assets | (25,000) | (6,000) | (31,000) |
-Accounts payable | 97,000 | (35,000) | 20,000 |
-Over recovered regulatory clause revenues | 0 | (34,000) | 5,000 |
-Other current liabilities | (4,000) | 1,000 | (5,000) |
Net cash provided from operating activities | 383,000 | 246,000 | 298,000 |
Investing Activities: | |||
Property additions | (276,000) | (213,000) | (274,000) |
Payments pursuant to LTSAs | (29,000) | (29,000) | (28,000) |
Contributions in aid of construction | 19,000 | 15,000 | 0 |
Other investing activities | (31,000) | (30,000) | (21,000) |
Net cash used for investing activities | (317,000) | (257,000) | (323,000) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 25,000 | ||
Increase (decrease) in notes payable, net | 0 | (25,000) | |
Proceeds — | |||
Senior notes | 0 | 525,000 | 0 |
Short-term borrowings | 0 | 0 | 40,000 |
Revenue bonds | 35,000 | 0 | 34,000 |
Other long-term debt | 0 | 0 | 100,000 |
Redemptions and repurchases — | |||
Senior notes | 0 | 0 | (275,000) |
Short-term borrowings | 0 | 0 | (40,000) |
Revenue bonds | 0 | (320,000) | (41,000) |
Other long-term debt | 0 | (100,000) | 0 |
Capital contributions from parent company | 68,000 | 120,000 | 85,000 |
Return of capital to parent company | 0 | 0 | (74,000) |
Payment of common stock dividends | (170,000) | (157,000) | (74,000) |
Other financing activities | (1,000) | (10,000) | (2,000) |
Net cash provided from (used for) financing activities | (68,000) | 33,000 | (222,000) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (2,000) | 22,000 | (247,000) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 61,000 | 39,000 | 286,000 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 59,000 | 61,000 | 39,000 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 55,000 | 58,000 | 63,000 |
Income taxes, net | 33,000 | 16,000 | 28,000 |
Noncash transactions — | |||
Accrued property additions at year-end | $ 22,000 | $ 25,000 | $ 34,000 |
Statements of Cash Flows - MPC
Statements of Cash Flows - MPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Balance Sheets - MPC
Balance Sheets - MPC - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Unbilled revenues | 1,012 | 711 |
Other accounts and notes | 637 | 523 |
Fossil fuel for generation | 575 | 450 |
Materials and supplies | 1,664 | 1,543 |
Other regulatory assets | 860 | 653 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 866 | 824 |
Regulatory assets – asset retirement obligations, deferred | 5,764 | 5,466 |
Other regulatory assets, deferred | 5,918 | 5,577 |
Other deferred charges and assets | 1,485 | 1,366 |
Total deferred charges and other assets | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Accounts payable — | ||
Accrued compensation | 1,127 | 1,070 |
Asset retirement obligations | 694 | 697 |
Other regulatory liabilities | 382 | 563 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Deferred credits related to income taxes | 5,235 | 5,401 |
Employee benefit obligations | 1,238 | 1,550 |
Asset retirement obligations, deferred | 10,146 | 10,990 |
Other cost of removal obligations | 1,903 | 2,103 |
Other regulatory liabilities, deferred | 733 | 485 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Paid-in capital | 13,673 | 11,950 |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Total common stockholders' equity | 30,408 | 27,874 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Mississippi Power | ||
Current Assets: | ||
Cash and cash equivalents | 59 | 61 |
Receivables — | ||
Customer accounts | 47 | 37 |
Unbilled revenues | 47 | 34 |
Affiliated | 82 | 29 |
Other accounts and notes | 35 | 28 |
Fossil fuel for generation | 44 | 28 |
Materials and supplies | 80 | 70 |
Other regulatory assets | 72 | 54 |
Other current assets | 38 | 41 |
Total current assets | 504 | 382 |
Property, Plant, and Equipment: | ||
In service | 5,254 | 5,106 |
Less: Accumulated depreciation | 1,689 | 1,591 |
Plant in service, net of depreciation | 3,565 | 3,515 |
Construction work in progress | 208 | 127 |
Total property, plant, and equipment | 3,773 | 3,642 |
Other Property and Investments: | ||
Total other property and investments | 167 | 179 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 30 | 31 |
Prepaid pension costs(a) | 109 | 79 |
Regulatory assets – asset retirement obligations, deferred | 239 | 232 |
Other regulatory assets, deferred | 249 | 317 |
Accumulated deferred income taxes | 107 | 118 |
Other deferred charges and assets | 94 | 100 |
Total deferred charges and other assets | 828 | 877 |
Total Assets | 5,272 | 5,080 |
Current Liabilities: | ||
Securities due within one year | 1 | 1 |
Accounts payable — | ||
Affiliated | 121 | 81 |
Other | 106 | 47 |
Accrued taxes | 124 | 120 |
Accrued compensation | 37 | 36 |
Asset retirement obligations | 37 | 30 |
Other regulatory liabilities | 43 | 59 |
Other current liabilities | 85 | 65 |
Total current liabilities | 554 | 439 |
Long-Term Debt | 1,544 | 1,510 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 466 | 464 |
Deferred credits related to income taxes | 253 | 269 |
Employee benefit obligations | 69 | 88 |
Asset retirement obligations, deferred | 142 | 160 |
Other cost of removal obligations | 196 | 195 |
Other regulatory liabilities, deferred | 96 | 64 |
Other deferred credits and liabilities | 21 | 24 |
Total deferred credits and other liabilities | 1,243 | 1,264 |
Total Liabilities | 3,341 | 3,213 |
Common Stockholders' Equity: | ||
Common stock | 38 | 38 |
Paid-in capital | 4,652 | 4,582 |
Retained earnings (accumulated deficit) | (2,759) | (2,753) |
Total common stockholders' equity | 1,931 | 1,867 |
Total Liabilities and Stockholders' Equity | 5,272 | 5,080 |
Commitments and Contingent Matters |
Balance Sheets - MPC (Parenthet
Balance Sheets - MPC (Parenthetical) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Mississippi Power | ||
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Statements of Common Stockhol_4
Statements of Common Stockholders' Equity - MPC - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Mississippi Power | Mississippi Power Common Stock | Mississippi Power Paid-In Capital | Mississippi Power Retained Earnings | Mississippi Power Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 1 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 5,257 | $ 11,734 | $ 10,877 | $ (321) | $ 1,652 | $ 38 | $ 4,449 | $ (2,832) | $ (3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Consolidated Net Income | 3,119 | 152 | 152 | |||||||
Return of capital to parent company | (74) | (74) | ||||||||
Capital contributions from parent company | 86 | 86 | ||||||||
Other comprehensive income (loss) | (75) | (75) | 1 | 1 | ||||||
Cash dividends on common stock | (2,685) | (2,685) | (74) | (74) | ||||||
Other | (12) | (10) | (1) | (1) | (1) | |||||
Ending balance (in shares) at Dec. 31, 2020 | 1,058 | 1 | ||||||||
Ending 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] | ||||||||||
Consolidated Net Income | 2,393 | 159 | 159 | |||||||
Capital contributions from parent company | 122 | 122 | ||||||||
Other comprehensive income (loss) | 158 | 158 | 1 | 1 | ||||||
Cash dividends on common stock | (2,777) | (2,777) | (157) | (157) | ||||||
Other | (7) | (8) | 2 | 0 | 1 | (1) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 1,061 | 1 | ||||||||
Ending 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] | ||||||||||
Consolidated Net Income | 3,524 | 164 | 164 | |||||||
Capital contributions from parent company | 70 | 70 | ||||||||
Other comprehensive income (loss) | 71 | 71 | ||||||||
Cash dividends on common stock | (2,907) | (2,907) | (170) | (170) | ||||||
Other | (6) | 9 | (8) | (1) | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 1,090 | 1 | ||||||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 5,417 | $ 13,673 | $ 11,538 | $ (167) | $ 1,931 | $ 38 | $ 4,652 | $ (2,759) | $ 0 |
Consolidated Statements of In_2
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Gain on dispositions, net | (57) | (186) | (65) |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating Income | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Net Income (Loss) | 3,428 | 2,309 | 3,103 |
Net loss attributable to noncontrolling interests | (107) | (99) | (31) |
Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 732 | 708 | 681 |
Operating Expenses: | |||
Cost of sales | 396 | 357 | 327 |
Fuel | |||
Operating Expenses: | |||
Cost of sales | 6,835 | 4,010 | 2,967 |
Purchased power | |||
Operating Expenses: | |||
Cost of sales | 1,593 | 978 | 799 |
Southern Power | |||
Operating Revenues: | |||
Total operating revenues | 3,369 | 2,216 | 1,733 |
Operating Expenses: | |||
Other operations and maintenance | 482 | 423 | 353 |
Depreciation and amortization | 516 | 517 | 494 |
Taxes other than income taxes | 49 | 45 | 39 |
Loss on sales-type leases | 1 | 40 | 0 |
Gain on dispositions, net | (2) | (41) | (39) |
Total operating expenses | 2,971 | 1,925 | 1,391 |
Operating Income | 398 | 291 | 342 |
Other Income and (Expense): | |||
Interest expense, net of amounts capitalized | (138) | (147) | (151) |
Other income (expense), net | 7 | 10 | 19 |
Total other income and (expense) | (131) | (137) | (132) |
Earnings Before Income Taxes | 267 | 154 | 210 |
Income taxes (benefit) | 20 | (13) | 3 |
Net Income (Loss) | 247 | 167 | 207 |
Net loss attributable to noncontrolling interests | (107) | (99) | (31) |
Net Income (Loss) Attributable to Parent, Total | 354 | 266 | 238 |
Southern Power | Wholesale revenues | |||
Operating Revenues: | |||
Total operating revenues | 2,458 | 1,671 | 1,355 |
Southern Power | Other revenues | |||
Operating Revenues: | |||
Total operating revenues | 36 | 30 | 14 |
Southern Power | Fuel | |||
Operating Expenses: | |||
Cost of sales | 1,614 | 802 | 470 |
Southern Power | Purchased power | |||
Operating Expenses: | |||
Cost of sales | $ 311 | $ 139 | $ 74 |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income - SPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (60) | (49) | 10 |
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Pension and other postretirement benefit plans: | |||
Benefit plan net gain (loss), net of tax | 48 | 98 | (55) |
Reclassification adjustment for amounts included in net income, net of tax | 10 | 13 | 10 |
Current period change | 71 | 158 | (75) |
Comprehensive loss attributable to noncontrolling interests | (107) | (99) | (31) |
Comprehensive Income (Loss) Attributable to Parent | 3,595 | 2,551 | 3,044 |
Southern Power | |||
Net Income (Loss) | 247 | 167 | 207 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (91) | (67) | 33 |
Reclassification adjustment for amounts included in net income, net of tax | 81 | 89 | (65) |
Pension and other postretirement benefit plans: | |||
Benefit plan net gain (loss), net of tax | 18 | 16 | (12) |
Reclassification adjustment for amounts included in net income, net of tax | 2 | 2 | 2 |
Current period change | 10 | 40 | (42) |
Comprehensive loss attributable to noncontrolling interests | (107) | (99) | (31) |
Comprehensive Income (Loss) Attributable to Parent | $ 364 | $ 306 | $ 196 |
Consolidated Statements of Co_4
Consolidated Statements of Comprehensive Income - SPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifying hedges, change in fair value, tax | $ (19) | $ (16) | $ 3 |
Qualifying hedges, reclassification adjustment, tax | 23 | 31 | (13) |
Pension and other postretirement benefit plans, gain (loss), tax | 18 | 37 | (17) |
Reclassification adjustment for amounts included in net income, tax | 3 | 5 | 3 |
Southern Power | |||
Qualifying hedges, change in fair value, tax | (30) | (22) | 12 |
Qualifying hedges, reclassification adjustment, tax | 26 | 30 | (22) |
Pension and other postretirement benefit plans, gain (loss), tax | 6 | 5 | (4) |
Reclassification adjustment for amounts included in net income, tax | $ 1 | $ 1 | $ 1 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - SPC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428 | $ 2,309 | $ 3,103 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064 | 3,973 | 3,905 |
Deferred income taxes | 670 | (49) | (241) |
Utilization of federal investment tax credits | 88 | 288 | 341 |
Amortization of investment tax credits | (83) | (84) | (84) |
Gain on dispositions, net | (42) | (176) | (66) |
Other, net | 17 | 87 | (75) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769) | (81) | (222) |
-Other current assets | (288) | (270) | (132) |
-Other current liabilities | 153 | (204) | 173 |
Net cash provided from operating activities | 6,302 | 6,169 | 6,696 |
Investing Activities: | |||
Property additions | (7,923) | (7,586) | (7,522) |
Proceeds from dispositions | 275 | 917 | 1,049 |
Payments pursuant to LTSAs | (190) | (188) | (211) |
Other investing activities | 70 | (49) | 21 |
Net cash used for investing activities | (8,430) | (7,353) | (7,030) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 530 | ||
Increase (decrease) in notes payable, net | (337) | (1,096) | |
Redemptions and repurchases — | |||
Short-term borrowings | (1,150) | (25) | (840) |
Capital contributions from noncontrolling interests | 73 | 501 | 363 |
Distributions to noncontrolling interests | (259) | (351) | (271) |
Payment of common stock dividends | (2,907) | (2,777) | (2,685) |
Other financing activities | (218) | (266) | (325) |
Net cash provided from (used for) financing activities | 2,336 | 1,945 | (576) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208 | 761 | (910) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829 | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037 | 1,829 | 1,068 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758 | 1,718 | 1,683 |
Income taxes, net | 146 | 93 | 64 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024 | 866 | 989 |
Contributions from noncontrolling interests | 15 | 89 | 12 |
Contributions of wind turbine equipment | 0 | 82 | 17 |
Southern Power | |||
Operating Activities: | |||
Consolidated net income | 247 | 167 | 207 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 543 | 542 | 519 |
Deferred income taxes | 9 | 55 | (25) |
Utilization of federal investment tax credits | 49 | 288 | 340 |
Amortization of investment tax credits | (58) | (58) | (59) |
Income taxes receivable, non-current | 1 | 5 | (20) |
Gain on dispositions, net | (2) | (41) | (39) |
Loss on sales-type leases | 1 | 40 | 0 |
Other, net | 17 | (6) | (5) |
Changes in certain current assets and liabilities — | |||
-Receivables | (82) | (44) | (4) |
-Prepaid income taxes | 22 | (16) | 20 |
-Other current assets | (11) | (14) | (30) |
-Other current liabilities | 79 | 33 | (3) |
Net cash provided from operating activities | 815 | 951 | 901 |
Investing Activities: | |||
Acquisitions, net of cash acquired | 0 | (345) | (81) |
Property additions | (100) | (396) | (223) |
Change in construction payables | (69) | (15) | 31 |
Proceeds from dispositions | 48 | 24 | 666 |
Payments pursuant to LTSAs | (71) | (82) | (76) |
Other investing activities | (2) | 11 | 57 |
Net cash used for investing activities | (194) | (803) | 374 |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 10 | 36 | |
Increase (decrease) in notes payable, net | (274) | ||
Proceeds — | |||
Senior notes | 0 | 400 | 0 |
Redemptions and repurchases — | |||
Senior notes | (677) | (300) | (825) |
Short-term borrowings | 0 | 0 | (100) |
Capital contributions from parent company | 430 | 8 | 6 |
Return of capital to parent company | 0 | (271) | 0 |
Capital contributions from noncontrolling interests | 73 | 501 | 363 |
Distributions to noncontrolling interests | (259) | (351) | (271) |
Purchase of membership interests from noncontrolling interests | 0 | 0 | (60) |
Payment of common stock dividends | (198) | (204) | (201) |
Other financing activities | (2) | (14) | (10) |
Net cash provided from (used for) financing activities | (623) | (195) | (1,372) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (2) | (47) | (97) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 135 | 182 | 279 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 133 | 135 | 182 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 142 | 140 | 147 |
Income taxes, net | (15) | (275) | (283) |
Noncash transactions — | |||
Accrued property additions at year-end | 24 | 72 | 89 |
Contributions from noncontrolling interests | 15 | 89 | 12 |
Contributions of wind turbine equipment | $ 0 | $ 82 | $ 17 |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows - SPC (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Southern Power | |||
Net cash paid for capitalized interest | $ 0 | $ 6 | $ 11 |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - SPC - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Other accounts and notes | 637 | 523 |
Materials and supplies | 1,664 | 1,543 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 |
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,531 | 1,701 |
Other deferred charges and assets | 1,485 | 1,366 |
Total deferred charges and other assets | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Notes payable | 2,609 | 1,440 |
Accounts payable — | ||
Accrued interest | 614 | 533 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Accumulated deferred ITCs | 2,133 | 2,216 |
Operating lease obligations, deferred | 1,388 | 1,503 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Paid-in capital | 13,673 | 11,950 |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Accumulated other comprehensive loss | (167) | (237) |
Total common stockholders' equity | 30,408 | 27,874 |
Noncontrolling Interests | 4,124 | 4,402 |
Total Stockholders' Equity (See accompanying statements) | 34,532 | 32,276 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Southern Power | ||
Current Assets: | ||
Cash and cash equivalents | 131 | 107 |
Receivables — | ||
Customer accounts | 226 | 139 |
Affiliated | 51 | 51 |
Other accounts and notes | 70 | 29 |
Materials and supplies | 88 | 106 |
Prepaid income taxes | 5 | 27 |
Other current assets | 50 | 46 |
Total current assets | 621 | 505 |
Property, Plant, and Equipment: | ||
In service | 14,658 | 14,585 |
Less: Accumulated depreciation | 3,661 | 3,241 |
Plant in service, net of depreciation | 10,997 | 11,344 |
Construction work in progress | 41 | 45 |
Total property, plant, and equipment | 11,038 | 11,389 |
Other Property and Investments: | ||
Intangible assets, net of amortization of $129 and $109, respectively | 263 | 282 |
Equity investments in unconsolidated subsidiaries | 49 | 86 |
Net investment in sales-type leases | 154 | 161 |
Total other property and investments | 466 | 529 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 489 | 479 |
Prepaid LTSAs | 193 | 210 |
Income taxes receivable, non-current | 19 | 20 |
Other deferred charges and assets | 255 | 258 |
Total deferred charges and other assets | 956 | 967 |
Total Assets | 13,081 | 13,390 |
Current Liabilities: | ||
Securities due within one year | 290 | 679 |
Notes payable | 225 | 211 |
Accounts payable — | ||
Affiliated | 139 | 92 |
Other | 67 | 85 |
Accrued taxes | 24 | 14 |
Accrued interest | 28 | 32 |
Other current liabilities | 111 | 140 |
Total current liabilities | 884 | 1,253 |
Long-Term Debt | 2,689 | 3,009 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 279 | 215 |
Accumulated deferred ITCs | 1,556 | 1,614 |
Operating lease obligations, deferred | 514 | 497 |
Other deferred credits and liabilities | 243 | 204 |
Total deferred credits and other liabilities | 2,592 | 2,530 |
Total Liabilities | 6,165 | 6,792 |
Common Stockholders' Equity: | ||
Common stock | 0 | 0 |
Paid-in capital | 1,069 | 638 |
Retained earnings (accumulated deficit) | 1,741 | 1,585 |
Accumulated other comprehensive loss | (18) | (27) |
Total common stockholders' equity | 2,792 | 2,196 |
Noncontrolling Interests | 4,124 | 4,402 |
Total Stockholders' Equity (See accompanying statements) | 6,916 | 6,598 |
Total Liabilities and Stockholders' Equity | 13,081 | 13,390 |
Commitments and Contingent Matters |
Consolidated Balance Sheets -_4
Consolidated Balance Sheets - SPC (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other intangible assets, amortization | $ 340 | $ 307 |
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Southern Power | ||
Other intangible assets, amortization | $ 129 | $ 109 |
Cumulative preferred stock | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
Consolidated Statements of St_3
Consolidated Statements of Stockholders' Equity - SPC - USD ($) $ in Millions | Total | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Southern Power | Southern Power Total Common Stockholder's Equity | Southern Power Paid-In Capital | Southern Power Retained Earnings | Southern Power Accumulated Other Comprehensive Income (Loss) | Southern Power Noncontrolling Interests | ||||
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 11,734 | $ 10,877 | $ (321) | $ 4,254 | $ 6,622 | $ 2,368 | $ 909 | $ 1,485 | $ (26) | $ 4,254 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (Loss) | 3,103 | 207 | 238 | 238 | (31) | ||||||||||
Capital contributions from parent company | 2 | 2 | 2 | ||||||||||||
Other comprehensive income (loss) | (75) | (75) | (42) | (42) | (42) | ||||||||||
Cash dividends on common stock | (2,685) | (2,685) | (201) | (201) | (201) | ||||||||||
Contributions from noncontrolling interests | 307 | 307 | 307 | 307 | |||||||||||
Distributions to noncontrolling interests | (271) | (271) | (271) | (271) | |||||||||||
Purchase of membership interests from noncontrolling interests | 5 | 60 | 5 | ||||||||||||
Purchase of membership interests from noncontrolling interests | (60) | (65) | 60 | (5) | 65 | ||||||||||
Sale of noncontrolling interests | 65 | (2) | 67 | 65 | [1] | (2) | [1] | (2) | [1] | 67 | [1] | ||||
Other | (12) | (10) | (1) | 1 | 2 | 1 | 1 | 1 | |||||||
Ending 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 (Loss) | 2,309 | 167 | 266 | 266 | (99) | ||||||||||
Return of capital to parent company | (271) | (271) | (271) | ||||||||||||
Capital contributions from parent company | 10 | 10 | 10 | ||||||||||||
Other comprehensive income (loss) | 158 | 158 | 40 | 40 | 40 | ||||||||||
Cash dividends on common stock | (2,777) | (2,777) | (204) | (204) | (204) | ||||||||||
Contributions from noncontrolling interests | 590 | 590 | 590 | 590 | |||||||||||
Distributions to noncontrolling interests | (351) | (351) | (351) | (351) | |||||||||||
Purchase of membership interests from noncontrolling interests | 0 | ||||||||||||||
Other | (7) | (8) | 2 | (14) | (14) | 15 | (1) | 0 | |||||||
Ending 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 (Loss) | 3,428 | 247 | 354 | 354 | (107) | ||||||||||
Capital contributions from parent company | 431 | 431 | 431 | ||||||||||||
Other comprehensive income (loss) | 71 | 71 | 10 | 10 | 10 | ||||||||||
Cash dividends on common stock | (2,907) | (2,907) | (198) | (198) | (198) | ||||||||||
Contributions from noncontrolling interests | 88 | 88 | 88 | 88 | |||||||||||
Distributions to noncontrolling interests | (259) | (259) | (259) | (259) | |||||||||||
Purchase of membership interests from noncontrolling interests | 0 | ||||||||||||||
Other | (6) | 9 | (8) | (1) | (1) | (1) | (1) | 0 | |||||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 13,673 | $ 11,538 | $ (167) | $ 4,124 | $ 6,916 | $ 2,792 | $ 1,069 | $ 1,741 | $ (18) | $ 4,124 | ||||
[1]See Note 15 under "Southern Power" for additional information. |
Consolidated Statements of In_3
Consolidated Statements of Income - GAS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues: | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Operating Expenses: | |||
Other operations and maintenance | 6,630 | 6,088 | 5,413 |
Depreciation and amortization | 3,663 | 3,565 | 3,518 |
Taxes other than income taxes | 1,411 | 1,290 | 1,234 |
Impairment charges | 251 | 2 | 0 |
Gain on dispositions, net | (57) | (186) | (65) |
Total operating expenses | 23,909 | 19,415 | 15,490 |
Operating income (loss) | 5,370 | 3,698 | 4,885 |
Other Income and (Expense): | |||
Earnings from equity method investments | 151 | 76 | 153 |
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Total other income and (expense) | (1,147) | (1,122) | (1,389) |
Earnings Before Income Taxes | 4,223 | 2,576 | 3,496 |
Income taxes (benefit) | 795 | 267 | 393 |
Consolidated Net Income | 3,524 | 2,393 | 3,119 |
Southern Company Gas | |||
Operating Revenues: | |||
Total operating revenues | 5,962 | 4,380 | 3,434 |
Operating Expenses: | |||
Cost of sales | 3,004 | 1,619 | 972 |
Other operations and maintenance | 1,176 | 1,072 | 966 |
Depreciation and amortization | 559 | 536 | 500 |
Taxes other than income taxes | 282 | 225 | 206 |
Impairment charges | 131 | 0 | 0 |
Gain on dispositions, net | (4) | (127) | (22) |
Total operating expenses | 5,148 | 3,325 | 2,622 |
Operating income (loss) | 814 | 1,055 | 812 |
Other Income and (Expense): | |||
Earnings from equity method investments | 148 | 50 | 141 |
Interest expense, net of amounts capitalized | (263) | (238) | (231) |
Other income (expense), net | 53 | (53) | 41 |
Total other income and (expense) | (62) | (241) | (49) |
Earnings Before Income Taxes | 752 | 814 | 763 |
Income taxes (benefit) | 180 | 275 | 173 |
Consolidated Net Income | $ 572 | $ 539 | $ 590 |
Consolidated Statements of In_4
Consolidated Statements of Income - GAS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Southern Company Gas | |||
Excise taxes collected | $ 162 | $ 122 | $ 107 |
Consolidated Statements of Co_5
Consolidated Statements of Comprehensive Income - GAS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) | $ 3,428 | $ 2,309 | $ 3,103 |
Qualifying hedges: | |||
Changes in fair value, net of tax | (60) | (49) | 10 |
Reclassification adjustment for amounts included in net income, net of tax | 73 | 96 | (40) |
Pension and other postretirement benefit plans: | |||
Benefit plan net gain (loss), net of tax | 48 | 98 | (55) |
Current period change | 71 | 158 | (75) |
Comprehensive Income (Loss) Attributable to Parent | 3,595 | 2,551 | 3,044 |
Southern Company Gas | |||
Net Income (Loss) | 572 | 539 | 590 |
Qualifying hedges: | |||
Changes in fair value, net of tax | 13 | 17 | (21) |
Reclassification adjustment for amounts included in net income, net of tax | (24) | (11) | 7 |
Pension and other postretirement benefit plans: | |||
Benefit plan net gain (loss), net of tax | 18 | 40 | (15) |
Current period change | 7 | 46 | (29) |
Comprehensive Income (Loss) Attributable to Parent | $ 579 | $ 585 | $ 561 |
Consolidated Statements of Co_6
Consolidated Statements of Comprehensive Income - GAS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifying hedges, change in fair value, tax | $ (19) | $ (16) | $ 3 |
Qualifying hedges, reclassification adjustment, tax | 23 | 31 | (13) |
Pension and other postretirement benefit plans, gain (loss), tax | 18 | 37 | (17) |
Southern Company Gas | |||
Qualifying hedges, change in fair value, tax | 5 | 5 | (8) |
Qualifying hedges, reclassification adjustment, tax | (9) | (5) | 3 |
Pension and other postretirement benefit plans, gain (loss), tax | $ 8 | $ 17 | $ (3) |
Consolidated Statements of Ca_5
Consolidated Statements of Cash Flows - GAS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Consolidated net income | $ 3,428 | $ 2,309 | $ 3,103 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 4,064 | 3,973 | 3,905 |
Deferred income taxes | 670 | (49) | (241) |
Gain on dispositions, net | (42) | (176) | (66) |
Natural gas cost under recovery – long-term | 207 | (207) | 0 |
Other, net | 17 | 87 | (75) |
Changes in certain current assets and liabilities — | |||
-Receivables | (769) | (81) | (222) |
-Natural gas cost under recovery | 158 | (266) | 0 |
-Other current assets | (288) | (270) | (132) |
-Accounts payable | 1,021 | (8) | (27) |
-Other current liabilities | 153 | (204) | 173 |
Net cash provided from operating activities | 6,302 | 6,169 | 6,696 |
Investing Activities: | |||
Property additions | (7,923) | (7,586) | (7,522) |
Cost of removal, net of salvage | (649) | (442) | (361) |
Proceeds from dispositions | 275 | 917 | 1,049 |
Other investing activities | 70 | (49) | 21 |
Net cash used for investing activities | (8,430) | (7,353) | (7,030) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 530 | ||
Increase (decrease) in notes payable, net | (337) | (1,096) | |
Proceeds — | |||
Short-term borrowings | 2,650 | 325 | 615 |
Redemptions and repurchases — | |||
Short-term borrowings | (1,150) | (25) | (840) |
Payment of common stock dividends | (2,907) | (2,777) | (2,685) |
Other financing activities | (218) | (266) | (325) |
Net cash provided from (used for) financing activities | 2,336 | 1,945 | (576) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 208 | 761 | (910) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 1,829 | 1,068 | 1,978 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 2,037 | 1,829 | 1,068 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 1,758 | 1,718 | 1,683 |
Income taxes, net | 146 | 93 | 64 |
Noncash transactions — | |||
Accrued property additions at year-end | 1,024 | 866 | 989 |
Southern Company Gas | |||
Operating Activities: | |||
Consolidated net income | 572 | 539 | 590 |
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||
Depreciation and amortization, total | 558 | 536 | 500 |
Deferred income taxes | 17 | 259 | 56 |
Impairment charges | 131 | 84 | 0 |
Gain on dispositions, net | (4) | (127) | (22) |
Mark-to-market adjustments | 12 | 194 | 61 |
Natural gas cost under recovery – long-term | 207 | (207) | 0 |
Other, net | (32) | (30) | (29) |
Changes in certain current assets and liabilities — | |||
-Receivables | (345) | (143) | (93) |
-Natural gas for sale, net of temporary LIFO liquidation | (77) | 8 | 18 |
-Prepaid income taxes | 19 | (82) | 19 |
-Natural gas cost under recovery | 158 | (266) | 0 |
-Other current assets | (6) | (116) | (10) |
-Accounts payable | 299 | 40 | 103 |
-Other current liabilities | 10 | (26) | 14 |
Net cash provided from operating activities | 1,519 | 663 | 1,207 |
Investing Activities: | |||
Property additions | (1,533) | (1,421) | (1,471) |
Cost of removal, net of salvage | (112) | (106) | (100) |
Change in construction payables, net | 65 | (29) | 20 |
Investments in unconsolidated subsidiaries | (165) | (5) | (79) |
Proceeds from dispositions | 150 | 150 | 211 |
Other investing activities | 15 | 32 | 2 |
Net cash used for investing activities | (1,580) | (1,379) | (1,417) |
Financing Activities: | |||
Increase (decrease) in notes payable, net | 585 | ||
Increase (decrease) in notes payable, net | (341) | (326) | |
Proceeds — | |||
Senior notes | 500 | 450 | 500 |
Short-term borrowings | 50 | 300 | 0 |
First mortgage bonds | 175 | 200 | 325 |
Other long-term debt | 22 | 0 | 0 |
Redemptions and repurchases — | |||
Senior notes | 0 | (300) | 0 |
Medium-term notes | (46) | (30) | 0 |
Short-term borrowings | (150) | 0 | 0 |
Capital contributions from parent company | 406 | 72 | 216 |
Payment of common stock dividends | (519) | (530) | (533) |
Other financing activities | (1) | (2) | (2) |
Net cash provided from (used for) financing activities | 96 | 745 | 180 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 35 | 29 | (30) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 48 | 19 | 49 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 83 | 48 | 19 |
Supplemental Cash Flow Information: | |||
Interest, net of amounts capitalized | 258 | 244 | 232 |
Income taxes, net | 208 | 57 | 25 |
Noncash transactions — | |||
Accrued property additions at year-end | $ 177 | $ 113 | $ 142 |
Consolidated Statements of Ca_6
Consolidated Statements of Cash Flows - GAS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash paid for capitalized interest | $ 103 | $ 92 | $ 81 |
Southern Company Gas | |||
Net cash paid for capitalized interest | $ 10 | $ 8 | $ 7 |
Consolidated Balance Sheets - G
Consolidated Balance Sheets - GAS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,917 | $ 1,798 |
Receivables — | ||
Customer accounts | 2,138 | 1,806 |
Unbilled revenues | 1,012 | 711 |
Other accounts and notes | 637 | 523 |
Accumulated provision for uncollectible accounts | (71) | (78) |
Natural gas for sale | 438 | 362 |
Prepaid expenses | 347 | 330 |
Natural gas cost under recovery | 108 | 266 |
Other regulatory assets | 860 | 653 |
Other current assets | 344 | 231 |
Total current assets | 10,416 | 8,965 |
Property, Plant, and Equipment: | ||
In service | 117,529 | 115,592 |
Less: Accumulated depreciation | 35,297 | 34,079 |
Plant in service, net of depreciation | 82,232 | 81,513 |
Construction work in progress | 10,896 | 8,771 |
Total property, plant, and equipment | 94,570 | 91,108 |
Other Property and Investments: | ||
Goodwill | 5,161 | 5,280 |
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 |
Other intangible assets, net of amortization | 406 | 445 |
Miscellaneous property and investments | 602 | 653 |
Total other property and investments | 9,757 | 10,202 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,531 | 1,701 |
Prepaid pension costs | 2,290 | 1,657 |
Other regulatory assets, deferred | 5,918 | 5,577 |
Other deferred charges and assets | 1,485 | 1,366 |
Total deferred charges and other assets | 20,148 | 17,259 |
Total Assets | 134,891 | 127,534 |
Current Liabilities: | ||
Securities due within one year | 4,285 | 2,157 |
Notes payable | 2,609 | 1,440 |
Accounts payable — | ||
Customer deposits | 502 | 479 |
Accrued compensation | 1,127 | 1,070 |
Other regulatory liabilities | 382 | 563 |
Other current liabilities | 965 | 872 |
Total current liabilities | 15,724 | 10,921 |
Long-Term Debt | 50,656 | 50,120 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 10,036 | 8,862 |
Deferred credits related to income taxes | 5,235 | 5,401 |
Employee benefit obligations | 1,238 | 1,550 |
Operating lease obligations, deferred | 1,388 | 1,503 |
Other cost of removal obligations | 1,903 | 2,103 |
Other deferred credits and liabilities | 1,167 | 816 |
Total deferred credits and other liabilities | 33,979 | 33,926 |
Total Liabilities | 100,359 | 94,967 |
Common Stockholders' Equity: | ||
Common stock | 5,417 | 5,279 |
Retained earnings (accumulated deficit) | 11,538 | 10,929 |
Accumulated other comprehensive loss | (167) | (237) |
Total Stockholders' Equity (See accompanying statements) | 34,532 | 32,276 |
Total Liabilities and Stockholders' Equity | 134,891 | 127,534 |
Commitments and Contingent Matters | ||
Southern Company Gas | ||
Current Assets: | ||
Cash and cash equivalents | 81 | 45 |
Receivables — | ||
Customer accounts | 616 | 462 |
Unbilled revenues | 453 | 278 |
Other accounts and notes | 76 | 49 |
Accumulated provision for uncollectible accounts | (50) | (39) |
Natural gas for sale | 438 | 362 |
Prepaid expenses | 93 | 114 |
Natural gas cost under recovery | 108 | 266 |
Other regulatory assets | 119 | 136 |
Other current assets | 104 | 82 |
Total current assets | 2,038 | 1,755 |
Property, Plant, and Equipment: | ||
In service | 19,723 | 18,880 |
Less: Accumulated depreciation | 5,276 | 5,067 |
Plant in service, net of depreciation | 14,447 | 13,813 |
Construction work in progress | 909 | 684 |
Total property, plant, and equipment | 15,356 | 14,497 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,276 | 1,173 |
Other intangible assets, net of amortization | 26 | 37 |
Miscellaneous property and investments | 28 | 19 |
Total other property and investments | 6,345 | 6,244 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 57 | 70 |
Prepaid pension costs | 183 | 175 |
Other regulatory assets, deferred | 497 | 689 |
Other deferred charges and assets | 145 | 130 |
Total deferred charges and other assets | 882 | 1,064 |
Total Assets | 24,621 | 23,560 |
Current Liabilities: | ||
Securities due within one year | 400 | 47 |
Notes payable | 768 | 1,209 |
Accounts payable — | ||
Affiliated | 104 | 58 |
Other | 701 | 361 |
Customer deposits | 125 | 95 |
Accrued taxes | 77 | 124 |
Accrued compensation | 105 | 110 |
Other regulatory liabilities | 36 | 8 |
Other current liabilities | 254 | 214 |
Total current liabilities | 2,570 | 2,226 |
Long-Term Debt | 7,042 | 6,855 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,560 | 1,555 |
Deferred credits related to income taxes | 788 | 816 |
Employee benefit obligations | 120 | 176 |
Operating lease obligations, deferred | 51 | 59 |
Other cost of removal obligations | 1,707 | 1,683 |
Accrued environmental remediation | 207 | 197 |
Other deferred credits and liabilities | 179 | 77 |
Total deferred credits and other liabilities | 4,612 | 4,563 |
Total Liabilities | 14,224 | 13,644 |
Common Stockholders' Equity: | ||
Common stock | 10,445 | 10,024 |
Retained earnings (accumulated deficit) | (79) | (132) |
Accumulated other comprehensive loss | 31 | 24 |
Total Stockholders' Equity (See accompanying statements) | 10,397 | 9,916 |
Total Liabilities and Stockholders' Equity | 24,621 | 23,560 |
Commitments and Contingent Matters |
Consolidated Balance Sheets -_5
Consolidated Balance Sheets - GAS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other intangible assets, amortization | $ 340 | $ 307 |
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Southern Company Gas | ||
Other intangible assets, amortization | $ 156 | $ 145 |
Common Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Consolidated Statements of Comm
Consolidated Statements of Common Stockholders' Equity - GAS - USD ($) $ in Millions | Total | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Southern Company Gas | Southern Company Gas Paid-In Capital | Southern Company Gas Retained Earnings | Southern Company Gas Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2019 | $ 31,759 | $ 11,734 | $ 10,877 | $ (321) | $ 9,506 | $ 9,697 | $ (198) | $ 7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) | 3,103 | 590 | 590 | |||||
Capital contributions from parent company | 233 | 233 | ||||||
Other comprehensive income (loss) | (75) | (75) | (29) | (29) | ||||
Cash dividends on common stock | (2,685) | (2,685) | (533) | (533) | ||||
Ending 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 (Loss) | 2,309 | 539 | 539 | |||||
Capital contributions from parent company | 94 | 94 | ||||||
Other comprehensive income (loss) | 158 | 158 | 46 | 46 | ||||
Cash dividends on common stock | (2,777) | (2,777) | (530) | (530) | ||||
Ending 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 (Loss) | 3,428 | 572 | 572 | |||||
Capital contributions from parent company | 421 | 421 | ||||||
Other comprehensive income (loss) | 71 | 71 | 7 | 7 | ||||
Cash dividends on common stock | (2,907) | (2,907) | (519) | (519) | ||||
Ending balance at Dec. 31, 2022 | $ 34,532 | $ 13,673 | $ 11,538 | $ (167) | $ 10,397 | $ 10,445 | $ (79) | $ 31 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Southern Company is the parent company of three traditional electric operating companies, as well as Southern Power, Southern Company Gas, SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through natural gas distribution utilities, including Nicor Gas (Illinois), Atlanta Gas Light (Georgia), Virginia Natural Gas, and Chattanooga Gas (Tennessee). Southern Company Gas is also involved in several other complementary businesses including gas pipeline investments and gas marketing services. Prior to the sale of Sequent on July 1, 2021, these businesses also included wholesale gas services. SCS, the system service company, provides, at cost, specialized services to Southern Company and its subsidiary companies. Southern Linc provides digital wireless communications for use by Southern Company and its subsidiary companies and also markets these services to the public and provides fiber optics services within the Southeast. Southern Holdings is an intermediate holding company subsidiary. Southern Nuclear operates and provides services to the Southern Company system's nuclear power plants, including Alabama Power's Plant Farley and Georgia Power's Plant Hatch and Plant Vogtle Units 1 and 2, and is currently managing construction and start-up of Plant Vogtle Units 3 and 4, which are co-owned by Georgia Power. PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental, and utility customers. See Note 15 for information regarding the sale of Sequent. The Registrants' financial statements reflect investments in subsidiaries on a consolidated basis. Intercompany transactions have been eliminated in consolidation. The equity method is used for investments in entities in which a Registrant has significant influence but does not have control and for VIEs where a Registrant has an equity investment but is not the primary beneficiary. Southern Power has controlling ownership in certain legal entities for which the contractual provisions represent profit-sharing arrangements because the allocations of cash distributions and tax benefits are not based on fixed ownership percentages. For these arrangements, the noncontrolling interest is accounted for under a balance sheet approach utilizing the HLBV method. The HLBV method calculates each partner's share of income based on the change in net equity the partner can legally claim in a HLBV at the end of the period compared to the beginning of the period. See "Variable Interest Entities" herein and Note 7 for additional information. The traditional electric operating companies, Southern Power, certain subsidiaries of Southern Company Gas, and certain other subsidiaries are subject to regulation by the FERC, and the traditional electric operating companies and the natural gas distribution utilities are also subject to regulation by their respective state PSCs or other applicable state regulatory agencies. As such, the respective financial statements of the applicable Registrants reflect the effects of rate regulation in accordance with GAAP and comply with the accounting policies and practices prescribed by relevant state PSCs or other applicable state regulatory agencies. The preparation of financial statements in conformity with GAAP requires the use of estimates, and the actual results may differ from those estimates. Certain prior years' data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the Registrants' results of operations, financial position, or cash flows. Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR, which began phasing out on December 31, 2021. The discontinuation date of the overnight 1-, 3-, 6-, and 12-month tenors of LIBOR is June 30, 2023, which is beyond the original effective date of ASU 2020-04; therefore, on December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (ASU 2022-06) to defer the sunset date of ASU 2020-04 from December 31, 2022 to December 31, 2024. The amendments are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The guidance (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2024 by accounting topic. The Registrants have elected to apply the amendments to modifications of debt and derivative arrangements that meet the scope of ASU 2020-04 and ASU 2022-06. The Registrants currently reference LIBOR for certain debt and hedging arrangements. In addition, certain provisions in PPAs at Southern Power include references to LIBOR. Contract language has been, or is expected to be, incorporated into each of these agreements to address the transition to an alternative rate for agreements that will be in place at the transition date. No material impacts are expected from modifications to the arrangements and effective hedging relationships are expected to continue. See Note 14 under "Interest Rate Derivatives" for additional information. Affiliate Transactions The traditional electric operating companies, Southern Power, and Southern Company Gas have agreements with SCS under which certain of the following services are rendered to them at direct or allocated cost: general executive and advisory, general and design engineering, operations, purchasing, accounting, finance, treasury, legal, tax, information technology, marketing, auditing, insurance and pension administration, human resources, systems and procedures, digital wireless communications, cellular tower space, and other services with respect to business and operations, construction management, and Southern Company power pool transactions. These costs are primarily included in other operations and maintenance expenses or capitalized to property, plant, and equipment. Costs for these services from SCS in 2022, 2021, and 2020 were as follows: Alabama Georgia Mississippi Southern Southern Company Gas (in millions) 2022 $ 549 $ 762 $ 115 $ 86 $ 262 2021 504 663 120 89 239 2020 478 639 149 87 237 Alabama Power and Georgia Power also have agreements with Southern Nuclear under which Southern Nuclear renders the following nuclear-related services at cost: general executive and advisory services; general operations, management, and technical services; administrative services including procurement, accounting, employee relations, systems, and procedures services; strategic planning and budgeting services; other services with respect to business and operations; and, for Georgia Power, construction management. These costs are primarily included in other operations and maintenance expenses or capitalized to property, plant, and equipment. Costs for these services in 2022, 2021, and 2020 amounted to $267 million, $258 million, and $262 million, respectively, for Alabama Power and $895 million, $906 million, and $883 million, respectively, for Georgia Power. See Note 2 under "Georgia Power – Nuclear Construction" for additional information regarding Southern Nuclear's construction management of Plant Vogtle Units 3 and 4 for Georgia Power. Cost allocation methodologies used by SCS and Southern Nuclear prior to the repeal of the Public Utility Holding Company Act of 1935, as amended, were approved by the SEC. Subsequently, additional cost allocation methodologies have been reported to the FERC and management believes they are reasonable. The FERC permits services to be rendered at cost by system service companies. Alabama Power's and Georgia Power's power purchases from affiliates through the Southern Company power pool are included in purchased power, affiliates on their respective statements of income. Mississippi Power's and Southern Power's power purchases from affiliates through the Southern Company power pool are included in purchased power on their respective statements of income and were as follows: Mississippi Southern (in millions) 2022 $ 4 $ 29 2021 9 15 2020 4 8 Georgia Power has entered into several PPAs with Southern Power for capacity and energy. Georgia Power's total expenses associated with these PPAs were $151 million, $132 million, and $141 million in 2022, 2021, and 2020, respectively. Southern Power's total revenues from all PPAs with Georgia Power, included in wholesale revenue affiliates on Southern Power's consolidated statements of income, were $154 million, $139 million, and $139 million for 2022, 2021, and 2020, respectively. Included within these revenues were affiliate PPAs accounted for as operating leases, which totaled $116 million, $112 million, and $115 million for 2022, 2021, and 2020, respectively. See Note 9 for additional information. SCS (as agent for Alabama Power, Georgia Power, and Southern Power) and Southern Company Gas have long-term interstate natural gas transportation agreements with SNG that are governed by the terms and conditions of SNG's natural gas tariff and are subject to FERC regulation. See Note 7 under "Southern Company Gas – Equity Method Investments" for additional information. Transportation costs under these agreements in 2022, 2021, and 2020 were as follows: Alabama Georgia Southern Southern Company Gas (in millions) 2022 $ 18 $ 99 $ 37 $ 27 2021 14 108 31 29 2020 15 108 29 29 SCS, as agent for the traditional electric operating companies and Southern Power, has agreements with certain subsidiaries of Southern Company Gas to purchase natural gas. Natural gas purchases made under these agreements were immaterial for Alabama Power, Georgia Power, and Mississippi Power for all periods presented and immaterial, $18 million, and $26 million for Southern Power in 2022, 2021, and 2020, respectively. Alabama Power and Mississippi Power jointly own Plant Greene County. The companies have an agreement under which Alabama Power operates Plant Greene County and Mississippi Power reimburses Alabama Power for its proportionate share of non-fuel operations and maintenance expenses, which totaled $6 million, $10 million, and $9 million in 2022, 2021, and 2020, respectively. See Note 5 under "Joint Ownership Agreements" for additional information. Alabama Power, Georgia Power, and Mississippi Power each have agreements with PowerSecure for equipment purchases and/or services related to utility infrastructure construction, distributed energy, and energy efficiency projects. Costs under these agreements were immaterial for all periods presented. In 2022, Southern Company Gas entered into a $70 million contract with the U.S. General Services Administration to increase energy efficiency at certain federal buildings across Georgia, with completion expected to occur in 2024. Southern Company Gas engaged PowerSecure to provide the majority of the construction services under the contract. During 2022, Southern Company Gas paid $10 million to PowerSecure related to this agreement. See Note 7 under "SEGCO" for information regarding Alabama Power's and Georgia Power's equity method investment in SEGCO and related affiliate purchased power costs, as well as Alabama Power's gas pipeline ownership agreement with SEGCO. Southern Power has several agreements with SCS for transmission services, which are billed to Southern Power based on the Southern Company Open Access Transmission Tariff as filed with the FERC. Transmission services purchased by Southern Power from SCS totaled $39 million, $28 million, and $15 million for 2022, 2021, and 2020, respectively, and were charged to other operations and maintenance expenses in Southern Power's consolidated statements of income. The traditional electric operating companies and Southern Power may jointly enter into various types of wholesale energy, natural gas, and certain other contracts, either directly or through SCS as agent. Each participating company may be jointly and severally liable for the obligations incurred under these agreements. See Note 14 under "Contingent Features" for additional information. Southern Power and the traditional electric operating companies generally settle amounts related to the above transactions on a monthly basis in the month following the performance of such services or the purchase or sale of electricity. See "Revenues – Southern Power" herein for additional information. The traditional electric operating companies, Southern Power, and Southern Company Gas provide incidental services to and receive such services from other Southern Company subsidiaries which are generally minor in duration and amount. Except as described herein, the traditional electric operating companies, Southern Power, and Southern Company Gas neither provided nor received any material services to or from affiliates in any year presented. Regulatory Assets and Liabilities The traditional electric operating companies and the natural gas distribution utilities are subject to accounting requirements for the effects of rate regulation. Regulatory assets represent probable future revenues associated with certain costs that are expected to be recovered from customers through the ratemaking process. Regulatory liabilities represent costs recovered that are expected to be incurred in the future or probable future reductions in revenues associated with amounts that are expected to be credited to customers through the ratemaking process. In the event that a portion of a traditional electric operating company's or a natural gas distribution utility's operations is no longer subject to applicable accounting rules for rate regulation, such company would be required to write off to income or reclassify to AOCI related regulatory assets and liabilities that are not specifically recoverable through regulated rates. In addition, the Revenues The Registrants generate revenues from a variety of sources which are accounted for under various revenue accounting guidance, including revenue from contracts with customers, lease, derivative, and regulatory accounting. See Notes 4, 9, and 14 for additional information. Traditional Electric Operating Companies The majority of the revenues of the traditional electric operating companies are generated from contracts with retail electric customers. These revenues, generated from the integrated service to deliver electricity when and if called upon by the customer, are recognized as a single performance obligation satisfied over time, at a tariff rate, and as electricity is delivered to the customer during the month. Unbilled revenues related to retail sales are accrued at the end of each fiscal period. Retail rates may include provisions to adjust revenues for fluctuations in fuel costs, fuel hedging, the energy component of purchased power costs, and certain other costs. Revenues are adjusted for differences between these actual costs and amounts billed in current regulated rates. Under or over recovered regulatory clause revenues are recorded in the balance sheets and are recovered from or returned to customers, respectively, through adjustments to the billing factors. See Note 2 for additional information regarding regulatory matters of the traditional electric operating companies. Wholesale capacity revenues from PPAs are recognized in amounts billable under the contract terms. Energy and other revenues are generally recognized as services are provided. The contracts for capacity and energy in a wholesale PPA have multiple performance obligations where the contract's total transaction price is allocated to each performance obligation based on the standalone selling price. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, the traditional electric operating companies recognize revenue as the performance obligations are satisfied over time as electricity is delivered to the customer or as generation capacity is available to the customer. For both retail and wholesale revenues, the traditional electric operating companies have elected to recognize revenue for their sales of electricity and capacity using the invoice practical expedient as they generally have a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and that may be invoiced. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of the Registrants' performance obligation. Southern Power Southern Power sells capacity and energy at rates specified under contractual terms in long-term PPAs. These PPAs are accounted for as leases, non-derivatives, or normal sale derivatives. Capacity revenues from PPAs classified as operating leases are recognized on a straight-line basis over the term of the agreement. Energy revenues are recognized in the period the energy is delivered. Capacity revenues from PPAs classified as sales-type leases are recognized by accounting for interest income on the net investment in the lease. Southern Power's non-lease contracts commonly include capacity and energy which are considered separate performance obligations. In these contracts, the total transaction price is allocated to each performance obligation based on the standalone selling price. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, Southern Power recognizes revenue as the performance obligations are satisfied over time, as electricity is delivered to the customer or as generation capacity is made available to the customer. Southern Power generally has a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and may recognize revenue in the amount to which the entity has a right to invoice. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of Southern Power's performance obligation. When multiple contracts exist with the same counterparty, the revenues from each contract are accounted for as separate arrangements. Southern Power may also enter into contracts to sell short-term capacity in the wholesale electricity markets. These sales are generally classified as mark-to-market derivatives and net unrealized gains and losses on such contracts are recorded in wholesale revenues. See Note 14 and "Financial Instruments" herein for additional information. Southern Company Gas Gas Distribution Operations Southern Company Gas records revenues when goods or services are provided to customers. Those revenues are based on rates approved by the state regulatory agencies of the natural gas distribution utilities. Atlanta Gas Light operates in a deregulated natural gas market wher eby M arketers, rather than a traditional utility, sell natural gas to end-use customers in Georgia and handle customer billing functions. As required by the Georgia PSC, Atlanta Gas Light bills Marketers in equal monthly installments for each residential, commercial, and industrial end-use customer's distribution costs as well as for capacity costs utilizing a seasonal rate design for the calculation of each residential end-use customer's annual straight-fixed-variable charge, which reflects the historic volumetric usage pattern for the entire residential class. The majority of the revenues of Southern Company Gas are generated from contracts with natural gas distribution customers. Revenues from this integrated service to deliver gas when and if called upon by the customer are recognized as a single performance obligation satisfied over time and are recognized at a tariff rate as gas is delivered to the customer during the month. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, Southern Company Gas recognizes revenue as the performance obligations are satisfied over time as natural gas is delivered to the customer. The performance obligations related to wholesale gas services are satisfied, and revenue is recognized, at a point in time when natural gas is delivered to the customer. Southern Company Gas has elected to recognize revenue for sales of gas using the invoice practical expedient as it generally has a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and that may be invoiced. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of Southern Company Gas' performance obligation. With the exception of Atlanta Gas Light, the natural gas distribution utilities have rate structures that include volumetric rate designs that allow the opportunity to recover certain costs based on gas usage. Revenues from sales and transportation services are recognized in the same period in which the related volumes are delivered to customers. Revenues from residential and certain commercial and industrial customers are recognized on the basis of scheduled meter readings. Additionally, unbilled revenues are recognized for estimated deliveries of gas not yet billed to these customers, from the last bill date to the end of the accounting period. For other commercial and industrial customers, revenues are based on actual deliveries through the end of the period. The tariffs for the natural gas distribution utilities include provisions which allow for the recognition of certain revenues prior to the time such revenues are billed to customers. These provisions are referred to as alternative revenue programs and provide for the recognition of certain revenues prior to billing, as long as the amounts recognized will be collected from customers within 24 months of recognition. Revenue related to alternative revenue programs was $(5) million, $11 million, and $3 million in 2022, 2021, and 2020, respectively. These programs are as follows: • Weather normalization adjustments – reduce customer bills when winter weather is colder than normal and increase customer bills when weather is warmer than normal and are included in the tariffs for Virginia Natural Gas and Chattanooga Gas; • Revenue normalization mechanisms – mitigate the impact of conservation and declining customer usage and are contained in the tariffs for Virginia Natural Gas and Nicor Gas; and • Revenue true-up adjustment – included within the provisions of the GRAM program in which Atlanta Gas Light participates as a short-term alternative to formal rate case filings, the revenue true-up feature provides for a positive (or negative) adjustment to record revenue in the amount of any variance to budgeted revenues, which are submitted and approved annually as a requirement of GRAM. Such adjustments are reflected in customer billings in a subsequent program year. Wholesale Gas Services Prior to the sale of Sequent on July 1, 2021, Southern Company Gas netted revenues from energy and risk management activities with the associated costs. Profits from sales between segments were eliminated and recognized as goods or services sold to end-use customers. Southern Company Gas recorded wholesale gas services' transactions that qualified as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes were presented on a net basis in revenue. See Note 15 under "Southern Company Gas" for additional information on the sale of Sequent. Gas Marketing Services Southern Company Gas recognizes revenues from natural gas sales and transportation services in the same period in which the related volumes are delivered to customers and recognizes sales revenues from residential and certain commercial and industrial customers on the basis of scheduled meter readings. Southern Company Gas also recognizes unbilled revenues for estimated deliveries of gas not yet billed to these customers from the most recent meter reading date to the end of the accounting period. For other commercial and industrial customers and for all wholesale customers, revenues are based on actual deliveries during the period. Southern Company Gas recognizes revenues on 12-month utility-bill management contracts as the lesser of cumulative earned or cumulative billed amounts. Concentration of Revenue Southern Company, Alabama Power, Georgia Power, Mississippi Power (with the exception of its full requirements cost-based MRA electric tariffs described below), Southern Power, and Southern Company Gas each have a diversified base of customers and no single customer or industry comprises 10% or more of each company's revenues. Mississippi Power provides service under long-term contracts with rural electric cooperative associations and a municipality located in southeastern Mississippi under requirements cost-based MRA electric tariffs, which are subject to regulation by the FERC. The contracts with these wholesale customers represented 12.4% of Mississippi Power's total operating revenues in 2022. Historically, these wholesale customers have acted as a group and any changes in contractual relationships for one customer are likely to be followed by the other wholesale customers. Fuel Costs Fuel costs for the traditional electric operating companies and Southern Power are expensed as the fuel is used. Fuel expense generally includes fuel transportation costs and the cost of purchased emissions allowances as they are used. For Alabama Power and Georgia Power, fuel expense also includes the amortization of the cost of nuclear fuel. For the traditional electric operating companies, fuel costs also include gains and/or losses from fuel-hedging programs as approved by their respective state PSCs. Cost of Natural Gas Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, Southern Company Gas charges its utility customers for natural gas consumed using natural gas cost recovery mechanisms set by the applicable state regulatory agencies. Under these mechanisms, all prudently-incurred natural gas costs are passed through to customers without markup, subject to regulatory review. Southern Company Gas defers or accrues the difference between the actual cost of natural gas and the amount of commodity revenue earned in a given period such that no operating income is recognized related to these costs. The deferred or accrued amount is either billed or refunded to customers prospectively through adjustments to the commodity rate. Deferred and accrued natural gas costs are included in the balance sheets as regulatory assets and regulatory liabilities, respectively. Southern Company Gas' gas marketing services' customers are charged for actual or estimated natural gas consumed. Within cost of natural gas, Southern Company Gas also includes costs of lost and unaccounted for gas, adjustments to reduce the value of inventories to market value, and gains and losses associated with certain derivatives. Income Taxes The Registrants use the liability method of accounting for deferred income taxes and provide deferred income taxes for all significant income tax temporary differences. In accordance with regulatory requirements, deferred federal ITCs for the traditional electric operating companies are amortized over the average life of the related property, with such amortization normally applied as a credit to reduce depreciation and amortization in the statements of income. Southern Power's and the natural gas distribution utilities' deferred federal ITCs, as well as certain state ITCs for Nicor Gas, are amortized to income tax expense over the life of the respective asset. Under current tax law, certain projects at Southern Power related to the construction of renewable facilities are eligible for federal ITCs. Southern Power estimates eligible costs which, as they relate to acquisitions, may not be finalized until the allocation of the purchase price to assets has been finalized. Southern Power applies the deferred method to ITCs, whereby the ITCs are recorded as a deferred credit and amortized to income tax expense over the life of the respective asset. Furthermore, the tax basis of the asset is reduced by 50% of the ITCs received, resulting in a net deferred tax asset. Southern Power has elected to recognize the tax benefit of this basis difference as a reduction to income tax expense in the year in which the plant reaches commercial operation. State ITCs are recognized as an income tax benefit in the period in which the credits are generated. In addition, certain projects are eligible for federal and state PTCs, which are recognized as an income tax benefit based on KWH production. Federal ITCs and PTCs, as well as state ITCs and other state tax credits available to reduce income taxes payable, were not fully utilized in 2022 and will be carried forward and utilized in future years. In addition, Southern Company is expected to have various state net operating loss (NOL) carryforwards for certain of its subsidiaries, including Mississippi Power and Southern Power, which would result in income tax benefits in the future, if utilized. See Note 10 under "Current and Deferred Income Taxes – Tax Credit Carryforwards" and " – Net Operating Loss Carryforwards" for additional information. The Registrants recognize tax positions that are "more likely than not" of being sustained upon examination by the appropriate taxing authorities. See Note 10 under "Unrecognized Tax Benefits" for additional information. Other Taxes Taxes imposed on and collected from customers on behalf of governmental agencies are presented net on the Registrants' statements of income and are excluded from the transaction price in determining the revenue related to contracts with a customer. Southern Company Gas is taxed on its gas revenues by various governmental authorities, but is allowed to recover these taxes from its customers. Revenue taxes imposed on the natural gas distribution utilities are recorded at the amount charged to customers, which may include a small administrative fee, as operating revenues, and the related taxes imposed on Southern Company Gas are recorded as operating expenses on the statements of income. Revenue taxes included in operating expenses were $158 million, $119 million, and $104 million in 2022, 2021, and 2020, respectively. Allowance for Funds Used During Construction and Interest Capitalized The traditional electric operating companies and the natural gas distribution utilities record AFUDC, which represents the estimated debt and equity costs of capital funds that are necessary to finance the construction of new regulated facilities. While cash is not realized currently, AFUDC increases the revenue requirement and is recovered over the service life of the asset through a higher rate base and higher depreciation. The equity component of AFUDC is not taxable. Interest related to financing the construction of new facilities at Southern Power and new facilities not included in the traditional electric operating companies' and Southern Company Gas' regulated rates is capitalized in accordance with standard interest capita |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS Regulatory Assets and Liabilities Details of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2022 and 2021 are provided in the following tables: Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2022 AROs (a)(u) $ 6,096 $ 1,971 $ 3,829 $ 242 $ — Retiree benefit plans (b)(u) 2,517 675 848 113 114 Remaining net book value of retired assets (c) 1,543 562 962 19 — Under recovered regulatory clause revenues (d) 953 788 — 31 134 Deferred income tax charges (e) 866 250 583 30 — Environmental remediation (f)(u) 294 — 25 — 269 Loss on reacquired debt (g) 257 38 213 5 1 Vacation pay (h)(u) 212 82 108 10 12 Regulatory clauses (i) 142 142 — — — Software and cloud computing costs (j) 111 46 59 — 6 Nuclear outage (k) 82 52 30 — — Long-term debt fair value adjustment (l) 69 — — — 69 Fuel-hedging (realized and unrealized) losses (m) 60 15 45 — — Storm damage (n) 44 — — 44 — Plant Daniel Units 3 and 4 (o) 27 — — 27 — Kemper County energy facility assets, net (p) 20 — — 20 — Other regulatory assets (q) 197 36 27 16 118 Deferred income tax credits (e) (5,251) (1,925) (2,244) (269) (788) Other cost of removal obligations (a) (1,430) 11 462 (196) (1,707) Storm/property damage reserves (r) (216) (97) (83) (36) — Reliability reserves (r) (191) (166) — (25) — Customer refunds (s) (183) (62) (121) — — Fuel-hedging (realized and unrealized) gains (m ) (83) (38) (21) (24) — Over recovered regulatory clause revenues (d) (64) — (38) — (26) Other regulatory liabilities (t) (239) (40) (21) (3) (93) Total regulatory assets (liabilities), net $ 5,833 $ 2,340 $ 4,663 $ 4 $ (1,891) Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2021 AROs (a)(u) $ 5,685 $ 1,576 $ 3,866 $ 236 $ — Retiree benefit plans (b)(u) 2,998 747 962 145 95 Remaining net book value of retired assets (c) 1,050 574 455 21 — Deferred income tax charges (e) 829 240 555 31 — Under recovered regulatory clause revenues (d) 806 225 — 49 532 Environmental remediation (f)(u) 302 — 35 — 267 Loss on reacquired debt (g) 281 42 231 6 2 Vacation pay (h)(u) 207 81 102 10 14 Regulatory clauses (i) 142 142 — — — Storm damage (n) 97 — 48 49 — Long-term debt fair value adjustment (l) 79 — — — 79 Nuclear outage (k) 75 41 34 — — Software and cloud computing costs (j) 73 35 33 — 5 Kemper County energy facility assets, net (p) 35 — — 35 — Plant Daniel Units 3 and 4 (o) 28 — — 28 — Other regulatory assets (q) 168 38 29 7 94 Deferred income tax credits (e) (5,636) (1,968) (2,537) (288) (816) Other cost of removal obligations (a) (1,826) (192) 278 (195) (1,683) Customer refunds (s ) (189) (181) (8) — — Fuel-hedging (realized and unrealized) gains (m) (176) (50) (72) (54) — Storm/property damage reserves (r) (133) (103) — (30) — Over recovered regulatory clause revenues (d) (63) (1) (59) — (3) Other regulatory liabilities (t) (121) (29) (24) (4) (57) Total regulatory assets (liabilities), net $ 4,711 $ 1,217 $ 3,928 $ 46 $ (1,471) Unless otherwise noted, the following recovery and amortization periods for these regulatory assets and (liabilities) have been approved by the respective state PSC or regulatory agency: (a) AROs and other cost of removal obligations generally are recorded over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. AROs and cost of removal obligations are settled and trued up following completion of the related activities. Alabama Power is recovering CCR ARO expenditures over a 38-year period ending in 2054 through Rate CNP Compliance. Effective January 1, 2023, Georgia Power is recovering CCR ARO expenditures over four-year periods through its ECCR tariff. Prior to 2023, expenditures were recovered over three-year periods. See "Georgia Power – Rate Plans" herein and Note 6 for additional information. (b) Recovered and amortized over the average remaining service period, which may range up to 13 years for Alabama Power, Georgia Power, and Mississippi Power and up to 14 years for Southern Company Gas. Southern Company's balances also include amounts at SCS and Southern Nuclear that are allocated to the applicable regulated utilities. See Note 11 for additional information. (c) Alabama Power : Primarily represents the net book value of Plant Gorgas Units 8, 9, and 10 ($492 million at December 31, 2022) being amortized over remaining periods not exceeding 15 years (through 2037). Balance at December 31, 2022 also includes approximately $42 million related to Plant Barry Unit 4 being amortized over the unit's remaining useful life (through 2034). See "Alabama Power – Environmental Accounting Order" herein for additional information. Georgia Power : Net book values of Plant Wansley Units 1 and 2 (totaling $562 million at December 31, 2022) are being amortized over a remaining period of eight years (through 2030) and net book values of Plant Hammond Units 1 through 4 and Plant Branch Units 3 and 4 (totaling $396 million at December 31, 2022) are being amortized over remaining periods of between one Mississippi Power : Represents net book value of certain environmental compliance assets at Plant Watson and Plant Greene County. The retail portion is being amortized over a 10-year period through 2030 and the wholesale portion is being amortized over a 14-year period through 2035. See "Mississippi Power – Environmental Compliance Overview Plan" herein for additional information. (d) Alabama Power : Balances are recorded monthly and expected to be recovered over periods of up to eight years, with the majority expected to be recovered within two years. See "Alabama Power – Rate CNP PPA," " – Rate CNP Compliance," and " – Rate ECR" herein for additional information. Georgia Power : Balances are recorded monthly and expected to be recovered or returned within two years. See "Georgia Power – Rate Plans" herein for additional information. Mississippi Power : At December 31, 2022, $12 million is being amortized over a three-year period ending in 2023 and the remaining $18 million is expected to be recovered through various rate recovery mechanisms over a period to be determined in future rate filings. See "Mississippi Power – Ad Valorem Tax Adjustment" herein for additional information. Southern Company Gas : Balances are recorded and recovered or amortized over periods generally not exceeding five years. In addition to natural gas cost recovery mechanisms, the natural gas distribution utilities have various other cost recovery mechanisms for the recovery of costs, including those related to infrastructure replacement programs. (e) Deferred income tax charges are recovered and deferred income tax credits are amortized over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. See Note 10 for additional information. As a result of the Tax Reform Legislation, these accounts include certain deferred income tax assets and liabilities not subject to normalization, as described further below: Alabama Power : Related amounts at December 31, 2022 include excess federal deferred income tax liabilities that are being returned to customers through bill credits of up to approximately $318 million in 2023, as discussed under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" herein. The Alabama PSC will determine the treatment of any remaining excess federal accumulated deferred income taxes at a future date. Remaining amounts are being recovered and amortized ratably over the related property lives. Georgia Power : Related amounts at December 31, 2022 include $145 million of deferred income tax assets related to CWIP for Plant Vogtle Units 3 and 4, the recovery of which is expected to be determined in a future regulatory proceeding. Mississippi Power : Related amounts at December 31, 2022 include $33 million of retail deferred income tax liabilities generally being amortized over three years through 2025. Southern Company Gas : Related amounts at December 31, 2022 include $1 million of deferred income tax liabilities being amortized through 2024. See "Southern Company Gas – Rate Proceedings" herein for additional information. (f) Effective January 1, 2023, Georgia Power is recovering $5 million annually for environmental remediation under the 2022 ARP. Southern Company Gas' costs are recovered through environmental cost recovery mechanisms when the remediation work is performed. See Note 3 under "Environmental Remediation" for additional information. (g) Recovered over either the remaining life of the original issue or, if refinanced, over the remaining life of the new issue. At December 31, 2022, the remaining amortization periods do not exceed 25 years for Alabama Power, 30 years for Georgia Power, 19 years for Mississippi Power, and five years for Southern Company Gas. (h) Recorded as earned by employees and recovered as paid, generally within one year. Includes both vacation and banked holiday pay, if applicable. (i) Effective January 1, 2023, balance is being amortized through Rate RSE over a five-year period ending in 2027. (j) Represents certain deferred operations and maintenance costs associated with software and cloud computing projects. For Alabama Power, costs are amortized ratably over the life of the related software, which ranges up to 10 years. See "Alabama Power – Software Accounting Order" herein for additional information. For Georgia Power, costs incurred through 2022 will be amortized over five years starting in 2023 and the recovery period for all future costs will be determined in its next base rate case. For Southern Company Gas, costs began being amortized ratably in July 2022 over the life of the related software, which ranges up to 10 years. (k) Nuclear outage costs are deferred to a regulatory asset when incurred and amortized over a subsequent period of 18 months for Alabama Power and up to 24 months for Georgia Power. See Note 5 for additional information. (l) Recovered over the remaining lives of the original debt issuances at acquisition, which range up to 16 years at December 31, 2022. (m) Fuel-hedging assets and liabilities are recorded over the life of the underlying hedged purchase contracts. Upon final settlement, actual costs incurred are recovered through the applicable traditional electric operating company's fuel cost recovery mechanism. Purchase contracts generally do not exceed three and a half years for Alabama Power, three years for Georgia Power, and four years for Mississippi Power. (n) Mississippi Power's balance represents deferred storm costs associated with Hurricanes Ida and Zeta being recovered through PEP over an eight-year period through 2029. (o) Represents the difference between Mississippi Power's revenue requirement for Plant Daniel Units 3 and 4 under purchase accounting and operating lease accounting. At December 31, 2022, consists of the $18 million retail portion being amortized through 2039 over the remaining life of the related property and the $9 million wholesale portion being amortized through 2035. (p) Includes $26 million of regulatory assets and $6 million of regulatory liabilities at December 31, 2022. The retail portion includes $17 million of regulatory assets and $6 million of regulatory liabilities that are expected to be fully amortized by 2023 and 2025, respectively. The wholesale portion includes $10 million of regulatory assets that are expected to be fully amortized by 2035. (q) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 21 years for Alabama Power, 10 years for Georgia Power, 14 years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (r) Utilized as related expenses are incurred. See "Alabama Power – Rate NDR" and " – Reliability Reserve Accounting Order," "Georgia Power – Storm Damage Recovery," and "Mississippi Power – System Restoration Rider" and " – Reliability Reserve Accounting Order" herein and Note 1 under "Storm Damage and Reliability Reserves" for additional information. (s) Primarily includes approximately $62 million and $181 million at December 31, 2022 and 2021, respectively, for Alabama Power and $119 million and $5 million at December 31, 2022 and 2021, respectively, for Georgia Power as a result of each company exceeding its allowed retail return range. Georgia Power's balances also include immaterial amounts related to refunds for transmission service customers. See "Alabama Power – Rate RSE" and "Georgia Power – Rate Plans" herein for additional information. (t) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 11 years for Alabama Power, 10 years for Georgia Power, four years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (u) Generally not earning a return as they are excluded from rate base or are offset in rate base by a corresponding asset or liability. Alabama Power Alabama Power's revenues from regulated retail operations are collected through various rate mechanisms subject to the oversight of the Alabama PSC. Alabama Power currently recovers its costs from the regulated retail business primarily through Rate RSE, Rate CNP, Rate ECR, and Rate NDR. In addition, the Alabama PSC issues accounting orders to address current events impacting Alabama Power. Certificates of Convenience and Necessity In 2020, the Alabama PSC issued its order regarding Alabama Power's 2019 petition for a CCN, which authorized Alabama Power to (i) construct an approximately 720-MW combined cycle facility at Alabama Power's Plant Barry (Plant Barry Unit 8) that is expected to be placed in service in November 2023, (ii) complete the acquisition of the Central Alabama Generating Station, which occurred in August 2020, (iii) purchase approximately 240 MWs of combined cycle generation under a long-term PPA, which began in September 2020, and (iv) pursue up to approximately 200 MWs of cost-effective demand-side management and distributed energy resource programs. Alabama Power's petition for a CCN was predicated on the results of Alabama Power's 2019 IRP provided to the Alabama PSC, which identified an approximately 2,400-MW resource need for Alabama Power, driven by the need for additional winter reserve capacity. See Note 15 under "Alabama Power" for additional information on the acquisition of the Central Alabama Generating Station. The Alabama PSC authorized the recovery of actual costs for the construction of Plant Barry Unit 8 up to 5% above the estimated in-service cost of $652 million. In so doing, it recognized the potential for developments that could cause the project costs to exceed the capped amount, in which case Alabama Power would provide documentation to the Alabama PSC to explain and justify potential recovery of the additional costs. At December 31, 2022, project expenditures associated with Plant Barry Unit 8 totaled approximately $518 million, of which $513 million and $5 million was included in CWIP and property, plant, and equipment in service, respectively. The ultimate outcome of this matter cannot be determined at this time. Alabama Power expects to recover costs associated with Plant Barry Unit 8 pursuant to its Rate CNP New Plant. The recovery of costs associated with laws, regulations, and other such mandates directed at the utility industry are expected to be recovered through Rate CNP Compliance. Alabama Power expects to recover the capacity-related costs associated with the PPAs through its Rate CNP PPA. In addition, fuel and energy-related costs are expected to be recovered through Rate ECR. Any remaining costs associated with Plant Barry Unit 8 are expected to be recovered through Rate RSE. Through May 2023, Alabama Power expects to recover substantially all costs associated with the Central Alabama Generating Station through Rate RSE, offset by revenues from a previous power sales agreement. Beginning in July 2022, fuel costs associated with Central Alabama Generating Station are being recovered through Rate ECR. On July 12, 2022, the Alabama PSC approved a CCN authorizing Alabama Power to complete the acquisition of the Calhoun Generating Station, a 743-MW winter peak, simple-cycle, combustion turbine generation facility in Calhoun County, Alabama. The acquisition was approved by the FERC on March 25, 2022. The transaction closed on September 30, 2022 and, on October 3, 2022, Alabama Power filed Rate CNP New Plant with the Alabama PSC to recover the related costs, as described further under "Rate CNP New Plant" herein. Alabama Power is recovering the remaining costs associated with the Calhoun Generating Station through its existing rate structure, primarily Rate CNP Compliance, Rate ECR, and Rate RSE. Renewable Generation Certificate Alabama Power is authorized by the Alabama PSC to procure up to 500 MWs of renewable capacity and energy by September 16, 2027 and to market the related energy and environmental attributes to customers and other third parties. Through December 31, 2022, Alabama Power has procured solar capacity totaling approximately 330 MWs. Rate RSE The Alabama PSC has adopted Rate RSE that provides for periodic annual adjustments based upon Alabama Power's projected weighted common equity return (WCER) compared to an allowable range. Rate RSE adjustments are based on forward-looking information for the applicable upcoming calendar year. Rate RSE adjustments for any two-year period, when averaged together, cannot exceed 4.0% and any annual adjustment is limited to 5.0%. When the projected WCER is under the allowed range, there is an adjusting point of 5.98% and eligibility for a performance-based adder of seven basis points, or 0.07%, to the WCER adjusting point if Alabama Power (i) has an "A" credit rating equivalent with at least one of the recognized rating agencies or (ii) is in the top one-third of a designated customer value benchmark survey. Alabama Power continues to reduce growth in total debt by increasing equity, with corresponding reductions in debt issuances, thereby de-leveraging its capital structure. Alabama Power's goal is to achieve an equity ratio of approximately 55% by the end of 2025. At December 31, 2022 and 2021, Alabama Power's equity ratio was approximately 52.2% and 51.6%, respectively. Generally, during a year without a Rate RSE upward adjustment, if Alabama Power's actual WCER is between 6.15% and 7.65%, customers will receive 25% of the amount between 6.15% and 6.65%, 40% of the amount between 6.65% and 7.15%, and 75% of the amount between 7.15% and 7.65%. Customers will receive all amounts in excess of an actual WCER of 7.65%. During a year with a Rate RSE upward adjustment, if Alabama Power's actual WCER exceeds 6.15%, customers receive 50% of the amount between 6.15% and 6.90% and all amounts in excess of an actual WCER of 6.90%. Alabama Power's ability to retain a portion of the revenue that causes the actual WCER for a given year to exceed the allowed range positions Alabama Power to address the growing pressure on its credit quality, without increasing retail rates under Rate RSE in the near term. There is no provision for additional customer billings should the actual retail return fall below the WCER range. Retail rates under Rate RSE did not change for 2020 or 2022 and increased by 4.09%, or approximately $228 million annually, effective with the billing month of January 2021. At December 31, 2020, 2021, and 2022 Alabama Power's WCER exceeded 6.15%, resulting in Alabama Power establishing a current regulatory liability of $50 million, $181 million, and $62 million, respectively, for Rate RSE refunds. The 2020 refund was issued to customers through bill credits in April 2021. In accordance with an Alabama PSC order issued on February 1, 2022, Alabama Power applied $126 million of the 2021 refund to reduce the Rate ECR under recovered balance and the remaining $55 million was refunded to customers through bill credits in July 2022. See "Rate ECR" herein for additional information. On February 7, 2023, the Alabama PSC directed Alabama Power to issue the 2022 refund to customers through bill credits in August 2023. On December 1, 2022, Alabama Power made its required annual Rate RSE submission to the Alabama PSC of projected data for calendar year 2023. Projected earnings were within the specified range; therefore, retail rates under Rate RSE remain unchanged for 2023. Excess Accumulated Deferred Income Tax Accounting Order On December 6, 2022, the Alabama PSC directed Alabama Power to accelerate the amortization of a regulatory liability associated with excess federal accumulated deferred income taxes, which is being returned to customers through bill credits of up to approximately $318 million in 2023 to offset the impact of the rate increase discussed under "Rate CNP Depreciation" herein. The Alabama PSC will determine the treatment of any remaining excess federal accumulated deferred income taxes at a future date. The ultimate outcome of this matter cannot be determined at this time. Rate CNP New Plant Rate CNP New Plant allows for recovery of Alabama Power's retail costs associated with newly developed or acquired certificated generating facilities placed into retail service. No adjustments to Rate CNP New Plant occurred during the period January 2020 through October 2022. On October 3, 2022, Alabama Power filed Rate CNP New Plant with the Alabama PSC to recover costs related to the acquisition of the Calhoun Generating Station. The filing reflected an increase in annual revenues of $34 million, or 0.6%, effective with November 2022 billings. See "Certificates of Convenience and Necessity" herein for additional information. Rate CNP PPA Rate CNP PPA allows for the recovery of Alabama Power's retail costs associated with certificated PPAs. Revenues for Rate CNP PPA, as recorded on the financial statements, are adjusted for differences in actual recoverable costs and amounts billed in current regulated rates. Accordingly, changes in the billing factor will have no significant effect on Southern Company's or Alabama Power's revenues or net income but will affect annual cash flow. No adjustments to Rate CNP PPA occurred during the period 2020 through 2022 and no adjustment is expected for 2023. At December 31, 2022, Alabama Power had an under recovered Rate CNP PPA balance of $120 million, of which $18 million is included in other regulatory assets, current and $102 million is included in other regulatory assets, deferred on the balance sheet. At December 31, 2021, Alabama Power had an under recovered Rate CNP PPA balance of $84 million included in other regulatory assets, deferred on the balance sheet. Rate CNP Compliance Rate CNP Compliance allows for the recovery of Alabama Power's retail costs associated with laws, regulations, and other such mandates directed at the utility industry involving the environment, security, reliability, safety, sustainability, or similar considerations impacting Alabama Power's facilities or operations. Rate CNP Compliance is based on forward-looking information and provides for the recovery of these costs pursuant to factors that are calculated and submitted to the Alabama PSC by December 1 with rates effective for the following calendar year. Compliance costs to be recovered include operations and maintenance expenses, depreciation, and a return on certain invested capital. Revenues for Rate CNP Compliance, as recorded on the financial statements, are adjusted for differences in actual recoverable costs and amounts billed in current regulated rates. Accordingly, changes in the billing factor will have no significant effect on Southern Company's or Alabama Power's revenues or net income, but will affect annual cash flow. Changes in Rate CNP Compliance-related operations and maintenance expenses and depreciation generally will have no effect on net income. In November 2020, November 2021, and December 2022, Alabama Power submitted calculations associated with its cost of complying with governmental mandates for the following calendar year, as provided under Rate CNP Compliance. Both the 2020 and 2021 filings reflected a projected under recovered retail revenue requirement of approximately $59 million. In December 2020 and 2021, the Alabama PSC issued consent orders that Alabama Power leave the 2020 Rate CNP Compliance factors in effect for 2021 and 2022, respectively, with any prior year under collected amount deemed recovered before any current year amounts are recovered, and any remaining under recovery reflected in the 2022 filing. The 2022 filing reflected a $255 million, or 3.7%, annual increase effective with January 2023 billings, primarily due to updated depreciation rates. At December 31, 2022 and 2021, Alabama Power had an under recovered Rate CNP Compliance balance of $47 million and $16 million, respectively, included in other regulatory assets, current and other regulatory assets, deferred, respectively, on the balance sheet. Rate CNP Depreciation On December 6, 2022, the Alabama PSC approved Rate CNP Depreciation, which allows Alabama Power to recover changes in depreciation resulting from updates to certain depreciation rates, excluding any depreciation recovered through Rate CNP New Plant, Rate CNP Compliance, or costs associated with the capitalization of asset retirement costs. Rate CNP Depreciation will result in an annual revenue increase of approximately $318 million, or 4.6%, effective with January 2023 billings. See "Excess Accumulated Deferred Income Tax Accounting Order" herein for information related to 2023 customer bill credits approved by the Alabama PSC. Rate ECR Rate ECR recovers Alabama Power's retail energy costs based on an estimate of future energy costs and the current over or under recovered balance. Revenues recognized under Rate ECR and recorded on the financial statements are adjusted for the difference in actual recoverable fuel costs and amounts billed in current regulated rates. The difference in the recoverable fuel costs and amounts billed gives rise to the over or under recovered amounts recorded as regulatory assets or liabilities. Alabama Power, along with the Alabama PSC, continually monitors the over or under recovered cost balance to determine whether an adjustment to billing rates is required. Changes in the Rate ECR factor have no significant effect on Southern Company's or Alabama Power's net income but will impact the related operating cash flows. The Alabama PSC may approve billing rates under Rate ECR of up to 5.910 cents per KWH. In 2020, Alabama Power reduced its over-collected fuel balance by $94 million in accordance with an Alabama PSC order and returned that amount to customers in the form of bill credits. Also in 2020, the Alabama PSC approved a decrease to Rate ECR from 2.160 cents per KWH to 1.960 cents per KWH, equal to 1.84%, or approximately $103 million annually, that became effective with January 2021 billings and remained in effect through July 2022 billings. The Alabama PSC approved adjustments to Rate ECR from 1.960 cents per KWH to 2.557 cents per KWH, or approximately $310 million annually, effective with August 2022 billings and from 2.557 cents per KWH to 3.510 cents per KWH, or approximately $500 million annually, effective with December 2022 billings. The rate will adjust to 5.910 cents per KWH in January 2025 absent a further order from the Alabama PSC. 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. See "Rate RSE" herein for additional information. At December 31, 2022, Alabama Power's under recovered fuel costs totaled $622 million, of which $102 million is included in other regulatory assets, current and $520 million is included in other regulatory assets, deferred on the balance sheet. At December 31, 2021, Alabama Power's under recovered fuel costs totaled $126 million and is included in other regulatory assets, deferred on the balance sheet. These classifications are based on estimates, which include such factors as weather, generation availability, energy demand, and the price of energy. A change in any of these factors could have a significant impact on the timing of any recovery or return of fuel costs. Software Accounting Order The Alabama PSC authorizes Alabama Power to establish a regulatory asset for operations and maintenance costs associated with software implementation projects. The regulatory asset is amortized ratably over the life of the related software. At December 31, 2022 and 2021, the regulatory asset balance totaled $46 million and $35 million, respectively, and is included in other regulatory assets, deferred on the balance sheet. Plant Greene County Alabama Power jointly owns Plant Greene County with an affiliate, Mississippi Power. See Note 5 under "Joint Ownership Agreements" for additional information. In September 2021, the Mississippi PSC issued an order confirming the conclusion of its review of Mississippi Power's 2021 IRP with no deficiencies identified. Mississippi Power's 2021 IRP included a schedule to retire Mississippi Power's 40% ownership interest in Plant Greene County Units 1 and 2 in December 2025 and 2026, respectively, consistent with each unit's remaining useful life. The Plant Greene County unit retirements identified by Mississippi Power require the completion of transmission and system reliability improvements, as well as agreement by Alabama Power. Alabama Power will continue to monitor the status of the transmission and system reliability improvements. Currently, Alabama Power plans to retire Plant Greene County Units 1 and 2 at the dates indicated. The ultimate outcome of this matter cannot be determined at this time. Rate NDR Based on an order from the Alabama PSC, Alabama Power maintains a reserve for operations and maintenance expenses to cover the cost of damages from major storms to its transmission and distribution facilities. The order approves a separate monthly Rate NDR charge to customers consisting of two components. The first component is intended to establish and maintain a reserve balance for future storms and is an on-going part of customer billing. When the reserve balance falls below $50 million, a reserve establishment charge will be activated (and the on-going reserve maintenance charge concurrently suspended) until the reserve balance reaches $75 million. The second component of the Rate NDR charge is intended to allow recovery of any existing deferred storm-related operations and maintenance costs and any future reserve deficits over a 48-month period (24-month period prior to modifications approved by the Alabama PSC on July 12, 2022). The Alabama PSC order gives Alabama Power authority to record a deficit balance in the NDR when costs of storm damage exceed any established reserve balance. The maximum total Rate NDR charge was limited to $10.00 per month per non-residential customer account and $5.00 per month per residential customer account through July 12, 2022. Subsequently, modifications approved by the Alabama PSC replaced the maximum total Rate NDR charge with a maximum charge to recover a deficit of $5 per month per non-residential customer account and $2.50 per month per residential customer account. Alabama Power has the authority, based on an order from the Alabama PSC, to accrue certain additional amounts as circumstances warrant, which can be used to offset storm charges. Alabama Power made additional accruals of $65 million and $100 million in 2021 and 2020, respectively. Alabama Power collected approximately $14 million, $6 million, and $5 million in 2022, 2021, and 2020, respectively, under Rate NDR. Beginning with August 2022 billings, the reserve establishment charge was suspended and the reserve maintenance charge was activated as a result of the NDR balance exceeding $75 million. Alabama Power expects to collect approximately $12 million annually under Rate NDR unless the NDR balance falls below $50 million. At December 31, 2022 and 2021, the NDR balance was $97 million and $103 million, respectively, and is included in other regulatory liabilities, deferred on the balance sheets. As revenue from the Rate NDR charge is recognized, an equal amount of operations and maintenance expenses related to the NDR |
CONTINGENCIES, COMMITMENTS, AND
CONTINGENCIES, COMMITMENTS, AND GUARANTEES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES, COMMITMENTS, AND GUARANTEES | CONTINGENCIES, COMMITMENTS, AND GUARANTEES 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. Alabama Power On September 26, 2022, Mobile Baykeeper, through its counsel Southern Environmental Law Center, filed a citizen suit in the U.S. District Court for the Southern District of Alabama alleging that Alabama Power's plan to close the Plant Barry ash pond utilizing a closure-in-place methodology violates the Resource Conservation and Recovery Act (RCRA) and regulations governing CCR. Among other relief requested, Mobile Baykeeper seeks a declaratory judgment that the RCRA and regulations governing CCR are being violated, preliminary and injunctive relief to prevent implementation of Alabama Power's closure plan and the development of a closure plan that satisfies regulations governing CCR requirements. On January 31, 2023, the EPA issued a Notice of Potential Violations associated with Alabama Power's plan to close the Plant Barry ash pond. Alabama Power expects to respond by March 2, 2023, subject to any extension agreed upon by the parties. The ultimate outcome of these matters cannot be determined at this time but could have an impact on Alabama Power's ARO estimates. See Note 6 for a discussion of Alabama Power's ARO liabilities. Georgia Power Municipal Franchise Fees In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state law claims. This case has been ruled upon and appealed numerous times over the last several years. In 2019, the Georgia PSC issued an order that found Georgia Power has appropriately implemented the municipal franchise fee schedule. In March 2021, the Superior Court of Fulton County granted class certification and Georgia Power's motion for summary judgment and the plaintiffs filed a notice of appeal. In April 2021, Georgia Power filed a notice of cross appeal on the issue of class certification. In December 2021, the Georgia Court of Appeals affirmed the Superior Court's ruling that granted summary judgment to Georgia Power and dismissed Georgia Power's cross appeal on the issue of class certification as moot. Also in December 2021, the plaintiffs filed a petition for writ of certiorari to the Georgia Supreme Court, which was denied on January 27, 2023. On February 6, 2023, the plaintiffs filed a motion for reconsideration with the Georgia Supreme Court. 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. Plant Scherer In July 2020, a group of individual plaintiffs filed a complaint, which was amended on December 9, 2022, in the Superior Court of Fulton County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer has impacted groundwater and air, resulting in alleged personal injuries and property damage. The plaintiffs seek an unspecified amount of monetary damages including punitive damages, a medical monitoring fund, and injunctive relief. Georgia Power has filed multiple motions to dismiss the complaint. On December 29, 2022, the Superior Court of Fulton County, Georgia granted Georgia Power's motion to transfer the case to the Superior Court of Monroe County, Georgia. In October 2021 and on February 7, 2022, a total of seven 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 and March 2022, Georgia Power removed these cases to the U.S. District Court for the Middle District of Georgia. On November 16, 2022, the plaintiffs voluntarily dismissed their complaints without prejudice. Georgia Power anticipates that these plaintiffs will refile their complaints. On January 9, 2023, an additional complaint was filed in the Superior Court of Monroe County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer have impacted groundwater and air, resulting in alleged personal injuries. The plaintiff seeks an unspecified amount of monetary damages, including punitive damages. On January 19, 2023, Georgia Power filed a notice to remove the case to the U.S. District Court for the Middle District of Georgia. 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. On May 31, 2022, the U.S. Court of Appeals for the Fifth Circuit denied a petition by Mississippi Power for a rehearing en banc and remanded the case to the U.S. District Court for the Southern District of Mississippi for further proceedings. On June 17, 2022, Mississippi Power filed with the trial court a motion to dismiss the complaint. 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 conduct studies to determine the extent of any required cleanup and have recognized the estimated costs to clean up known impacted sites in the financial statements. A liability for environmental remediation costs is recognized only when a loss is determined to be probable and reasonably estimable and is reduced as expenditures are incurred. 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. Any difference between the liabilities accrued and costs recovered through rates is deferred as a regulatory asset or liability. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. 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. For all years presented, Georgia Power recovered approximately $12 million annually through the ECCR tariff for environmental remediation under the 2019 ARP. Effective January 1, 2023, Georgia Power is recovering $5 million annually through the ECCR tariff under the 2022 ARP. Southern Company Gas is subject to environmental remediation liabilities associated with 40 former MGP sites in four different states. Southern Company Gas' accrued environmental remediation liability at December 31, 2022 and 2021 was based on the estimated cost of environmental investigation and remediation associated with these sites. At December 31, 2022 and 2021, the environmental remediation liability and the balance of under recovered environmental remediation costs were reflected in the balance sheets of Southern Company, Georgia Power, and Southern Company Gas as shown in the table below. Alabama Power did not have environmental remediation liabilities at December 31, 2022 or 2021. Mississippi Power did not have environmental remediation liabilities at December 31, 2022 and had an immaterial balance at December 31, 2021. Southern Company Georgia Southern Company Gas (in millions) December 31, 2022: Environmental remediation liability: Other current liabilities $ 65 $ 15 $ 49 Accrued environmental remediation 207 — 207 Under recovered environmental remediation costs: Other regulatory assets, current $ 59 $ 5 $ 54 Other regulatory assets, deferred 235 20 215 December 31, 2021: Environmental remediation liability: Other current liabilities $ 69 $ 17 $ 52 Accrued environmental remediation 197 — 197 Under recovered environmental remediation costs: Other regulatory assets, current $ 71 $ 12 $ 59 Other regulatory assets, deferred 231 23 208 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. Nuclear Fuel Disposal Costs Acting through the DOE and pursuant to the Nuclear Waste Policy Act of 1982, the U.S. government entered into contracts with Alabama Power and Georgia Power that required the DOE to dispose of spent nuclear fuel generated at Plants Farley, Hatch, and Vogtle Units 1 and 2 beginning no later than January 31, 1998. The DOE has yet to commence the performance of its contractual and statutory obligation to dispose of spent nuclear fuel. Consequently, Alabama Power and Georgia Power pursued and continue to pursue legal remedies against the U.S. government for its partial breach of contract. In 2014, Alabama Power and Georgia Power filed lawsuits against the U.S. government for the costs of continuing to store spent nuclear fuel at Plants Farley, Hatch, and Vogtle Units 1 and 2 for the period from January 1, 2011 through December 31, 2013. The damage period was subsequently extended to December 31, 2014. In 2019, the Court of Federal Claims granted Alabama Power's and Georgia Power's motion for summary judgment on damages not disputed by the U.S. government, awarding those undisputed damages to Alabama Power and Georgia Power. However, those undisputed damages are not collectible until the court enters final judgment on the remaining damages. In 2017, Alabama Power and Georgia Power filed additional lawsuits against the U.S. government in the Court of Federal Claims for the costs of continuing to store spent nuclear fuel at Plants Farley, Hatch, and Vogtle Units 1 and 2 for the period from January 1, 2015 through December 31, 2017. In 2020, Alabama Power and Georgia Power filed amended complaints in each of the lawsuits adding damages from January 1, 2018 to December 31, 2019 to the claim period. The outstanding claims for the period January 1, 2011 through December 31, 2019 total $110 million and $132 million for Alabama Power and Georgia Power (based on its ownership interests), respectively. Damages will continue to accumulate until the issue is resolved, the U.S. government disposes of Alabama Power's and Georgia Power's spent nuclear fuel pursuant to its contractual obligations, or alternative storage is otherwise provided. No amounts have been recognized in the financial statements as of December 31, 2022 for any potential recoveries from the pending lawsuits. The final outcome of these matters cannot be determined at this time. However, Alabama Power and Georgia Power expect to credit any recoveries for the benefit of customers in accordance with direction from their respective PSC; therefore, no material impact on Southern Company's, Alabama Power's, or Georgia Power's net income is expected. On-site dry spent fuel storage facilities are operational at all three plants and can be expanded to accommodate spent fuel through the expected life of each plant. Nuclear Insurance Under the Price-Anderson Amendments Act (Act), Alabama Power and Georgia Power maintain agreements of indemnity with the NRC that, together with private insurance, cover third-party liability arising from any nuclear incident occurring at the companies' nuclear power plants. The Act provides funds up to $13.7 billion for public liability claims that could arise from a single nuclear incident. Each nuclear plant is insured against this liability to a maximum of $450 million by American Nuclear Insurers (ANI), with the remaining coverage provided by a mandatory program of deferred premiums that could be assessed, after a nuclear incident, against all owners of commercial nuclear reactors. A company could be assessed up to $138 million per incident for each licensed reactor it operates but not more than an aggregate of $20 million per incident to be paid in a calendar year for each reactor. Such maximum assessment, excluding any applicable state premium taxes, for Alabama Power and Georgia Power, based on its ownership and buyback interests in all licensed reactors, is $275 million and $330 million, respectively, per incident, but not more than an aggregate of $41 million and $49 million, respectively, to be paid for each incident in any one year. Both the maximum assessment per reactor and the maximum yearly assessment are adjusted for inflation at least every five years. The next scheduled adjustment is due no later than November 1, 2023. See Note 5 under "Joint Ownership Agreements" for additional information on joint ownership agreements. Alabama Power and Georgia Power are members of Nuclear Electric Insurance Limited (NEIL), a mutual insurer established to provide property damage insurance in an amount up to $1.5 billion for members' operating nuclear generating facilities. Additionally, both companies have NEIL policies that currently provide decontamination, excess property insurance, and premature decommissioning coverage up to $1.25 billion for nuclear losses and policies providing coverage up to $750 million for non-nuclear losses in excess of the $1.5 billion primary coverage. NEIL also covers the additional costs that would be incurred in obtaining replacement power during a prolonged accidental outage at a member's nuclear plant. Members can purchase this coverage, subject to a deductible waiting period of up to 26 weeks, with a maximum per occurrence per unit limit of $490 million. After the deductible period, weekly indemnity payments would be received until either the unit is operational or until the limit is exhausted. Alabama Power and Georgia Power each purchase limits based on the projected full cost of replacement power, subject to ownership limitations, and have each elected a 12-week deductible waiting period for each nuclear plant. A builders' risk property insurance policy has been purchased from NEIL for the construction of Plant Vogtle Units 3 and 4. This policy provides the Vogtle Owners up to $2.75 billion for accidental property damage occurring during construction. Under each of the NEIL policies, members are subject to assessments each year if losses exceed the accumulated funds available to the insurer. The maximum annual assessments for Alabama Power and Georgia Power as of December 31, 2022 under the NEIL policies would be $51 million and $85 million, respectively. Claims resulting from terrorist acts and cyber events are covered under both the ANI and NEIL policies (subject to normal policy limits). The maximum aggregate that NEIL will pay for all claims resulting from terrorist acts and cyber events in any 12-month period is $3.2 billion each, plus such additional amounts NEIL can recover through reinsurance, indemnity, or other sources. For all on-site property damage insurance policies for commercial nuclear power plants, the NRC requires that the proceeds of such policies shall be dedicated first for the sole purpose of placing the reactor in a safe and stable condition after an accident. Any remaining proceeds are to be applied next toward the costs of decontamination and debris removal operations ordered by the NRC, and any further remaining proceeds are to be paid either to the applicable company or to its debt trustees as may be appropriate under the policies and applicable trust indentures. In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers, would be borne by Alabama Power or Georgia Power, as applicable, and could have a material effect on Southern Company's, Alabama Power's, and Georgia Power's financial condition and results of operations. Other Matters Traditional Electric Operating Companies In April 2019, Bellsouth Telecommunications d/b/a AT&T Alabama (AT&T) filed a complaint against Alabama Power with the FCC alleging that the pole rental rate AT&T is required to pay pursuant to the parties' joint use agreement is unjust and unreasonable under federal law. The complaint sought a new rate and approximately $87 million in refunds of alleged overpayments for the preceding six years. In August 2019, the FCC stayed the case in favor of arbitration, which AT&T has not pursued. The ultimate outcome of this matter cannot be determined at this time, but an adverse outcome could have a material impact on the financial statements of Southern Company and Alabama Power. Georgia Power and Mississippi Power have joint use agreements with other AT&T affiliates. Mississippi Power Kemper County Energy Facility In 2020, 2021, and 2022, Mississippi Power recorded charges to income associated with abandonment and related closure costs and ongoing period costs, net of salvage proceeds, for the mine and gasifier-related assets at the Kemper County energy facility. These charges, including related tax impacts, totaled $4 million pre-tax ($3 million after tax) in 2020, $11 million pre-tax ($8 million after tax) in 2021, and $15 million pre-tax ($12 million after tax) in 2022. The pre-tax charges are included in other operations and maintenance expenses on the statements of income. Dismantlement of the abandoned gasifier-related assets and site restoration activities are expected to be completed by 2026. Additional pre-tax period costs associated with dismantlement and site restoration activities, including related costs for compliance and safety, ARO accretion, and property taxes, net of salvage, are estimated to total approximately $15 million annually through 2025. Mississippi Power owns the lignite mine located around the Kemper County energy facility site. As a result of the abandonment of the Kemper IGCC, final mine reclamation began in 2018 and was substantially completed in 2020, with monitoring expected to continue through 2028. As the mining permit holder, Liberty Fuels Company, LLC, a wholly-owned subsidiary of The North American Coal Corporation, has a legal obligation to perform mine reclamation and Mississippi Power has a contractual obligation to fund all reclamation activities. See Note 6 for additional information. In 2010, the DOE, through a cooperative agreement with SCS, agreed to fund $270 million of the Kemper County energy facility through the grants awarded to the project by the DOE under the Clean Coal Power Initiative Round 2. In 2016, additional DOE grants in the amount of $137 million were awarded to the Kemper County energy facility. In 2018, Mississippi Power filed with the DOE its request for property closeout certification under the contract related to the $387 million of total grants received. In 2020, Mississippi Power and Southern Company executed an agreement with the DOE completing Mississippi Power's request, which enabled Mississippi Power to proceed with full dismantlement of the abandoned gasifier-related assets and site restoration activities. In connection with the DOE closeout discussions, in 2019, the Civil Division of the Department of Justice informed Southern Company and Mississippi Power of an investigation related to the grants received. The ultimate outcome of this matter cannot be determined at this time; however, it could have a material impact on Southern Company's and Mississippi Power's financial statements. Plant Daniel In conjunction with Southern Company's 2019 sale of Gulf Power, NextEra Energy held back $75 million of the purchase price pending Mississippi Power and NextEra Energy negotiating a mutually acceptable revised operating agreement for Plant Daniel. On July 12, 2022, the co-owners executed a revised operating agreement and Southern Company subsequently received the remaining $75 million of the purchase price. The dispatch procedures in the revised operating agreement for the two jointly-owned coal units at Plant Daniel resulted in Mississippi Power designating one of the two units as primary and the other as secondary in lieu of each company separately owning 100% of a single generating unit. Mississippi Power has the option to purchase its co-owner's ownership interest for $1 on January 15, 2024, provided that Mississippi Power exercises the option no later than 120 days prior to that date. The revised operating agreement did not have a material impact on Mississippi Power's financial statements. See Note 2 under "Mississippi Power – Integrated Resource Plan" for additional information on Plant Daniel. Department of Revenue Audit On August 31, 2022, the Mississippi Department of Revenue (Mississippi DOR) completed an audit of sales and use taxes paid by Mississippi Power from 2016 to 2019 and entered a final assessment, indicating a total amount due of $28 million, including associated penalties and interest. Mississippi Power does not agree with the audit findings and, o n October 27, 2022, filed an administrative appeal with the Mississippi DOR. On December 6, 2022, the Mississippi PSC approved an accounting order authorizing Mississippi Power to defer the additional taxes and related interest related to the audit to a regulatory asset, excluding amounts associated with the gasifier and other abandoned Kemper IGCC assets. The authority to defer these costs is not a guarantee of recovery. The review and final disposition of the costs recorded to the regulatory asset will be addressed in a future rate proceeding following completion of the tax audit proceedings. The ultimate outcome of this matter cannot be determined at this time. Commitments To supply a portion of the fuel requirements of the Southern Company system's electric generating plants, the Southern Company system has entered into various long-term commitments not recognized on the balance sheets for the procurement and delivery of fossil fuel and, for Alabama Power and Georgia Power, nuclear fuel. The majority of the Registrants' fuel expense for the periods presented was purchased under long-term commitments. Each Registrant expects that a substantial amount of its future fuel needs will continue to be purchased under long-term commitments. Georgia Power has commitments, in the form of capacity purchases, regarding a portion of a 5% interest in the original cost of Plant Vogtle Units 1 and 2 owned by MEAG Power that are in effect until the later of the retirement of the plant or the latest stated maturity date of MEAG Power's bonds issued to finance such ownership interest. The payments for capacity are required whether or not any capacity is available. Portions of the capacity payments made to MEAG Power for its Plant Vogtle Units 1 and 2 investment relate to costs in excess of Georgia Power's allowed investment for ratemaking purposes. The present value of these portions at the time of the disallowance was written off. Generally, the cost of such capacity is included in purchased power in Southern Company's statements of income and in purchased power, non-affiliates in Georgia Power's statements of income. Georgia Power's capacity payments related to this commitment totaled $4 million, $6 million, and $5 million in 2022, 2021, and 2020, respectively. At December 31, 2022, Georgia Power's estimated long-term obligations related to this commitment totaled $41 million, consisting of $3 million for 2023, $4 million annually for 2024 and 2025, $2 million annually for 2026 and 2027, and $26 million thereafter. See Note 9 for information regarding PPAs accounted for as leases. Southern Company Gas has commitments for pipeline charges, storage capacity, and gas supply, including charges recoverable through natural gas cost recovery mechanisms or, alternatively, billed to marketers selling retail natural gas. Gas supply commitments include amounts for gas commodity purchases associated with Nicor Gas and SouthStar of 34 million mmBtu at floating gas prices calculated using forward natural gas prices at December 31, 2022 and valued at $157 million. Southern Company Gas provides guarantees to certain gas suppliers for certain of its subsidiaries in support of payment obligations. Southern Company Gas' expected future contractual obligations for pipeline charges, storage capacity, and gas supply that are not recognized on the balance sheets at December 31, 2022 were as follows: Pipeline Charges, Storage Capacity, and Gas Supply (in millions) 2023 $ 637 2024 455 2025 390 2026 212 2027 134 Thereafter 871 Total $ 2,699 Guarantees SCS may enter into various types of wholesale energy and natural gas contracts acting as an agent for the traditional electric operating companies and Southern Power. Under these agreements, each of the traditional electric operating companies and Southern Power may be jointly and severally liable. Accordingly, Southern Company has entered into keep-well agreements with each of the traditional electric operating companies to ensure they will not subsidize or be responsible for any costs, losses, liabilities, or damages resulting from the inclusion of Southern Power as a contracting party under these agreements. Alabama Power has guaranteed a $100 million principal amount long-term bank loan SEGCO entered into in 2018 and subsequently extended and amended. Georgia Power has agreed to reimburse Alabama Power for the portion of such obligation corresponding to Georgia Power's proportionate ownership of SEGCO's stock if Alabama Power is called upon to make such payment under its guarantee. At December 31, 2022, the capitalization of SEGCO consisted of $80 million of equity and $100 million of long-term debt that matures in November 2024, on which the annual interest requirement is derived from a variable rate index. In addition, SEGCO had short-term debt outstanding of $17 million. See Note 7 under "SEGCO" for additional information. As discussed in Note 9, Alabama Power and Georgia Power have entered into certain residual value guarantees related to railcar leases. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 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 under "Revenues" for additional information on the revenue policies of the Registrants. See Notes 9 and 14 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 periods presented: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Operating revenues Retail electric revenues Residential $ 6,604 $ 2,638 $ 3,664 $ 302 $ — $ — Commercial 5,369 1,685 3,385 299 — — Industrial 3,764 1,507 1,921 336 — — Other 102 14 79 9 — — Total retail electric revenues 15,839 5,844 9,049 946 — — Natural gas distribution revenues Residential 2,843 — — — — 2,843 Commercial 763 — — — — 763 Transportation 1,186 — — — — 1,186 Industrial 84 — — — — 84 Other 342 — — — — 342 Total natural gas distribution revenues 5,218 — — — — 5,218 Wholesale electric revenues PPA energy revenues 2,274 489 130 16 1,673 — PPA capacity revenues 596 194 47 4 356 — Non-PPA revenues 250 200 30 690 740 — Total wholesale electric revenues 3,120 883 207 710 2,769 — Other natural gas revenues Gas marketing services 636 — — — — 636 Other natural gas revenues 51 — — — — 51 Total natural gas revenues 687 — — — — 687 Other revenues 1,077 194 446 47 36 — Total revenue from contracts with customers 25,941 6,921 9,702 1,703 2,805 5,905 Other revenue sources (a) 3,338 896 1,882 (9) 564 57 Total operating revenues $ 29,279 $ 7,817 $ 11,584 $ 1,694 $ 3,369 $ 5,962 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2021 Operating revenues Retail electric revenues Residential $ 6,207 $ 2,467 $ 3,471 $ 269 $ — $ — Commercial 4,877 1,600 3,010 267 — — Industrial 3,067 1,386 1,391 290 — — Other 93 17 68 8 — — Total retail electric revenues 14,244 5,470 7,940 834 — — Natural gas distribution revenues Residential 1,799 — — — — 1,799 Commercial 470 — — — — 470 Transportation 1,038 — — — — 1,038 Industrial 49 — — — — 49 Other 269 — — — — 269 Total natural gas distribution revenues 3,625 — — — — 3,625 Wholesale electric revenues PPA energy revenues 1,122 184 95 11 854 — PPA capacity revenues 493 115 55 5 323 — Non-PPA revenues 236 170 21 401 398 — Total wholesale electric revenues 1,851 469 171 417 1,575 — Other natural gas revenues Wholesale gas services 2,168 — — — — 2,168 Gas marketing services 464 — — — — 464 Other natural gas revenues 36 — — — — 36 Total other natural gas revenues 2,668 — — — — 2,668 Other revenues 1,075 202 452 31 30 — Total revenue from contracts with customers 23,463 6,141 8,563 1,282 1,605 6,293 Other revenue sources (a) 3,349 272 697 40 611 1,786 Other adjustments (b) (3,699) — — — — (3,699) Total operating revenues $ 23,113 $ 6,413 $ 9,260 $ 1,322 $ 2,216 $ 4,380 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2020 Operating revenues Retail electric revenues Residential $ 6,113 $ 2,377 $ 3,476 $ 260 $ — $ — Commercial 4,699 1,512 2,933 254 — — Industrial 2,775 1,293 1,197 285 — — Other 90 21 60 9 — — Total retail electric revenues 13,677 5,203 7,666 808 — — Natural gas distribution revenues Residential 1,338 — — — — 1,338 Commercial 340 — — — — 340 Transportation 971 — — — — 971 Industrial 30 — — — — 30 Other 209 — — — — 209 Total natural gas distribution revenues 2,888 — — — — 2,888 Wholesale electric revenues PPA energy revenues 735 133 42 9 570 — PPA capacity revenues 454 108 50 3 296 — Non-PPA revenues 210 43 10 311 239 — Total wholesale electric revenues 1,399 284 102 323 1,105 — Other natural gas revenues Wholesale gas services 1,727 — — — — 1,727 Gas marketing services 391 — — — — 391 Other natural gas revenues 33 — — — — 33 Total other natural gas revenues 2,151 — — — — 2,151 Other revenues 982 159 447 26 14 — Total revenue from contracts with customers 21,097 5,646 8,215 1,157 1,119 5,039 Other revenue sources (a) 3,764 184 94 15 614 2,881 Other adjustments (b) (4,486) — — — — (4,486) Total operating revenues $ 20,375 $ 5,830 $ 8,309 $ 1,172 $ 1,733 $ 3,434 (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 Notes 15 and 16 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 December 31, 2022 and 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At December 31, 2022 $ 3,123 $ 696 $ 922 $ 92 $ 237 $ 1,107 At December 31, 2021 2,504 589 736 73 149 753 Contract Assets At December 31, 2022 $ 156 $ 2 $ 89 $ — $ — $ — At December 31, 2021 117 2 63 — 1 — Contract Liabilities At December 31, 2022 $ 45 $ 4 $ 9 $ — $ 1 $ — At December 31, 2021 57 4 14 — 1 — At December 31, 2022 and 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 contract assets of $65 million and $50 million at December 31, 2022 and 2021, respectively, and contract liabilities of $32 million and $39 million at December 31, 2022 and 2021, respectively, for outstanding performance obligations. Revenues recognized in 2022 and 2021, which were included in contract liabilities at December 31, 2021 and December 31, 2020, respectively, were $36 million and $29 million, respectively, for Southern Company and immaterial for the other 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. For Southern Company Gas, these contracts involve energy infrastructure enhancement and upgrade projects for certain governmental customers. 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 December 31, 2022 are expected to be recognized as follows: 2023 2024 2025 2026 2027 Thereafter (in millions) Southern Company $ 640 $ 483 $ 332 $ 311 $ 315 $ 2,076 Alabama Power 24 7 6 — — — Georgia Power 74 39 22 11 10 10 Southern Power 355 345 302 303 310 2,077 Southern Company Gas 34 29 — — — — Revenue expected to be recognized for performance obligations remaining at December 31, 2022 was immaterial for Mississippi Power. |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment is stated at original cost or fair value at acquisition, as appropriate, less any regulatory disallowances and impairments. Original cost may include: materials; labor; minor items of property; appropriate administrative and general costs; payroll-related costs such as taxes, pensions, and other benefits; and the interest capitalized and/or cost of equity funds used during construction. The Registrants' property, plant, and equipment in service consisted of the following at December 31, 2022 and 2021: At December 31, 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric utilities: Generation $ 51,756 $ 15,920 $ 17,755 $ 2,826 $ 14,619 $ — Transmission 14,201 5,658 7,576 927 — — Distribution 24,200 9,154 13,819 1,228 — — General/other 5,806 2,740 2,729 273 39 — Electric utilities' plant in service 95,963 33,472 41,879 5,254 14,658 — Southern Company Gas: Natural gas distribution utilities transportation and distribution 16,810 — — — — 16,810 Storage facilities 1,553 — — — — 1,553 Other 1,360 — — — — 1,360 Southern Company Gas plant in service 19,723 — — — — 19,723 Other plant in service 1,843 — — — — — Total plant in service $ 117,529 $ 33,472 $ 41,879 $ 5,254 $ 14,658 $ 19,723 At December 31, 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric utilities: Generation $ 53,803 $ 16,631 $ 19,184 $ 2,791 $ 14,551 $ — Transmission 13,406 5,334 7,132 900 — — Distribution 22,236 8,643 12,437 1,156 — — General/other 5,423 2,527 2,579 259 34 — Electric utilities' plant in service 94,868 33,135 41,332 5,106 14,585 — Southern Company Gas: Natural gas distribution utilities transportation and distribution 15,714 — — — — 15,714 Storage facilities 1,315 — — — — 1,315 Other 1,851 — — — — 1,851 Southern Company Gas plant in service 18,880 — — — — 18,880 Other plant in service 1,844 — — — — — Total plant in service $ 115,592 $ 33,135 $ 41,332 $ 5,106 $ 14,585 $ 18,880 The cost of replacements of property, exclusive of minor items of property, is capitalized. The cost of maintenance, repairs, and replacement of minor items of property is charged to other operations and maintenance expenses as incurred or performed with the exception of nuclear refueling costs and certain maintenance costs including those described below. In accordance with orders from their respective state PSCs, Alabama Power and Georgia Power defer nuclear refueling outage operations and maintenance expenses to a regulatory asset when the charges are incurred. Alabama Power amortizes the costs over a subsequent 18-month period with Plant Farley's fall outage cost amortization beginning in January of the following year and spring outage cost amortization beginning in July of the same year. Georgia Power amortizes its costs over each unit's operating cycle, or 18 months for Plant Vogtle Units 1 and 2 and 24 months for Plant Hatch Units 1 and 2. Georgia Power's amortization period begins the month the refueling outage starts. A portion of Mississippi Power's railway track maintenance costs is charged to fuel stock and recovered through Mississippi Power's fuel clause. The portion of Southern Company Gas' non-working gas used to maintain the structural integrity of natural gas storage facilities that is considered to be non-recoverable is depreciated, while the recoverable or retained portion is not depreciated. See Note 9 for information on finance lease right-of-use (ROU) assets, net, which are included in property, plant, and equipment. The Registrants have deferred certain implementation costs related to cloud hosting arrangements. At December 31, 2022 and 2021, deferred cloud implementation costs, net of amortization, which are generally included in other deferred charges and assets on the Registrants' balance sheets, are as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Deferred cloud implementation costs, net: At December 31, 2022 $ 345 $ 81 $ 108 $ 14 $ 18 $ 54 At December 31, 2021 240 54 81 11 14 35 Once a hosted software is placed into service, the related deferred costs are amortized on a straight-line basis over the remaining expected hosting arrangement term, including any renewal options that are reasonably certain of exercise. The amortization is reflected with the associated cloud hosting fees, which are generally reflected in other operations and maintenance expenses on the Registrants' statements of income. In 2022, amortization of deferred cloud implementation costs recognized was $29 million for Southern Company, $8 million for Alabama Power, $12 million for Georgia Power, and immaterial for the other Registrants. In 2021, amortization from deferred cloud implementation costs was immaterial for all Registrants. See Note 2 under "Regulatory Assets and Liabilities," "Alabama Power – Software Accounting Order," and "Mississippi Power – Software Accounting Order" for information on deferrals of certain other operations and maintenance costs associated with software and cloud computing projects by the traditional electric operating companies and natural gas distribution utilities, as authorized by their respective state PSCs or applicable state regulatory agencies. Depreciation and Amortization The traditional electric operating companies' and Southern Company Gas' depreciation of the original cost of utility plant in service is provided primarily by using composite straight-line rates. The approximate rates for 2022, 2021, and 2020 are as follows: 2022 2021 2020 Alabama Power 2.7 % 2.7 % 2.6 % Georgia Power 3.3 % 3.3 % 3.0 % Mississippi Power 3.4 % 3.6 % 3.7 % Southern Company Gas 2.7 % 2.8 % 2.8 % Depreciation studies are conducted periodically to update the composite rates. These studies are filed with the respective state PSC and/or other applicable state and federal regulatory agencies for the traditional electric operating companies and the natural gas distribution utilities. Effective April 1, 2020, Mississippi Power's depreciation rates were revised. Effective January 1, 2023, Alabama Power's and Georgia Power's depreciation rates were revised. See Note 2 for additional information. When property, plant, and equipment subject to composite depreciation is retired or otherwise disposed of in the normal course of business, its original cost, together with the cost of removal, less salvage, is charged to accumulated depreciation. For other property dispositions, the applicable cost and accumulated depreciation are removed from the balance sheet accounts, and a gain or loss is recognized. Minor items of property included in the original cost of the asset are retired when the related property unit is retired. At December 31, 2022 and 2021, accumulated depreciation for Southern Company and Southern Company Gas consisted of utility plant in service totaling $34.3 billion and $33.1 billion, respectively, for Southern Company and $5.1 billion and $4.8 billion, respectively, for Southern Company Gas, as well as other plant in service totaling $963 million and $930 million, respectively, for Southern Company and $184 million and $219 million, respectively, for Southern Company Gas. Other plant in service includes the non-utility assets of Southern Company Gas, as well as, for Southern Company, certain other non-utility subsidiaries. Depreciation of the original cost of other plant in service is provided primarily on a straight-line basis over estimated useful lives. Useful lives for Southern Company Gas's non-utility assets range from five Southern Power Southern Power applies component depreciation, where depreciation is computed principally by the straight-line method over the estimated useful life of the asset. Certain of Southern Power's generation assets related to natural gas-fired facilities are depreciated on a units-of-production basis, using hours or starts, to better match outage and maintenance costs to the usage of, and revenues from, these assets. The primary assets in Southern Power's property, plant, and equipment are generating facilities, which generally have estimated useful lives as follows: Southern Power Generating Facility Useful life Natural gas Up to 50 years Solar Up to 35 years Wind Up to 35 years (*) (*) 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 2022. When Southern Power's depreciable property, plant, and equipment is retired, or otherwise disposed of in the normal course of business, the applicable cost and accumulated depreciation is removed and a gain or loss is recognized in the statements of income. Southern Power reviews its estimated useful lives and salvage values on an ongoing basis. The results of these reviews could result in changes which could have a material impact on Southern Power's net income. Joint Ownership Agreements At December 31, 2022, the Registrants' percentage ownership and investment (exclusive of nuclear fuel) in jointly-owned facilities in commercial operation were as follows: Facility (Type) Percent Plant in Service Accumulated CWIP (in millions) Alabama Power Greene County (natural gas) Units 1 and 2 60.0 % (a) $ 193 $ 85 $ — Plant Miller (coal) Units 1 and 2 91.8 (b) 2,148 712 13 Georgia Power Plant Hatch (nuclear) 50.1 % (c) $ 1,401 $ 671 $ 62 Plant Vogtle (nuclear) Units 1 and 2 45.7 (c) 3,628 2,298 94 Plant Scherer (coal) Units 1 and 2 8.4 (c) 276 106 1 Plant Scherer (coal) Unit 3 75.0 (c) 1,317 567 6 Rocky Mountain (pumped storage) 25.4 (d) 184 153 1 Mississippi Power Greene County (natural gas) Units 1 and 2 40.0 % (a) $ 125 $ 70 $ — Plant Daniel (coal) Units 1 and 2 50.0 (e) 765 257 30 Southern Company Gas Dalton Pipeline (natural gas pipeline) 50.0 % (f) $ 271 $ 23 $ — (a) Jointly owned by Alabama Power and Mississippi Power and operated and maintained by Alabama Power. (b) Jointly owned with PowerSouth and operated and maintained by Alabama Power. (c) Georgia Power owns undivided interests in Plants Hatch, Vogtle Units 1 and 2, and Scherer in varying amounts jointly with one or more of the following entities: OPC, MEAG Power, Dalton, FP&L, and JEA. Georgia Power has been contracted to operate and maintain the plants as agent for the co-owners and is jointly and severally liable for third party claims related to these plants. (d) Jointly owned with OPC, which is the operator of the plant. (e) Jointly owned by FP&L and Mississippi Power. In accordance with the operating agreement, Mississippi Power acts as FP&L's agent with respect to the operation and maintenance of these units. See Note 3 under "Other Matters – Mississippi Power – Plant Daniel" for additional information. (f) Jointly owned with The Williams Companies, Inc., the Dalton Pipeline is a 115-mile natural gas pipeline that serves as an extension of the Transcontinental Gas Pipe Line Company, LLC pipeline system into northwest Georgia. Southern Company Gas leases its 50% undivided ownership for approximately $26 million annually through 2042. The lessee is responsible for maintaining the pipeline during the lease term and for providing service to transportation customers under its FERC-regulated tariff. Georgia Power currently holds a 45.7% ownership interest in Plant Vogtle Units 3 and 4, which are under construction and had a CWIP balance of $9.7 billion at December 31, 2022, excluding charges recorded in 2018, 2020, 2021, and 2022 for the estimated probable loss associated with construction. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. The Registrants' proportionate share of their jointly-owned facility operating expenses is included in the corresponding operating expenses in the statements of income and each Registrant is responsible for providing its own financing. Assets Subject to Lien Mississippi Power provides retail service to its largest retail customer, Chevron Products Company (Chevron), at its refinery in Pascagoula, Mississippi through at least 2038 in accordance with agreements approved by the Mississippi PSC. The agreements grant Chevron a security interest in the co-generation assets located at the refinery and owned by Mississippi Power, with a lease receivable balance of $157 million at December 31, 2022, that is exercisable upon the occurrence of (i) certain bankruptcy events or (ii) other events of default coupled with specific reductions in steam output at the facility and a downgrade of Mississippi Power's credit rating to below investment grade by two of the three rating agencies. See Note 9 under "Lessor" for additional information. See Note 8 under "Long-term Debt" for information regarding debt secured by certain assets of Georgia Power and Southern Company Gas. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS AROs are computed as the present value of the estimated costs for an asset's future retirement and are recorded in the period in which the liability is incurred. The estimated costs are capitalized as part of the related long-lived asset and depreciated over the asset's useful life. In the absence of quoted market prices, AROs are estimated using present value techniques in which estimates of future cash outlays associated with the asset retirements are discounted using a credit-adjusted risk-free rate. Estimates of the timing and amounts of future cash outlays are based on projections of when and how the assets will be retired and the cost of future removal activities. Each traditional electric operating company and natural gas distribution utility has received accounting guidance from its state PSC or applicable state regulatory agency allowing the continued accrual or recovery of other retirement costs for long-lived assets that it does not have a legal obligation to retire. Accordingly, the accumulated removal costs for these obligations are reflected in the balance sheets as regulatory liabilities and amounts to be recovered are reflected in the balance sheets as regulatory assets. The ARO liabilities for the traditional electric operating companies primarily relate to facilities that are subject to the CCR Rule and the related state rules, principally ash ponds. In addition, Alabama Power and Georgia Power have retirement obligations related to the decommissioning of nuclear facilities (Alabama Power's Plant Farley and Georgia Power's ownership interests in Plant Hatch and Plant Vogtle Units 1 and 2). See "Nuclear Decommissioning" herein for additional information. Other significant AROs include various landfill sites and asbestos removal for Alabama Power, Georgia Power, and Mississippi Power and gypsum cells and mine reclamation for Mississippi Power. The ARO liability for Southern Power primarily relates to its solar and wind facilities, which are located on long-term land leases requiring the restoration of land at the end of the lease. The traditional electric operating companies and Southern Company Gas also have identified other retirement obligations, such as obligations related to certain electric transmission and distribution facilities, certain asbestos-containing material within long-term assets not subject to ongoing repair and maintenance activities, certain wireless communication towers, the disposal of polychlorinated biphenyls in certain transformers, leasehold improvements, equipment on customer property, and property associated with the Southern Company system's rail lines and natural gas pipelines. However, liabilities for the removal of these assets have not been recorded because the settlement timing for certain retirement obligations related to these assets is indeterminable and, therefore, the fair value of the retirement obligations cannot be reasonably estimated. A liability for these retirement obligations will be recognized when sufficient information becomes available to support a reasonable estimation of the ARO. Southern Company and the traditional electric operating companies will continue to recognize in their respective statements of income allowed removal costs in accordance with regulatory treatment. Any differences between costs recognized in accordance with accounting standards related to asset retirement and environmental obligations and those reflected in rates are recognized as either a regulatory asset or liability in the balance sheets as ordered by the various state PSCs. Details of the AROs included in the balance sheets are as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power (*) (in millions) Balance at December 31, 2020 $ 10,684 $ 3,974 $ 6,265 $ 176 $ 95 Liabilities incurred 26 — 3 — 23 Liabilities settled (456) (202) (210) (24) — Accretion 407 156 236 7 5 Cash flow revisions 1,026 406 530 31 8 Balance at December 31, 2021 $ 11,687 $ 4,334 $ 6,824 $ 190 $ 131 Liabilities incurred 36 — 35 — — Liabilities settled (455) (205) (212) (20) — Accretion 406 158 231 6 6 Cash flow revisions (834) — (844) 3 7 Balance at December 31, 2022 $ 10,840 $ 4,287 $ 6,034 $ 179 $ 144 (*) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. During 2021, Alabama Power recorded increases totaling approximately $406 million to its AROs primarily related to the CCR Rule and the related state rule based on updated estimates for post-closure costs at its ash ponds and inflation rates. During 2021, Georgia Power refined the cost estimates related to its plans to close the ash ponds at all of its generating plants in compliance with the CCR Rule and the related state rule, including updates to estimates for inflation rates and the timing of closure activities, and recorded an increase of approximately $435 million to its AROs related to the CCR Rule and the related state rule. In December 2022, Georgia Power recorded a net decrease of approximately $780 million to its AROs related to the CCR Rule and the related state rule resulting from changes in estimates, including lower future inflation rates, higher discount rates, and timing of closure activities, as well as a change in closure methodology for one ash pond as approved in Georgia Power's 2022 IRP. See Note 2 under "Georgia Power – Integrated Resource Plans" for additional information. During 2021, Mississippi Power recorded an increase of approximately $31 million to its AROs related to the CCR Rule based on updated estimates for the timing of closure activities, post-closure costs at one of its ash ponds, and inflation rates. The cost estimates for AROs related to the disposal of CCR are based on information at December 31, 2022 using various assumptions related to closure and post-closure costs, timing of future cash outlays, inflation and discount rates, and the potential methods for complying with the CCR Rule and the related state rules. The traditional electric operating companies have periodically updated, and expect to continue periodically updating, their related cost estimates and ARO liabilities for each CCR unit as additional information related to these assumptions becomes available. Some of these updates have been, and future updates may be, material. The cost estimates for Alabama Power and Mississippi Power are based on closure-in-place for all ash ponds. The cost estimates for Georgia Power are based on a combination of closure-in-place for some ash ponds and closure by removal for others. Additionally, the closure designs and plans in the States of Alabama and Georgia are subject to approval by environmental regulatory agencies. Absent continued recovery of ARO costs through regulated rates, results of operations, cash flows, and financial condition for Southern Company and the traditional electric operating companies could be materially impacted. The ultimate outcome of these matters cannot be determined at this time. Nuclear Decommissioning The NRC requires licensees of commercial nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. Alabama Power and Georgia Power have external trust funds (Funds) to comply with the NRC's regulations. Use of the Funds is restricted to nuclear decommissioning activities. The Funds are managed and invested in accordance with applicable requirements of various regulatory bodies, including the NRC, the FERC, and state PSCs, as well as the IRS. While Alabama Power and Georgia Power are allowed to prescribe an overall investment policy to the Funds' managers, neither Southern Company nor its subsidiaries or affiliates are allowed to engage in the day-to-day management of the Funds or to mandate individual investment decisions. Day-to-day management of the investments in the Funds is delegated to unrelated third-party managers with oversight by the management of Alabama Power and Georgia Power. The Funds' managers are authorized, within certain investment guidelines, to actively buy and sell securities at their own discretion in order to maximize the return on the Funds' investments. The Funds are invested in a tax-efficient manner in a diversified mix of equity and fixed income securities and are reported as trading securities. Alabama Power and Georgia Power record the investment securities held in the Funds at fair value, as disclosed in Note 13, as management believes that fair value best represents the nature of the Funds. Gains and losses, whether realized or unrealized, are recorded in the regulatory liability for AROs in the balance sheets and are not included in net income or OCI. Fair value adjustments and realized gains and losses are determined on a specific identification basis. The Funds at Georgia Power participate in a securities lending program through the managers of the Funds. Under this program, Georgia Power's Funds' investment securities are loaned to institutional investors for a fee. Securities loaned are fully collateralized by cash, letters of credit, and/or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. At December 31, 2022 and 2021, approximately $35 million and $42 million, respectively, of the fair market value of Georgia Power's Funds' securities were on loan and pledged to creditors under the Funds' managers' securities lending program. The fair value of the collateral received was approximately $36 million and $43 million at December 31, 2022 and 2021, respectively, and can only be sold by the borrower upon the return of the loaned securities. The collateral received is treated as a non-cash item in the statements of cash flows. Investment securities in the Funds for December 31, 2022 and 2021 were as follows: Southern Company Alabama Georgia (in millions) At December 31, 2022: Equity securities $ 1,095 $ 690 $ 405 Debt securities 838 267 571 Other securities 210 168 42 Total investment securities in the Funds $ 2,143 $ 1,125 $ 1,018 At December 31, 2021: Equity securities $ 1,358 $ 849 $ 509 Debt securities 986 316 670 Other securities 197 159 38 Total investment securities in the Funds $ 2,541 $ 1,324 $ 1,217 These amounts exclude receivables related to investment income and pending investment sales and payables related to pending investment purchases. For Southern Company and Georgia Power, these amounts include Georgia Power's investment securities pledged to creditors and collateral received and excludes payables related to Georgia Power's securities lending program. The fair value increases (decreases) of the Funds, including unrealized gains (losses) and reinvested interest and dividends and excluding the Funds' expenses, for 2022, 2021, and 2020 are shown in the table below. Southern Company Alabama Georgia (in millions) Fair value increases (decreases) 2022 $ (360) $ (171) $ (189) 2021 274 200 74 2020 280 142 138 Unrealized gains (losses) At December 31, 2022 $ (391) $ (204) $ (187) At December 31, 2021 (27) (30) 3 At December 31, 2020 220 121 99 The investment securities held in the Funds continue to be managed with a long-term focus. Accordingly, all purchases and sales within the Funds are presented separately in the statements of cash flows as investing cash flows, consistent with the nature of the securities and purpose for which the securities were acquired. For Alabama Power, approximately $14 million and $15 million at December 31, 2022 and 2021, respectively, previously recorded in internal reserves is being transferred into the Funds through 2040 as approved by the Alabama PSC. The NRC's minimum external funding requirements are based on a generic estimate of the cost to decommission only the radioactive portions of a nuclear unit based on the size and type of reactor. Alabama Power and Georgia Power have filed plans with the NRC designed to ensure that, over time, the deposits and earnings of the Funds will provide the minimum funding amounts prescribed by the NRC. At December 31, 2022 and 2021, the accumulated provisions for the external decommissioning trust funds were as follows: 2022 2021 (in millions) Alabama Power Plant Farley $ 1,125 $ 1,324 Georgia Power Plant Hatch $ 628 $ 757 Plant Vogtle Units 1 and 2 382 460 Plant Vogtle Unit 3 8 — Total $ 1,018 $ 1,217 Site study cost is the estimate to decommission a specific facility as of the site study year. The decommissioning cost estimates are based on prompt dismantlement and removal of the plant from service. The actual decommissioning costs may vary from these estimates because of changes in the assumed date of decommissioning, changes in NRC requirements, or changes in the assumptions used in making these estimates. The estimated costs of decommissioning at December 31, 2022 based on the most current studies, which were performed in 2018 for Alabama Power and in 2021 for Georgia Power, were as follows: Plant Plant Hatch (*) Plant Vogtle Units 1 and 2 (*) Decommissioning periods: Beginning year 2037 2034 2047 Completion year 2076 2075 2079 (in millions) Site study costs: Radiated structures $ 1,234 $ 771 $ 628 Spent fuel management 387 186 170 Non-radiated structures 99 61 85 Total site study costs $ 1,720 $ 1,018 $ 883 (*) Based on Georgia Power's ownership interests. For ratemaking purposes, Alabama Power's decommissioning costs are based on the site study and Georgia Power's decommissioning costs are based on the NRC generic estimate to decommission the radioactive portion of the facilities and the site study estimate for spent fuel management as of 2021. Significant assumptions used to determine these costs for ratemaking were an estimated inflation rate of 4.5% and 2.5% for Alabama Power and Georgia Power, respectively, and an estimated trust earnings rate of 7.0% and 4.5% for Alabama Power and Georgia Power, respectively. The next site study for Alabama Power is expected to be completed later in 2023. Alabama Power's site-specific estimates of decommissioning costs for Plant Farley are updated every five years. Projections of funds are reviewed with the Alabama PSC to ensure that, over time, the deposits and earnings of the Funds will provide adequate funding to cover the site-specific costs. If necessary, Alabama Power would seek the Alabama PSC's approval to address any changes in a manner consistent with NRC and other applicable requirements. Under the 2019 ARP, Georgia Power's annual decommissioning cost for ratemaking was a total of $4 million for Plant Hatch and Plant Vogtle Units 1 and 2. Effective January 1, 2023, as approved in the 2022 ARP, there is no annual decommissioning cost for ratemaking. Any funding amount required by the NRC during the period covered by the 2022 ARP will be deferred to a regulatory asset and recovery is expected to be determined in Georgia Power's next base rate case. See Note 2 under "Georgia Power – Rate Plans – 2022 ARP" for additional information. |
CONSOLIDATED ENTITIES AND EQUIT
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTSThe Registrants may hold ownership interests in a number of business ventures with varying ownership structures. Partnership interests and other variable interests are evaluated to determine if each entity is a VIE. If a venture is a VIE for which a Registrant is the primary beneficiary, the assets, liabilities, and results of operations of the entity are consolidated. The Registrants reassess the conclusion as to whether an entity is a VIE upon certain occurrences, which are deemed reconsideration events. For entities that are not determined to be VIEs, the Registrants evaluate whether they have control or significant influence over the investee to determine the appropriate consolidation and presentation. Generally, entities under the control of a Registrant are consolidated, and entities over which a Registrant can exert significant influence, but which a Registrant does not control, are accounted for under the equity method of accounting. Investments accounted for under the equity method are recorded within equity investments in unconsolidated subsidiaries in the balance sheets and, for Southern Company and Southern Company Gas, the equity income is recorded within earnings from equity method investments in the statements of income. See "SEGCO" and "Southern Company Gas" herein for additional information. Southern Company At December 31, 2022 and 2021, Southern Holdings had equity method investments totaling $112 million and $101 million, respectively, primarily related to investments in venture capital funds focused on energy and utility investments. Earnings from these investments were immaterial for all periods presented. SEGCO Alabama Power and Georgia Power own equally all of the outstanding capital stock of SEGCO, which owns electric generating units with a total rated capacity of 1,020 MWs, as well as associated transmission facilities. Retirement of SEGCO's generating units is expected to occur by December 31, 2028. Alabama Power and Georgia Power account for SEGCO using the equity method; Southern Company consolidates SEGCO. The capacity of these units is sold equally to Alabama Power and Georgia Power. Alabama Power and Georgia Power make payments sufficient to provide for the operating expenses, taxes, interest expense, and a ROE. The share of purchased power included in purchased power, affiliates in the statements of income totaled $124 million in 2022, $75 million in 2021, and $67 million in 2020 for Alabama Power and $127 million in 2022, $77 million in 2021, and $69 million in 2020 for Georgia Power. SEGCO paid dividends of $14 million in 2022, $14 million in 2021, and $12 million in 2020, one half of which were paid to each of Alabama Power and Georgia Power. In addition, Alabama Power and Georgia Power each recognize 50% of SEGCO's net income. Alabama Power, which owns and operates a generating unit adjacent to the SEGCO generating units, has a joint ownership agreement with SEGCO for the ownership of an associated gas pipeline. Alabama Power owns 14% of the pipeline with the remaining 86% owned by SEGCO. See Note 3 under "Guarantees" for additional information regarding guarantees of Alabama Power and Georgia Power related to SEGCO. 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 SP Solar is owned by Southern Power and Global Atlantic Financial Group Limited (Global Atlantic). A wholly-owned subsidiary of Southern Power is the general partner and holds a 1% ownership interest, and another wholly-owned subsidiary of Southern Power owns a 66% ownership interest. Global Atlantic is the limited partner and holds the remaining 33% noncontrolling interest. SP Solar qualifies as a VIE since the arrangement is structured as a limited partnership and the 33% limited partner does not have substantive kick-out rights against the general partner. At December 31, 2022 and 2021, SP Solar had total assets of $5.9 billion and $6.1 billion, respectively, total liabilities of $0.4 billion, and noncontrolling interests of $1.1 billion. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to 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. SP Wind is owned by Southern Power and three financial investors. A wholly-owned subsidiary of Southern Power owns 100% of the Class B membership interests and the three financial investors own 100% of the Class A membership interests. SP Wind qualifies as a VIE since the structure of the arrangement is similar to a limited partnership and the Class A members do not have substantive kick-out rights against Southern Power. At December 31, 2022 and 2021, SP Wind had total assets of $2.2 billion and $2.3 billion, respectively, total liabilities of $169 million and $130 million, respectively, and noncontrolling interests of $39 million and $41 million, respectively. Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. Other Variable Interest Entities Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights. At December 31, 2022 and 2021, the other VIEs had total assets of $1.8 billion and $1.9 billion, respectively, total liabilities of $0.2 billion and $0.3 billion, respectively, and noncontrolling interests of $0.8 billion and $0.9 billion, 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 December 31, 2022 and 2021, Southern Power had equity method investments in wind and battery energy storage projects totaling $49 million and $86 million, respectively. Earnings (loss) from these investments were immaterial for all periods presented. During 2022, Southern Power sold equity method investments in wind projects and received proceeds totaling $38 million. The gains associated with the sales were immaterial. Subsequent to December 31, 2022, Southern Power sold its remaining equity method investments in wind and battery energy storage projects and received proceeds of $50 million. The gains associated with the transactions were immaterial. Southern Company Gas Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments at December 31, 2022 and 2021 and related earnings (loss) from those investments for the years ended December 31, 2022, 2021, and 2020 were as follows: Investment Balance December 31, 2022 December 31, 2021 (in millions) SNG $ 1,243 $ 1,129 Other (*) 33 44 Total $ 1,276 $ 1,173 (*) Balance at December 31, 2022 reflects an $11 million distribution received in 2022 from PennEast Pipeline. Earnings (Loss) from Equity Method Investments 2022 2021 2020 (in millions) SNG $ 146 $ 127 $ 129 PennEast Pipeline (*) — (81) 7 Other 2 4 5 Total $ 148 $ 50 $ 141 (*) For 2021, includes pre-tax impairment charges totaling $84 million. See "PennEast Pipeline Project" herein for additional information, including the September 2021 cancellation of the project. For 2020, earnings primarily result from AFUDC equity recorded by the project entity. PennEast Pipeline Project In 2014, Southern Company Gas entered into a partnership in which it holds a 20% ownership interest in the PennEast Pipeline, an interstate pipeline company formed to develop and operate an approximate 118-mile natural gas pipeline between New Jersey and Pennsylvania. In 2019, an appellate court ruled that the PennEast Pipeline does not have federal eminent domain authority over lands in which a state has property rights interests. In June 2021, the U.S. Supreme Court ruled in favor of PennEast Pipeline following a review of the appellate court decision. Southern Company Gas assesses its equity method investments for impairment whenever events or changes in circumstances indicate that the investment may be impaired. Following the U.S. Supreme Court ruling, during the second quarter 2021, Southern Company Gas management reassessed the project construction timing, including the anticipated timing for receipt of a FERC certificate and all remaining state and local permits, as well as potential challenges thereto, and performed an impairment analysis. The outcome of the analysis resulted in a pre-tax impairment charge of $82 million ($58 million after tax). In September 2021, PennEast Pipeline announced that further development of the project was no longer supported, and, as a result, all further development of the project ceased. During the third quarter 2021, Southern Company Gas recorded an additional pre-tax charge of $2 million ($2 million after tax) related to its share of the project level impairment, as well as $7 million of additional tax expense, resulting in total pre-tax charges of $84 million ($67 million after tax) during 2021 related to the project. |
FINANCING
FINANCING | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
FINANCING | FINANCING Long-term Debt Details of long-term debt at December 31, 2022 and 2021 are provided in the following table: At December 31, 2022 Balance Outstanding at Maturity Weighted Average 2022 2021 (in millions) Southern Company Senior notes (a) 2023-2052 3.87% $ 35,683 $ 33,120 Junior subordinated notes 2024-2081 4.58% 8,836 8,918 FFB loans (b) 2023-2044 2.88% 4,874 4,962 Revenue bonds (c) 2024-2062 3.25% 2,844 2,662 First mortgage bonds (d) 2023-2062 3.46% 2,275 2,100 Medium-term notes 2026-2027 7.03% 84 130 Other long-term debt 2024-2045 4.96% 167 270 Finance lease obligations (e) 314 215 Unamortized fair value adjustment 330 359 Unamortized debt premium (discount), net (193) (216) Unamortized debt issuance expenses (273) (243) Total long-term debt 54,941 52,277 Less: Amount due within one year 4,285 2,157 Total long-term debt excluding amount due within one year $ 50,656 $ 50,120 Alabama Power Senior notes 2023-2052 3.86% $ 9,675 $ 8,725 Revenue bonds (c) 2024-2038 3.44% 995 995 Other long-term debt 2026 5.62% 45 45 Finance lease obligations (e) 5 4 Unamortized debt premium (discount), net (18) (18) Unamortized debt issuance expenses (72) (64) Total long-term debt 10,630 9,687 Less: Amount due within one year 301 751 Total long-term debt excluding amount due within one year $ 10,329 $ 8,936 Georgia Power Senior notes 2023-2052 3.90% $ 7,925 $ 6,825 Junior subordinated notes 2077 5.00% 270 270 FFB loans (b) 2023-2044 2.88% 4,874 4,962 Revenue bonds (c) 2025-2062 3.13% 1,738 1,591 Other long-term debt — 125 Finance lease obligations (e) 238 136 Unamortized debt premium (discount), net (18) (11) Unamortized debt issuance expenses (117) (114) Total long-term debt 14,910 13,784 Less: Amount due within one year 901 675 Total long-term debt excluding amount due within one year $ 14,009 $ 13,109 At December 31, 2022 Balance Outstanding at Maturity Weighted Average 2022 2021 (in millions) Mississippi Power Senior notes 2024-2051 3.93% $ 1,425 $ 1,425 Revenue bonds (c) 2025-2052 3.55% 111 76 Finance lease obligations (e) 17 18 Unamortized debt premium (discount), net 2 2 Unamortized debt issuance expenses (10) (10) Total long-term debt 1,545 1,511 Less: Amount due within one year 1 1 Total long-term debt excluding amount due within one year $ 1,544 $ 1,510 Southern Power Senior notes (a) 2023-2046 3.92% $ 2,998 $ 3,711 Unamortized debt premium (discount), net (5) (6) Unamortized debt issuance expenses (14) (17) Total long-term debt 2,979 3,688 Less: Amount due within one year 290 679 Total long-term debt excluding amount due within one year $ 2,689 $ 3,009 Southern Company Gas Senior notes 2023-2051 4.08% $ 4,769 $ 4,348 First mortgage bonds (d) 2023-2062 3.46% 2,275 2,100 Medium-term notes 2026-2027 7.03% 84 130 Other long-term debt 2024-2045 3.81% 22 — Unamortized fair value adjustment 330 359 Unamortized debt premium (discount), net (8) (35) Unamortized debt issuance expenses (30) — Total long-term debt 7,442 6,902 Less: Amount due within one year 400 47 Total long-term debt excluding amount due within one year $ 7,042 $ 6,855 (a) Includes a fair value gain (loss) of $(31) million and $5 million at December 31, 2022 and 2021, respectively, related to Southern Power's foreign currency hedge on its euro-denominated senior notes. (b) Secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. See "DOE Loan Guarantee Borrowings" herein for additional information. (c) Revenue bond obligations represent loans to the traditional electric operating companies from public authorities of funds derived from sales by such authorities of revenue bonds issued to finance pollution control and solid waste disposal and wastewater facilities. In some cases, the revenue bond obligations represent obligations under installment sales agreements with respect to facilities constructed with the proceeds of revenue bonds issued by public authorities. The traditional electric operating companies are required to make payments sufficient for the authorities to meet principal and interest requirements of such bonds. Proceeds from certain issuances are restricted until qualifying expenditures are incurred. (d) Secured by substantially all of Nicor Gas' properties. (e) Secured by the underlying lease ROU asset. See Note 9 for additional information. Maturities of long-term debt for the next five years are as follows: Southern Company (a) Alabama Power Georgia Power (b) Mississippi Power Southern Power (c) Southern Company (in millions) 2023 $ 4,293 $ 301 $ 901 $ 1 $ 290 $ 400 2024 2,280 23 499 201 — — 2025 1,699 251 145 12 500 300 2026 3,726 46 445 1 964 530 2027 2,074 550 510 11 — 154 (a) See notes (b) and (c) below. (b) Amounts include principal amortization related to the FFB borrowings; however, the final maturity date is February 20, 2044. See "DOE Loan Guarantee Borrowings" herein for additional information. (c) Southern Power's 2026 maturities include $564 million of euro-denominated debt at the U.S. dollar denominated hedge settlement amount. DOE Loan Guarantee Borrowings Pursuant to the loan guarantee program established under Title XVII of the Energy Policy Act of 2005 (Title XVII Loan Guarantee Program), Georgia Power and the DOE entered into a loan guarantee agreement in 2014 and the Amended and Restated Loan Guarantee Agreement in 2019. Under the Amended and Restated Loan Guarantee Agreement, the DOE agreed to guarantee the obligations of Georgia Power under the FFB Credit Facilities. Under the FFB Credit Facilities, Georgia Power was authorized to make term loan borrowings through the FFB in an amount up to approximately $5.130 billion, provided that total aggregate borrowings under the FFB Credit Facilities could not exceed 70% of (i) Eligible Project Costs minus (ii) approximately $1.492 billion (reflecting the amounts received by Georgia Power under the Guarantee Settlement Agreement less the related customer refunds). In 2021, Georgia Power made the final borrowings under the FFB Credit Facilities and no further borrowings are permitted. During 2022, Georgia Power made principal amortization payments of $88 million under the FFB Credit Facilities. At December 31, 2022 and 2021, Georgia Power had $4.9 billion and $5.0 billion of borrowings outstanding under the FFB Credit Facilities, respectively. All borrowings under the FFB Credit Facilities are full recourse to Georgia Power, and Georgia Power is obligated to reimburse the DOE for any payments the DOE is required to make to the FFB under its guarantee. Georgia Power's reimbursement obligations to the DOE are full recourse and secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. There are no restrictions on Georgia Power's ability to grant liens on other property. The final maturity date for each advance under the FFB Credit Facilities is February 20, 2044. Interest is payable quarterly and principal payments began in February 2020. Each borrowing under the FFB Credit Facilities bears interest at a fixed rate equal to the applicable U.S. Treasury rate at the time of the borrowing plus a spread equal to 0.375%. Under the Amended and Restated Loan Guarantee Agreement, Georgia Power is subject to customary borrower affirmative and negative covenants and events of default. In addition, Georgia Power is subject to project-related reporting requirements and other project-specific covenants and events of default. In the event certain mandatory prepayment events occur, Georgia Power will be required to prepay the outstanding principal amount of all borrowings under the FFB Credit Facilities over a period of five years (with level principal amortization). Among other things, these mandatory prepayment events include (i) the termination of the Vogtle Services Agreement or rejection of the Vogtle Services Agreement in any Westinghouse bankruptcy if Georgia Power does not maintain access to intellectual property rights under the related intellectual property licenses; (ii) termination of the Bechtel Agreement, unless the Vogtle Owners enter into a replacement agreement; (iii) cancellation of Plant Vogtle Units 3 and 4 by the Georgia PSC or by Georgia Power; (iv) failure of the holders of 90% of the ownership interests in Plant Vogtle Units 3 and 4 to vote to continue construction following certain schedule extensions; (v) cost disallowances by the Georgia PSC that could have a material adverse effect on completion of Plant Vogtle Units 3 and 4 or Georgia Power's ability to repay the outstanding borrowings under the FFB Credit Facilities; or (vi) loss of or failure to receive necessary regulatory approvals. Under certain circumstances, insurance proceeds and any proceeds from an event of taking must be applied to immediately prepay outstanding borrowings under the FFB Credit Facilities. Georgia Power also may voluntarily prepay outstanding borrowings under the FFB Credit Facilities. Under the FFB Credit Facilities, any prepayment (whether mandatory or optional) will be made with a make-whole premium or discount, as applicable. In connection with any cancellation of Plant Vogtle Units 3 and 4, the DOE may elect to continue construction of Plant Vogtle Units 3 and 4. In such an event, the DOE will have the right to assume Georgia Power's rights and obligations under the principal agreements relating to Plant Vogtle Units 3 and 4 and to acquire all or a portion of Georgia Power's ownership interest in Plant Vogtle Units 3 and 4. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. Secured Debt Each of Southern Company's subsidiaries is organized as a legal entity, separate and apart from Southern Company and its other subsidiaries. There are no agreements or other arrangements among the Southern Company system companies under which the assets of one company have been pledged or otherwise made available to satisfy obligations of Southern Company or any of its other subsidiaries. As discussed under "Long-term Debt" herein, the Registrants had secured debt outstanding at December 31, 2022 and 2021. Each Registrant's senior notes, junior subordinated notes, revenue bond obligations, bank term loans, credit facility borrowings, and notes payable are effectively subordinated to all secured debt of each respective Registrant. Equity Units In May 2022, Southern Company remarketed $862.5 million aggregate principal amount of its Series 2019A Remarketable Junior Subordinated Notes due August 1, 2024 (2019A RSNs) and $862.5 million aggregate principal amount of its Series 2019B Remarketable Junior Subordinated Notes due August 1, 2027 (2019B RSNs), pursuant to the terms of its 2019 Series A Equity Units (Equity Units). In connection with the remarketing, the interest rates on the 2019A RSNs and the 2019B RSNs were reset to 4.475% and 5.113%, respectively, payable on a semi-annual basis. On August 1, 2022, the proceeds were ultimately used to settle the purchase contracts entered into as part of the Equity Units and Southern Company issued approximately 25.2 million shares of common stock and received proceeds of $1.725 billion. At December 30, 2022 and 2021, the 2019A RSNs and the 2019B RSNs are included in long-term debt on Southern Company's consolidated balance sheets. Bank Credit Arrangements At December 31, 2022, committed credit arrangements with banks were as follows: Expires Company 2023 2024 2025 2026 Total Unused Due within (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 — 275 275 — Southern Power (a) — — — 600 600 569 — Southern Company Gas (b) 250 — — 1,500 1,750 1,748 250 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 700 $ 125 $ 6,550 $ 7,655 $ 7,596 $ 280 (a) Does not include Southern Power Company's two $75 million continuing letter of credit facilities for standby letters of credit, of which $9 million and $5 million, respectively, was unused at December 31, 2022. In December 2022, Southern Power amended one of the $75 million letter of credit facilities, which extended the expiration date from 2023 to 2025. The second $75 million letter of credit facility also expires in 2025. 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 credit arrangement expiring in 2026. 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. Nicor Gas is also the borrower under a $250 million credit arrangement expiring in 2023. See "Structural Considerations" herein for additional information. The bank credit arrangements require payment of commitment fees based on the unused portion of the commitments. Commitment fees average less than 1 / 4 of 1% for the Registrants and Nicor Gas. 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. Southern Company's, Southern Company Gas', and Nicor Gas' credit arrangements contain covenants that limit debt levels to 70% of total capitalization, as defined in the agreements, and the other subsidiaries' bank credit arrangements contain covenants that limit debt levels to 65% of total capitalization, as defined in the agreements. For purposes of these definitions, debt excludes junior subordinated notes and, in certain arrangements, other hybrid securities. Additionally, for Southern Company and Southern Power, for purposes of these definitions, debt excludes any project debt incurred by certain subsidiaries of Southern Power to the extent such debt is non-recourse to Southern Power and capitalization excludes the capital stock or other equity attributable to such subsidiaries. At December 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. A portion of the unused credit with banks is allocated to provide liquidity support to the revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. The amount of variable rate revenue bonds of the traditional electric operating companies outstanding requiring liquidity support at December 31, 2022 was approximately $1.7 billion (comprised of approximately $789 million at Alabama Power, $819 million at Georgia Power, and $69 million at Mississippi Power). In addition, at December 31, 2022, Alabama Power and Georgia Power had approximately $120 million and $288 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. At both December 31, 2022 and 2021, Southern Power had $106 million of cash collateral posted related to PPA requirements, which is included in other deferred charges and assets on Southern Power's consolidated balance sheets. Notes Payable The Registrants, Nicor Gas, and SEGCO make short-term borrowings primarily through commercial paper programs that have the liquidity support of the committed bank credit arrangements described above under "Bank Credit Arrangements." Southern Power's subsidiaries are not parties or obligors to its commercial paper program. Southern Company Gas maintains commercial paper programs at Southern Company Gas Capital and at Nicor Gas. Nicor Gas' commercial paper program supports working capital needs at Nicor Gas as Nicor Gas is not permitted to make money pool loans to affiliates. All of Southern Company Gas' other subsidiaries benefit from Southern Company Gas Capital's commercial paper program. See "Structural Considerations" herein for additional information. In addition, Southern Company and certain of its subsidiaries have entered into various bank term loan agreements. Unless otherwise stated, the proceeds of these loans were used to repay existing indebtedness and for general corporate purposes, including working capital and, for the subsidiaries, their continuous construction programs. Commercial paper and short-term bank term loans are included in notes payable in the balance sheets. Details of short-term borrowings for the applicable Registrants were as follows: Notes Payable at December 31, 2022 Notes Payable at December 31, 2021 Amount Weighted Average Amount Weighted Average (in millions) (in millions) Southern Company Commercial paper $ 809 4.7 % $ 1,140 0.3 % Short-term bank debt 1,800 5.0 % 300 0.7 % Total $ 2,609 4.9 % $ 1,440 0.4 % Georgia Power Short-term bank debt $ 1,600 5.0 % $ — — % Southern Power Commercial paper $ 225 4.7 % $ 211 0.3 % Southern Company Gas Commercial paper: Southern Company Gas Capital $ 285 4.8 % $ 379 0.3 % Nicor Gas 283 4.6 % 530 0.3 % Short-term bank debt: Nicor Gas 200 4.9 % 300 0.7 % Total $ 768 4.7 % $ 1,209 0.4 % See "Bank Credit Arrangements" herein for information on bank term loan covenants that limit debt levels and cross-acceleration or cross-default provisions. Southern Company Common Stock Stock Issued During 2022, Southern Company issued approximately 3.6 million shares of common stock primarily through equity compensation plans and received proceeds of approximately $83 million. See "Equity Units" herein for additional information regarding Southern Company's issuance of approximately 25.2 million shares of common stock in August 2022. Shares Reserved At December 31, 2022, a total of 113 million shares were reserved for issuance pursuant to the Southern Investment Plan, employee savings plans, the Outside Directors Stock Plan, the Equity and Incentive Compensation Plan (which includes stock options and performance share units as discussed in Note 12), and an at-the-market program. Of the shares reserved, 28.9 million shares are available for awards under the Equity and Incentive Compensation Plan at December 31, 2022. Diluted Earnings Per Share For Southern Company, the only difference in computing basic and diluted earnings per share (EPS) is attributable to awards outstanding under stock-based compensation plans. Earnings per share dilution resulting from stock-based compensation plans is determined using the treasury stock method. Shares used to compute diluted EPS were as follows: Average Common Stock Shares 2022 2021 2020 (in millions) As reported shares 1,075 1,061 1,058 Effect of stock-based compensation 6 7 7 Diluted shares 1,081 1,068 1,065 In all years presented, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive. Redeemable Preferred Stock of Subsidiaries As discussed further under "Alabama Power" herein, the preferred stock and Class A preferred stock of Alabama Power at December 31, 2021 is presented as "Redeemable Preferred Stock of Subsidiaries" on Southern Company's balance sheet in a manner consistent with temporary equity under applicable accounting standards. During 2022, Alabama Power redeemed all of its preferred stock and Class A preferred stock. Alabama Power Alabama Power has preferred stock, Class A preferred stock, preference stock, and common stock authorized, but only common stock outstanding at December 31, 2022. During 2022, Alabama Power redeemed all of its preferred stock and Class A preferred stock at the redemption prices per share provided in the table below, plus accrued and unpaid dividends to the redemption date. Preferred Stock Redeemed During 2022 Par Value/Stated Capital Per Share Shares Redemption 4.92% Preferred Stock $100 80,000 $103.23 4.72% Preferred Stock $100 50,000 $102.18 4.64% Preferred Stock $100 60,000 $103.14 4.60% Preferred Stock $100 100,000 $104.20 4.52% Preferred Stock $100 50,000 $102.93 4.20% Preferred Stock $100 135,115 $105.00 5.00% Class A Preferred Stock $25 10,000,000 $25.00 Prior to being redeemed, Alabama Power's preferred stock and Class A preferred stock, without preference between classes, ranked senior to Alabama Power's common stock with respect to payment of dividends and voluntary and involuntary dissolution. The preferred stock and Class A preferred stock of Alabama Power contained a feature that allowed the holders to elect a majority of Alabama Power's board of directors if preferred dividends were not paid for four consecutive quarters. Because such a potential redemption-triggering event was not solely within the control of Alabama Power, the preferred stock and Class A preferred stock at December 31, 2021 is presented as "Redeemable Preferred Stock" on Alabama Power's balance sheet in a manner consistent with temporary equity under applicable accounting standards. Georgia Power Georgia Power has preferred stock, Class A preferred stock, preference stock, and common stock authorized, but only common stock outstanding. Dividend Restrictions The income of Southern Company is derived primarily from equity in earnings of its subsidiaries. At December 31, 2022, consolidated retained earnings included $4.9 billion of undistributed retained earnings of the subsidiaries. The traditional electric operating companies and Southern Power can only pay dividends to Southern Company out of retained earnings or paid-in-capital. See Note 7 under "Southern Power" for information regarding the distribution requirements for certain Southern Power subsidiaries. By regulation, Nicor Gas is restricted, to the extent of its retained earnings balance, in the amount it can dividend or loan to affiliates and is not permitted to make money pool loans to affiliates. At December 31, 2022, the amount of Southern Company Gas' subsidiary retained earnings restricted for dividend payment totaled $1.5 billion. Structural Considerations Since Southern Company and Southern Company Gas are holding companies, the right of Southern Company and Southern Company Gas and, hence, the right of creditors of Southern Company or Southern Company Gas to participate in any distribution of the assets of any respective subsidiary of Southern Company or Southern Company Gas, whether upon liquidation, reorganization or otherwise, is subject to prior claims of creditors and preferred stockholders of such subsidiary. Southern Company Gas' 100%-owned subsidiary, Southern Company Gas Capital, was established to provide for certain of Southern Company Gas' ongoing financing needs through a commercial paper program, the issuance of various debt, hybrid securities, and other financing arrangements. Southern Company Gas fully and unconditionally guarantees all debt issued by Southern Company Gas Capital. Nicor Gas is not permitted by regulation to make loans to affiliates or utilize Southern Company Gas Capital for its financing needs. Southern Power Company's senior notes, bank term loan, commercial paper, and bank credit arrangement are unsecured senior indebtedness, which rank equally with all other unsecured and unsubordinated debt of Southern Power Compan y. Southern Power's subsidiaries are not issuers, borrowers, or obligors, as applicable, under any of these unsecured senior debt arrangements, which are effectively subordinated to any future secured debt of Southern Power Company and any potential claims of creditors of Southern Power's subsidiaries. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASES Lessee The Registrants recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with ROU assets that will be amortized over the term of each lease. As lessee, the Registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Electric generating units (*) $ 760 $ 59 $ 1,163 $ — $ — $ — Real estate/land 885 4 54 2 542 36 Communication towers 141 2 4 — — 23 Railcars 34 12 18 3 — — Other 79 4 1 21 — 1 Total $ 1,899 $ 81 $ 1,240 $ 26 $ 542 $ 60 At December 31, 2021 Electric generating units (*) $ 802 $ 104 $ 1,217 $ — $ — $ — Real estate/land 876 3 49 2 526 45 Communication towers 156 2 4 — — 24 Railcars 32 10 20 2 — — Other 103 5 1 24 — 1 Total $ 1,969 $ 124 $ 1,291 $ 28 $ 526 $ 70 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See "Contracts that Contain a Lease" herein for additional information. Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 23 years while the land leases have remaining terms of up to 44 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies and Nicor Gas. Communication tower leases have remaining terms of up to 10 years with options to renew that could extend the terms for an additional 20 years. Renewal options exist in many of the leases. Except as otherwise noted, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. Land leases associated with renewable energy facilities at Southern Power and communication tower leases for automated meter infrastructure at Nicor Gas include renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities and the automated meter infrastructure, respectively. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the PPA, which varies between one Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial at December 31, 2022 and 2021. Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the Registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: Southern Company Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Operating Leases Operating lease ROU assets, net $ 1,531 $ 71 $ 1,007 $ 9 $ 489 $ 57 Operating lease obligations - current $ 197 $ 9 $ 151 $ 4 $ 28 $ 9 Operating lease obligations - non-current 1,388 67 851 5 514 51 Total operating lease obligations (*) $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance Leases Finance lease ROU assets, net $ 292 $ 5 $ 205 $ 16 $ — $ — Finance lease obligations - current $ 18 $ 2 $ 16 $ 1 $ — $ — Finance lease obligations - non-current 296 3 222 16 — — Total finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — At December 31, 2021 Operating Leases Operating lease ROU assets, net $ 1,701 $ 108 $ 1,157 $ 10 $ 479 $ 70 Operating lease obligations - current $ 250 $ 54 $ 156 $ 4 $ 28 $ 11 Operating lease obligations - non-current 1,503 66 999 6 497 59 Total operating lease obligations (*) $ 1,754 $ 121 $ 1,155 $ 10 $ 525 $ 70 Finance Leases Finance lease ROU assets, net $ 197 $ 4 $ 104 $ 17 $ — $ — Finance lease obligations - current $ 16 $ 1 $ 10 $ 1 $ — $ — Finance lease obligations - non-current 199 3 126 17 — — Total finance lease obligations $ 215 $ 4 $ 136 $ 18 $ — $ — (*) Includes operating lease obligations related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $652 million, $59 million, and $952 million, respectively, at December 31, 2022 and $802 million, $104 million, and $1.11 billion, respectively, at December 31, 2021. If not presented separately on the Registrants' balance sheets, amounts related to leases are presented as follows: operating lease ROU assets, net are included in "other deferred charges and assets"; operating lease obligations are included in "other current liabilities" and "other deferred credits and liabilities," as applicable; finance lease ROU assets, net are included in "plant in service"; and finance lease obligations are included in "securities due within one year" and "long-term debt," as applicable. Lease costs for 2022, 2021, and 2020, which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease cost Operating lease cost (*) $ 297 $ 59 $ 198 $ 5 $ 32 $ 15 Finance lease cost: Amortization of ROU assets 23 1 15 1 — — Interest on lease obligations 13 — 17 1 — — Total finance lease cost 36 1 32 2 — — Short-term lease costs 64 44 13 — — — Variable lease cost 125 13 105 — 5 — Sublease income (1) — — — — — Total lease cost $ 521 $ 117 $ 348 $ 7 $ 37 $ 15 2021 Lease cost Operating lease cost (*) $ 313 $ 58 $ 208 $ 2 $ 33 $ 19 Finance lease cost: Amortization of ROU assets 21 1 11 1 — — Interest on lease obligations 11 — 16 1 — — Total finance lease cost 32 1 27 2 — — Short-term lease costs 48 15 24 — — — Variable lease cost 96 4 83 — 5 — Sublease income 1 — — — — — Total lease cost $ 490 $ 78 $ 342 $ 4 $ 38 $ 19 2020 Lease cost Operating lease cost (*) $ 309 $ 55 $ 212 $ 3 $ 29 $ 19 Finance lease cost: Amortization of ROU assets 26 1 15 — — — Interest on lease obligations 11 — 16 — — — Total finance lease cost 37 1 31 — — — Short-term lease costs 39 11 26 — — — Variable lease cost 91 4 76 — 7 — Sublease income — (1) — — — — Total lease cost $ 476 $ 70 $ 345 $ 3 $ 36 $ 19 (*) Includes operating lease costs related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $162 million, $48 million, and $180 million, respectively, in 2022, $165 million, $47 million, and $184 million, respectively, in 2021, and $161 million, $43 million, and $184 million, respectively, in 2020. Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs, including $45 million, $41 million, and $39 million in 2022, 2021, and 2020, respectively, from finance leases which are included in purchased power on Georgia Power's statements of income, of which $21 million, $20 million, and $20 million was included in purchased power, affiliates in 2022, 2021, and 2020, respectively. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 303 $ 58 $ 206 $ 5 $ 30 $ 14 Operating cash flows from finance leases 11 — 20 1 — — Financing cash flows from finance leases 16 1 10 1 — — ROU assets obtained under operating leases 56 10 17 9 — 3 Reassessment of ROU assets under operating leases 16 — — — 16 — ROU assets obtained under finance leases 118 2 116 — — — 2021 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 308 $ 58 $ 211 $ 2 $ 28 $ 19 Operating cash flows from finance leases 9 — 17 1 — — Financing cash flows from finance leases 17 1 9 1 — — ROU assets obtained under operating leases 64 3 9 — 72 7 ROU assets obtained under finance leases 3 — — — — — 2020 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 310 $ 55 $ 215 $ 3 $ 28 $ 18 Operating cash flows from finance leases 9 — 18 — — — Financing cash flows from finance leases 22 1 11 — — — ROU assets obtained under operating leases 227 63 32 — 51 4 ROU assets obtained under finance leases 10 2 — — — — Southern Alabama Georgia Mississippi Southern Power Southern Company Gas At December 31, 2022 Weighted-average remaining lease term in years: Operating leases 17.3 13.0 8.1 4.7 34.0 11.0 Finance leases 17.4 6.4 11.8 12.9 N/A N/A Weighted-average discount rate: Operating leases 4.51 % 4.87 % 4.52 % 3.49 % 4.86 % 3.79 % Finance leases 4.87 % 3.00 % 8.06 % 2.74 % N/A N/A At December 31, 2021 Weighted-average remaining lease term in years: Operating leases 15.9 9.1 8.7 6.1 32.8 10.5 Finance leases 18.0 8.7 8.5 13.9 N/A N/A Weighted-average discount rate: Operating leases 4.41 % 4.37 % 4.45 % 2.74 % 5.20 % 3.61 % Finance leases 4.82 % 3.09 % 10.81 % 2.74 % N/A N/A Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. Lessor The Registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable Registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to seven years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include a tolling arrangement related to an electric generating unit accounted for as a sales-type lease with a remaining term of 16 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including solar and wind facilities, accounted for as operating leases with remaining terms of up to 24 years and PPAs related to battery energy storage facilities accounted for as sales-type leases with remaining terms of up to 19 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 20 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with remaining terms of up to 11 years. Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 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. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. Mississippi Power has a tolling arrangement accounted for as a sales-type lease. During 2020 and 2021, Mississippi Power completed construction of additional leased assets under the lease and, upon completion, the book values of $26 million and $39 million, respectively, were transferred from CWIP to lease receivables. Each transfer represented a non-cash investing transaction for purposes of the statements of cash flows. During 2021, Southern Power completed construction of a portion of the Garland and Tranquillity battery energy storage facilities' assets and recorded losses totaling $40 million upon commencement of the related PPAs, which Southern Power accounts for as sales-type leases. The losses were due to ITCs retained and expected to be realized by Southern Power and its partners in these projects, and no estimated residual asset value was assumed in calculating the losses. Each lease had an initial term of 20 years. Upon commencement of the leases, the book values of the related assets totaling $210 million were derecognized from CWIP and lease receivables were recorded. The transfers represented noncash investing transactions for purposes of the statement of cash flows. See Note 15 under "Southern Power" for additional information. The undiscounted cash flows expected to be received for in-service leased assets under the leases are as follows: At December 31, 2022 Southern Company Mississippi Power Southern (in millions) 2023 $ 39 $ 24 $ 15 2024 38 23 15 2025 37 22 15 2026 36 21 15 2027 35 20 15 Thereafter 364 164 200 Total undiscounted cash flows $ 549 $ 274 $ 275 Net investment in sales-type lease (*) 326 157 169 Difference between undiscounted cash flows and discounted cash flows $ 223 $ 117 $ 106 (*) For Mississippi Power, included in other current assets and other property and investments on the balance sheets. For Southern Power, included in other current assets ($15 million and $12 million at December 31, 2022 and 2021, respectively) and net investment in sales-type leases ($154 million and $161 million at December 31, 2022 and 2021, respectively) on the balance sheet. The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases are as follows: At December 31, 2022 Southern Alabama Southern Southern Company Gas (in millions) 2023 $ 145 $ 34 $ 88 $ 36 2024 114 6 90 34 2025 105 5 74 29 2026 104 3 73 29 2027 104 3 74 28 Thereafter 796 23 166 382 Total $ 1,368 $ 74 $ 565 $ 538 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Alabama Power and Southern Power allocate revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Georgia Power and Mississippi Power are immaterial. Southern Company Leveraged Lease At December 31, 2020, a subsidiary of Southern Holdings had four leveraged lease agreements related to energy generation, distribution, and transportation assets, including two domestic and two international projects. During 2021, one of the domestic projects was sold and the agreements for both international projects were terminated. At December 31, 2022, the one remaining leveraged lease agreement, which relates to energy generation, had an expected remaining term of nine years. Southern Company continues to receive federal income tax deductions for depreciation and amortization, as well as interest on long-term debt related to this investment. Southern Company wrote off the related investment balance in 2020, as discussed below. During the second quarter 2020, following an evaluation of the recoverability of the lease receivable and the expected residual value of the generation assets at the end of the lease, Southern Company management concluded it was no longer probable that any of the associated rental payments scheduled after 2032 would be received, because it was no longer probable the generation assets would be successfully remarketed and continue to operate after that date. Revising the estimated cash flows to be received under the leveraged lease to reflect this conclusion resulted in a full impairment of the lease investment and a pre-tax charge to earnings of $154 million ($74 million after tax). The following table provides a summary of the components of income related to leveraged lease investments. Income was impacted in 2021 and 2020 by the impairment charges discussed below and in Note 15 under "Southern Company." Income in 2021 does not include the impacts of the sale and terminations of leveraged lease projects discussed in Note 15 under "Southern Company." 2021 2020 (in millions) Pretax leveraged lease income (loss) $ 17 $ (180) Income tax benefit (expense) (5) 98 Net leveraged lease income (loss) $ 12 $ (82) On June 30, 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. The parties to the lease agreement are currently negotiating a potential restructuring, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time but is not expected to have a material impact on Southern Company's financial statements. The lessee failed to make the semi-annual lease payment due December 15, 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations. As the remaining amount of Southern Company's lease investment was charged against earnings in the second quarter 2020, termination would not be expected to result in additional charges. Southern Company will continue to monitor the operational performance of the underlying assets and evaluate the ability of the lessee to continue to make the required lease payments and meet its obligations associated with a future closure or retirement of the generation assets and associated properties, including the dry ash landfill. |
LEASES | LEASES Lessee The Registrants recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with ROU assets that will be amortized over the term of each lease. As lessee, the Registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Electric generating units (*) $ 760 $ 59 $ 1,163 $ — $ — $ — Real estate/land 885 4 54 2 542 36 Communication towers 141 2 4 — — 23 Railcars 34 12 18 3 — — Other 79 4 1 21 — 1 Total $ 1,899 $ 81 $ 1,240 $ 26 $ 542 $ 60 At December 31, 2021 Electric generating units (*) $ 802 $ 104 $ 1,217 $ — $ — $ — Real estate/land 876 3 49 2 526 45 Communication towers 156 2 4 — — 24 Railcars 32 10 20 2 — — Other 103 5 1 24 — 1 Total $ 1,969 $ 124 $ 1,291 $ 28 $ 526 $ 70 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See "Contracts that Contain a Lease" herein for additional information. Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 23 years while the land leases have remaining terms of up to 44 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies and Nicor Gas. Communication tower leases have remaining terms of up to 10 years with options to renew that could extend the terms for an additional 20 years. Renewal options exist in many of the leases. Except as otherwise noted, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. Land leases associated with renewable energy facilities at Southern Power and communication tower leases for automated meter infrastructure at Nicor Gas include renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities and the automated meter infrastructure, respectively. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the PPA, which varies between one Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial at December 31, 2022 and 2021. Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the Registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: Southern Company Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Operating Leases Operating lease ROU assets, net $ 1,531 $ 71 $ 1,007 $ 9 $ 489 $ 57 Operating lease obligations - current $ 197 $ 9 $ 151 $ 4 $ 28 $ 9 Operating lease obligations - non-current 1,388 67 851 5 514 51 Total operating lease obligations (*) $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance Leases Finance lease ROU assets, net $ 292 $ 5 $ 205 $ 16 $ — $ — Finance lease obligations - current $ 18 $ 2 $ 16 $ 1 $ — $ — Finance lease obligations - non-current 296 3 222 16 — — Total finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — At December 31, 2021 Operating Leases Operating lease ROU assets, net $ 1,701 $ 108 $ 1,157 $ 10 $ 479 $ 70 Operating lease obligations - current $ 250 $ 54 $ 156 $ 4 $ 28 $ 11 Operating lease obligations - non-current 1,503 66 999 6 497 59 Total operating lease obligations (*) $ 1,754 $ 121 $ 1,155 $ 10 $ 525 $ 70 Finance Leases Finance lease ROU assets, net $ 197 $ 4 $ 104 $ 17 $ — $ — Finance lease obligations - current $ 16 $ 1 $ 10 $ 1 $ — $ — Finance lease obligations - non-current 199 3 126 17 — — Total finance lease obligations $ 215 $ 4 $ 136 $ 18 $ — $ — (*) Includes operating lease obligations related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $652 million, $59 million, and $952 million, respectively, at December 31, 2022 and $802 million, $104 million, and $1.11 billion, respectively, at December 31, 2021. If not presented separately on the Registrants' balance sheets, amounts related to leases are presented as follows: operating lease ROU assets, net are included in "other deferred charges and assets"; operating lease obligations are included in "other current liabilities" and "other deferred credits and liabilities," as applicable; finance lease ROU assets, net are included in "plant in service"; and finance lease obligations are included in "securities due within one year" and "long-term debt," as applicable. Lease costs for 2022, 2021, and 2020, which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease cost Operating lease cost (*) $ 297 $ 59 $ 198 $ 5 $ 32 $ 15 Finance lease cost: Amortization of ROU assets 23 1 15 1 — — Interest on lease obligations 13 — 17 1 — — Total finance lease cost 36 1 32 2 — — Short-term lease costs 64 44 13 — — — Variable lease cost 125 13 105 — 5 — Sublease income (1) — — — — — Total lease cost $ 521 $ 117 $ 348 $ 7 $ 37 $ 15 2021 Lease cost Operating lease cost (*) $ 313 $ 58 $ 208 $ 2 $ 33 $ 19 Finance lease cost: Amortization of ROU assets 21 1 11 1 — — Interest on lease obligations 11 — 16 1 — — Total finance lease cost 32 1 27 2 — — Short-term lease costs 48 15 24 — — — Variable lease cost 96 4 83 — 5 — Sublease income 1 — — — — — Total lease cost $ 490 $ 78 $ 342 $ 4 $ 38 $ 19 2020 Lease cost Operating lease cost (*) $ 309 $ 55 $ 212 $ 3 $ 29 $ 19 Finance lease cost: Amortization of ROU assets 26 1 15 — — — Interest on lease obligations 11 — 16 — — — Total finance lease cost 37 1 31 — — — Short-term lease costs 39 11 26 — — — Variable lease cost 91 4 76 — 7 — Sublease income — (1) — — — — Total lease cost $ 476 $ 70 $ 345 $ 3 $ 36 $ 19 (*) Includes operating lease costs related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $162 million, $48 million, and $180 million, respectively, in 2022, $165 million, $47 million, and $184 million, respectively, in 2021, and $161 million, $43 million, and $184 million, respectively, in 2020. Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs, including $45 million, $41 million, and $39 million in 2022, 2021, and 2020, respectively, from finance leases which are included in purchased power on Georgia Power's statements of income, of which $21 million, $20 million, and $20 million was included in purchased power, affiliates in 2022, 2021, and 2020, respectively. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 303 $ 58 $ 206 $ 5 $ 30 $ 14 Operating cash flows from finance leases 11 — 20 1 — — Financing cash flows from finance leases 16 1 10 1 — — ROU assets obtained under operating leases 56 10 17 9 — 3 Reassessment of ROU assets under operating leases 16 — — — 16 — ROU assets obtained under finance leases 118 2 116 — — — 2021 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 308 $ 58 $ 211 $ 2 $ 28 $ 19 Operating cash flows from finance leases 9 — 17 1 — — Financing cash flows from finance leases 17 1 9 1 — — ROU assets obtained under operating leases 64 3 9 — 72 7 ROU assets obtained under finance leases 3 — — — — — 2020 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 310 $ 55 $ 215 $ 3 $ 28 $ 18 Operating cash flows from finance leases 9 — 18 — — — Financing cash flows from finance leases 22 1 11 — — — ROU assets obtained under operating leases 227 63 32 — 51 4 ROU assets obtained under finance leases 10 2 — — — — Southern Alabama Georgia Mississippi Southern Power Southern Company Gas At December 31, 2022 Weighted-average remaining lease term in years: Operating leases 17.3 13.0 8.1 4.7 34.0 11.0 Finance leases 17.4 6.4 11.8 12.9 N/A N/A Weighted-average discount rate: Operating leases 4.51 % 4.87 % 4.52 % 3.49 % 4.86 % 3.79 % Finance leases 4.87 % 3.00 % 8.06 % 2.74 % N/A N/A At December 31, 2021 Weighted-average remaining lease term in years: Operating leases 15.9 9.1 8.7 6.1 32.8 10.5 Finance leases 18.0 8.7 8.5 13.9 N/A N/A Weighted-average discount rate: Operating leases 4.41 % 4.37 % 4.45 % 2.74 % 5.20 % 3.61 % Finance leases 4.82 % 3.09 % 10.81 % 2.74 % N/A N/A Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. Lessor The Registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable Registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to seven years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include a tolling arrangement related to an electric generating unit accounted for as a sales-type lease with a remaining term of 16 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including solar and wind facilities, accounted for as operating leases with remaining terms of up to 24 years and PPAs related to battery energy storage facilities accounted for as sales-type leases with remaining terms of up to 19 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 20 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with remaining terms of up to 11 years. Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 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. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. Mississippi Power has a tolling arrangement accounted for as a sales-type lease. During 2020 and 2021, Mississippi Power completed construction of additional leased assets under the lease and, upon completion, the book values of $26 million and $39 million, respectively, were transferred from CWIP to lease receivables. Each transfer represented a non-cash investing transaction for purposes of the statements of cash flows. During 2021, Southern Power completed construction of a portion of the Garland and Tranquillity battery energy storage facilities' assets and recorded losses totaling $40 million upon commencement of the related PPAs, which Southern Power accounts for as sales-type leases. The losses were due to ITCs retained and expected to be realized by Southern Power and its partners in these projects, and no estimated residual asset value was assumed in calculating the losses. Each lease had an initial term of 20 years. Upon commencement of the leases, the book values of the related assets totaling $210 million were derecognized from CWIP and lease receivables were recorded. The transfers represented noncash investing transactions for purposes of the statement of cash flows. See Note 15 under "Southern Power" for additional information. The undiscounted cash flows expected to be received for in-service leased assets under the leases are as follows: At December 31, 2022 Southern Company Mississippi Power Southern (in millions) 2023 $ 39 $ 24 $ 15 2024 38 23 15 2025 37 22 15 2026 36 21 15 2027 35 20 15 Thereafter 364 164 200 Total undiscounted cash flows $ 549 $ 274 $ 275 Net investment in sales-type lease (*) 326 157 169 Difference between undiscounted cash flows and discounted cash flows $ 223 $ 117 $ 106 (*) For Mississippi Power, included in other current assets and other property and investments on the balance sheets. For Southern Power, included in other current assets ($15 million and $12 million at December 31, 2022 and 2021, respectively) and net investment in sales-type leases ($154 million and $161 million at December 31, 2022 and 2021, respectively) on the balance sheet. The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases are as follows: At December 31, 2022 Southern Alabama Southern Southern Company Gas (in millions) 2023 $ 145 $ 34 $ 88 $ 36 2024 114 6 90 34 2025 105 5 74 29 2026 104 3 73 29 2027 104 3 74 28 Thereafter 796 23 166 382 Total $ 1,368 $ 74 $ 565 $ 538 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Alabama Power and Southern Power allocate revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Georgia Power and Mississippi Power are immaterial. Southern Company Leveraged Lease At December 31, 2020, a subsidiary of Southern Holdings had four leveraged lease agreements related to energy generation, distribution, and transportation assets, including two domestic and two international projects. During 2021, one of the domestic projects was sold and the agreements for both international projects were terminated. At December 31, 2022, the one remaining leveraged lease agreement, which relates to energy generation, had an expected remaining term of nine years. Southern Company continues to receive federal income tax deductions for depreciation and amortization, as well as interest on long-term debt related to this investment. Southern Company wrote off the related investment balance in 2020, as discussed below. During the second quarter 2020, following an evaluation of the recoverability of the lease receivable and the expected residual value of the generation assets at the end of the lease, Southern Company management concluded it was no longer probable that any of the associated rental payments scheduled after 2032 would be received, because it was no longer probable the generation assets would be successfully remarketed and continue to operate after that date. Revising the estimated cash flows to be received under the leveraged lease to reflect this conclusion resulted in a full impairment of the lease investment and a pre-tax charge to earnings of $154 million ($74 million after tax). The following table provides a summary of the components of income related to leveraged lease investments. Income was impacted in 2021 and 2020 by the impairment charges discussed below and in Note 15 under "Southern Company." Income in 2021 does not include the impacts of the sale and terminations of leveraged lease projects discussed in Note 15 under "Southern Company." 2021 2020 (in millions) Pretax leveraged lease income (loss) $ 17 $ (180) Income tax benefit (expense) (5) 98 Net leveraged lease income (loss) $ 12 $ (82) On June 30, 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. The parties to the lease agreement are currently negotiating a potential restructuring, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time but is not expected to have a material impact on Southern Company's financial statements. The lessee failed to make the semi-annual lease payment due December 15, 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations. As the remaining amount of Southern Company's lease investment was charged against earnings in the second quarter 2020, termination would not be expected to result in additional charges. Southern Company will continue to monitor the operational performance of the underlying assets and evaluate the ability of the lessee to continue to make the required lease payments and meet its obligations associated with a future closure or retirement of the generation assets and associated properties, including the dry ash landfill. |
LEASES | LEASES Lessee The Registrants recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with ROU assets that will be amortized over the term of each lease. As lessee, the Registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Electric generating units (*) $ 760 $ 59 $ 1,163 $ — $ — $ — Real estate/land 885 4 54 2 542 36 Communication towers 141 2 4 — — 23 Railcars 34 12 18 3 — — Other 79 4 1 21 — 1 Total $ 1,899 $ 81 $ 1,240 $ 26 $ 542 $ 60 At December 31, 2021 Electric generating units (*) $ 802 $ 104 $ 1,217 $ — $ — $ — Real estate/land 876 3 49 2 526 45 Communication towers 156 2 4 — — 24 Railcars 32 10 20 2 — — Other 103 5 1 24 — 1 Total $ 1,969 $ 124 $ 1,291 $ 28 $ 526 $ 70 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See "Contracts that Contain a Lease" herein for additional information. Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 23 years while the land leases have remaining terms of up to 44 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies and Nicor Gas. Communication tower leases have remaining terms of up to 10 years with options to renew that could extend the terms for an additional 20 years. Renewal options exist in many of the leases. Except as otherwise noted, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. Land leases associated with renewable energy facilities at Southern Power and communication tower leases for automated meter infrastructure at Nicor Gas include renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities and the automated meter infrastructure, respectively. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the PPA, which varies between one Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial at December 31, 2022 and 2021. Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the Registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: Southern Company Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Operating Leases Operating lease ROU assets, net $ 1,531 $ 71 $ 1,007 $ 9 $ 489 $ 57 Operating lease obligations - current $ 197 $ 9 $ 151 $ 4 $ 28 $ 9 Operating lease obligations - non-current 1,388 67 851 5 514 51 Total operating lease obligations (*) $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance Leases Finance lease ROU assets, net $ 292 $ 5 $ 205 $ 16 $ — $ — Finance lease obligations - current $ 18 $ 2 $ 16 $ 1 $ — $ — Finance lease obligations - non-current 296 3 222 16 — — Total finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — At December 31, 2021 Operating Leases Operating lease ROU assets, net $ 1,701 $ 108 $ 1,157 $ 10 $ 479 $ 70 Operating lease obligations - current $ 250 $ 54 $ 156 $ 4 $ 28 $ 11 Operating lease obligations - non-current 1,503 66 999 6 497 59 Total operating lease obligations (*) $ 1,754 $ 121 $ 1,155 $ 10 $ 525 $ 70 Finance Leases Finance lease ROU assets, net $ 197 $ 4 $ 104 $ 17 $ — $ — Finance lease obligations - current $ 16 $ 1 $ 10 $ 1 $ — $ — Finance lease obligations - non-current 199 3 126 17 — — Total finance lease obligations $ 215 $ 4 $ 136 $ 18 $ — $ — (*) Includes operating lease obligations related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $652 million, $59 million, and $952 million, respectively, at December 31, 2022 and $802 million, $104 million, and $1.11 billion, respectively, at December 31, 2021. If not presented separately on the Registrants' balance sheets, amounts related to leases are presented as follows: operating lease ROU assets, net are included in "other deferred charges and assets"; operating lease obligations are included in "other current liabilities" and "other deferred credits and liabilities," as applicable; finance lease ROU assets, net are included in "plant in service"; and finance lease obligations are included in "securities due within one year" and "long-term debt," as applicable. Lease costs for 2022, 2021, and 2020, which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease cost Operating lease cost (*) $ 297 $ 59 $ 198 $ 5 $ 32 $ 15 Finance lease cost: Amortization of ROU assets 23 1 15 1 — — Interest on lease obligations 13 — 17 1 — — Total finance lease cost 36 1 32 2 — — Short-term lease costs 64 44 13 — — — Variable lease cost 125 13 105 — 5 — Sublease income (1) — — — — — Total lease cost $ 521 $ 117 $ 348 $ 7 $ 37 $ 15 2021 Lease cost Operating lease cost (*) $ 313 $ 58 $ 208 $ 2 $ 33 $ 19 Finance lease cost: Amortization of ROU assets 21 1 11 1 — — Interest on lease obligations 11 — 16 1 — — Total finance lease cost 32 1 27 2 — — Short-term lease costs 48 15 24 — — — Variable lease cost 96 4 83 — 5 — Sublease income 1 — — — — — Total lease cost $ 490 $ 78 $ 342 $ 4 $ 38 $ 19 2020 Lease cost Operating lease cost (*) $ 309 $ 55 $ 212 $ 3 $ 29 $ 19 Finance lease cost: Amortization of ROU assets 26 1 15 — — — Interest on lease obligations 11 — 16 — — — Total finance lease cost 37 1 31 — — — Short-term lease costs 39 11 26 — — — Variable lease cost 91 4 76 — 7 — Sublease income — (1) — — — — Total lease cost $ 476 $ 70 $ 345 $ 3 $ 36 $ 19 (*) Includes operating lease costs related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $162 million, $48 million, and $180 million, respectively, in 2022, $165 million, $47 million, and $184 million, respectively, in 2021, and $161 million, $43 million, and $184 million, respectively, in 2020. Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs, including $45 million, $41 million, and $39 million in 2022, 2021, and 2020, respectively, from finance leases which are included in purchased power on Georgia Power's statements of income, of which $21 million, $20 million, and $20 million was included in purchased power, affiliates in 2022, 2021, and 2020, respectively. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 303 $ 58 $ 206 $ 5 $ 30 $ 14 Operating cash flows from finance leases 11 — 20 1 — — Financing cash flows from finance leases 16 1 10 1 — — ROU assets obtained under operating leases 56 10 17 9 — 3 Reassessment of ROU assets under operating leases 16 — — — 16 — ROU assets obtained under finance leases 118 2 116 — — — 2021 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 308 $ 58 $ 211 $ 2 $ 28 $ 19 Operating cash flows from finance leases 9 — 17 1 — — Financing cash flows from finance leases 17 1 9 1 — — ROU assets obtained under operating leases 64 3 9 — 72 7 ROU assets obtained under finance leases 3 — — — — — 2020 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 310 $ 55 $ 215 $ 3 $ 28 $ 18 Operating cash flows from finance leases 9 — 18 — — — Financing cash flows from finance leases 22 1 11 — — — ROU assets obtained under operating leases 227 63 32 — 51 4 ROU assets obtained under finance leases 10 2 — — — — Southern Alabama Georgia Mississippi Southern Power Southern Company Gas At December 31, 2022 Weighted-average remaining lease term in years: Operating leases 17.3 13.0 8.1 4.7 34.0 11.0 Finance leases 17.4 6.4 11.8 12.9 N/A N/A Weighted-average discount rate: Operating leases 4.51 % 4.87 % 4.52 % 3.49 % 4.86 % 3.79 % Finance leases 4.87 % 3.00 % 8.06 % 2.74 % N/A N/A At December 31, 2021 Weighted-average remaining lease term in years: Operating leases 15.9 9.1 8.7 6.1 32.8 10.5 Finance leases 18.0 8.7 8.5 13.9 N/A N/A Weighted-average discount rate: Operating leases 4.41 % 4.37 % 4.45 % 2.74 % 5.20 % 3.61 % Finance leases 4.82 % 3.09 % 10.81 % 2.74 % N/A N/A Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. Lessor The Registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable Registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to seven years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include a tolling arrangement related to an electric generating unit accounted for as a sales-type lease with a remaining term of 16 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including solar and wind facilities, accounted for as operating leases with remaining terms of up to 24 years and PPAs related to battery energy storage facilities accounted for as sales-type leases with remaining terms of up to 19 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 20 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with remaining terms of up to 11 years. Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 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. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. Mississippi Power has a tolling arrangement accounted for as a sales-type lease. During 2020 and 2021, Mississippi Power completed construction of additional leased assets under the lease and, upon completion, the book values of $26 million and $39 million, respectively, were transferred from CWIP to lease receivables. Each transfer represented a non-cash investing transaction for purposes of the statements of cash flows. During 2021, Southern Power completed construction of a portion of the Garland and Tranquillity battery energy storage facilities' assets and recorded losses totaling $40 million upon commencement of the related PPAs, which Southern Power accounts for as sales-type leases. The losses were due to ITCs retained and expected to be realized by Southern Power and its partners in these projects, and no estimated residual asset value was assumed in calculating the losses. Each lease had an initial term of 20 years. Upon commencement of the leases, the book values of the related assets totaling $210 million were derecognized from CWIP and lease receivables were recorded. The transfers represented noncash investing transactions for purposes of the statement of cash flows. See Note 15 under "Southern Power" for additional information. The undiscounted cash flows expected to be received for in-service leased assets under the leases are as follows: At December 31, 2022 Southern Company Mississippi Power Southern (in millions) 2023 $ 39 $ 24 $ 15 2024 38 23 15 2025 37 22 15 2026 36 21 15 2027 35 20 15 Thereafter 364 164 200 Total undiscounted cash flows $ 549 $ 274 $ 275 Net investment in sales-type lease (*) 326 157 169 Difference between undiscounted cash flows and discounted cash flows $ 223 $ 117 $ 106 (*) For Mississippi Power, included in other current assets and other property and investments on the balance sheets. For Southern Power, included in other current assets ($15 million and $12 million at December 31, 2022 and 2021, respectively) and net investment in sales-type leases ($154 million and $161 million at December 31, 2022 and 2021, respectively) on the balance sheet. The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases are as follows: At December 31, 2022 Southern Alabama Southern Southern Company Gas (in millions) 2023 $ 145 $ 34 $ 88 $ 36 2024 114 6 90 34 2025 105 5 74 29 2026 104 3 73 29 2027 104 3 74 28 Thereafter 796 23 166 382 Total $ 1,368 $ 74 $ 565 $ 538 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Alabama Power and Southern Power allocate revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Georgia Power and Mississippi Power are immaterial. Southern Company Leveraged Lease At December 31, 2020, a subsidiary of Southern Holdings had four leveraged lease agreements related to energy generation, distribution, and transportation assets, including two domestic and two international projects. During 2021, one of the domestic projects was sold and the agreements for both international projects were terminated. At December 31, 2022, the one remaining leveraged lease agreement, which relates to energy generation, had an expected remaining term of nine years. Southern Company continues to receive federal income tax deductions for depreciation and amortization, as well as interest on long-term debt related to this investment. Southern Company wrote off the related investment balance in 2020, as discussed below. During the second quarter 2020, following an evaluation of the recoverability of the lease receivable and the expected residual value of the generation assets at the end of the lease, Southern Company management concluded it was no longer probable that any of the associated rental payments scheduled after 2032 would be received, because it was no longer probable the generation assets would be successfully remarketed and continue to operate after that date. Revising the estimated cash flows to be received under the leveraged lease to reflect this conclusion resulted in a full impairment of the lease investment and a pre-tax charge to earnings of $154 million ($74 million after tax). The following table provides a summary of the components of income related to leveraged lease investments. Income was impacted in 2021 and 2020 by the impairment charges discussed below and in Note 15 under "Southern Company." Income in 2021 does not include the impacts of the sale and terminations of leveraged lease projects discussed in Note 15 under "Southern Company." 2021 2020 (in millions) Pretax leveraged lease income (loss) $ 17 $ (180) Income tax benefit (expense) (5) 98 Net leveraged lease income (loss) $ 12 $ (82) On June 30, 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. The parties to the lease agreement are currently negotiating a potential restructuring, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time but is not expected to have a material impact on Southern Company's financial statements. The lessee failed to make the semi-annual lease payment due December 15, 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations. As the remaining amount of Southern Company's lease investment was charged against earnings in the second quarter 2020, termination would not be expected to result in additional charges. Southern Company will continue to monitor the operational performance of the underlying assets and evaluate the ability of the lessee to continue to make the required lease payments and meet its obligations associated with a future closure or retirement of the generation assets and associated properties, including the dry ash landfill. |
LEASES | LEASES Lessee The Registrants recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with ROU assets that will be amortized over the term of each lease. As lessee, the Registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Electric generating units (*) $ 760 $ 59 $ 1,163 $ — $ — $ — Real estate/land 885 4 54 2 542 36 Communication towers 141 2 4 — — 23 Railcars 34 12 18 3 — — Other 79 4 1 21 — 1 Total $ 1,899 $ 81 $ 1,240 $ 26 $ 542 $ 60 At December 31, 2021 Electric generating units (*) $ 802 $ 104 $ 1,217 $ — $ — $ — Real estate/land 876 3 49 2 526 45 Communication towers 156 2 4 — — 24 Railcars 32 10 20 2 — — Other 103 5 1 24 — 1 Total $ 1,969 $ 124 $ 1,291 $ 28 $ 526 $ 70 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See "Contracts that Contain a Lease" herein for additional information. Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 23 years while the land leases have remaining terms of up to 44 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies and Nicor Gas. Communication tower leases have remaining terms of up to 10 years with options to renew that could extend the terms for an additional 20 years. Renewal options exist in many of the leases. Except as otherwise noted, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. Land leases associated with renewable energy facilities at Southern Power and communication tower leases for automated meter infrastructure at Nicor Gas include renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities and the automated meter infrastructure, respectively. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the PPA, which varies between one Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial at December 31, 2022 and 2021. Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the Registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: Southern Company Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Operating Leases Operating lease ROU assets, net $ 1,531 $ 71 $ 1,007 $ 9 $ 489 $ 57 Operating lease obligations - current $ 197 $ 9 $ 151 $ 4 $ 28 $ 9 Operating lease obligations - non-current 1,388 67 851 5 514 51 Total operating lease obligations (*) $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance Leases Finance lease ROU assets, net $ 292 $ 5 $ 205 $ 16 $ — $ — Finance lease obligations - current $ 18 $ 2 $ 16 $ 1 $ — $ — Finance lease obligations - non-current 296 3 222 16 — — Total finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — At December 31, 2021 Operating Leases Operating lease ROU assets, net $ 1,701 $ 108 $ 1,157 $ 10 $ 479 $ 70 Operating lease obligations - current $ 250 $ 54 $ 156 $ 4 $ 28 $ 11 Operating lease obligations - non-current 1,503 66 999 6 497 59 Total operating lease obligations (*) $ 1,754 $ 121 $ 1,155 $ 10 $ 525 $ 70 Finance Leases Finance lease ROU assets, net $ 197 $ 4 $ 104 $ 17 $ — $ — Finance lease obligations - current $ 16 $ 1 $ 10 $ 1 $ — $ — Finance lease obligations - non-current 199 3 126 17 — — Total finance lease obligations $ 215 $ 4 $ 136 $ 18 $ — $ — (*) Includes operating lease obligations related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $652 million, $59 million, and $952 million, respectively, at December 31, 2022 and $802 million, $104 million, and $1.11 billion, respectively, at December 31, 2021. If not presented separately on the Registrants' balance sheets, amounts related to leases are presented as follows: operating lease ROU assets, net are included in "other deferred charges and assets"; operating lease obligations are included in "other current liabilities" and "other deferred credits and liabilities," as applicable; finance lease ROU assets, net are included in "plant in service"; and finance lease obligations are included in "securities due within one year" and "long-term debt," as applicable. Lease costs for 2022, 2021, and 2020, which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease cost Operating lease cost (*) $ 297 $ 59 $ 198 $ 5 $ 32 $ 15 Finance lease cost: Amortization of ROU assets 23 1 15 1 — — Interest on lease obligations 13 — 17 1 — — Total finance lease cost 36 1 32 2 — — Short-term lease costs 64 44 13 — — — Variable lease cost 125 13 105 — 5 — Sublease income (1) — — — — — Total lease cost $ 521 $ 117 $ 348 $ 7 $ 37 $ 15 2021 Lease cost Operating lease cost (*) $ 313 $ 58 $ 208 $ 2 $ 33 $ 19 Finance lease cost: Amortization of ROU assets 21 1 11 1 — — Interest on lease obligations 11 — 16 1 — — Total finance lease cost 32 1 27 2 — — Short-term lease costs 48 15 24 — — — Variable lease cost 96 4 83 — 5 — Sublease income 1 — — — — — Total lease cost $ 490 $ 78 $ 342 $ 4 $ 38 $ 19 2020 Lease cost Operating lease cost (*) $ 309 $ 55 $ 212 $ 3 $ 29 $ 19 Finance lease cost: Amortization of ROU assets 26 1 15 — — — Interest on lease obligations 11 — 16 — — — Total finance lease cost 37 1 31 — — — Short-term lease costs 39 11 26 — — — Variable lease cost 91 4 76 — 7 — Sublease income — (1) — — — — Total lease cost $ 476 $ 70 $ 345 $ 3 $ 36 $ 19 (*) Includes operating lease costs related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $162 million, $48 million, and $180 million, respectively, in 2022, $165 million, $47 million, and $184 million, respectively, in 2021, and $161 million, $43 million, and $184 million, respectively, in 2020. Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs, including $45 million, $41 million, and $39 million in 2022, 2021, and 2020, respectively, from finance leases which are included in purchased power on Georgia Power's statements of income, of which $21 million, $20 million, and $20 million was included in purchased power, affiliates in 2022, 2021, and 2020, respectively. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 303 $ 58 $ 206 $ 5 $ 30 $ 14 Operating cash flows from finance leases 11 — 20 1 — — Financing cash flows from finance leases 16 1 10 1 — — ROU assets obtained under operating leases 56 10 17 9 — 3 Reassessment of ROU assets under operating leases 16 — — — 16 — ROU assets obtained under finance leases 118 2 116 — — — 2021 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 308 $ 58 $ 211 $ 2 $ 28 $ 19 Operating cash flows from finance leases 9 — 17 1 — — Financing cash flows from finance leases 17 1 9 1 — — ROU assets obtained under operating leases 64 3 9 — 72 7 ROU assets obtained under finance leases 3 — — — — — 2020 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 310 $ 55 $ 215 $ 3 $ 28 $ 18 Operating cash flows from finance leases 9 — 18 — — — Financing cash flows from finance leases 22 1 11 — — — ROU assets obtained under operating leases 227 63 32 — 51 4 ROU assets obtained under finance leases 10 2 — — — — Southern Alabama Georgia Mississippi Southern Power Southern Company Gas At December 31, 2022 Weighted-average remaining lease term in years: Operating leases 17.3 13.0 8.1 4.7 34.0 11.0 Finance leases 17.4 6.4 11.8 12.9 N/A N/A Weighted-average discount rate: Operating leases 4.51 % 4.87 % 4.52 % 3.49 % 4.86 % 3.79 % Finance leases 4.87 % 3.00 % 8.06 % 2.74 % N/A N/A At December 31, 2021 Weighted-average remaining lease term in years: Operating leases 15.9 9.1 8.7 6.1 32.8 10.5 Finance leases 18.0 8.7 8.5 13.9 N/A N/A Weighted-average discount rate: Operating leases 4.41 % 4.37 % 4.45 % 2.74 % 5.20 % 3.61 % Finance leases 4.82 % 3.09 % 10.81 % 2.74 % N/A N/A Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. Lessor The Registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable Registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to seven years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include a tolling arrangement related to an electric generating unit accounted for as a sales-type lease with a remaining term of 16 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including solar and wind facilities, accounted for as operating leases with remaining terms of up to 24 years and PPAs related to battery energy storage facilities accounted for as sales-type leases with remaining terms of up to 19 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 20 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with remaining terms of up to 11 years. Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 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. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. Mississippi Power has a tolling arrangement accounted for as a sales-type lease. During 2020 and 2021, Mississippi Power completed construction of additional leased assets under the lease and, upon completion, the book values of $26 million and $39 million, respectively, were transferred from CWIP to lease receivables. Each transfer represented a non-cash investing transaction for purposes of the statements of cash flows. During 2021, Southern Power completed construction of a portion of the Garland and Tranquillity battery energy storage facilities' assets and recorded losses totaling $40 million upon commencement of the related PPAs, which Southern Power accounts for as sales-type leases. The losses were due to ITCs retained and expected to be realized by Southern Power and its partners in these projects, and no estimated residual asset value was assumed in calculating the losses. Each lease had an initial term of 20 years. Upon commencement of the leases, the book values of the related assets totaling $210 million were derecognized from CWIP and lease receivables were recorded. The transfers represented noncash investing transactions for purposes of the statement of cash flows. See Note 15 under "Southern Power" for additional information. The undiscounted cash flows expected to be received for in-service leased assets under the leases are as follows: At December 31, 2022 Southern Company Mississippi Power Southern (in millions) 2023 $ 39 $ 24 $ 15 2024 38 23 15 2025 37 22 15 2026 36 21 15 2027 35 20 15 Thereafter 364 164 200 Total undiscounted cash flows $ 549 $ 274 $ 275 Net investment in sales-type lease (*) 326 157 169 Difference between undiscounted cash flows and discounted cash flows $ 223 $ 117 $ 106 (*) For Mississippi Power, included in other current assets and other property and investments on the balance sheets. For Southern Power, included in other current assets ($15 million and $12 million at December 31, 2022 and 2021, respectively) and net investment in sales-type leases ($154 million and $161 million at December 31, 2022 and 2021, respectively) on the balance sheet. The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases are as follows: At December 31, 2022 Southern Alabama Southern Southern Company Gas (in millions) 2023 $ 145 $ 34 $ 88 $ 36 2024 114 6 90 34 2025 105 5 74 29 2026 104 3 73 29 2027 104 3 74 28 Thereafter 796 23 166 382 Total $ 1,368 $ 74 $ 565 $ 538 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Alabama Power and Southern Power allocate revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Georgia Power and Mississippi Power are immaterial. Southern Company Leveraged Lease At December 31, 2020, a subsidiary of Southern Holdings had four leveraged lease agreements related to energy generation, distribution, and transportation assets, including two domestic and two international projects. During 2021, one of the domestic projects was sold and the agreements for both international projects were terminated. At December 31, 2022, the one remaining leveraged lease agreement, which relates to energy generation, had an expected remaining term of nine years. Southern Company continues to receive federal income tax deductions for depreciation and amortization, as well as interest on long-term debt related to this investment. Southern Company wrote off the related investment balance in 2020, as discussed below. During the second quarter 2020, following an evaluation of the recoverability of the lease receivable and the expected residual value of the generation assets at the end of the lease, Southern Company management concluded it was no longer probable that any of the associated rental payments scheduled after 2032 would be received, because it was no longer probable the generation assets would be successfully remarketed and continue to operate after that date. Revising the estimated cash flows to be received under the leveraged lease to reflect this conclusion resulted in a full impairment of the lease investment and a pre-tax charge to earnings of $154 million ($74 million after tax). The following table provides a summary of the components of income related to leveraged lease investments. Income was impacted in 2021 and 2020 by the impairment charges discussed below and in Note 15 under "Southern Company." Income in 2021 does not include the impacts of the sale and terminations of leveraged lease projects discussed in Note 15 under "Southern Company." 2021 2020 (in millions) Pretax leveraged lease income (loss) $ 17 $ (180) Income tax benefit (expense) (5) 98 Net leveraged lease income (loss) $ 12 $ (82) On June 30, 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. The parties to the lease agreement are currently negotiating a potential restructuring, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time but is not expected to have a material impact on Southern Company's financial statements. The lessee failed to make the semi-annual lease payment due December 15, 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations. As the remaining amount of Southern Company's lease investment was charged against earnings in the second quarter 2020, termination would not be expected to result in additional charges. Southern Company will continue to monitor the operational performance of the underlying assets and evaluate the ability of the lessee to continue to make the required lease payments and meet its obligations associated with a future closure or retirement of the generation assets and associated properties, including the dry ash landfill. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESSouthern Company files a consolidated federal income tax return and the Registrants file various state income tax returns, some of which are combined or unitary. Under a joint consolidated income tax allocation agreement, each Southern Company subsidiary's current and deferred tax expense is computed on a stand-alone basis, and each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return. In accordance with IRS regulations, each company is jointly and severally liable for the federal tax liability. Current and Deferred Income Taxes Details of income tax provisions are as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Federal — Current $ 10 $ 54 $ 38 $ 42 $ (43) $ 122 Deferred 455 259 152 (16) 56 (3) 465 313 190 26 13 119 State — Current 27 14 (21) — 2 42 Deferred 303 96 201 11 5 19 330 110 180 11 7 61 Total $ 795 $ 423 $ 370 $ 37 $ 20 $ 180 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Federal — Current $ 50 $ 104 $ 311 $ 25 $ (340) $ 85 Deferred 36 172 (449) (15) 343 35 86 276 (138) 10 3 120 State — Current (25) 23 71 — (16) (68) Deferred 206 73 (101) 11 — 223 181 96 (30) 11 (16) 155 Total $ 267 $ 372 $ (168) $ 21 $ (13) $ 275 2020 Southern Company Alabama Power Georgia Mississippi Southern Power Southern Company Gas (in millions) Federal — Current $ 199 $ 198 $ 365 $ 18 $ (303) $ 82 Deferred 70 44 (224) (14) 299 53 269 242 141 4 (4) 135 State — Current 100 61 60 — (4) 35 Deferred 24 34 (49) 10 11 3 124 95 11 10 7 38 Total $ 393 $ 337 $ 152 $ 14 $ 3 $ 173 Southern Company's and Southern Power's ITCs and PTCs generated in the current tax year and carried forward from prior tax years that cannot be utilized in the current tax year are reclassified from current to deferred taxes in federal income tax expense in the tables above. Southern Power's ITCs and PTCs reclassified in this manner include $17 million for 2022, $6 million for 2021, and $5 million for 2020. Southern Power received $49 million, $289 million, and $340 million of cash related to federal ITCs under renewable energy initiatives in 2022, 2021, and 2020, respectively. See "Deferred Tax Assets and Liabilities" herein for additional information. In accordance with regulatory requirements, deferred federal ITCs for the traditional electric operating companies are amortized over the average life of the related property, with such amortization normally applied as a credit to reduce depreciation and amortization in the statements of income. Southern Power's and the natural gas distribution utilities' deferred federal ITCs, as well as certain state ITCs for Nicor Gas, are amortized to income tax expense over the life of the respective asset. ITCs amortized in 2022, 2021, and 2020 were immaterial for the traditional electric operating companies and Southern Company Gas and were as follows for Southern Company and Southern Power: Southern Company Southern Power (in millions) 2022 $ 83 $ 58 2021 84 58 2020 84 59 When Southern Power recognizes tax credits, the tax basis of the asset is reduced by 50% of the ITCs received, resulting in a net deferred tax asset. Southern Power has elected to recognize the tax benefit of this basis difference as a reduction to income tax expense in the year in which the plant reaches commercial operation. State ITCs and other state credits, which are recognized in the period in which the credits are generated, reduced Georgia Power's income tax expense by $53 million in 2022, $66 million in 2021, and $67 million in 2020. Southern Power's federal and state PTCs, which are recognized in the period in which the credits are generated, reduced Southern Power's income tax expense by $27 million in 2022, $16 million in 2021, and $15 million in 2020. 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. In July 2021, Southern Company Gas affiliates completed the sale of Sequent. As a result of the sale, changes in state apportionment rates resulted in $85 million of additional net state tax expense. See Note 15 under "Southern Company Gas" for additional information. A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 6.2 4.8 6.5 4.4 1.9 6.4 Employee stock plans' dividend deduction (0.5) — — — — — Non-deductible book depreciation 0.6 0.5 0.6 0.3 — — Flowback of excess deferred income taxes (6.6) (1.9) (9.6) (7.8) — (2.5) AFUDC-Equity (1.1) (0.8) (1.5) — — — Federal PTCs — — — — (6.6) — ITC amortization (1.3) (0.1) (0.1) — (17.2) (0.1) Noncontrolling interests 0.5 — — — 8.4 — Other — 0.3 — 0.3 (0.1) (0.9) Effective income tax (benefit) rate 18.8 % 23.8 % 16.9 % 18.2 % 7.4 % 23.9 % 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 5.5 4.6 (5.7) 4.9 (8.0) 15.1 Employee stock plans' dividend deduction (0.9) — — — — — Non-deductible book depreciation 0.9 0.5 3.1 0.4 — — Flowback of excess deferred income taxes (11.7) (2.6) (49.9) (15.2) — (2.8) AFUDC-Equity (1.5) (0.7) (6.4) — — — Federal PTCs — — — — (4.6) — ITC amortization (2.2) (0.1) (0.4) — (29.7) (0.1) Noncontrolling interests 0.8 — — — 13.4 — Leveraged lease impairments and dispositions (1.4) — — — — — Other (0.1) 0.2 (1.9) 0.6 (0.4) 0.6 Effective income tax (benefit) rate 10.4 % 22.9 % (40.2) % 11.7 % (8.3) % 33.8 % 2020 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 2.8 5.0 0.5 4.8 2.7 4.0 Employee stock plans' dividend deduction (0.7) — — — — — Non-deductible book depreciation 0.7 0.6 0.8 0.5 — — Flowback of excess deferred income taxes (8.8) (3.1) (12.0) (18.5) — (2.7) AFUDC-Equity (0.8) (0.6) (1.1) (0.1) — — Federal PTCs — — — — (2.5) — ITC amortization (1.6) (0.1) (0.1) (0.1) (22.1) (0.1) Noncontrolling interests — — — — 3.1 — Leveraged lease impairments (1.6) — — — — — Other 0.2 (0.3) (0.3) 0.9 (0.9) 0.5 Effective income tax (benefit) rate 11.2 % 22.5 % 8.8 % 8.5 % 1.3 % 22.7 % Deferred Tax Assets and Liabilities The tax effects of temporary differences between the carrying amounts of assets and liabilities in the financial statements of the Registrants and their respective tax bases, which give rise to deferred tax assets and liabilities, are as follows: December 31, 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Deferred tax liabilities — Accelerated depreciation $ 9,443 $ 2,564 $ 3,447 $ 338 $ 1,351 $ 1,505 Property basis differences 2,350 1,303 693 179 — 150 Employee benefit obligations 888 284 412 43 11 68 AROs 876 499 324 — — — Under recovered fuel and natural gas costs 805 185 548 40 — 32 Regulatory assets – AROs 2,006 679 1,285 42 — — Employee benefit obligations 677 180 226 30 — 15 Remaining book value of retired assets 400 142 253 5 — — Premium on reacquired debt 66 9 57 — — — Other 555 179 181 40 14 82 Total deferred income tax liabilities 18,066 6,024 7,426 717 1,376 1,852 Deferred tax assets — AROs 2,882 1,178 1,609 42 — — ITC and PTC carryforwards 1,685 12 673 — 794 — Employee benefit obligations 890 198 304 47 9 89 Estimated loss on plants under construction 888 — 888 — — — Other state deferred tax attributes 388 — 12 239 51 7 Federal effect of net state deferred tax liabilities 365 175 88 — 28 92 Other property basis differences 207 — 79 — 109 — State effect of federal deferred taxes 136 136 — — — — Other partnership basis differences 111 — — — 111 — Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) 137 127 — 9 — — Long-term debt fair value adjustment 85 — — — — 85 Other comprehensive losses 72 4 5 — 5 — Other 552 213 186 62 17 28 Total deferred income tax assets 8,398 2,043 3,844 399 1,124 301 Valuation allowance (257) — (125) (41) (27) (9) Net deferred income tax assets 8,141 2,043 3,719 358 1,097 292 Net deferred income taxes (assets)/liabilities $ 9,925 $ 3,981 $ 3,707 $ 359 $ 279 $ 1,560 Recognized in the balance sheets: Accumulated deferred income taxes – assets $ (111) $ — $ — $ (107) $ — $ — Accumulated deferred income taxes – liabilities $ 10,036 $ 3,981 $ 3,707 $ 466 $ 279 $ 1,560 December 31, 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Deferred tax liabilities — Accelerated depreciation $ 9,300 $ 2,541 $ 3,340 $ 330 $ 1,421 $ 1,428 Property basis differences 2,301 1,182 781 169 — 148 Federal effect of net state deferred tax assets — — — 22 — — Leveraged lease basis differences 61 — — — — — Employee benefit obligations 820 268 382 41 11 57 AROs 868 329 494 — — — Under recovered fuel and natural gas costs 315 47 109 15 — 144 Regulatory assets – AROs 2,232 863 1,325 44 — — Storm damage reserves 18 — 18 — — — Employee benefit obligations 825 205 256 38 — 15 Remaining book value of retired assets 271 145 121 5 — — Premium on reacquired debt 72 10 62 — — — Other 368 147 77 34 14 82 Total deferred income tax liabilities 17,451 5,737 6,965 698 1,446 1,874 Deferred tax assets — AROs 3,100 1,192 1,819 44 — — ITC and PTC carryforwards 1,750 12 704 — 827 — Employee benefit obligations 1,035 225 342 57 7 77 Estimated loss on plants under construction 825 — 825 — — — Other state deferred tax attributes 361 — 11 246 52 5 Federal effect of net state deferred tax liabilities 305 165 41 — 27 93 Other property basis differences 231 — 90 — 121 — State effect of federal deferred taxes 135 135 — — — — Other partnership basis differences 160 — — — 160 — Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) 268 237 19 12 — — Long-term debt fair value adjustment 91 — — — — 91 Other comprehensive losses 92 5 15 — 11 — Other 561 193 153 34 53 62 Total deferred income tax assets 8,914 2,164 4,019 393 1,258 328 Valuation allowance (207) — (73) (41) (27) (9) Net deferred income tax assets 8,707 2,164 3,946 352 1,231 319 Net deferred income taxes (assets)/liabilities $ 8,744 $ 3,573 $ 3,019 $ 346 $ 215 $ 1,555 Recognized in the balance sheets: Accumulated deferred income taxes – assets $ (118) $ — $ — $ (118) $ — $ — Accumulated deferred income taxes – liabilities $ 8,862 $ 3,573 $ 3,019 $ 464 $ 215 $ 1,555 The traditional electric operating companies and the natural gas distribution utilities have tax-related regulatory assets (deferred income tax charges) and regulatory liabilities (deferred income tax credits). The regulatory assets are primarily attributable to tax benefits flowed through to customers in prior years, deferred taxes previously recognized at rates lower than the current enacted tax law, and taxes applicable to capitalized interest. The regulatory liabilities are primarily attributable to deferred taxes previously recognized at rates higher than the current enacted tax law and to unamortized ITCs. See Note 2 for each Registrant's related balances at December 31, 2022 and 2021. Tax Credit Carryforwards Federal ITC/PTC carryforwards at December 31, 2022 were as follows: Southern Company Alabama Georgia Southern (in millions) Federal ITC/PTC carryforwards $ 1,148 $ 12 $ 135 $ 794 Tax year in which federal ITC/PTC carryforwards begin expiring 2031 2032 2031 2035 Year by which federal ITC/PTC carryforwards are expected to be utilized 2026 2025 2025 2026 The estimated tax credit utilization reflects the various sale transactions described in Note 15 and could be further delayed by numerous factors, including the acquisition of additional renewable projects, the purchase of rights to additional PTCs of Plant Vogtle Units 3 and 4 pursuant to certain joint ownership agreements, an increase in Georgia Power's ownership interest percentage in Plant Vogtle Units 3 and 4, changes in taxable income projections, and potential income tax rate changes. See Note 2 under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. At December 31, 2022, Georgia Power also had approximately $434 million in net state investment and other net state tax credit carryforwards for the State of Georgia that will expire between tax years 2022 and 2031 and are not expected to be fully utilized. Georgia Power has a net state valuation allowance of $98 million associated with these carryforwards. The ultimate outcome of these matters cannot be determined at this time. Net Operating Loss Carryforwards At December 31, 2022, the net state income tax benefit of state and local NOL carryforwards for Southern Company's subsidiaries were as follows: Company/Jurisdiction Approximate Net State Income Tax Benefit of NOL Carryforwards Tax Year NOL (in millions) Mississippi Power Mississippi $ 189 2031 Southern Power Oklahoma 27 2035 Florida 10 2034 Other states 3 Various Southern Power Total $ 40 Other (*) Georgia 23 2042 New York 11 2036 New York City 14 2036 Other states 21 Various Southern Company Total $ 298 (*) Represents other non-registrant Southern Company subsidiaries. Alabama Power, Georgia Power, and Southern Company Gas did not have material state or local NOL carryforwards at December 31, 2022. State NOLs for Mississippi, Oklahoma, and Florida are not expected to be fully utilized prior to expiration. At December 31, 2022, Mississippi Power had a net state valuation allowance of $32 million for the Mississippi NOL, Southern Power had net state valuation allowances of $11 million for the Oklahoma NOL and $10 million for the Florida NOL, and Southern Company had a net valuation allowance of $25 million for the New York and New York City NOLs. The ultimate outcome of these matters cannot be determined at this time. Unrecognized Tax Benefits Changes in unrecognized tax benefits for the periods presented were as follows: Southern Company Southern (in millions) Unrecognized tax benefits at December 31, 2019 $ — $ — Tax positions changes – increase from prior periods 44 — Unrecognized tax benefits at December 31, 2020 $ 44 $ — Tax positions changes – increase from prior periods 3 — Unrecognized tax benefits at December 31, 2021 $ 47 $ — Tax positions changes – increase from prior periods 33 32 Unrecognized tax benefits at December 31, 2022 $ 80 $ 32 The unrecognized tax positions increase from prior periods for 2020 primarily relates to a 2019 state tax filing position to exclude certain gains from 2019 dispositions from taxation in a certain unitary state. It is possible that this position will be resolved in the next 12 months, and if accepted by the state, this position would decrease Southern Company's annual effective tax rate. The unrecognized tax positions increase from prior periods for 2022 is primarily related to the amendment of certain 2018 state tax filing positions related to Southern Company Gas dispositions. If accepted by the states, these positions would decrease Southern Company's and Southern Company Gas' annual effective tax rates. The ultimate outcome of these unrecognized tax benefits is dependent on acceptance by each state and is not expected to be resolved within the next 12 months. All of the Registrants classify interest on tax uncertainties as interest expense. Accrued interest for all tax positions was immaterial for all years presented. None of the Registrants accrued any penalties on uncertain tax positions. The IRS has finalized its audits of Southern Company's consolidated federal income tax returns through 2021. Southern Company is a participant in the Compliance Assurance Process of the IRS. The audits for the Registrants' state income tax returns have either been concluded, or the statute of limitations has expired, for years prior to 2015. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITSThe Southern Company system has a qualified defined benefit, trusteed pension plan covering substantially all employees, with the exception of PowerSecure employees. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No contributions to the qualified pension plan were made for the year ended December 31, 2022 and no mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2023. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. For the year ending December 31, 2023, no contributions to any other postretirement trusts are expected. Actuarial Assumptions The weighted average rates assumed in the actuarial calculations used to determine both the net periodic costs for the pension and other postretirement benefit plans for the following year and the benefit obligations as of the measurement date are presented below. 2022 Assumptions used to determine net Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 3.09 % 3.12 % 3.07 % 3.07 % 3.21 % 3.04 % Discount rate – interest costs 2.55 2.58 2.51 2.54 2.79 2.53 Discount rate – service costs 3.34 3.36 3.37 3.35 3.36 3.21 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate – benefit obligations 2.90 % 2.95 % 2.87 % 2.88 % 3.07 % 2.82 % Discount rate – interest costs 2.32 2.38 2.30 2.27 2.55 2.17 Discount rate – service costs 3.26 3.30 3.27 3.26 3.25 3.22 Expected long-term return on plan assets 7.21 7.54 6.88 7.22 — 6.08 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2021 Assumptions used to determine net Southern Company Alabama Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 2.81 % 2.85 % 2.79 % 2.80 % 2.99 % 2.75 % Discount rate – interest costs 2.13 2.17 2.09 2.12 2.46 2.10 Discount rate – service costs 3.18 3.23 3.21 3.20 3.22 2.97 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate – benefit obligations 2.56 % 2.63 % 2.52 % 2.53 % 2.78 % 2.46 % Discount rate – interest costs 1.84 1.91 1.82 1.78 2.12 1.64 Discount rate – service costs 3.07 3.13 3.08 3.06 3.05 3.01 Expected long-term return on plan assets 7.09 7.18 6.84 6.98 — 6.54 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2020 Assumptions used to determine net periodic costs: Southern Company Alabama Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 3.41 % 3.44 % 3.40 % 3.41 % 3.52 % 3.39 % Discount rate – interest costs 2.99 3.01 2.96 2.99 3.18 2.99 Discount rate – service costs 3.66 3.69 3.67 3.67 3.70 3.53 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.73 4.73 4.73 4.73 4.73 4.73 Other postretirement benefit plans Discount rate – benefit obligations 3.24 % 3.28 % 3.22 % 3.22 % 3.39 % 3.19 % Discount rate – interest costs 2.80 2.84 2.79 2.76 2.97 2.71 Discount rate – service costs 3.57 3.61 3.57 3.57 3.57 3.52 Expected long-term return on plan assets 7.25 7.36 7.05 7.07 — 6.69 Annual salary increase 4.73 4.73 4.73 4.73 4.73 4.73 2022 Assumptions used to determine benefit obligations: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate 5.25 % 5.26 % 5.25 % 5.25 % 5.31 % 5.24 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate 5.18 % 5.20 % 5.17 % 5.17 % 5.24 % 5.16 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2021 Assumptions used to determine benefit obligations: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate 3.09 % 3.12 % 3.07 % 3.07 % 3.21 % 3.04 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate 2.90 % 2.95 % 2.87 % 2.88 % 3.07 % 2.82 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 The Registrants estimate the expected rate of return on pension plan and other postretirement benefit plan assets using a financial model to project the expected return on each current investment portfolio. The analysis projects an expected rate of return on each of the different asset classes in order to arrive at the expected return on the entire portfolio relying on each trust's target asset allocation and reasonable capital market assumptions. The financial model is based on four key inputs: anticipated returns by asset class (based in part on historical returns), each trust's target asset allocation, an anticipated inflation rate, and the projected impact of a periodic rebalancing of each trust's portfolio. The Registrants set the expected rate of return assumption using an arithmetic mean which represents the expected simple average return to be earned by the pension plan assets over any one year. The Registrants believe the use of the arithmetic mean is more compatible with the expected rate of return's function of estimating a single year's investment return. An additional assumption used in measuring the accumulated other postretirement benefit obligations (APBO) was a weighted average medical care cost trend rate. The weighted average medical care cost trend rates used in measuring the APBO for the Registrants at December 31, 2022 were as follows: Initial Cost Trend Rate Ultimate Cost Trend Rate Year That Ultimate Rate is Reached Pre-65 6.60 % 4.50 % 2030 Post-65 medical 5.50 4.50 2030 Post-65 prescription 7.50 4.50 2031 Pension Plans The total accumulated benefit obligation for the pension plans at December 31, 2022 and 2021 was as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) December 31, 2022 $ 11,422 $ 2,601 $ 3,534 $ 520 $ 135 $ 801 December 31, 2021 14,687 3,362 4,562 672 178 1,030 Actuarial gains of $3.9 billion and $393 million were recorded for the annual remeasurement of the Southern Company system pension plans at December 31, 2022 and 2021, respectively, primarily due to increases of 216 basis points and 28 basis points, respectively, in the overall discount rate used to calculate the benefit obligation as a result of higher market interest rates. Changes in the projected benefit obligations and the fair value of plan assets during the plan years ended December 31, 2022 and 2021 were as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 16,382 $ 3,806 $ 5,012 $ 743 $ 222 $ 1,134 Service cost 412 99 103 17 9 34 Interest cost 408 96 123 18 6 28 Benefits paid (692) (144) (226) (30) (5) (75) Actuarial gain (3,908) (951) (1,161) (179) (69) (253) Balance at end of year 12,602 2,906 3,851 569 163 868 Change in plan assets Fair value of plan assets at beginning of year 17,225 4,141 5,415 786 213 1,241 Actual loss on plan assets (2,376) (579) (753) (110) (31) (167) Employer contributions 61 9 20 3 1 3 Benefits paid (692) (144) (226) (30) (5) (75) Fair value of plan assets at end of year 14,218 3,427 4,456 649 178 1,002 Accrued asset $ 1,616 $ 521 $ 605 $ 80 $ 15 $ 134 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 16,646 $ 3,854 $ 5,127 $ 754 $ 217 $ 1,189 Service cost 434 102 112 18 10 37 Interest cost 346 82 104 16 5 24 Benefits paid (651) (137) (210) (28) (4) (73) Actuarial gain (393) (95) (121) (17) (6) (43) Balance at end of year 16,382 3,806 5,012 743 222 1,134 Change in plan assets Fair value of plan assets at beginning of year 15,367 3,684 4,844 701 186 1,123 Actual return on plan assets 2,449 586 781 111 30 181 Employer contributions 60 8 — 2 1 10 Benefits paid (651) (137) (210) (28) (4) (73) Fair value of plan assets at end of year 17,225 4,141 5,415 786 213 1,241 Accrued asset (liability) $ 843 $ 335 $ 403 $ 43 $ (9) $ 107 The projected benefit obligations for the qualified and non-qualified pension plans at December 31, 2022 are shown in the following table. All pension plan assets are related to the qualified pension plan. Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Projected benefit obligations: Qualified pension plan $ 11,928 $ 2,799 $ 3,717 $ 540 $ 140 $ 819 Non-qualified pension plan 674 107 134 28 23 49 Amounts recognized in the balance sheets at December 31, 2022 and 2021 related to the Registrants' pension plans consist of the following: Southern Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) December 31, 2022: Prepaid pension costs (a) $ 2,290 $ 629 $ 738 $ 108 $ 37 $ 183 Other regulatory assets, deferred (b) 2,455 679 887 123 — 111 Other current liabilities (56) (10) (12) (2) (2) (3) Employee benefit obligations (c) (618) (98) (121) (26) (20) (42) Other regulatory liabilities, deferred (85) — — — — — AOCI 24 — — — 11 (75) December 31, 2021: Prepaid pension costs (a) $ 1,657 $ 464 $ 563 $ 78 $ 20 $ 175 Other regulatory assets, deferred (b) 2,920 809 971 146 — 91 Other current liabilities (55) (9) (12) (2) (2) (2) Employee benefit obligations (c) (759) (120) (148) (33) (27) (66) Other regulatory liabilities, deferred (119) — — — — — AOCI 100 — — — 35 (45) (a) Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet and other deferred charges and assets on Southern Power's consolidated balance sheet. (b) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. (c) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. Presented below are the amounts included in regulatory assets at December 31, 2022 and 2021 related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic pension cost. Southern Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Balance at December 31, 2022 Regulatory assets: Prior service cost $ 10 $ 4 $ 7 $ 1 $ (9) Net loss 2,361 675 880 122 66 Regulatory amortization — — — — 54 Total regulatory assets (*) $ 2,371 $ 679 $ 887 $ 123 $ 111 Balance at December 31, 2021 Regulatory assets: Prior service cost $ 11 $ 5 $ 8 $ 1 $ (11) Net loss 2,790 804 963 145 38 Regulatory amortization — — — — 64 Total regulatory assets (*) $ 2,801 $ 809 $ 971 $ 146 $ 91 (*) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. The changes in the balance of regulatory assets related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas for the years ended December 31, 2022 and 2021 are presented in the following table: Southern Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Regulatory assets (liabilities): (*) Balance at December 31, 2020 $ 4,621 $ 1,286 $ 1,598 $ 235 $ 205 Net gain (1,523) (394) (527) (74) (97) Reclassification adjustments: Amortization of prior service costs (1) (1) (1) — 2 Amortization of net loss (296) (82) (99) (15) (9) Amortization of regulatory assets (*) — — — — (10) Total reclassification adjustments (297) (83) (100) (15) (17) Total change (1,820) (477) (627) (89) (114) Balance at December 31, 2021 $ 2,801 $ 809 $ 971 $ 146 $ 91 Net (gain) loss (183) (67) (9) (12) 27 Reclassification adjustments: Amortization of prior service costs (1) (1) (1) — 2 Amortization of net gain (loss) (246) (62) (74) (11) 1 Amortization of regulatory assets (*) — — — — (10) Total reclassification adjustments (247) (63) (75) (11) (7) Total change (430) (130) (84) (23) 20 Balance at December 31, 2022 $ 2,371 $ 679 $ 887 $ 123 $ 111 (*) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. Presented below are the amounts included in AOCI at December 31, 2022 and 2021 related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic pension cost. Southern Southern Southern Company (in millions) Balance at December 31, 2022 AOCI: Prior service cost $ (2) $ — $ (3) Net (gain) loss 26 11 (72) Total AOCI $ 24 $ 11 $ (75) Balance at December 31, 2021 AOCI: Prior service cost $ (2) $ — $ (3) Net (gain) loss 102 35 (42) Total AOCI $ 100 $ 35 $ (45) The components of OCI related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas for the years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Southern Southern Company (in millions) AOCI: Balance at December 31, 2020 $ 245 $ 60 $ 1 Net gain (128) (22) (47) Reclassification adjustments: Amortization of net gain (loss) (17) (3) 1 Total change (145) (25) (46) Balance at December 31, 2021 $ 100 $ 35 $ (45) Net gain (82) (22) (30) Reclassification adjustments: Amortization of net gain (loss) 6 (2) — Total reclassification adjustments 6 (2) — Total change (76) (24) (30) Balance at December 31, 2022 $ 24 $ 11 $ (75) Components of net periodic pension cost for the Registrants were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Service cost $ 412 $ 99 $ 103 $ 17 $ 9 $ 34 Interest cost 408 96 123 18 6 28 Expected return on plan assets (1,265) (306) (399) (57) (15) (91) Recognized net loss 240 62 75 11 2 8 Net amortization — 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (205) $ (48) $ (97) $ (11) $ 2 $ (9) 2021 Service cost $ 434 $ 102 $ 112 $ 18 $ 10 $ 37 Interest cost 346 82 104 16 5 24 Expected return on plan assets (1,191) (287) (375) (55) (14) (86) Recognized net loss 314 82 100 15 3 13 Net amortization 1 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (96) $ (20) $ (58) $ (6) $ 4 $ — 2020 Service cost $ 376 $ 89 $ 96 $ 15 $ 8 $ 33 Interest cost 432 100 133 20 6 31 Expected return on plan assets (1,100) (264) (347) (51) (13) (75) Recognized net loss 269 71 86 13 2 6 Net amortization 1 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (22) $ (3) $ (31) $ (3) $ 3 $ 7 The service cost component of net periodic pension cost is included in operations and maintenance expenses and all other components of net periodic pension cost are included in other income (expense), net in the Registrants' statements of income. Net periodic pension cost is the sum of service cost, interest cost, and other costs netted against the expected return on plan assets. The expected return on plan assets is determined by multiplying the expected rate of return on plan assets and the market-related value of plan assets. In determining the market-related value of plan assets, the Registrants have elected to amortize changes in the market value of return-seeking plan assets over five years and to recognize the changes in the market value of liability-hedging plan assets immediately. Given the significant concentration in return-seeking plan assets, the accounting value of plan assets that is used to calculate the expected return on plan assets differs from the current fair value of the plan assets. Future benefit payments reflect expected future service and are estimated based on assumptions used to measure the projected benefit obligation for the pension plans. At December 31, 2022, estimated benefit payments were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Benefit Payments: 2023 $ 734 $ 155 $ 230 $ 32 $ 6 $ 83 2024 735 160 236 33 7 57 2025 760 167 243 34 7 58 2026 784 173 248 35 7 60 2027 806 178 252 36 8 61 2028 to 2032 4,262 952 1,304 192 43 323 Other Postretirement Benefits Changes in the APBO and the fair value of the Registrants' plan assets during the plan years ended December 31, 2022 and 2021 were as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 1,849 $ 440 $ 656 $ 76 $ 11 $ 237 Service cost 23 6 6 1 — 1 Interest cost 42 10 15 2 — 5 Benefits paid (109) (23) (38) (4) (1) (18) Actuarial gain (365) (89) (125) (16) (1) (46) Retiree drug subsidy 1 — — — — — Balance at end of year 1,441 344 514 59 9 179 Change in plan assets Fair value of plan assets at beginning of year 1,251 489 450 29 — 143 Actual loss on plan assets (218) (98) (71) (4) — (25) Employer contributions 73 4 27 3 1 13 Benefits paid (108) (23) (38) (4) (1) (18) Fair value of plan assets at end of year 998 372 368 24 — 113 Accrued asset (liability) $ (443) $ 28 $ (146) $ (35) $ (9) $ (66) 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 1,948 $ 463 $ 699 $ 81 $ 12 $ 248 Service cost 24 6 7 1 — 2 Interest cost 35 9 12 1 — 4 Benefits paid (105) (22) (36) (5) — (18) Actuarial (gain) loss (54) (16) (26) (2) (1) 1 Retiree drug subsidy 1 — — — — — Balance at end of year 1,849 440 656 76 11 237 Change in plan assets Fair value of plan assets at beginning of year 1,158 458 427 27 — 128 Actual return on plan assets 154 55 55 4 — 18 Employer contributions 43 (2) 4 3 — 15 Benefits paid (104) (22) (36) (5) — (18) Fair value of plan assets at end of year 1,251 489 450 29 — 143 Accrued asset (liability) $ (598) $ 49 $ (206) $ (47) $ (11) $ (94) Amounts recognized in the balance sheets at December 31, 2022 and 2021 related to the Registrants' other postretirement benefit plans consist of the following: Southern Company Alabama Power Georgia Mississippi Power Southern Southern Company Gas (in millions) December 31, 2022: Prepaid other postretirement benefit costs (a) $ — $ 28 $ — $ — $ — $ — Other regulatory assets, deferred (b) 34 — 19 — — — Other current liabilities (6) — — — (1) — Employee benefit obligations (c) (437) — (146) (35) (8) (66) Other regulatory liabilities, deferred (170) (21) (58) (9) — (58) AOCI (4) — — — — (2) December 31, 2021: Prepaid other postretirement benefit costs (a) $ — $ 49 $ — $ — $ — $ — Other regulatory assets, deferred (b) 97 — 30 2 — — Other current liabilities (5) — — — — — Employee benefit obligations (c) (593) — (206) (47) (11) (94) Other regulatory liabilities, deferred (171) (62) (40) (1) — (34) AOCI — — — — 2 (5) (a) Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet. (b) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. (c) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. Presented below are the amounts included in net regulatory assets (liabilities) at December 31, 2022 and 2021 related to the other postretirement benefit plans of Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost. Southern Company Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Balance at December 31, 2022: Regulatory assets (liabilities): Prior service cost $ 14 $ 4 $ 6 $ 1 $ 1 Net gain (150) (25) (45) (10) (64) Regulatory amortization — — — — 5 Total regulatory assets (liabilities) (*) $ (136) $ (21) $ (39) $ (9) $ (58) Balance at December 31, 2021: Regulatory assets (liabilities): Prior service cost $ 13 $ 3 $ 5 $ 1 $ 1 Net gain (87) (65) (15) — (51) Regulatory amortization — — — — 16 Total regulatory assets (liabilities) (*) $ (74) $ (62) $ (10) $ 1 $ (34) (*) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. The changes in the balance of net regulatory assets (liabilities) related to the other postretirement benefit plans for the plan years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Net regulatory assets (liabilities): (*) Balance at December 31, 2020 $ 51 $ (21) $ 47 $ 5 $ (23) Net gain (120) (41) (55) (4) (2) Reclassification adjustments: Amortization of prior service costs 1 — 1 — — Amortization of net loss (6) — (3) — — Amortization of regulatory assets (*) — — — — (9) Total reclassification adjustments (5) — (2) — (9) Total change (125) (41) (57) (4) (11) Balance at December 31, 2021 $ (74) $ (62) $ (10) $ 1 $ (34) Net (gain) loss (64) 41 (27) (10) (13) Reclassification adjustments: Amortization of prior service costs 1 — — — — Amortization of net gain (loss) 1 — (2) — — Amortization of regulatory assets (*) — — — — (11) Total reclassification adjustments 2 — (2) — (11) Total change (62) 41 (29) (10) (24) Balance at December 31, 2022 $ (136) $ (21) $ (39) $ (9) $ (58) (*) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. Presented below are the amounts included in AOCI at December 31, 2022 and 2021 related to the other postretirement benefit plans of Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost. Southern Southern Southern Company (in millions) Balance at December 31, 2022 AOCI: Prior service cost $ 1 $ — $ — Net (gain) loss (5) — (2) Total AOCI $ (4) $ — $ (2) Balance at December 31, 2021 AOCI: Prior service cost $ 1 $ — $ 1 Net (gain) loss (1) 2 (6) Total AOCI $ — $ 2 $ (5) The components of OCI related to the other postretirement benefit plans for the plan years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Southern Southern Company Gas (in millions) AOCI: Balance at December 31, 2020 $ 8 $ 3 $ — Net gain (11) (1) — Reclassification adjustments: Amortization of net gain (loss) 3 — (5) Total change (8) (1) (5) Balance at December 31, 2021 $ — $ 2 $ (5) Net gain (3) (2) — Reclassification adjustments: Amortization of net gain (loss) (1) — 3 Total change (4) (2) 3 Balance at December 31, 2022 $ (4) $ — $ (2) Components of the other postretirement benefit plans' net periodic cost for the Registrants were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Service cost $ 23 $ 6 $ 6 $ 1 $ — $ 1 Interest cost 42 10 15 2 — 5 Expected return on plan assets (80) (32) (28) (2) 1 (9) Net amortization (1) — 2 — — 6 Net periodic postretirement benefit cost (income) $ (16) $ (16) $ (5) $ 1 $ 1 $ 3 2021 Service cost $ 24 $ 6 $ 7 $ 1 $ — $ 2 Interest cost 35 9 12 1 — 4 Expected return on plan assets (76) (30) (26) (1) 1 (10) Net amortization 2 — 2 — — 6 Net periodic postretirement benefit cost (income) $ (15) $ (15) $ (5) $ 1 $ 1 $ 2 2020 Service cost $ 22 $ 6 $ 6 $ 1 $ 1 $ 2 Interest cost 54 13 20 2 — 7 Expected return on plan assets (72) (29) (26) (1) — (10) Net amortization 1 — 2 — — 6 Net periodic postretirement benefit cost (income) $ 5 $ (10) $ 2 $ 2 $ 1 $ 5 The service cost component of net periodic postretirement benefit cost is included in operations and maintenance expenses and all other components of net periodic postretirement benefit cost are included in other income (expense), net in the Registrants' statements of income. The Registrants' future benefit payments, including prescription drug benefits, are provided in the table below. These amounts reflect expected future service and are estimated based on assumptions used to measure the APBO for the other postretirement benefit plans. Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Benefit payments: 2023 $ 115 $ 25 $ 41 $ 5 $ 1 $ 18 2024 110 24 39 5 1 17 2025 114 26 41 5 1 17 2026 113 26 41 5 1 16 2027 113 26 41 5 1 16 2028 to 2032 551 130 199 22 1 68 Benefit Plan Assets Pension plan and other postretirement benefit plan assets are managed and invested in accordance with all applicable requirements, including ERISA and the Internal Revenue Code. The Registrants' investment policies for both the pension plans and the other postretirement benefit plans cover a diversified mix of assets as described below. Derivative instruments may be used to gain efficient exposure to the various asset classes and as hedging tools. Additionally, the Registrants minimize the risk of large losses primarily through diversification but also monitor and manage other aspects of risk. The investment strategy for plan assets related to the Southern Company system's qualified pension plan is to be broadly diversified across major asset classes. The asset allocation is established after consideration of various factors that affect the assets and liabilities of the pension plan including, but not limited to, historical and expected returns and interest rates, volatility, correlations of asset classes, the current level of assets and liabilities, and the assumed growth in assets and liabilities. Because a significant portion of the liability of the pension plan is long-term in nature, the assets are invested consistent with long-term investment expectations for return and risk. To manage the actual asset class exposures relative to the target asset allocation, the Southern Company system employs a formal rebalancing program. As additional risk management, external investment managers and service providers are subject to written guidelines to ensure appropriate and prudent investment practices. Management believes the portfolio is well-diversified with no significant concentrations of risk. Southern Company's investment strategy also includes adjusting the established asset allocation to invest a larger portion of the portfolio in fixed rate debt securities should the qualified pension plan achieve a predetermined funding threshold, which occurred during 2022. Investment Strategies and Benefit Plan Asset Fair Values A description of the major asset classes that the pension and other postretirement benefit plans are comprised of, along with the valuation methods used for fair value measurement, is provided below: Description Valuation Methodology Domestic equity: A mix of large and small capitalization stocks with generally an equal distribution of value and growth attributes, managed both actively and through passive index approaches. International equity: A mix of large and small capitalization growth and value stocks with developed and emerging markets exposure, managed both actively and through fundamental indexing approaches. Domestic and international equities such as common stocks, American depositary receipts, and real estate investment trusts that trade on public exchanges are classified as Level 1 investments and are valued at the closing price in the active market. Equity funds with unpublished prices that are comprised of publicly traded securities (such as commingled/pooled funds) are also valued at the closing price in the active market, but are classified as Level 2. Fixed income: A mix of domestic and international bonds. Investments in fixed income securities, including fixed income pooled funds, are generally classified as Level 2 investments and are valued based on prices reported in the market place. Additionally, the value of fixed income securities takes into consideration certain items such as broker quotes, spreads, yield curves, interest rates, and discount rates that apply to the term of a specific instrument. Trust-owned life insurance (TOLI): Investments of taxable trusts aimed at minimizing the impact of taxes on the portfolio. Investments in TOLI policies are classified as Level 2 investments and are valued based on the underlying investments held in the policy's separate accounts. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities. Real estate: Investments in traditional private market, equity-oriented investments in real properties (indirectly through pooled funds or partnerships) and in publicly traded real estate securities. Special situations: Investments in opportunistic strategies with the objective of diversifying and enhancing returns and exploiting short-term inefficiencies, as well as investments in promising new strategies of a longer-term nature. Private equity: Investments in private partnerships that invest in private or public securities typically through privately-negotiated and/or structured transactions, including leveraged buyouts, venture capital, and distressed debt. Investments in real estate, special situations, and private equity are generally classified as Net Asset Value as a Practical Expedient, since the underlying assets typically do not have publicly available observable inputs. The fund manager values the assets using various inputs and techniques depending on the nature of the underlying investments. Techniques may include purchase multiples for comparable transactions, comparable public company trading multiples, discounted cash flow analysis, prevailing market capitalization rates, recent sales of comparable investments, and independent third-party appraisals. The fair value of partnerships is determined by aggregating the value of the underlying assets less liabilities. For purposes of determining the fair value of the pension plan and other postretirement benefit plan assets and the appropriate level designation, management relies on information provided by the plan's trustee. This information is reviewed and evaluated by management with changes made to the trustee information as appropriate. The fair values presented herein exclude cash, receivables related to investment income and pending investment sales, and payables related to pending investment purchases. The fair values, and actual allocations relative to the target allocations, of the Southern Company system's pension plans at December 31, 2022 and 2021 are presented below. Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Equity: 45 % 43 % Domestic equity $ 2,078 $ 691 $ — $ — $ 2,769 International equity 2,166 1,090 — — 3,256 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 1,469 — — 1,469 Mortga |
STOCK COMPENSATION
STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION Stock-based compensation primarily in the form of Southern Company performance share units (PSU) and restricted stock units (RSU) may be granted through the Equity and Incentive Compensation Plan to Southern Company system employees ranging from line management to executives. At December 31, 2022, the number of current and former employees participating in stock-based compensation programs for the Registrants was as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Number of employees 1,586 221 236 64 45 186 The majority of PSUs and RSUs awarded contain terms where employees become immediately vested in PSUs and RSUs upon retirement. As a result, compensation expense for employees that are retirement eligible at the grant date is recognized immediately, while compensation expense for employees that become retirement eligible during the vesting period is recognized over the period from grant date to the date of retirement eligibility. In addition, the Registrants recognize forfeitures as they occur. All unvested PSUs and RSUs vest immediately upon a change in control where Southern Company is not the surviving corporation. Performance Share Units PSUs granted to employees vest at the end of a three-year performance period. Shares of Southern Company common stock are delivered to employees at the end of the performance period with the number of shares issued ranging from 0% to 200% of the target number of PSUs granted, based on achievement of the performance goals established by the Compensation Committee of the Southern Company Board of Directors. Southern Company has issued three types of PSUs, each with a unique performance goal. These types of PSUs include total shareholder return (TSR) awards based on the TSR for Southern Company common stock during the three The fair value of TSR awards is determined as of the grant date using a Monte Carlo simulation model. In determining the fair value of the TSR awards issued to employees, the expected volatility is based on the historical volatility of Southern Company's stock over a period equal to the performance period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant that covers the performance period of the awards. The following table shows the assumptions used in the pricing model and the weighted average grant-date fair value of TSR awards granted: Year Ended December 31 2022 2021 2020 Expected volatility 29.6% 30.0% 15.4% Expected term (in years) 3 3 3 Interest rate 1.7% 0.2% 1.4% Weighted average grant-date fair value $79.69 $69.06 $77.65 The Registrants recognize TSR award compensation expense on a straight-line basis over the three-year performance period without remeasurement. The fair values of EPS awards and ROE awards are based on the closing stock price of Southern Company common stock on the date of the grant. The weighted average grant-date fair value of the ROE awards granted during 2022, 2021, and 2020 was $66.87, $59.49, and $68.42, respectively. Compensation expense for EPS and ROE awards is generally recognized ratably over the three-year performance period adjusted for expected changes in EPS and ROE performance. Total compensation cost recognized for vested EPS awards and ROE awards reflects final performance metrics. Southern Company had 2.2 million unvested PSUs outstanding at December 31, 2021. In February 2022, the PSUs that vested for the three-year performance period ended December 31, 2021 were converted into 2.5 million shares outstanding at a share price of $66.57. During 2022, Southern Company granted 1.3 million PSUs and 1.1 million PSUs were vested or forfeited, resulting in 2.4 million unvested PSUs outstanding at December 31, 2022. In February 2023, the PSUs that vested for the three-year performance period ended December 31, 2022 were converted into 1.8 million shares outstanding at a weighted average share price of $67.13. Total PSU compensation cost, and the related tax benefit recognized in income, for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 (in millions) Southern Company Compensation cost recognized in income $ 101 $ 112 $ 84 Tax benefit of compensation cost recognized in income 26 29 22 Southern Company Gas Compensation cost recognized in income $ 12 $ 17 $ 13 Tax benefit of compensation cost recognized in income 4 4 4 Total PSU compensation cost and the related tax benefit recognized in income were immaterial for all periods presented for all other Registrants. The compensation cost related to the grant of Southern Company PSUs to the employees of each Subsidiary Registrant is recognized in each Subsidiary Registrant's financial statements with a corresponding credit to equity representing a capital contribution from Southern Company. At December 31, 2022, Southern Company's total unrecognized compensation cost related to PSUs was $31 million and is expected to be recognized over a weighted-average period of approximately 19 months. The total unrecognized compensation cost related to PSUs at December 31, 2022 was immaterial for all other Registrants. Restricted Stock Units The fair value of RSUs is based on the closing stock price of Southern Company common stock on the date of the grant. The weighted average grant-date fair values of RSUs granted during 2022, 2021, and 2020 were $67.20, $59.56, and $67.60, respectively. For most RSU awards, one-third of the RSUs vest each year throughout a three-year service period and compensation cost for RSUs is generally recognized over the corresponding one two Southern Company had 1.1 million RSUs outstanding at December 31, 2021. During 2022, Southern Company granted 0.4 million RSUs and 0.6 million RSUs were vested or forfeited, resulting in 0.9 million unvested RSUs outstanding at December 31, 2022, including RSUs related to employee retention agreements. For the years ended December 31, 2022, 2021, and 2020, Southern Company's total compensation cost for RSUs recognized in income was $26 million, $32 million, and $29 million, respectively. The related tax benefit also recognized in income was $7 million, $8 million, and $8 million for the years ended December 31, 2022, 2021, and 2020, respectively. Total unrecognized compensation cost related to RSUs at December 31, 2022, which is being recognized over a weighted-average period of approximately 18 months, is immaterial for Southern Company. Total RSUs outstanding and total compensation cost and related tax benefit for the RSUs recognized in income for the years ended December 31, 2022, 2021, and 2020, as well as the total unrecognized compensation cost at December 31, 2022, were immaterial for all other Registrants. The compensation cost related to the grant of Southern Company RSUs to the employees of each Subsidiary Registrant is recognized in such Subsidiary Registrant's financial statements with a corresponding credit to equity representing a capital contribution from Southern Company. Stock Options In 2015, Southern Company discontinued granting stock options. As of December 31, 2017, all stock option awards were vested and compensation cost fully recognized. Stock options expire no later than 10 years after the grant date and the latest possible exercise will occur by November 2024. At December 31, 2022, the weighted average remaining contractual term for the options outstanding and exercisable was approximately 10 months. Southern Company's activity in the stock option program for 2022 is summarized below: Shares Subject to Option Weighted Average Exercise Price (in millions) Outstanding at December 31, 2021 2.8 $ 42.95 Exercised 1.8 43.37 Outstanding and Exercisable at December 31, 2022 1.0 $ 42.22 Southern Company's cash receipts from issuances related to stock options exercised under the share-based payment arrangements for the years ended December 31, 2022, 2021, and 2020 were $75 million, $66 million, and $66 million, respectively. At December 31, 2022, the aggregate intrinsic value for options outstanding and exercisable was $29 million for Southern Company and immaterial for all other Registrants. Total intrinsic value of options exercised, and the related tax benefit, for the years ended December 31, 2022, 2021, and 2020 are presented below for Southern Company and Georgia Power and were immaterial for all other Registrants: Year Ended December 31 2022 2021 2020 (in millions) Southern Company Intrinsic value of options exercised $ 49 $ 34 $ 38 Tax benefit of options exercised 12 7 9 Georgia Power Intrinsic value of options exercised $ 15 $ 14 $ 9 Tax benefit of options exercised 4 3 2 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value measurements are based on inputs of observable and unobservable market data that a market participant would use in pricing the asset or liability. The use of observable inputs is maximized where available and the use of unobservable inputs is minimized for fair value measurement and reflects a three-tier fair value hierarchy that prioritizes inputs to valuation techniques used for fair value measurement. • Level 1 consists of observable market data in an active market for identical assets or liabilities. • Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable. • Level 3 consists of unobservable market data. The input may reflect the assumptions of each Registrant of what a market participant would use in pricing an asset or liability. If there is little available market data, then each Registrant's own assumptions are the best available information. In the case of multiple inputs being used in a fair value measurement, the lowest level input that is significant to the fair value measurement represents the level in the fair value hierarchy in which the fair value measurement is reported. Net asset value as a practical expedient is the classification used for assets that do not have readily determined fair values. Fund managers value the assets using various inputs and techniques depending on the nature of the underlying investments. At December 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 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 18 $ 181 $ — $ — $ 199 Interest rate derivatives — 12 — — 12 Investments in trusts: (b)(c) Domestic equity 651 178 — — 829 Foreign equity 125 150 — — 275 U.S. Treasury and government agency securities — 285 — — 285 Municipal bonds — 51 — — 51 Pooled funds – fixed income — 7 — — 7 Corporate bonds — 412 — — 412 Mortgage and asset backed securities — 90 — — 90 Private equity — — — 161 161 Cash and cash equivalents 4 — — — 4 Other 37 12 — — 49 Cash equivalents 1,427 20 — — 1,447 Other investments 9 26 — — 35 Total $ 2,271 $ 1,424 $ — $ 161 $ 3,856 Liabilities: Energy-related derivatives (a) $ 32 $ 178 $ — $ — $ 210 Interest rate derivatives — 302 — — 302 Foreign currency derivatives — 216 — — 216 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ 32 $ 709 $ 12 $ — $ 753 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Nuclear decommissioning trusts: (b) Domestic equity 396 169 — — 565 Foreign equity 125 — — — 125 U.S. Treasury and government agency securities — 19 — — 19 Municipal bonds — 1 — — 1 Corporate bonds — 225 — — 225 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 161 161 Other 7 — — — 7 Cash equivalents 438 20 — — 458 Other investments — 26 — — 26 Total $ 966 $ 544 $ — $ 161 $ 1,671 Liabilities: Energy-related derivatives $ — $ 39 $ — $ — $ 39 Georgia Power Assets: Energy-related derivatives $ — $ 42 $ — $ — $ 42 Nuclear decommissioning trusts: (b)(c) Domestic equity 255 1 — — 256 Foreign equity — 149 — — 149 U.S. Treasury and government agency securities — 266 — — 266 Municipal bonds — 50 — — 50 Corporate bonds — 187 — — 187 Mortgage and asset backed securities — 68 — — 68 Other 30 12 — — 42 Cash equivalents 355 — — — 355 Total $ 640 $ 775 $ — $ — $ 1,415 Liabilities: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 59 $ — $ — $ 59 Cash equivalents 47 — — — 47 Total $ 47 $ 59 $ — $ — $ 106 Liabilities: Energy-related derivatives $ — $ 32 $ — $ — $ 32 Southern Power Assets: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Liabilities: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Foreign currency derivatives — 47 — — 47 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ — $ 72 $ 12 $ — $ 84 Southern Company Gas Assets: Energy-related derivatives (a) $ 18 $ 10 $ — $ — $ 28 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 1 — — 1 Pooled funds - fixed income — 7 — — 7 Cash and cash equivalents 4 — — — 4 Cash equivalents 50 — — — 50 Total $ 72 $ 26 $ — $ — $ 98 Liabilities: Energy-related derivatives (a)(b) $ 32 $ 33 $ — $ — $ 65 Interest rate derivatives — 86 — — 86 Total $ 32 $ 119 $ — $ — $ 151 (a) Excludes cash collateral of $41 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. At December 31, 2021, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 24 $ 195 $ — $ — $ 219 Interest rate derivatives — 19 — — 19 Investments in trusts: (b)(c) Domestic equity 791 225 — — 1,016 Foreign equity 165 188 — — 353 U.S. Treasury and government agency securities — 314 — — 314 Municipal bonds — 56 — — 56 Pooled funds – fixed income — 13 — — 13 Corporate bonds 1 522 — — 523 Mortgage and asset backed securities — 93 — — 93 Private equity — — — 150 150 Cash and cash equivalents 2 — — — 2 Other 22 25 — — 47 Cash equivalents 1,160 14 — — 1,174 Other investments 9 35 — — 44 Total $ 2,174 $ 1,699 $ — $ 150 $ 4,023 Liabilities: Energy-related derivatives (a) $ 10 $ 36 $ — $ — $ 46 Interest rate derivatives — 29 — — 29 Foreign currency derivatives — 79 — — 79 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ 10 $ 157 $ 14 $ — $ 181 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 55 $ — $ — $ 55 Nuclear decommissioning trusts: (b) Domestic equity 468 216 — — 684 Foreign equity 165 — — — 165 U.S. Treasury and government agency securities — 21 — — 21 Municipal bonds — 1 — — 1 Corporate bonds 1 271 — — 272 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 150 150 Other 9 — — — 9 Cash equivalents 839 14 — — 853 Other investments — 35 — — 35 Total $ 1,482 $ 635 $ — $ 150 $ 2,267 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Georgia Power Assets: Energy-related derivatives $ — $ 75 $ — $ — $ 75 Nuclear decommissioning trusts: (b)(c) Domestic equity 323 1 — — 324 Foreign equity — 185 — — 185 U.S. Treasury and government agency securities — 293 — — 293 Municipal bonds — 55 — — 55 Corporate bonds — 251 — — 251 Mortgage and asset backed securities — 71 — — 71 Other 13 25 — — 38 Total $ 336 $ 956 $ — $ — $ 1,292 Liabilities: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 56 $ — $ — $ 56 Cash equivalents 40 — — — 40 Total $ 40 $ 56 $ — $ — $ 96 Liabilities: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Southern Power Assets: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Liabilities: Foreign currency derivatives $ — $ 16 $ — $ — $ 16 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ — $ 29 $ 14 $ — $ 43 Southern Company Gas Assets: Energy-related derivatives (a) $ 24 $ 5 $ — $ — $ 29 Interest rate derivatives — 6 — — 6 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 3 — — 3 Pooled funds - fixed income — 13 — — 13 Cash equivalents 2 — — — 2 Total $ 26 $ 35 $ — $ — $ 61 Liabilities: Energy-related derivatives (a)(b) $ 10 $ 12 $ — $ — $ 22 Interest rate derivatives — 5 — — 5 Total $ 10 $ 17 $ — $ — $ 27 (a) Excludes immaterial cash collateral. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. 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 14 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 under "Nuclear Decommissioning" 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. 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 $161 million and $150 million at December 31, 2022 and 2021, respectively. Unfunded commitments related to the private equity investments totaled $78 million and $69 million at December 31, 2022 and 2021, respectively. 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 December 31, 2022 and 2021, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) At December 31, 2022: Long-term debt, including securities due within one year: Carrying amount $ 54.6 $ 10.6 $ 14.7 $ 1.5 $ 3.0 $ 7.4 Fair value 48.6 9.2 13.0 1.3 2.8 6.5 At December 31, 2021: Long-term debt, including securities due within one year: Carrying amount $ 52.1 $ 9.7 $ 13.6 $ 1.5 $ 3.7 $ 6.9 Fair value 57.1 10.9 15.1 1.6 4.1 7.8 (*) 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 | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 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 13 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 under "Financial Instruments" for additional information. See Note 15 under "Southern Company Gas" 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 AOCI 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 December 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 (*) 431 2030 2025 Alabama Power 111 2026 — Georgia Power 125 2026 — Mississippi Power 94 2027 — Southern Power 8 2030 2023 Southern Company Gas (*) 93 2025 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 98 million mmBtu and short natural gas positions of 5 million mmBtu at December 31, 2022, which is also included in Southern Company's total volume. See Note 15 under "Southern Company Gas" for information regarding the sale of Sequent. 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 23 million mmBtu for Southern Company, which includes 6 million mmBtu for Alabama Power, 8 million mmBtu for Georgia Power, 3 million mmBtu for Mississippi Power, and 6 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from AOCI to earnings for the year ending December 31, 2023 are $(27) million for Southern Company, $(11) million for Southern Power, and $(16) million for Southern Company Gas. 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 December 31, 2022, the following interest rate derivatives were outstanding: Notional Weighted Average Interest Rate Paid Interest Hedge Fair Value (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company parent $ 400 3.50% N/A June 2033 $ 12 Fair Value Hedges of Existing Debt Southern Company parent 400 1-month LIBOR + 0.68% 1.75% March 2028 (55) Southern Company parent 1,000 1-month LIBOR + 2.36% 3.70% April 2030 (161) Southern Company Gas 500 1-month LIBOR + 0.38% 1.75% January 2031 (86) Southern Company $ 2,300 $ (290) For cash flow hedges of interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from AOCI to interest expense for the year ending December 31, 2023 are $(16) million for Southern Company and immaterial for the other Registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2052 for Southern Company, Alabama Power, and Georgia Power, 2028 for Mississippi Power, and 2046 for Southern Company Gas. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI. At December 31, 2022, the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 564 3.78% € 500 1.85% June 2026 $ (47) Fair Value Hedges of Existing Debt Southern Company parent 1,476 3.39% 1,250 1.88% September 2027 (169) Southern Company $ 2,040 € 1,750 $ (216) For cash flow hedges of foreign currency derivatives, the estimated pre-tax losses expected to be reclassified from AOCI to earnings for the year ending December 31, 2023 are $11 million for Southern Power. Derivative Financial Statement Presentation and Amounts The Registrants enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. At December 31, 2022 and 2021, the fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) Southern Company Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 123 $ 121 $ 129 $ 30 Other deferred charges and assets/Other deferred credits and liabilities 52 44 72 6 Total derivatives designated as hedging instruments for regulatory purposes 175 165 201 36 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities 3 27 7 5 Other deferred charges and assets/Other deferred credits and liabilities 6 4 1 — Interest rate derivatives: Assets from risk management activities/Other current liabilities 12 62 19 — Other deferred charges and assets/Other deferred credits and liabilities — 240 — 29 Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 34 — 39 Other deferred charges and assets/Other deferred credits and liabilities — 182 — 40 Total derivatives designated as hedging instruments in cash flow and fair value hedges 21 549 27 113 Energy-related derivatives not designated as hedging instruments Assets from risk management activities/Other current liabilities 13 13 9 4 Other deferred charges and assets/Other deferred credits and liabilities 2 1 1 — Total derivatives not designated as hedging instruments 15 14 10 4 Gross amounts recognized 211 728 238 153 Gross amounts offset (a) (70) (111) (25) (28) Net amounts recognized in the Balance Sheets (b) $ 141 $ 617 $ 213 $ 125 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) Alabama Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 42 $ 21 $ 30 $ 9 Other deferred charges and assets/Other deferred credits and liabilities 20 18 25 2 Total derivatives designated as hedging instruments for regulatory purposes 62 39 55 11 Gross amounts offset (24) (24) (5) (5) Net amounts recognized in the Balance Sheets $ 38 $ 15 $ 50 $ 6 Georgia Power Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 36 $ 43 $ 54 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 6 18 21 2 Total derivatives designated as hedging instruments for regulatory purposes 42 61 75 8 Energy-related derivatives not designated as hedging instruments Other deferred charges and assets/Other deferred credits and liabilities — 1 — — Gross amounts recognized 42 62 75 8 Gross amounts offset (21) (21) (8) (8) Net amounts recognized in the Balance Sheets $ 21 $ 41 $ 67 $ — Mississippi Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 33 $ 24 $ 30 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 26 8 26 2 Total derivatives designated as hedging instruments for regulatory purposes 59 32 56 5 Gross amounts offset (17) (17) (4) (4) Net amounts recognized in the Balance Sheets $ 42 $ 15 $ 52 $ 1 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (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 $ — $ 12 $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities 5 — 1 — Foreign currency derivatives: Other current assets/Other current liabilities — 11 — 16 Other deferred charges and assets/Other deferred credits and liabilities — 36 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges 5 59 3 16 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 2 — 1 — Other deferred charges and assets/Other deferred credits and liabilities 1 — — — Total derivatives not designated as hedging instruments 3 — 1 — Net amounts recognized in the Balance Sheets $ 8 $ 59 $ 4 $ 16 Southern Company Gas Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 12 $ 33 $ 15 $ 12 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities 3 15 5 5 Other deferred charges and assets/Other deferred credits and liabilities 1 4 — — Interest rate derivatives: Other current assets/Other current liabilities — 14 6 — Other deferred charges and assets/Other deferred credits and liabilities — 72 — 6 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 105 11 11 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 11 12 8 4 Other deferred charges and assets/Other deferred credits and liabilities 1 1 1 — Total derivatives not designated as hedging instruments 12 13 9 4 Gross amounts recognized 28 151 35 27 Gross amounts offset (a) — (41) (8) (11) Net amounts recognized in the Balance Sheets (b) $ 28 $ 110 $ 27 $ 16 (a) Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $41 million and $3 million at December 31, 2022 and 2021, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for all periods presented. (c) Energy-related derivatives not designated as hedging instruments were immaterial at December 31, 2022 and there were no such instruments at December 31, 2021. At December 31, 2022 and 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 Sheets Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At December 31, 2022: Energy-related derivatives: Other regulatory assets, current $ (71) $ (8) $ (26) $ (13) $ (24) Other regulatory assets, deferred (23) (7) (14) (2) — Other regulatory liabilities, current 72 29 19 22 2 Other regulatory liabilities, deferred 31 9 2 20 — Total energy-related derivative gains (losses) $ 9 $ 23 $ (19) $ 27 $ (22) 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 years ended December 31, 2022, 2021, and 2020, the pre-tax effects of cash flow and fair value hedge accounting on AOCI for the applicable Registrants were as follows: Gain (Loss) From Derivatives Recognized in OCI 2022 2021 2020 (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ 3 $ 34 $ (8) Interest rate derivatives 46 5 (26) Foreign currency derivatives (105) (103) 48 Fair value hedges (*) : Foreign currency derivatives (24) (3) — Total $ (80) $ (67) $ 14 Georgia Power Interest rate derivatives $ 31 $ — $ (3) Southern Power Cash flow hedges: Energy-related derivatives $ (15) $ 12 $ (2) Foreign currency derivatives (105) (103) 48 Total $ (120) $ (91) $ 46 Southern Company Gas Cash flow hedges: Energy-related derivatives $ 18 $ 22 $ (6) Interest rate derivatives — — (23) Total $ 18 $ 22 $ (29) (*) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI. The pre-tax effects of interest rate derivatives designated as cash flow hedging instruments on AOCI were immaterial for the other Registrants for all years presented. The pre-tax effects of cash flow and fair value hedge accounting on income for the years ended December 31, 2022, 2021, and 2020 were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships 2022 2021 2020 (in millions) Southern Company Total cost of natural gas $ 3,004 $ 1,619 $ 972 Gain (loss) on energy-related cash flow hedges (a) 37 17 (8) Total depreciation and amortization 3,663 3,565 3,518 Gain (loss) on energy-related cash flow hedges (a) (5) 9 (3) Total interest expense, net of amounts capitalized (2,022) (1,837) (1,821) Gain (loss) on interest rate cash flow hedges (a) (25) (27) (26) Gain (loss) on foreign currency cash flow hedges (a) (19) (24) (23) Gain (loss) on interest rate fair value hedges (b) (291) (30) 27 Total other income (expense), net 500 456 336 Gain (loss) on foreign currency cash flow hedges (a)(c) (83) (104) 114 Gain (loss) on foreign currency fair value hedges (106) (63) — Amount excluded from effectiveness testing recognized in earnings 24 3 — Southern Power Total depreciation and amortization $ 516 $ 517 $ 494 Gain (loss) on energy-related cash flow hedges (a) (5) 9 (3) Total interest expense, net of amounts capitalized (138) (147) (151) Gain (loss) on foreign currency cash flow hedges (a) (19) (24) (23) Total other income (expense), net 7 10 19 Gain (loss) on foreign currency cash flow hedges (a)(c) (83) (104) 114 Southern Company Gas Total cost of natural gas $ 3,004 $ 1,619 $ 972 Gain (loss) on energy-related cash flow hedges (a) 37 17 (8) Total interest expense, net of amounts capitalized (263) (238) (231) Gain (loss) on interest rate cash flow hedges (a) (4) — — Gain (loss) on interest rate fair value hedges (b) (86) — — (a) Reclassified from AOCI 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 AOCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. The pre-tax effects of cash flow and fair value hedge accounting on income for interest rate derivatives and energy-related derivatives were immaterial for the traditional electric operating companies for all years presented. At December 31, 2022 and 2021, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items At December 31, 2022 At December 31, 2021 At December 31, 2022 At December 31, 2021 (in millions) (in millions) Southern Company Long-term debt $ (2,927) $ (3,280) $ 282 $ 9 Southern Company Gas Long-term debt $ (415) $ (493) $ 81 $ 2 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 for the years ended December 31, 2022, 2021, and 2020 were as follows: Gain (Loss) Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2022 2021 2020 (in millions) Energy-related derivatives Natural gas revenues (*) $ (11) $ (117) $ 134 Cost of natural gas (65) (27) 15 Total derivatives in non-designated hedging relationships $ (76) $ (144) $ 149 (*) Excludes the impact of weather derivatives recorded in natural gas revenues of $(7) million and $9 million for 2022 and 2020, respectively, as they are accounted for based on intrinsic value rather than fair value. There was no weather derivatives impact for 2021. The pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for all other Registrants for all years presented. Contingent Features The Registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. At December 31, 2022, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For Southern Company and Southern Power, the fair value of interest rate derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were $78 million and $23 million, respectively, at December 31, 2022. For the traditional electric operating companies and Southern Power, energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial a t December 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. 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 December 31, 2022, cash collateral posted in these accounts was $15 million for Southern Power and immaterial for Alabama Power. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At December 31, 2022, cash collateral held on deposit in broker margin accounts was $41 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 | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONSNone of the dispositions discussed herein, both individually and combined, represented a strategic shift in operations for the applicable Registrants that has, or is expected to have, a major effect on its operations and financial results; therefore, none of the assets related to the sales have been classified as discontinued operations for any of the periods presented. Southern Power Southern Power's acquisition-related costs for the projects discussed under "Asset Acquisitions" and "Construction Projects" below were expensed as incurred and were not material for any of the years presented. There were no asset acquisitions during 2022. Asset Acquisitions Project Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern COD PPA Asset Acquisitions During 2021 Deuel Harvest (a) Wind Invenergy Renewables LLC 300 Deuel County, SD 100% of Class B February 2021 25 years and 15 years Asset Acquisitions During 2020 Beech Ridge II (b) Wind Invenergy Renewables LLC 56 Greenbrier County, WV 100% of Class A May 12 years (a) In March 2021, Southern Power acquired a controlling interest in the project from Invenergy Renewables LLC and completed a tax equity transaction whereby it sold the Class A membership interests in the project. Southern Power consolidates the project's operating results in its financial statements and the tax equity partner and Invenergy Renewables LLC each own a noncontrolling interest. (b) In May 2020, Southern Power purchased a controlling interest and now consolidates the project's operating results in its financial statements. The Class B member owns the noncontrolling interest. Construction Projects During 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. See Note 9 under "Lessor" for additional information. Project Resource Approximate Nameplate Capacity ( MW ) Location COD PPA Contract Period Projects Completed During 2022 Garland Solar Storage (a) Battery energy storage 88 Kern County, CA September 2021 through February 2022 (b) 20 years Tranquillity Solar Storage (a) Battery energy storage 72 Fresno County, CA November 2021 through March 2022 (c) 20 years Projects Completed During 2021 Glass Sands (d) Wind 118 Murray County, OK November 2021 12 years Projects Completed During 2020 Skookumchuck (e) Wind 136 Lewis and Thurston Counties, WA November 2020 20 years Reading (f) Wind 200 Osage and Lyon Counties, KS May 2020 12 years (a) In December 2020, Southern Power restructured its ownership of the project, while retaining the controlling interests, by contributing the Class A membership interests to an existing partnership and selling 100% of the Class B membership interests. During 2021, Southern Power further restructured its ownership in the battery energy storage projects and completed tax equity transactions whereby it sold the Class A membership interests in the projects. 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. (d) In December 2020, Southern Power purchased 100% of the membership interests of the Glass Sands facility. (e) In November 2020, Southern Power completed a tax equity transaction whereby it received $121 million, resulting in 100% ownership of the Class B membership interests. Southern Power subsequently sold a noncontrolling interest in the Class B membership interests and now retains the controlling ownership interest in the facility. (f) In June 2020, Southern Power completed a tax equity transaction whereby it received $156 million and owns 100% of the Class B membership interests. Development Projects Southern Power purchased wind turbine equipment in 2016 and 2017 for deployment to development and construction projects. The significant majority of this equipment either has been deployed to projects that have been completed or has been sold to third parties. Gains on wind turbine equipment contributed to various equity method investments totaled approximately $37 million in 2021. Gains on wind turbine equipment sales were immaterial in 2020 and there were no sales in 2022. Sale of Plant Mankato In January 2020, Southern Power completed the sale of its equity interests in Plant Mankato (including the 385-MW expansion unit completed in 2019) to a subsidiary of Xcel Energy Inc. for a purchase price of approximately $663 million, including final working capital adjustments. The sale resulted in a gain of approximately $39 million ($23 million after tax). Plant Mankato represented an individually significant component of Southern Power. Southern Company Gas Sale of Sequent On July 1, 2021, Southern Company Gas affiliates completed the sale of Sequent to Williams Field Services Group for a total cash purchase price of $159 million, including final working capital adjustments. The pre-tax gain associated with th e transaction was approximately $121 million ($92 million after tax). The sale resulted in $85 million of additional tax expense. Sale of Pivotal LNG and Atlantic Coast Pipeline In March 2020, Southern Company Gas completed the sale of its interests in Pivotal LNG and Atlantic Coast Pipeline to Dominion Modular LNG Holdings, Inc. and Dominion Atlantic Coast Pipeline, LLC, respectively, with aggregate proceeds of $178 million, including final working capital adjustments. The loss associated with the transactions was immaterial. In connection with the sale, Southern Company Gas received two additional $5 million payments upon Dominion Modular LNG Holdings, Inc. meeting certain milestones related to Pivotal LNG in April 2021 and May 2022, respectively. Sale of Natural Gas Storage Facilities In December 2020, Southern Company Gas completed the sale of Jefferson Island to EnLink Midstream, LLC for a total purchase price of $33 million, including estimated working capital adjustments. The gain associated with the sale totaled $22 million pre-tax ($16 million after tax). On September 7, 2022, certain affiliates of Southern Company Gas entered into agreements to sell two natural gas storage facilities located in California and Texas for an aggregate purchase price of $186 million, plus working capital and certain other adjustments. The sale of the Texas facility was completed on November 18, 2022. Completion of the sale of the California facility is expected later in 2023 and is subject to certain closing conditions, including, among others, approval from the California Public Utilities Commission without a material burdensome condition. The ultimate outcome of this matter cannot be determined at this time. Completion of the sale of the Texas facility was subject to release of a Southern Company Gas parent guarantee, which was executed on October 20, 2022 and, as a result, Southern Company Gas recorded pre-tax impairment charges totaling approximately $131 million ($99 million after tax) in the fourth quarter 2022. |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONSNone of the dispositions discussed herein, both individually and combined, represented a strategic shift in operations for the applicable Registrants that has, or is expected to have, a major effect on its operations and financial results; therefore, none of the assets related to the sales have been classified as discontinued operations for any of the periods presented. Southern Company In connection with the annual impairment analysis of a leveraged lease investment during the fourth quarter 2020, Southern Company management concluded that the estimated residual value of the generation assets should be reduced due to significant uncertainty as to whether the related natural gas generation assets would continue to operate at the end of the lease term in 2040 and recorded a $34 million ($17 million after tax) impairment charge. Also during the fourth quarter 2020, Southern Company management initiated steps to sell the investment and reclassified it as held for sale. In the fourth quarter 2020 and the second quarter 2021, additional charges of $18 million ($14 million after tax) and $7 million ($6 million after tax), respectively, were recorded to further reduce the investment to its estimated fair value, less costs to sell. In October 2021, Southern Company completed the sale to the lessee for $45 million. No gain or loss was recognized on the sale; however, it did result in the recognition of approximately $16 million of additional tax benefits. In December 2021, Southern Company completed the termination of its leasehold interest in assets associated with its two international leveraged lease projects and received cash proceeds of approximately $673 million after the accelerated exercise of the lessee's purchase options. The pre-tax gain associated with the transaction was approximately $93 million ($99 million gain after tax). Alabama Power In 2020, Alabama Power completed its acquisition of the Central Alabama Generating Station, an approximately 885-MW combined cycle generation facility in Autauga County, Alabama. The transaction was accounted for as a business combination. The total purchase price was $461 million, of which $452 million was related to net assets recorded within property, plant, and equipment on the balance sheet and reflected in property additions within the investing section of the statement of cash flows. The remainder primarily related to inventory, current receivables, and accounts payable. Alabama Power assumed an existing power sales agreement under which the full output of the generating facility remains committed to another third party through May 2023. During the remaining term, the revenues from the power sales agreement are expected to substantially offset the associated costs of operation. See Note 9 under "Lessor" for additional information. On September 30, 2022, Alabama Power completed its acquisition of the Calhoun Generating Station, which was accounted for as an asset acquisition. The total purchase price was $179 million, of which $171 million was related to net assets recorded within property, plant, and equipment on the balance sheet and reflected in property additions within the investing section of the statement of cash flows. The remainder primarily related to fossil fuel stock and materials and supplies. See Note 2 under "Alabama Power – Certificates of Convenience and Necessity" for additional information. Southern Power Southern Power's acquisition-related costs for the projects discussed under "Asset Acquisitions" and "Construction Projects" below were expensed as incurred and were not material for any of the years presented. There were no asset acquisitions during 2022. Asset Acquisitions Project Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern COD PPA Asset Acquisitions During 2021 Deuel Harvest (a) Wind Invenergy Renewables LLC 300 Deuel County, SD 100% of Class B February 2021 25 years and 15 years Asset Acquisitions During 2020 Beech Ridge II (b) Wind Invenergy Renewables LLC 56 Greenbrier County, WV 100% of Class A May 12 years (a) In March 2021, Southern Power acquired a controlling interest in the project from Invenergy Renewables LLC and completed a tax equity transaction whereby it sold the Class A membership interests in the project. Southern Power consolidates the project's operating results in its financial statements and the tax equity partner and Invenergy Renewables LLC each own a noncontrolling interest. (b) In May 2020, Southern Power purchased a controlling interest and now consolidates the project's operating results in its financial statements. The Class B member owns the noncontrolling interest. Construction Projects During 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. See Note 9 under "Lessor" for additional information. Project Resource Approximate Nameplate Capacity ( MW ) Location COD PPA Contract Period Projects Completed During 2022 Garland Solar Storage (a) Battery energy storage 88 Kern County, CA September 2021 through February 2022 (b) 20 years Tranquillity Solar Storage (a) Battery energy storage 72 Fresno County, CA November 2021 through March 2022 (c) 20 years Projects Completed During 2021 Glass Sands (d) Wind 118 Murray County, OK November 2021 12 years Projects Completed During 2020 Skookumchuck (e) Wind 136 Lewis and Thurston Counties, WA November 2020 20 years Reading (f) Wind 200 Osage and Lyon Counties, KS May 2020 12 years (a) In December 2020, Southern Power restructured its ownership of the project, while retaining the controlling interests, by contributing the Class A membership interests to an existing partnership and selling 100% of the Class B membership interests. During 2021, Southern Power further restructured its ownership in the battery energy storage projects and completed tax equity transactions whereby it sold the Class A membership interests in the projects. 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. (d) In December 2020, Southern Power purchased 100% of the membership interests of the Glass Sands facility. (e) In November 2020, Southern Power completed a tax equity transaction whereby it received $121 million, resulting in 100% ownership of the Class B membership interests. Southern Power subsequently sold a noncontrolling interest in the Class B membership interests and now retains the controlling ownership interest in the facility. (f) In June 2020, Southern Power completed a tax equity transaction whereby it received $156 million and owns 100% of the Class B membership interests. Development Projects Southern Power purchased wind turbine equipment in 2016 and 2017 for deployment to development and construction projects. The significant majority of this equipment either has been deployed to projects that have been completed or has been sold to third parties. Gains on wind turbine equipment contributed to various equity method investments totaled approximately $37 million in 2021. Gains on wind turbine equipment sales were immaterial in 2020 and there were no sales in 2022. Sale of Plant Mankato In January 2020, Southern Power completed the sale of its equity interests in Plant Mankato (including the 385-MW expansion unit completed in 2019) to a subsidiary of Xcel Energy Inc. for a purchase price of approximately $663 million, including final working capital adjustments. The sale resulted in a gain of approximately $39 million ($23 million after tax). Plant Mankato represented an individually significant component of Southern Power. Southern Company Gas Sale of Sequent On July 1, 2021, Southern Company Gas affiliates completed the sale of Sequent to Williams Field Services Group for a total cash purchase price of $159 million, including final working capital adjustments. The pre-tax gain associated with th e transaction was approximately $121 million ($92 million after tax). The sale resulted in $85 million of additional tax expense. Sale of Pivotal LNG and Atlantic Coast Pipeline In March 2020, Southern Company Gas completed the sale of its interests in Pivotal LNG and Atlantic Coast Pipeline to Dominion Modular LNG Holdings, Inc. and Dominion Atlantic Coast Pipeline, LLC, respectively, with aggregate proceeds of $178 million, including final working capital adjustments. The loss associated with the transactions was immaterial. In connection with the sale, Southern Company Gas received two additional $5 million payments upon Dominion Modular LNG Holdings, Inc. meeting certain milestones related to Pivotal LNG in April 2021 and May 2022, respectively. Sale of Natural Gas Storage Facilities In December 2020, Southern Company Gas completed the sale of Jefferson Island to EnLink Midstream, LLC for a total purchase price of $33 million, including estimated working capital adjustments. The gain associated with the sale totaled $22 million pre-tax ($16 million after tax). On September 7, 2022, certain affiliates of Southern Company Gas entered into agreements to sell two natural gas storage facilities located in California and Texas for an aggregate purchase price of $186 million, plus working capital and certain other adjustments. The sale of the Texas facility was completed on November 18, 2022. Completion of the sale of the California facility is expected later in 2023 and is subject to certain closing conditions, including, among others, approval from the California Public Utilities Commission without a material burdensome condition. The ultimate outcome of this matter cannot be determined at this time. Completion of the sale of the Texas facility was subject to release of a Southern Company Gas parent guarantee, which was executed on October 20, 2022 and, as a result, Southern Company Gas recorded pre-tax impairment charges totaling approximately $131 million ($99 million after tax) in the fourth quarter 2022. |
SEGMENT AND RELATED INFORMATION
SEGMENT AND RELATED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION Southern Company 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 $875 million, $515 million, and $364 million in 2022, 2021, and 2020, respectively. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies were immaterial for all periods presented. Revenues from sales of natural gas from Southern Company Gas (prior to its sale of Sequent) to Southern Power were $18 million and $26 million in 2021 and 2020, respectively. 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 leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the years ended December 31, 2022, 2021, and 2020 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) 2022 Operating revenues $ 20,408 $ 3,369 $ (904) $ 22,873 $ 5,962 $ 593 $ (149) $ 29,279 Depreciation and amortization 2,513 516 — 3,029 559 75 — 3,663 Interest income 44 3 — 47 3 16 (7) 59 Earnings from equity method investments — — — — 148 3 — 151 Interest expense 929 138 — 1,067 263 694 (2) 2,022 Income taxes (benefit) 828 20 — 848 180 (233) — 795 Segment net income (loss) (a)(b)(c)(d) 3,318 354 — 3,672 572 (711) (9) 3,524 Goodwill — 2 — 2 5,015 144 — 5,161 Total assets 95,861 13,081 (659) 108,283 24,621 2,665 (678) 134,891 2021 Operating revenues $ 16,614 $ 2,216 $ (530) $ 18,300 $ 4,380 $ 582 $ (149) $ 23,113 Depreciation and amortization 2,436 517 — 2,953 536 76 — 3,565 Interest income 20 1 — 21 — 4 (3) 22 Earnings from equity method investments 1 — — 1 50 24 1 76 Interest expense 821 147 — 968 238 631 — 1,837 Income taxes (benefit) 232 (13) — 219 275 (227) — 267 Segment net income (loss) (a)(b)(e)(f)(g)(h) 1,981 266 — 2,247 539 (384) (9) 2,393 Goodwill — 2 — 2 5,015 263 — 5,280 Total assets 89,051 13,390 (667) 101,774 23,560 2,975 (775) 127,534 2020 Operating revenues $ 15,135 $ 1,733 $ (371) $ 16,497 $ 3,434 $ 596 $ (152) $ 20,375 Depreciation and amortization 2,447 494 — 2,941 500 77 — 3,518 Interest income 26 4 — 30 5 6 (4) 37 Earnings from equity method investments — — — — 141 12 — 153 Interest expense 825 151 — 976 231 614 — 1,821 Income taxes (benefit) 514 3 — 517 173 (297) — 393 Segment net income (loss) (a)(b)(h)(i)(j) 2,877 238 — 3,115 590 (592) 6 3,119 Goodwill — 2 — 2 5,015 263 — 5,280 Total assets 85,486 13,235 (680) 98,041 22,630 3,168 (904) 122,935 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes pre-tax charges to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $183 million ($137 million after tax) in 2022, $1.7 billion ($1.3 billion after tax) in 2021, and $325 million ($242 million after tax) in 2020. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. (c) For Southern Company Gas, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (d) For the "All Other" column, includes a $119 million goodwill impairment loss (pre-tax and after tax) at PowerSecure. See Note 1 under "Goodwill and Other Intangible Assets and Liabilities" for additional information. (e) For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes 7 and 15 under "Southern Power" for additional information. (f) For Southern Company Gas, includes a pre-tax gain of $121 million ($92 million after tax) related to its sale of Sequent, as well as the resulting $85 million of additional tax expense due to changes in state apportionment rates, and pre-tax impairment charges totaling $84 million ($67 million after tax) related to its equity method investment in the PennEast Pipeline project. See Notes 7 and 15 under "Southern Company Gas" for additional information. (g) For the "All Other" column, includes a pre-tax gain of $93 million ($99 million gain after tax) associated with the termination of two leveraged leases projects. See Note 15 under "Southern Company" for additional information. (h) For the "All Other" column, includes pre-tax impairment charges totaling $7 million ($6 million after tax) in 2021 and $206 million ($105 million after tax) in 2020 related to leveraged lease investments. See Notes 9 and 15 under "Southern Company Leveraged Lease" and "Southern Company," respectively, for additional information. (i) For Southern Power, includes a $39 million pre-tax gain ($23 million gain after tax) on the sale of Plant Mankato. See Note 15 under "Southern Power" for additional information. (j) For Southern Company Gas, includes a $22 million pre-tax gain ($16 million gain after tax) on the sale of Jefferson Island. See Note 15 under "Southern Company Gas" for additional information. Products and Services Electric Utilities' Revenues Year Retail Wholesale Other Total (in millions) 2022 $ 18,197 $ 3,641 $ 1,035 $ 22,873 2021 14,852 2,455 993 18,300 2020 13,643 1,945 909 16,497 Southern Company Gas' Revenues Year Gas Gas All Other Total (in millions) 2022 $ 5,240 $ 638 $ 84 $ 5,962 2021 3,656 475 249 4,380 2020 2,902 408 124 3,434 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 under "Southern Company Gas" for additional information on the disposition activities described herein. Gas distribution operations is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states. Gas pipeline investments consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG 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, and through its March 2020 sale, included a 5% ownership interest in the Atlantic Coast Pipeline construction project. See Notes 5 and 7 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. The all other column included a natural gas storage facility in Texas through its sale on November 18, 2022, Jefferson Island through its sale in December 2020, and Pivotal LNG through its sale in March 2020. See Note 15 to the financial statements under "Southern Company Gas" for additional information, including the sale of a natural gas storage facility in California expected to be completed later in 2023 . Financial data for business segments for the years ended December 31, 2022, 2021, and 2020 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (a) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) 2022 Operating revenues $ 5,267 $ 32 $ — $ 638 $ 5,937 $ 55 $ (30) $ 5,962 Depreciation and amortization 516 5 — 16 537 22 — 559 Operating income (loss) 803 21 — 133 957 (135) (8) 814 Earnings from equity method investments — 148 — — 148 — — 148 Interest expense 229 27 — 3 259 4 — 263 Income taxes (benefit) 145 35 — 37 217 (37) — 180 Segment net income (loss) (b) 470 107 — 94 671 (99) — 572 Total assets 22,040 1,577 — 1,616 25,233 8,943 (9,555) 24,621 2021 Operating revenues $ 3,679 $ 32 $ 188 $ 475 $ 4,374 $ 38 $ (32) $ 4,380 Depreciation and amortization 482 5 — 18 505 31 — 536 Operating income (loss) 708 21 241 125 1,095 (40) — 1,055 Earnings from equity method investments — 50 — — 50 — — 50 Interest expense 207 25 2 3 237 1 — 238 Income taxes (benefit) 120 27 32 34 213 62 — 275 Segment net income (loss) (c)(d)(e) 412 19 107 88 626 (87) — 539 Total assets 20,917 1,467 31 1,556 23,971 12,114 (12,525) 23,560 2020 Operating revenues $ 2,952 $ 32 $ 74 $ 408 $ 3,466 $ 36 $ (68) $ 3,434 Depreciation and amortization 442 5 1 22 470 30 — 500 Operating income (loss) 655 20 20 119 814 (7) 5 812 Earnings from equity method investments — 141 — — 141 — — 141 Interest expense 192 29 4 3 228 3 — 231 Income taxes (benefit) 114 33 3 28 178 (5) — 173 Segment net income (loss) (f) 390 99 14 89 592 (2) — 590 Total assets 19,090 1,597 850 1,503 23,040 11,336 (11,746) 22,630 (a) As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment in 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) 2021 $ 3,881 $ 90 $ 3,971 $ 3,783 $ 188 2020 4,544 115 4,659 4,585 74 (b) For the "All Other" column, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (c) For gas pipeline investments, includes pre-tax impairment charges totaling $84 million ($67 million after tax) related to the equity method investment in the PennEast Pipeline project. See Note 7 under "Southern Company Gas" for additional information. (d) For wholesale gas services, includes a pre-tax gain of $121 million ($92 million after tax) related to the sale of Sequent. (e) For the "All Other" column, includes $85 million of additional tax expense as a result of the sale of Sequent. (f) For the "All Other" column include s a $22 million pre-tax gain ($16 million g ain after tax) on the sale of Jefferson Island. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021, AND 2020 Additions Description Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions (a) Balance at End of Period (in millions) Provision for uncollectible accounts: Southern Company (b) 2022 $ 78 $ 71 $ (1) $ 77 $ 71 2021 118 51 (23) 68 78 2020 49 78 27 36 118 Alabama Power 2022 $ 14 $ 10 $ — $ 10 $ 14 2021 43 (7) — 22 14 2020 22 25 — 4 43 Georgia Power (b) 2022 $ 2 $ 21 $ — $ 20 $ 3 2021 26 16 (23) 17 2 2020 2 14 23 13 26 Mississippi Power 2022 $ 1 $ 1 $ 1 $ 2 $ 1 2021 1 1 — 1 1 2020 1 1 — 1 1 Southern Power 2022 $ 5 $ (2) $ — $ 2 $ 1 2021 — 5 — — 5 2020 — — — — — Southern Company Gas 2022 $ 39 $ 55 $ — $ 44 $ 50 2021 40 26 — 27 39 2020 18 35 4 17 40 (a) Deductions represent write-offs of accounts considered to be uncollectible, less recoveries of amounts previously written off. (b) During 2020, Georgia Power recorded $23 million of expected bad debt related to the COVID-19 pandemic to a regulatory asset in accordance with orders from the Georgia PSC. During 2021, based on a review of bad debt amounts under a Georgia PSC-approved methodology, Georgia Power reversed substantially all of the amount recorded in 2020. See Note 2 to the financial statements under "Georgia Power – Deferral of Incremental COVID-19 Costs" in Item 8 herein for additional information. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2022, 2021, AND 2020 Additions Description Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions Balance at End of Period (in millions) Tax valuation allowance (net state): Southern Company (a)(b) 2022 $ 169 $ 68 $ (30) $ — $ 207 2021 112 57 — — 169 2020 113 — — 1 112 Georgia Power (a) 2022 $ 58 $ 70 $ (30) $ — $ 98 2021 28 30 — — 58 2020 28 — — — 28 Mississippi Power (b) 2022 $ 32 $ — $ — $ — $ 32 2021 32 — — — 32 2020 32 — — — 32 Southern Power (b) 2022 $ 21 $ — $ — $ — $ 21 2021 27 (6) — — 21 2020 29 (1) — 1 27 Southern Company Gas (b) 2022 $ 7 $ — $ — $ — $ 7 2021 4 3 — — 7 2020 4 — — — 4 (a) In 2018, Georgia Power established a valuation allowance for certain Georgia state tax credits expected to expire prior to being fully utilized, which has been adjusted in subsequent years as a result of changes in projected state taxable income. (b) Associated with a state net operating loss carryforward expected to expire prior to being fully utilized. See Note 10 to the financial statements in Item 8 herein for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
General | General Southern Company is the parent company of three traditional electric operating companies, as well as Southern Power, Southern Company Gas, SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through natural gas distribution utilities, including Nicor Gas (Illinois), Atlanta Gas Light (Georgia), Virginia Natural Gas, and Chattanooga Gas (Tennessee). Southern Company Gas is also involved in several other complementary businesses including gas pipeline investments and gas marketing services. Prior to the sale of Sequent on July 1, 2021, these businesses also included wholesale gas services. SCS, the system service company, provides, at cost, specialized services to Southern Company and its subsidiary companies. Southern Linc provides digital wireless communications for use by Southern Company and its subsidiary companies and also markets these services to the public and provides fiber optics services within the Southeast. Southern Holdings is an intermediate holding company subsidiary. Southern Nuclear operates and provides services to the Southern Company system's nuclear power plants, including Alabama Power's Plant Farley and Georgia Power's Plant Hatch and Plant Vogtle Units 1 and 2, and is currently managing construction and start-up of Plant Vogtle Units 3 and 4, which are co-owned by Georgia Power. PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental, and utility customers. See Note 15 for information regarding the sale of Sequent. The Registrants' financial statements reflect investments in subsidiaries on a consolidated basis. Intercompany transactions have been eliminated in consolidation. The equity method is used for investments in entities in which a Registrant has significant influence but does not have control and for VIEs where a Registrant has an equity investment but is not the primary beneficiary. Southern Power has controlling ownership in certain legal entities for which the contractual provisions represent profit-sharing arrangements because the allocations of cash distributions and tax benefits are not based on fixed ownership percentages. For these arrangements, the noncontrolling interest is accounted for under a balance sheet approach utilizing the HLBV method. The HLBV method calculates each partner's share of income based on the change in net equity the partner can legally claim in a HLBV at the end of the period compared to the beginning of the period. See "Variable Interest Entities" herein and Note 7 for additional information. The traditional electric operating companies, Southern Power, certain subsidiaries of Southern Company Gas, and certain other subsidiaries are subject to regulation by the FERC, and the traditional electric operating companies and the natural gas distribution utilities are also subject to regulation by their respective state PSCs or other applicable state regulatory agencies. As such, the respective financial statements of the applicable Registrants reflect the effects of rate regulation in accordance with GAAP and comply with the accounting policies and practices prescribed by relevant state PSCs or other applicable state regulatory agencies. The preparation of financial statements in conformity with GAAP requires the use of estimates, and the actual results may differ from those estimates. Certain prior years' data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the Registrants' results of operations, financial position, or cash flows. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR, which began phasing out on December 31, 2021. The discontinuation date of the overnight 1-, 3-, 6-, and 12-month tenors of LIBOR is June 30, 2023, which is beyond the original effective date of ASU 2020-04; therefore, on December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (ASU 2022-06) to defer the sunset date of ASU 2020-04 from December 31, 2022 to December 31, 2024. The amendments are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The guidance (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2024 by accounting topic. The Registrants have elected to apply the amendments to modifications of debt and derivative arrangements that meet the scope of ASU 2020-04 and ASU 2022-06. The Registrants currently reference LIBOR for certain debt and hedging arrangements. In addition, certain provisions in PPAs at Southern Power include references to LIBOR. Contract language has been, or is expected to be, incorporated into each of these agreements to address the transition to an alternative rate for agreements that will be in place at the transition date. No material impacts are expected from modifications to the arrangements and effective hedging relationships are expected to continue. See Note 14 under "Interest Rate Derivatives" for additional information. |
Affiliate Transactions | Affiliate TransactionsThe traditional electric operating companies, Southern Power, and Southern Company Gas have agreements with SCS under which certain of the following services are rendered to them at direct or allocated cost: general executive and advisory, general and design engineering, operations, purchasing, accounting, finance, treasury, legal, tax, information technology, marketing, auditing, insurance and pension administration, human resources, systems and procedures, digital wireless communications, cellular tower space, and other services with respect to business and operations, construction management, and Southern Company power pool transactions. These costs are primarily included in other operations and maintenance expenses or capitalized to property, plant, and equipment. |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities The traditional electric operating companies and the natural gas distribution utilities are subject to accounting requirements for the effects of rate regulation. Regulatory assets represent probable future revenues associated with certain costs that are expected to be recovered from customers through the ratemaking process. Regulatory liabilities represent costs recovered that are expected to be incurred in the future or probable future reductions in revenues associated with amounts that are expected to be credited to customers through the ratemaking process. In the event that a portion of a traditional electric operating company's or a natural gas distribution utility's operations is no longer subject to applicable accounting rules for rate regulation, such company would be required to write off to income or reclassify to AOCI related regulatory assets and liabilities that are not specifically recoverable through regulated rates. In addition, the |
Revenues | Revenues The Registrants generate revenues from a variety of sources which are accounted for under various revenue accounting guidance, including revenue from contracts with customers, lease, derivative, and regulatory accounting. See Notes 4, 9, and 14 for additional information. Traditional Electric Operating Companies The majority of the revenues of the traditional electric operating companies are generated from contracts with retail electric customers. These revenues, generated from the integrated service to deliver electricity when and if called upon by the customer, are recognized as a single performance obligation satisfied over time, at a tariff rate, and as electricity is delivered to the customer during the month. Unbilled revenues related to retail sales are accrued at the end of each fiscal period. Retail rates may include provisions to adjust revenues for fluctuations in fuel costs, fuel hedging, the energy component of purchased power costs, and certain other costs. Revenues are adjusted for differences between these actual costs and amounts billed in current regulated rates. Under or over recovered regulatory clause revenues are recorded in the balance sheets and are recovered from or returned to customers, respectively, through adjustments to the billing factors. See Note 2 for additional information regarding regulatory matters of the traditional electric operating companies. Wholesale capacity revenues from PPAs are recognized in amounts billable under the contract terms. Energy and other revenues are generally recognized as services are provided. The contracts for capacity and energy in a wholesale PPA have multiple performance obligations where the contract's total transaction price is allocated to each performance obligation based on the standalone selling price. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, the traditional electric operating companies recognize revenue as the performance obligations are satisfied over time as electricity is delivered to the customer or as generation capacity is available to the customer. For both retail and wholesale revenues, the traditional electric operating companies have elected to recognize revenue for their sales of electricity and capacity using the invoice practical expedient as they generally have a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and that may be invoiced. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of the Registrants' performance obligation. Southern Power Southern Power sells capacity and energy at rates specified under contractual terms in long-term PPAs. These PPAs are accounted for as leases, non-derivatives, or normal sale derivatives. Capacity revenues from PPAs classified as operating leases are recognized on a straight-line basis over the term of the agreement. Energy revenues are recognized in the period the energy is delivered. Capacity revenues from PPAs classified as sales-type leases are recognized by accounting for interest income on the net investment in the lease. Southern Power's non-lease contracts commonly include capacity and energy which are considered separate performance obligations. In these contracts, the total transaction price is allocated to each performance obligation based on the standalone selling price. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, Southern Power recognizes revenue as the performance obligations are satisfied over time, as electricity is delivered to the customer or as generation capacity is made available to the customer. Southern Power generally has a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and may recognize revenue in the amount to which the entity has a right to invoice. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of Southern Power's performance obligation. When multiple contracts exist with the same counterparty, the revenues from each contract are accounted for as separate arrangements. Southern Power may also enter into contracts to sell short-term capacity in the wholesale electricity markets. These sales are generally classified as mark-to-market derivatives and net unrealized gains and losses on such contracts are recorded in wholesale revenues. See Note 14 and "Financial Instruments" herein for additional information. Southern Company Gas Gas Distribution Operations Southern Company Gas records revenues when goods or services are provided to customers. Those revenues are based on rates approved by the state regulatory agencies of the natural gas distribution utilities. Atlanta Gas Light operates in a deregulated natural gas market wher eby M arketers, rather than a traditional utility, sell natural gas to end-use customers in Georgia and handle customer billing functions. As required by the Georgia PSC, Atlanta Gas Light bills Marketers in equal monthly installments for each residential, commercial, and industrial end-use customer's distribution costs as well as for capacity costs utilizing a seasonal rate design for the calculation of each residential end-use customer's annual straight-fixed-variable charge, which reflects the historic volumetric usage pattern for the entire residential class. The majority of the revenues of Southern Company Gas are generated from contracts with natural gas distribution customers. Revenues from this integrated service to deliver gas when and if called upon by the customer are recognized as a single performance obligation satisfied over time and are recognized at a tariff rate as gas is delivered to the customer during the month. The standalone selling price is primarily determined by the price charged to customers for the specific goods or services transferred with the performance obligations. Generally, Southern Company Gas recognizes revenue as the performance obligations are satisfied over time as natural gas is delivered to the customer. The performance obligations related to wholesale gas services are satisfied, and revenue is recognized, at a point in time when natural gas is delivered to the customer. Southern Company Gas has elected to recognize revenue for sales of gas using the invoice practical expedient as it generally has a right to consideration in an amount that corresponds directly with the value to the customer of the performance completed to date and that may be invoiced. Payment for goods and services rendered is typically due in the subsequent month following satisfaction of Southern Company Gas' performance obligation. With the exception of Atlanta Gas Light, the natural gas distribution utilities have rate structures that include volumetric rate designs that allow the opportunity to recover certain costs based on gas usage. Revenues from sales and transportation services are recognized in the same period in which the related volumes are delivered to customers. Revenues from residential and certain commercial and industrial customers are recognized on the basis of scheduled meter readings. Additionally, unbilled revenues are recognized for estimated deliveries of gas not yet billed to these customers, from the last bill date to the end of the accounting period. For other commercial and industrial customers, revenues are based on actual deliveries through the end of the period. The tariffs for the natural gas distribution utilities include provisions which allow for the recognition of certain revenues prior to the time such revenues are billed to customers. These provisions are referred to as alternative revenue programs and provide for the recognition of certain revenues prior to billing, as long as the amounts recognized will be collected from customers within 24 months of recognition. Revenue related to alternative revenue programs was $(5) million, $11 million, and $3 million in 2022, 2021, and 2020, respectively. These programs are as follows: • Weather normalization adjustments – reduce customer bills when winter weather is colder than normal and increase customer bills when weather is warmer than normal and are included in the tariffs for Virginia Natural Gas and Chattanooga Gas; • Revenue normalization mechanisms – mitigate the impact of conservation and declining customer usage and are contained in the tariffs for Virginia Natural Gas and Nicor Gas; and • Revenue true-up adjustment – included within the provisions of the GRAM program in which Atlanta Gas Light participates as a short-term alternative to formal rate case filings, the revenue true-up feature provides for a positive (or negative) adjustment to record revenue in the amount of any variance to budgeted revenues, which are submitted and approved annually as a requirement of GRAM. Such adjustments are reflected in customer billings in a subsequent program year. Wholesale Gas Services Prior to the sale of Sequent on July 1, 2021, Southern Company Gas netted revenues from energy and risk management activities with the associated costs. Profits from sales between segments were eliminated and recognized as goods or services sold to end-use customers. Southern Company Gas recorded wholesale gas services' transactions that qualified as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes were presented on a net basis in revenue. See Note 15 under "Southern Company Gas" for additional information on the sale of Sequent. Gas Marketing Services Southern Company Gas recognizes revenues from natural gas sales and transportation services in the same period in which the related volumes are delivered to customers and recognizes sales revenues from residential and certain commercial and industrial customers on the basis of scheduled meter readings. Southern Company Gas also recognizes unbilled revenues for estimated deliveries of gas not yet billed to these customers from the most recent meter reading date to the end of the accounting period. For other commercial and industrial customers and for all wholesale customers, revenues are based on actual deliveries during the period. Southern Company Gas recognizes revenues on 12-month utility-bill management contracts as the lesser of cumulative earned or cumulative billed amounts. Concentration of Revenue Southern Company, Alabama Power, Georgia Power, Mississippi Power (with the exception of its full requirements cost-based MRA electric tariffs described below), Southern Power, and Southern Company Gas each have a diversified base of customers and no single customer or industry comprises 10% or more of each company's revenues. Mississippi Power provides service under long-term contracts with rural electric cooperative associations and a municipality located in southeastern Mississippi under requirements cost-based MRA electric tariffs, which are subject to regulation by the FERC. The contracts with these wholesale customers represented 12.4% of Mississippi Power's total operating revenues in 2022. Historically, these wholesale customers have acted as a group and any changes in contractual relationships for one customer are likely to be followed by the other wholesale customers. |
Fuel Costs | Fuel Costs Fuel costs for the traditional electric operating companies and Southern Power are expensed as the fuel is used. Fuel expense generally includes fuel transportation costs and the cost of purchased emissions allowances as they are used. For Alabama Power and Georgia Power, fuel expense also includes the amortization of the cost of nuclear fuel. For the traditional electric operating companies, fuel costs also include gains and/or losses from fuel-hedging programs as approved by their respective state PSCs. |
Cost of Natural Gas | Cost of Natural Gas Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, Southern Company Gas charges its utility customers for natural gas consumed using natural gas cost recovery mechanisms set by the applicable state regulatory agencies. Under these mechanisms, all prudently-incurred natural gas costs are passed through to customers without markup, subject to regulatory review. Southern Company Gas defers or accrues the difference between the actual cost of natural gas and the amount of commodity revenue earned in a given period such that no operating income is recognized related to these costs. The deferred or accrued amount is either billed or refunded to customers prospectively through adjustments to the commodity rate. Deferred and accrued natural gas costs are included in the balance sheets as regulatory assets and regulatory liabilities, respectively. Southern Company Gas' gas marketing services' customers are charged for actual or estimated natural gas consumed. Within cost of natural gas, Southern Company Gas also includes costs of lost and unaccounted for gas, adjustments to reduce the value of inventories to market value, and gains and losses associated with certain derivatives. |
Income Taxes and Other Taxes | Income Taxes The Registrants use the liability method of accounting for deferred income taxes and provide deferred income taxes for all significant income tax temporary differences. In accordance with regulatory requirements, deferred federal ITCs for the traditional electric operating companies are amortized over the average life of the related property, with such amortization normally applied as a credit to reduce depreciation and amortization in the statements of income. Southern Power's and the natural gas distribution utilities' deferred federal ITCs, as well as certain state ITCs for Nicor Gas, are amortized to income tax expense over the life of the respective asset. Under current tax law, certain projects at Southern Power related to the construction of renewable facilities are eligible for federal ITCs. Southern Power estimates eligible costs which, as they relate to acquisitions, may not be finalized until the allocation of the purchase price to assets has been finalized. Southern Power applies the deferred method to ITCs, whereby the ITCs are recorded as a deferred credit and amortized to income tax expense over the life of the respective asset. Furthermore, the tax basis of the asset is reduced by 50% of the ITCs received, resulting in a net deferred tax asset. Southern Power has elected to recognize the tax benefit of this basis difference as a reduction to income tax expense in the year in which the plant reaches commercial operation. State ITCs are recognized as an income tax benefit in the period in which the credits are generated. In addition, certain projects are eligible for federal and state PTCs, which are recognized as an income tax benefit based on KWH production. Federal ITCs and PTCs, as well as state ITCs and other state tax credits available to reduce income taxes payable, were not fully utilized in 2022 and will be carried forward and utilized in future years. In addition, Southern Company is expected to have various state net operating loss (NOL) carryforwards for certain of its subsidiaries, including Mississippi Power and Southern Power, which would result in income tax benefits in the future, if utilized. See Note 10 under "Current and Deferred Income Taxes – Tax Credit Carryforwards" and " – Net Operating Loss Carryforwards" for additional information. The Registrants recognize tax positions that are "more likely than not" of being sustained upon examination by the appropriate taxing authorities. See Note 10 under "Unrecognized Tax Benefits" for additional information. Other Taxes Taxes imposed on and collected from customers on behalf of governmental agencies are presented net on the Registrants' statements of income and are excluded from the transaction price in determining the revenue related to contracts with a customer. |
Allowance for Funds Used During Construction and Interest Capitalized | Allowance for Funds Used During Construction and Interest Capitalized The traditional electric operating companies and the natural gas distribution utilities record AFUDC, which represents the estimated debt and equity costs of capital funds that are necessary to finance the construction of new regulated facilities. While cash is not realized currently, AFUDC increases the revenue requirement and is recovered over the service life of the asset through a higher rate base and higher depreciation. The equity component of AFUDC is not taxable. Interest related to financing the construction of new facilities at Southern Power and new facilities not included in the traditional electric operating companies' and Southern Company Gas' regulated rates is capitalized in accordance with standard interest capitalization requirements. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsThe Registrants evaluate long-lived assets and finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The determination of whether an impairment has occurred is based on either a specific regulatory disallowance, a sales transaction price that is less than the asset group's carrying amount, or an estimate of undiscounted future cash flows attributable to the asset group, as compared with the carrying amount of the assets. If an impairment has occurred, the amount of the impairment recognized is determined by either the amount of regulatory disallowance or by estimating the fair value of the assets and recording a loss if the carrying amount is greater than the fair value. For assets identified as held for sale, the carrying amount is compared to the estimated fair value less the cost to sell in order to determine if an impairment loss is required. Until the assets are disposed of, their estimated fair value is re-evaluated when circumstances or events change. |
Goodwill and Other Intangible Assets and Liabilities | Goodwill and Other Intangible Assets and Liabilities Southern Power's intangible assets consist primarily of certain PPAs acquired, which are amortized over the term of the respective PPA. Southern Company Gas' goodwill and other intangible assets and liabilities primarily relate to its 2016 acquisition by Southern Company. In addition to these items, Southern Company's goodwill and other intangible assets also relate to its 2016 acquisition of PowerSecure. For its 2022 and 2020 annual impairment tests, Southern Company Gas management performed the qualitative assessment and determined that it was more likely than not that the fair value of all of its reporting units with goodwill exceeded their carrying amounts, and therefore no quantitative assessment was required. For its 2021 annual impairment test, Southern Company Gas management performed the quantitative assessment and confirmed that the fair values of all of its reporting units with goodwill exceeded their carrying amounts. For its 2021 and 2020 annual impairment tests, PowerSecure management performed the quantitative assessment, which resulted in the fair value of PowerSecure exceeding its carrying amount. For its 2022 annual impairment test, PowerSecure management performed the quantitative assessment, which resulted in the fair value of PowerSecure being lower than its carrying amount. The fair value was estimated using a discounted cash flow analysis. The decline in fair value primarily resulted from declining macroeconomic conditions, reducing sales growth and estimated cash flows. As a result, a goodwill impairment of $119 million was recorded in the fourth quarter 2022. The worldwide disruptions in supply chain, reduced labor availability and productivity, and reduced economic activity in the United States have had a variety of adverse impacts on Southern Company and its subsidiaries, including PowerSecure. If these factors continue to negatively affect the operating results of PowerSecure, all or a portion of its remaining goodwill of $144 million may become impaired. |
Acquisition Accounting | Acquisition Accounting At the time of an acquisition, management will assess whether acquired assets and activities meet the definition of a business. Acquisitions that meet the definition of a business are accounted for under the acquisition method, and operating results from the date of acquisition are included in the acquiring entity's financial statements. The purchase price, including any contingent consideration, is allocated based on the fair value of the identifiable assets acquired and liabilities assumed (including any intangible assets). Assets acquired that do not meet the definition of a business are accounted for as an asset acquisition. The purchase price of each asset acquisition is allocated based on the relative fair value of assets acquired. Determining the fair value of assets acquired and liabilities assumed requires management judgment and management may engage independent valuation experts to assist in this process. Fair values are determined by using market participant assumptions and typically include the timing and amounts of future cash flows, incurred construction costs, the nature of acquired contracts, discount rates, power market prices, and expected asset lives. Any due diligence or transition costs incurred for potential or successful acquisitions are expensed as incurred. |
Development Costs | Development Costs For Southern Power, development costs are capitalized once a project is probable of completion, primarily based on a review of its economics and operational feasibility, as well as the status of power off-take agreements and regulatory approvals, if applicable. Southern Power's capitalized development costs are included in CWIP on the balance sheets. All of Southern Power's development costs incurred prior to the determination that a project is probable of completion are expensed as incurred and included in other operations and maintenance expense in the statements of income. If it is determined that a project is no longer probable of completion, any of Southern Power's capitalized development costs are expensed and included in other operations and maintenance expense in the statements of income. |
Long-Term Service Agreements | Long-Term Service Agreements The traditional electric operating companies and Southern Power have entered into LTSAs for the purpose of securing maintenance support for certain of their generating facilities. The LTSAs cover all planned inspections on the covered equipment, which generally includes the cost of all labor and materials. The LTSAs also obligate the counterparties to cover the costs of unplanned maintenance on the covered equipment subject to limits and scope specified in each contract. Payments made under the LTSAs for the performance of any planned inspections or unplanned capital maintenance are recorded in the statements of cash flows as investing activities. Receipts of major parts into materials and supplies inventory prior to planned inspections are treated as noncash transactions in the statements of cash flows. Any payments made prior to the work being performed are recorded as prepayments in other current assets and noncurrent assets on the balance sheets. At the time work is performed, an appropriate amount is accrued for future payments or transferred from the prepayment and recorded as property, plant, and equipment or expensed. |
Transmission Receivables/Prepayments | Transmission Receivables/Prepayments As a result of Southern Power's acquisition and construction of generating facilities, Southern Power has transmission receivables and/or prepayments representing the portion of interconnection network and transmission upgrades that will be reimbursed to Southern Power. Upon completion of the related project, transmission costs are generally reimbursed by the interconnection provider within a five-year period and the receivable/prepayments are reduced as payments or services are received. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash For purposes of the financial statements, temporary cash investments are considered cash equivalents. Temporary cash investments are securities with original maturities of 90 days or less. |
Storm Damage and Reliability Reserves | Storm Damage and Reliability ReservesEach traditional electric operating company maintains a reserve to cover or is allowed to defer and recover the cost of damages from major storms to its transmission and distribution lines and, for Mississippi Power, the cost of uninsured damages to its generation facilities and other property. |
Materials and Supplies | Materials and Supplies Materials and supplies for the traditional electric operating companies generally includes the average cost of transmission, distribution, and generating plant materials. Materials and supplies for Southern Company Gas generally includes propane gas inventory, liquefied natural gas inventory, fleet fuel, and other materials and supplies. Materials and supplies for Southern Power generally includes the average cost of generating plant materials. Materials are recorded to inventory when purchased and then expensed or capitalized to property, plant, and equipment, as appropriate, at weighted average cost when installed. In addition, certain major parts are recorded as inventory when acquired and then capitalized at cost when installed to property, plant, and equipment. |
Fuel Inventory | Fuel Inventory Fuel inventory for the traditional electric operating companies includes the average cost of coal, natural gas, oil, transportation, and emissions allowances. Fuel inventory for Southern Power, which is included in other current assets, includes the average cost of oil, natural gas, and emissions allowances. Fuel is recorded to inventory when purchased and then expensed, at weighted average cost, as used. Emissions allowances granted by the EPA are included in inventory at zero cost. The traditional electric operating companies recover fuel expense through fuel cost recovery rates approved by each state PSC or, for wholesale rates, the FERC. |
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. In Georgia's deregulated, competitive environment, Marketers sell natural gas to firm end-use customers at market-based prices. On a monthly basis, Atlanta Gas Light assigns to Marketers the majority of the pipeline storage services that it has under contract, along with a corresponding amount of inventory. Atlanta Gas Light retains and manages a portion of its pipeline storage assets and related natural gas inventories for system balancing and to serve system demand. 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. The cost of natural gas, including inventory costs, is recovered from customers under a purchased gas recovery mechanism adjusted for differences between actual costs and amounts billed; therefore, LIFO liquidations have no impact on Southern Company's or Southern Company Gas' net income. At December 31, 2022, the Nicor Gas LIFO inventory balance wa s $170 million. Based on the average cost of gas purchased in December 2022, the estimated replacement cost of Nicor Gas' inventory at December 31, 2022 was $613 million. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts The customers of the traditional electric operating companies and the natural gas distribution utilities are billed monthly. For the majority of receivables, a provision for uncollectible accounts is established based on historical collection experience and other factors. For the remaining receivables, if the company is aware of a specific customer's inability to pay, a provision for uncollectible accounts is recorded to reduce the receivable balance to the amount reasonably expected to be collected. If circumstances change, the estimate of the recoverability of accounts receivable could change as well. Circumstances that could affect this estimate include, but are not limited to, customer credit issues, customer deposits, and general economic conditions. Customers' accounts are written off once they are deemed to be uncollectible. For all periods presented, uncollectible accounts averaged less than 1% of revenues for each Registrant. Credit risk exposure at Nicor Gas is mitigated by a bad debt rider approved by the Illinois Commission. The bad debt rider provides for the recovery from (or refund to) customers of the difference between Nicor Gas' actual bad debt experience on an annual basis and the benchmark bad debt expense used to establish its base rates for the respective year. |
Concentration of Credit Risk | Concentration of Credit Risk Concentration of credit risk occurs at Atlanta Gas Light for amounts billed for services and other costs to its customers, which consist of 14 Marketers in Georgia (including SouthStar). The credit risk exposure to the Marketers varies seasonally, with the lowest exposure in the non-peak summer months and the highest exposure in the peak winter months. Marketers are responsible |
Financial Instruments | Financial Instruments The traditional electric operating companies and Southern Power use derivative financial instruments to limit exposure to fluctuations in interest rates, the prices of certain fuel purchases, electricity purchases and sales, and occasionally foreign currency exchange rates. Southern Company Gas uses derivative financial instruments to limit exposure to fluctuations in natural gas prices, weather, interest rates, and commodity prices. All derivative financial instruments are recognized as either assets or liabilities on the balance sheets (included in "Other" or shown separately as "Risk Management Activities") and are measured at fair value. See Note 13 for additional information regarding fair value. Substantially all of the traditional electric operating companies' and Southern Power's bulk energy purchases and sales contracts that meet the definition of a derivative are excluded from fair value accounting requirements because they qualify for the "normal" scope exception, and are accounted for under the accrual method. Derivative contracts that qualify as cash flow hedges of anticipated transactions or are recoverable through the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs result in the deferral of related gains and losses in AOCI or regulatory assets and liabilities, respectively, until the hedged transactions occur. Other derivative contracts that qualify as fair value hedges are marked to market through current period income and are recorded on a net basis in the statements of income. Cash flows from derivatives are classified on the statements of cash flows in the same category as the hedged item. See Note 14 for additional information regarding derivatives. The Registrants offset fair value amounts recognized for multiple derivative instruments executed with the same counterparty under netting arrangements. The Registrants had no outstanding collateral repayment obligations or rights to reclaim collateral arising from derivative instruments recognized at December 31, 2022. The Registrants are exposed to potential losses related to financial instruments in the event of counterparties' nonperformance. The Registrants have 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 Southern Company Gas enters into weather derivative contracts as economic hedges of natural gas revenues in the event of warmer-than-normal weather in the Heating Season. Exchange-traded options are carried at fair value, with changes reflected in natural gas revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are also reflected in natural gas revenues in the statements of income. Southern Company Gas enters into transactions to secure transportation capacity between delivery points in order to serve its customers and various markets. NYMEX futures and OTC contracts are used to capture the price differential or spread between the locations served by the capacity to substantially protect the natural gas revenues that will ultimately be realized when the physical flow of natural gas between delivery points occurs. These contracts generally meet the definition of derivatives and are carried at fair value on the balance sheets, with changes in fair value included in earnings in the period of change. These contracts are not designated as hedges for accounting purposes. The purchase, transportation, storage, and sale of natural gas are accounted for on a weighted average cost or accrual basis, as appropriate, rather than on the fair value basis utilized for the derivatives used to mitigate the natural gas price risk associated with the storage and transportation portfolio. Monthly demand charges are incurred for the contracted storage and transportation capacity and payments associated with asset management agreements, and these demand charges and payments are recognized on the statements of income in the period they are incurred. This difference in accounting methods can result in volatility in reported earnings, even though the economic margin is substantially unchanged from the dates the transactions were consummated. 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 13 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 under "Financial Instruments" for additional information. See Note 15 under "Southern Company Gas" 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 AOCI 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. |
Comprehensive Income | Comprehensive Income The objective of comprehensive income is to report a measure of all changes in common stock equity of an enterprise that result from transactions and other economic events of the period other than transactions with owners. Comprehensive income consists of net income attributable to the Registrant, changes in the fair value of qualifying cash flow hedges, and reclassifications for amounts included in net income. Comprehensive income also consists of certain changes in pension and other postretirement benefit plans for Southern Company, Southern Power, and Southern Company Gas. |
Variable Interest Entities | Variable Interest Entities The Registrants may hold ownership interests in a number of business ventures with varying ownership structures. Partnership interests and other variable interests are evaluated to determine if each entity is a VIE. The primary beneficiary of a VIE is required to consolidate the VIE when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 7 for additional information regarding VIEs. |
Asset Retirement Obligations | AROs are computed as the present value of the estimated costs for an asset's future retirement and are recorded in the period in which the liability is incurred. The estimated costs are capitalized as part of the related long-lived asset and depreciated over the asset's useful life. In the absence of quoted market prices, AROs are estimated using present value techniques in which estimates of future cash outlays associated with the asset retirements are discounted using a credit-adjusted risk-free rate. Estimates of the timing and amounts of future cash outlays are based on projections of when and how the assets will be retired and the cost of future removal activities. Each traditional electric operating company and natural gas distribution utility has received accounting guidance from its state PSC or applicable state regulatory agency allowing the continued accrual or recovery of other retirement costs for long-lived assets that it does not have a legal obligation to retire. Accordingly, the accumulated removal costs for these obligations are reflected in the balance sheets as regulatory liabilities and amounts to be recovered are reflected in the balance sheets as regulatory assets. The ARO liabilities for the traditional electric operating companies primarily relate to facilities that are subject to the CCR Rule and the related state rules, principally ash ponds. In addition, Alabama Power and Georgia Power have retirement obligations related to the decommissioning of nuclear facilities (Alabama Power's Plant Farley and Georgia Power's ownership interests in Plant Hatch and Plant Vogtle Units 1 and 2). See "Nuclear Decommissioning" herein for additional information. Other significant AROs include various landfill sites and asbestos removal for Alabama Power, Georgia Power, and Mississippi Power and gypsum cells and mine reclamation for Mississippi Power. The ARO liability for Southern Power primarily relates to its solar and wind facilities, which are located on long-term land leases requiring the restoration of land at the end of the lease. The traditional electric operating companies and Southern Company Gas also have identified other retirement obligations, such as obligations related to certain electric transmission and distribution facilities, certain asbestos-containing material within long-term assets not subject to ongoing repair and maintenance activities, certain wireless communication towers, the disposal of polychlorinated biphenyls in certain transformers, leasehold improvements, equipment on customer property, and property associated with the Southern Company system's rail lines and natural gas pipelines. However, liabilities for the removal of these assets have not been recorded because the settlement timing for certain retirement obligations related to these assets is indeterminable and, therefore, the fair value of the retirement obligations cannot be reasonably estimated. A liability for these retirement obligations will be recognized when sufficient information becomes available to support a reasonable estimation of the ARO. Southern Company and the traditional electric operating companies will continue to recognize in their respective statements of income allowed removal costs in accordance with regulatory treatment. Any differences between costs recognized in accordance with accounting standards related to asset retirement and environmental obligations and those reflected in rates are recognized as either a regulatory asset or liability in the balance sheets as ordered by the various state PSCs. |
Nuclear Decommissioning | Nuclear Decommissioning The NRC requires licensees of commercial nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. Alabama Power and Georgia Power have external trust funds (Funds) to comply with the NRC's regulations. Use of the Funds is restricted to nuclear decommissioning activities. The Funds are managed and invested in accordance with applicable requirements of various regulatory bodies, including the NRC, the FERC, and state PSCs, as well as the IRS. While Alabama Power and Georgia Power are allowed to prescribe an overall investment policy to the Funds' managers, neither Southern Company nor its subsidiaries or affiliates are allowed to engage in the day-to-day management of the Funds or to mandate individual investment decisions. Day-to-day management of the investments in the Funds is delegated to unrelated third-party managers with oversight by the management of Alabama Power and Georgia Power. The Funds' managers are authorized, within certain investment guidelines, to actively buy and sell securities at their own discretion in order to maximize the return on the Funds' investments. The Funds are invested in a tax-efficient manner in a diversified mix of equity and fixed income securities and are reported as trading securities. Alabama Power and Georgia Power record the investment securities held in the Funds at fair value, as disclosed in Note 13, as management believes that fair value best represents the nature of the Funds. Gains and losses, whether realized or unrealized, are recorded in the regulatory liability for AROs in the balance sheets and are not included in net income or OCI. Fair value adjustments and realized gains and losses are determined on a specific identification basis. |
Fair Value Measurement | Fair value measurements are based on inputs of observable and unobservable market data that a market participant would use in pricing the asset or liability. The use of observable inputs is maximized where available and the use of unobservable inputs is minimized for fair value measurement and reflects a three-tier fair value hierarchy that prioritizes inputs to valuation techniques used for fair value measurement. • Level 1 consists of observable market data in an active market for identical assets or liabilities. • Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable. • Level 3 consists of unobservable market data. The input may reflect the assumptions of each Registrant of what a market participant would use in pricing an asset or liability. If there is little available market data, then each Registrant's own assumptions are the best available information. In the case of multiple inputs being used in a fair value measurement, the lowest level input that is significant to the fair value measurement represents the level in the fair value hierarchy in which the fair value measurement is reported. 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 14 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 under "Nuclear Decommissioning" 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of costs for affiliate transactions | Costs for these services from SCS in 2022, 2021, and 2020 were as follows: Alabama Georgia Mississippi Southern Southern Company Gas (in millions) 2022 $ 549 $ 762 $ 115 $ 86 $ 262 2021 504 663 120 89 239 2020 478 639 149 87 237 Mississippi Southern (in millions) 2022 $ 4 $ 29 2021 9 15 2020 4 8 Alabama Georgia Southern Southern Company Gas (in millions) 2022 $ 18 $ 99 $ 37 $ 27 2021 14 108 31 29 2020 15 108 29 29 2022 2021 2020 Alabama Power 2.7 % 2.7 % 2.6 % Georgia Power 3.3 % 3.3 % 3.0 % Mississippi Power 3.4 % 3.6 % 3.7 % Southern Company Gas 2.7 % 2.8 % 2.8 % |
Schedule of total AFUDC and interest capitalized | Total AFUDC and interest capitalized for the Registrants in 2022, 2021, and 2020 was as follows: Southern Company Alabama Georgia (*) Mississippi Southern Southern Company Gas (in millions) 2022 $ 327 $ 90 $ 213 $ — $ — $ 24 2021 282 68 190 — 6 18 2020 230 61 138 1 11 18 (*) See Note 2 under "Georgia Power – Nuclear Construction" for information on the inclusion of a portion of construction costs related to Plant Vogtle Units 3 and 4 in Georgia Power's rate base. |
Schedule of average AFUDC composite rates | The average AFUDC composite rates for 2022, 2021, and 2020 for the traditional electric operating companies and the natural gas distribution utilities were as follows: 2022 2021 2020 Alabama Power 7.9 % 7.9 % 8.1 % Georgia Power (*) 7.3 % 7.2 % 6.9 % Mississippi Power 5.3 % 2.5 % 5.4 % Southern Company Gas: Atlanta Gas Light 7.6 % 7.7 % 7.7 % Chattanooga Gas 7.1 % 7.1 % 7.1 % Nicor Gas 2.0 % 0.1 % 0.7 % (*) Excludes AFUDC related to the construction of Plant Vogtle Units 3 and 4. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. |
Schedule of goodwill balances | At December 31, 2022 and 2021, goodwill was as follows: At December 31, 2022 At December 31, 2021 (in millions) Southern Company $ 5,161 $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 $ 4,034 Gas marketing services 981 981 Southern Company Gas total $ 5,015 $ 5,015 |
Schedule of intangible assets subject to amortization | At December 31, 2022 and 2021, other intangible assets were as follows: At December 31, 2022 At December 31, 2021 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Subject to amortization: Customer relationships $ 212 $ (162) $ 50 $ 212 $ (150) $ 62 Trade names 64 (44) 20 64 (38) 26 PPA fair value adjustments 390 (129) 261 390 (109) 281 Other 5 (5) — 11 (10) 1 Total subject to amortization $ 671 $ (340) $ 331 $ 677 $ (307) $ 370 Not subject to amortization: FCC licenses 75 — 75 75 — 75 Total other intangible assets $ 746 $ (340) $ 406 $ 752 $ (307) $ 445 Southern Power (*) PPA fair value adjustments $ 390 $ (129) $ 261 $ 390 $ (109) $ 281 Southern Company Gas (*) Gas marketing services Customer relationships $ 156 $ (139) $ 17 $ 156 $ (130) $ 26 Trade names 26 (17) 9 26 (15) 11 Total other intangible assets $ 182 $ (156) $ 26 $ 182 $ (145) $ 37 (*) All subject to amortization. |
Schedule of intangible assets not subject to amortization | At December 31, 2022 and 2021, other intangible assets were as follows: At December 31, 2022 At December 31, 2021 Gross Carrying Amount Accumulated Amortization Other Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Subject to amortization: Customer relationships $ 212 $ (162) $ 50 $ 212 $ (150) $ 62 Trade names 64 (44) 20 64 (38) 26 PPA fair value adjustments 390 (129) 261 390 (109) 281 Other 5 (5) — 11 (10) 1 Total subject to amortization $ 671 $ (340) $ 331 $ 677 $ (307) $ 370 Not subject to amortization: FCC licenses 75 — 75 75 — 75 Total other intangible assets $ 746 $ (340) $ 406 $ 752 $ (307) $ 445 Southern Power (*) PPA fair value adjustments $ 390 $ (129) $ 261 $ 390 $ (109) $ 281 Southern Company Gas (*) Gas marketing services Customer relationships $ 156 $ (139) $ 17 $ 156 $ (130) $ 26 Trade names 26 (17) 9 26 (15) 11 Total other intangible assets $ 182 $ (156) $ 26 $ 182 $ (145) $ 37 (*) All subject to amortization. |
Schedule of amortization associated with other intangible assets | Amortization associated with other intangible assets in 2022, 2021, and 2020 was as follows: 2022 2021 2020 (in millions) Southern Company (a) $ 39 $ 44 $ 49 Southern Power (b) 20 20 20 Southern Company Gas: Gas marketing services $ 11 $ 15 $ 17 Wholesale gas services (b) — — 2 Southern Company Gas total $ 11 $ 15 $ 19 (a) Includes $20 million, $20 million, and $22 million in 2022, 2021, and 2020, respectively, recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. |
Schedule of estimated future amortization of other intangible assets | At December 31, 2022, the estimated amortization associated with other intangible assets for the next five years is as follows: 2023 2024 2025 2026 2027 (in millions) Southern Company $ 36 $ 35 $ 31 $ 26 $ 23 Southern Power 20 20 20 20 20 Southern Company Gas 9 8 6 3 — |
Schedule of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that total to the amount shown in the statements of cash flows for the applicable Registrants: Southern Georgia Southern Southern December 31, 2022 2021 2022 2022 2021 2022 2021 (in millions) (in millions) (in millions) Cash and cash equivalents $ 1,917 $ 1,798 $ 364 $ 131 $ 107 $ 81 $ 45 Restricted cash (a) : Other current assets 62 2 60 — — 2 2 Other deferred charges and assets 58 29 56 3 29 — — Total cash, cash equivalents, and restricted cash (b) $ 2,037 $ 1,829 $ 480 $ 133 $ 135 $ 83 $ 48 (a) For Georgia Power, reflects proceeds from the issuance of solid waste disposal facility revenue bonds. See Note 8 under "Long-term Debt" for additional information. Georgia Power did not have any restricted cash at December 31, 2021. For Southern Power, reflects $3 million and $10 million at December 31, 2022 and 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. See Note 15 under "Southern Power" for additional information. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may not add due to rounding. |
Reconciliation of restricted cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that total to the amount shown in the statements of cash flows for the applicable Registrants: Southern Georgia Southern Southern December 31, 2022 2021 2022 2022 2021 2022 2021 (in millions) (in millions) (in millions) Cash and cash equivalents $ 1,917 $ 1,798 $ 364 $ 131 $ 107 $ 81 $ 45 Restricted cash (a) : Other current assets 62 2 60 — — 2 2 Other deferred charges and assets 58 29 56 3 29 — — Total cash, cash equivalents, and restricted cash (b) $ 2,037 $ 1,829 $ 480 $ 133 $ 135 $ 83 $ 48 (a) For Georgia Power, reflects proceeds from the issuance of solid waste disposal facility revenue bonds. See Note 8 under "Long-term Debt" for additional information. Georgia Power did not have any restricted cash at December 31, 2021. For Southern Power, reflects $3 million and $10 million at December 31, 2022 and 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. See Note 15 under "Southern Power" for additional information. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total may not add due to rounding. |
Schedule of storm damage reserves | In accordance with their respective state PSC orders, the traditional electric operating companies accrued the following amounts related to storm damage recovery in 2022, 2021, and 2020: Southern Company (*) Alabama Georgia Mississippi Power (*) (in millions) 2022 $ 239 $ 19 $ 213 $ 7 2021 286 75 213 (2) 2020 326 112 213 1 (*) Mississippi Power's net accrual includes carrying costs, as well as amortization of related excess deferred income tax benefits. Southern Alabama Mississippi (in millions) 2022 $ 191 $ 166 $ 25 |
Schedule of AOCI (loss) balances, net of tax effects | AOCI (loss) balances, net of tax effects, for Southern Company, Southern Power, and Southern Company Gas were as follows: Qualifying Pension and Other Accumulated Other Comprehensive Income (Loss) (*) (in millions) Southern Company Balance at December 31, 2021 $ (162) $ (76) $ (237) Current period change 13 58 71 Balance at December 31, 2022 $ (149) $ (18) $ (167) Southern Power Balance at December 31, 2021 $ 1 $ (29) $ (27) Current period change (10) 20 10 Balance at December 31, 2022 $ (9) $ (9) $ (18) Southern Company Gas Balance at December 31, 2021 $ (14) $ 38 $ 24 Current period change (11) 18 7 Balance at December 31, 2022 $ (25) $ 56 $ 31 (*) May not add due to rounding. |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of regulatory assets | Details of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2022 and 2021 are provided in the following tables: Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2022 AROs (a)(u) $ 6,096 $ 1,971 $ 3,829 $ 242 $ — Retiree benefit plans (b)(u) 2,517 675 848 113 114 Remaining net book value of retired assets (c) 1,543 562 962 19 — Under recovered regulatory clause revenues (d) 953 788 — 31 134 Deferred income tax charges (e) 866 250 583 30 — Environmental remediation (f)(u) 294 — 25 — 269 Loss on reacquired debt (g) 257 38 213 5 1 Vacation pay (h)(u) 212 82 108 10 12 Regulatory clauses (i) 142 142 — — — Software and cloud computing costs (j) 111 46 59 — 6 Nuclear outage (k) 82 52 30 — — Long-term debt fair value adjustment (l) 69 — — — 69 Fuel-hedging (realized and unrealized) losses (m) 60 15 45 — — Storm damage (n) 44 — — 44 — Plant Daniel Units 3 and 4 (o) 27 — — 27 — Kemper County energy facility assets, net (p) 20 — — 20 — Other regulatory assets (q) 197 36 27 16 118 Deferred income tax credits (e) (5,251) (1,925) (2,244) (269) (788) Other cost of removal obligations (a) (1,430) 11 462 (196) (1,707) Storm/property damage reserves (r) (216) (97) (83) (36) — Reliability reserves (r) (191) (166) — (25) — Customer refunds (s) (183) (62) (121) — — Fuel-hedging (realized and unrealized) gains (m ) (83) (38) (21) (24) — Over recovered regulatory clause revenues (d) (64) — (38) — (26) Other regulatory liabilities (t) (239) (40) (21) (3) (93) Total regulatory assets (liabilities), net $ 5,833 $ 2,340 $ 4,663 $ 4 $ (1,891) Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2021 AROs (a)(u) $ 5,685 $ 1,576 $ 3,866 $ 236 $ — Retiree benefit plans (b)(u) 2,998 747 962 145 95 Remaining net book value of retired assets (c) 1,050 574 455 21 — Deferred income tax charges (e) 829 240 555 31 — Under recovered regulatory clause revenues (d) 806 225 — 49 532 Environmental remediation (f)(u) 302 — 35 — 267 Loss on reacquired debt (g) 281 42 231 6 2 Vacation pay (h)(u) 207 81 102 10 14 Regulatory clauses (i) 142 142 — — — Storm damage (n) 97 — 48 49 — Long-term debt fair value adjustment (l) 79 — — — 79 Nuclear outage (k) 75 41 34 — — Software and cloud computing costs (j) 73 35 33 — 5 Kemper County energy facility assets, net (p) 35 — — 35 — Plant Daniel Units 3 and 4 (o) 28 — — 28 — Other regulatory assets (q) 168 38 29 7 94 Deferred income tax credits (e) (5,636) (1,968) (2,537) (288) (816) Other cost of removal obligations (a) (1,826) (192) 278 (195) (1,683) Customer refunds (s ) (189) (181) (8) — — Fuel-hedging (realized and unrealized) gains (m) (176) (50) (72) (54) — Storm/property damage reserves (r) (133) (103) — (30) — Over recovered regulatory clause revenues (d) (63) (1) (59) — (3) Other regulatory liabilities (t) (121) (29) (24) (4) (57) Total regulatory assets (liabilities), net $ 4,711 $ 1,217 $ 3,928 $ 46 $ (1,471) Unless otherwise noted, the following recovery and amortization periods for these regulatory assets and (liabilities) have been approved by the respective state PSC or regulatory agency: (a) AROs and other cost of removal obligations generally are recorded over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. AROs and cost of removal obligations are settled and trued up following completion of the related activities. Alabama Power is recovering CCR ARO expenditures over a 38-year period ending in 2054 through Rate CNP Compliance. Effective January 1, 2023, Georgia Power is recovering CCR ARO expenditures over four-year periods through its ECCR tariff. Prior to 2023, expenditures were recovered over three-year periods. See "Georgia Power – Rate Plans" herein and Note 6 for additional information. (b) Recovered and amortized over the average remaining service period, which may range up to 13 years for Alabama Power, Georgia Power, and Mississippi Power and up to 14 years for Southern Company Gas. Southern Company's balances also include amounts at SCS and Southern Nuclear that are allocated to the applicable regulated utilities. See Note 11 for additional information. (c) Alabama Power : Primarily represents the net book value of Plant Gorgas Units 8, 9, and 10 ($492 million at December 31, 2022) being amortized over remaining periods not exceeding 15 years (through 2037). Balance at December 31, 2022 also includes approximately $42 million related to Plant Barry Unit 4 being amortized over the unit's remaining useful life (through 2034). See "Alabama Power – Environmental Accounting Order" herein for additional information. Georgia Power : Net book values of Plant Wansley Units 1 and 2 (totaling $562 million at December 31, 2022) are being amortized over a remaining period of eight years (through 2030) and net book values of Plant Hammond Units 1 through 4 and Plant Branch Units 3 and 4 (totaling $396 million at December 31, 2022) are being amortized over remaining periods of between one Mississippi Power : Represents net book value of certain environmental compliance assets at Plant Watson and Plant Greene County. The retail portion is being amortized over a 10-year period through 2030 and the wholesale portion is being amortized over a 14-year period through 2035. See "Mississippi Power – Environmental Compliance Overview Plan" herein for additional information. (d) Alabama Power : Balances are recorded monthly and expected to be recovered over periods of up to eight years, with the majority expected to be recovered within two years. See "Alabama Power – Rate CNP PPA," " – Rate CNP Compliance," and " – Rate ECR" herein for additional information. Georgia Power : Balances are recorded monthly and expected to be recovered or returned within two years. See "Georgia Power – Rate Plans" herein for additional information. Mississippi Power : At December 31, 2022, $12 million is being amortized over a three-year period ending in 2023 and the remaining $18 million is expected to be recovered through various rate recovery mechanisms over a period to be determined in future rate filings. See "Mississippi Power – Ad Valorem Tax Adjustment" herein for additional information. Southern Company Gas : Balances are recorded and recovered or amortized over periods generally not exceeding five years. In addition to natural gas cost recovery mechanisms, the natural gas distribution utilities have various other cost recovery mechanisms for the recovery of costs, including those related to infrastructure replacement programs. (e) Deferred income tax charges are recovered and deferred income tax credits are amortized over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. See Note 10 for additional information. As a result of the Tax Reform Legislation, these accounts include certain deferred income tax assets and liabilities not subject to normalization, as described further below: Alabama Power : Related amounts at December 31, 2022 include excess federal deferred income tax liabilities that are being returned to customers through bill credits of up to approximately $318 million in 2023, as discussed under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" herein. The Alabama PSC will determine the treatment of any remaining excess federal accumulated deferred income taxes at a future date. Remaining amounts are being recovered and amortized ratably over the related property lives. Georgia Power : Related amounts at December 31, 2022 include $145 million of deferred income tax assets related to CWIP for Plant Vogtle Units 3 and 4, the recovery of which is expected to be determined in a future regulatory proceeding. Mississippi Power : Related amounts at December 31, 2022 include $33 million of retail deferred income tax liabilities generally being amortized over three years through 2025. Southern Company Gas : Related amounts at December 31, 2022 include $1 million of deferred income tax liabilities being amortized through 2024. See "Southern Company Gas – Rate Proceedings" herein for additional information. (f) Effective January 1, 2023, Georgia Power is recovering $5 million annually for environmental remediation under the 2022 ARP. Southern Company Gas' costs are recovered through environmental cost recovery mechanisms when the remediation work is performed. See Note 3 under "Environmental Remediation" for additional information. (g) Recovered over either the remaining life of the original issue or, if refinanced, over the remaining life of the new issue. At December 31, 2022, the remaining amortization periods do not exceed 25 years for Alabama Power, 30 years for Georgia Power, 19 years for Mississippi Power, and five years for Southern Company Gas. (h) Recorded as earned by employees and recovered as paid, generally within one year. Includes both vacation and banked holiday pay, if applicable. (i) Effective January 1, 2023, balance is being amortized through Rate RSE over a five-year period ending in 2027. (j) Represents certain deferred operations and maintenance costs associated with software and cloud computing projects. For Alabama Power, costs are amortized ratably over the life of the related software, which ranges up to 10 years. See "Alabama Power – Software Accounting Order" herein for additional information. For Georgia Power, costs incurred through 2022 will be amortized over five years starting in 2023 and the recovery period for all future costs will be determined in its next base rate case. For Southern Company Gas, costs began being amortized ratably in July 2022 over the life of the related software, which ranges up to 10 years. (k) Nuclear outage costs are deferred to a regulatory asset when incurred and amortized over a subsequent period of 18 months for Alabama Power and up to 24 months for Georgia Power. See Note 5 for additional information. (l) Recovered over the remaining lives of the original debt issuances at acquisition, which range up to 16 years at December 31, 2022. (m) Fuel-hedging assets and liabilities are recorded over the life of the underlying hedged purchase contracts. Upon final settlement, actual costs incurred are recovered through the applicable traditional electric operating company's fuel cost recovery mechanism. Purchase contracts generally do not exceed three and a half years for Alabama Power, three years for Georgia Power, and four years for Mississippi Power. (n) Mississippi Power's balance represents deferred storm costs associated with Hurricanes Ida and Zeta being recovered through PEP over an eight-year period through 2029. (o) Represents the difference between Mississippi Power's revenue requirement for Plant Daniel Units 3 and 4 under purchase accounting and operating lease accounting. At December 31, 2022, consists of the $18 million retail portion being amortized through 2039 over the remaining life of the related property and the $9 million wholesale portion being amortized through 2035. (p) Includes $26 million of regulatory assets and $6 million of regulatory liabilities at December 31, 2022. The retail portion includes $17 million of regulatory assets and $6 million of regulatory liabilities that are expected to be fully amortized by 2023 and 2025, respectively. The wholesale portion includes $10 million of regulatory assets that are expected to be fully amortized by 2035. (q) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 21 years for Alabama Power, 10 years for Georgia Power, 14 years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (r) Utilized as related expenses are incurred. See "Alabama Power – Rate NDR" and " – Reliability Reserve Accounting Order," "Georgia Power – Storm Damage Recovery," and "Mississippi Power – System Restoration Rider" and " – Reliability Reserve Accounting Order" herein and Note 1 under "Storm Damage and Reliability Reserves" for additional information. (s) Primarily includes approximately $62 million and $181 million at December 31, 2022 and 2021, respectively, for Alabama Power and $119 million and $5 million at December 31, 2022 and 2021, respectively, for Georgia Power as a result of each company exceeding its allowed retail return range. Georgia Power's balances also include immaterial amounts related to refunds for transmission service customers. See "Alabama Power – Rate RSE" and "Georgia Power – Rate Plans" herein for additional information. (t) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 11 years for Alabama Power, 10 years for Georgia Power, four years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (u) Generally not earning a return as they are excluded from rate base or are offset in rate base by a corresponding asset or liability. The following table illustrates Southern Company Gas' authorized ratemaking amounts that are not recognized on its balance sheets. These amounts are primarily composed of an allowed equity rate of return on assets associated with certain regulatory infrastructure programs. These amounts will be recognized as revenues in Southern Company Gas' financial statements in the periods they are billable to customers, the majority of which will be recovered by 2025. December 31, 2022 December 31, 2021 (in millions) Atlanta Gas Light $ 35 $ 47 Virginia Natural Gas 10 10 Chattanooga Gas 2 4 Nicor Gas 3 — Total $ 50 $ 61 |
Schedule of regulatory liabilities | Details of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2022 and 2021 are provided in the following tables: Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2022 AROs (a)(u) $ 6,096 $ 1,971 $ 3,829 $ 242 $ — Retiree benefit plans (b)(u) 2,517 675 848 113 114 Remaining net book value of retired assets (c) 1,543 562 962 19 — Under recovered regulatory clause revenues (d) 953 788 — 31 134 Deferred income tax charges (e) 866 250 583 30 — Environmental remediation (f)(u) 294 — 25 — 269 Loss on reacquired debt (g) 257 38 213 5 1 Vacation pay (h)(u) 212 82 108 10 12 Regulatory clauses (i) 142 142 — — — Software and cloud computing costs (j) 111 46 59 — 6 Nuclear outage (k) 82 52 30 — — Long-term debt fair value adjustment (l) 69 — — — 69 Fuel-hedging (realized and unrealized) losses (m) 60 15 45 — — Storm damage (n) 44 — — 44 — Plant Daniel Units 3 and 4 (o) 27 — — 27 — Kemper County energy facility assets, net (p) 20 — — 20 — Other regulatory assets (q) 197 36 27 16 118 Deferred income tax credits (e) (5,251) (1,925) (2,244) (269) (788) Other cost of removal obligations (a) (1,430) 11 462 (196) (1,707) Storm/property damage reserves (r) (216) (97) (83) (36) — Reliability reserves (r) (191) (166) — (25) — Customer refunds (s) (183) (62) (121) — — Fuel-hedging (realized and unrealized) gains (m ) (83) (38) (21) (24) — Over recovered regulatory clause revenues (d) (64) — (38) — (26) Other regulatory liabilities (t) (239) (40) (21) (3) (93) Total regulatory assets (liabilities), net $ 5,833 $ 2,340 $ 4,663 $ 4 $ (1,891) Southern Company Alabama Power Georgia Power Mississippi Power Southern Company Gas (in millions) At December 31, 2021 AROs (a)(u) $ 5,685 $ 1,576 $ 3,866 $ 236 $ — Retiree benefit plans (b)(u) 2,998 747 962 145 95 Remaining net book value of retired assets (c) 1,050 574 455 21 — Deferred income tax charges (e) 829 240 555 31 — Under recovered regulatory clause revenues (d) 806 225 — 49 532 Environmental remediation (f)(u) 302 — 35 — 267 Loss on reacquired debt (g) 281 42 231 6 2 Vacation pay (h)(u) 207 81 102 10 14 Regulatory clauses (i) 142 142 — — — Storm damage (n) 97 — 48 49 — Long-term debt fair value adjustment (l) 79 — — — 79 Nuclear outage (k) 75 41 34 — — Software and cloud computing costs (j) 73 35 33 — 5 Kemper County energy facility assets, net (p) 35 — — 35 — Plant Daniel Units 3 and 4 (o) 28 — — 28 — Other regulatory assets (q) 168 38 29 7 94 Deferred income tax credits (e) (5,636) (1,968) (2,537) (288) (816) Other cost of removal obligations (a) (1,826) (192) 278 (195) (1,683) Customer refunds (s ) (189) (181) (8) — — Fuel-hedging (realized and unrealized) gains (m) (176) (50) (72) (54) — Storm/property damage reserves (r) (133) (103) — (30) — Over recovered regulatory clause revenues (d) (63) (1) (59) — (3) Other regulatory liabilities (t) (121) (29) (24) (4) (57) Total regulatory assets (liabilities), net $ 4,711 $ 1,217 $ 3,928 $ 46 $ (1,471) Unless otherwise noted, the following recovery and amortization periods for these regulatory assets and (liabilities) have been approved by the respective state PSC or regulatory agency: (a) AROs and other cost of removal obligations generally are recorded over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. AROs and cost of removal obligations are settled and trued up following completion of the related activities. Alabama Power is recovering CCR ARO expenditures over a 38-year period ending in 2054 through Rate CNP Compliance. Effective January 1, 2023, Georgia Power is recovering CCR ARO expenditures over four-year periods through its ECCR tariff. Prior to 2023, expenditures were recovered over three-year periods. See "Georgia Power – Rate Plans" herein and Note 6 for additional information. (b) Recovered and amortized over the average remaining service period, which may range up to 13 years for Alabama Power, Georgia Power, and Mississippi Power and up to 14 years for Southern Company Gas. Southern Company's balances also include amounts at SCS and Southern Nuclear that are allocated to the applicable regulated utilities. See Note 11 for additional information. (c) Alabama Power : Primarily represents the net book value of Plant Gorgas Units 8, 9, and 10 ($492 million at December 31, 2022) being amortized over remaining periods not exceeding 15 years (through 2037). Balance at December 31, 2022 also includes approximately $42 million related to Plant Barry Unit 4 being amortized over the unit's remaining useful life (through 2034). See "Alabama Power – Environmental Accounting Order" herein for additional information. Georgia Power : Net book values of Plant Wansley Units 1 and 2 (totaling $562 million at December 31, 2022) are being amortized over a remaining period of eight years (through 2030) and net book values of Plant Hammond Units 1 through 4 and Plant Branch Units 3 and 4 (totaling $396 million at December 31, 2022) are being amortized over remaining periods of between one Mississippi Power : Represents net book value of certain environmental compliance assets at Plant Watson and Plant Greene County. The retail portion is being amortized over a 10-year period through 2030 and the wholesale portion is being amortized over a 14-year period through 2035. See "Mississippi Power – Environmental Compliance Overview Plan" herein for additional information. (d) Alabama Power : Balances are recorded monthly and expected to be recovered over periods of up to eight years, with the majority expected to be recovered within two years. See "Alabama Power – Rate CNP PPA," " – Rate CNP Compliance," and " – Rate ECR" herein for additional information. Georgia Power : Balances are recorded monthly and expected to be recovered or returned within two years. See "Georgia Power – Rate Plans" herein for additional information. Mississippi Power : At December 31, 2022, $12 million is being amortized over a three-year period ending in 2023 and the remaining $18 million is expected to be recovered through various rate recovery mechanisms over a period to be determined in future rate filings. See "Mississippi Power – Ad Valorem Tax Adjustment" herein for additional information. Southern Company Gas : Balances are recorded and recovered or amortized over periods generally not exceeding five years. In addition to natural gas cost recovery mechanisms, the natural gas distribution utilities have various other cost recovery mechanisms for the recovery of costs, including those related to infrastructure replacement programs. (e) Deferred income tax charges are recovered and deferred income tax credits are amortized over the related property lives, which may range up to 53 years for Alabama Power, 57 years for Georgia Power, 55 years for Mississippi Power, and 80 years for Southern Company Gas. See Note 10 for additional information. As a result of the Tax Reform Legislation, these accounts include certain deferred income tax assets and liabilities not subject to normalization, as described further below: Alabama Power : Related amounts at December 31, 2022 include excess federal deferred income tax liabilities that are being returned to customers through bill credits of up to approximately $318 million in 2023, as discussed under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" herein. The Alabama PSC will determine the treatment of any remaining excess federal accumulated deferred income taxes at a future date. Remaining amounts are being recovered and amortized ratably over the related property lives. Georgia Power : Related amounts at December 31, 2022 include $145 million of deferred income tax assets related to CWIP for Plant Vogtle Units 3 and 4, the recovery of which is expected to be determined in a future regulatory proceeding. Mississippi Power : Related amounts at December 31, 2022 include $33 million of retail deferred income tax liabilities generally being amortized over three years through 2025. Southern Company Gas : Related amounts at December 31, 2022 include $1 million of deferred income tax liabilities being amortized through 2024. See "Southern Company Gas – Rate Proceedings" herein for additional information. (f) Effective January 1, 2023, Georgia Power is recovering $5 million annually for environmental remediation under the 2022 ARP. Southern Company Gas' costs are recovered through environmental cost recovery mechanisms when the remediation work is performed. See Note 3 under "Environmental Remediation" for additional information. (g) Recovered over either the remaining life of the original issue or, if refinanced, over the remaining life of the new issue. At December 31, 2022, the remaining amortization periods do not exceed 25 years for Alabama Power, 30 years for Georgia Power, 19 years for Mississippi Power, and five years for Southern Company Gas. (h) Recorded as earned by employees and recovered as paid, generally within one year. Includes both vacation and banked holiday pay, if applicable. (i) Effective January 1, 2023, balance is being amortized through Rate RSE over a five-year period ending in 2027. (j) Represents certain deferred operations and maintenance costs associated with software and cloud computing projects. For Alabama Power, costs are amortized ratably over the life of the related software, which ranges up to 10 years. See "Alabama Power – Software Accounting Order" herein for additional information. For Georgia Power, costs incurred through 2022 will be amortized over five years starting in 2023 and the recovery period for all future costs will be determined in its next base rate case. For Southern Company Gas, costs began being amortized ratably in July 2022 over the life of the related software, which ranges up to 10 years. (k) Nuclear outage costs are deferred to a regulatory asset when incurred and amortized over a subsequent period of 18 months for Alabama Power and up to 24 months for Georgia Power. See Note 5 for additional information. (l) Recovered over the remaining lives of the original debt issuances at acquisition, which range up to 16 years at December 31, 2022. (m) Fuel-hedging assets and liabilities are recorded over the life of the underlying hedged purchase contracts. Upon final settlement, actual costs incurred are recovered through the applicable traditional electric operating company's fuel cost recovery mechanism. Purchase contracts generally do not exceed three and a half years for Alabama Power, three years for Georgia Power, and four years for Mississippi Power. (n) Mississippi Power's balance represents deferred storm costs associated with Hurricanes Ida and Zeta being recovered through PEP over an eight-year period through 2029. (o) Represents the difference between Mississippi Power's revenue requirement for Plant Daniel Units 3 and 4 under purchase accounting and operating lease accounting. At December 31, 2022, consists of the $18 million retail portion being amortized through 2039 over the remaining life of the related property and the $9 million wholesale portion being amortized through 2035. (p) Includes $26 million of regulatory assets and $6 million of regulatory liabilities at December 31, 2022. The retail portion includes $17 million of regulatory assets and $6 million of regulatory liabilities that are expected to be fully amortized by 2023 and 2025, respectively. The wholesale portion includes $10 million of regulatory assets that are expected to be fully amortized by 2035. (q) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 21 years for Alabama Power, 10 years for Georgia Power, 14 years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (r) Utilized as related expenses are incurred. See "Alabama Power – Rate NDR" and " – Reliability Reserve Accounting Order," "Georgia Power – Storm Damage Recovery," and "Mississippi Power – System Restoration Rider" and " – Reliability Reserve Accounting Order" herein and Note 1 under "Storm Damage and Reliability Reserves" for additional information. (s) Primarily includes approximately $62 million and $181 million at December 31, 2022 and 2021, respectively, for Alabama Power and $119 million and $5 million at December 31, 2022 and 2021, respectively, for Georgia Power as a result of each company exceeding its allowed retail return range. Georgia Power's balances also include immaterial amounts related to refunds for transmission service customers. See "Alabama Power – Rate RSE" and "Georgia Power – Rate Plans" herein for additional information. (t) Comprised of numerous immaterial components with remaining amortization periods generally not exceeding 11 years for Alabama Power, 10 years for Georgia Power, four years for Mississippi Power, and 20 years for Southern Company Gas at December 31, 2022. (u) Generally not earning a return as they are excluded from rate base or are offset in rate base by a corresponding asset or liability. |
Public utilities general disclosures | Georgia Power will recover estimated adjustments through its existing tariffs as follows: Tariff 2023 2024 2025 (in millions) Traditional base $ 194 $ 275 $ 315 ECCR (21) 66 81 DSM 37 27 (2) MFF 6 9 9 Total $ 216 $ 377 $ 403 The Georgia PSC approved the following tariff adjustments under the 2019 ARP effective January 1, 2021 and 2022, respectively: Tariff 2021 2022 (in millions) Traditional base $ 120 $ 192 ECCR 2 (12) DSM (15) (25) MFF 4 2 Total $ 111 $ 157 The following table provides regulatory information for Southern Company Gas' natural gas distribution utilities: Nicor Gas Atlanta Gas Light Virginia Natural Gas Chattanooga Gas Authorized ROE at December 31, 2022 9.75% 10.25% 9.50% 9.80% Weather normalization mechanisms (a) ü ü Decoupled, including straight-fixed-variable rates (b) ü ü ü Regulatory infrastructure program rates (c) ü ü ü ü Bad debt rider (d) ü ü ü Energy efficiency plan (e) ü ü Annual base rate adjustment mechanism (f) ü ü Year of last base rate case decision 2021 2019 2021 2018 (a) Designed to help stabilize operating results by allowing recovery of costs in the event of unseasonal weather, but are not direct offsets to the potential impacts on earnings of weather and customer consumption. (b) Allows for recovery of fixed customer service costs separately from assumed natural gas volumes used by customers and provides a benchmark level of revenue for recovery. (c) Programs that update or expand distribution systems and LNG facilities. Atlanta Gas Light's infrastructure program, System Reinforcement Rider, is effective for 2022 through 2024. See "Rate Proceedings – Atlanta Gas Light" herein for additional information. Chattanooga Gas' pipeline replacement program costs are recovered through its annual base rate review mechanism. (d) The recovery (refund) of bad debt expense over (under) an established benchmark expense. The gas portion of bad debt expense is recovered through purchased gas adjustment mechanisms. Nicor Gas also has a rider to recover the non-gas portion of bad debt expense. (e) Recovery of costs associated with plans to achieve specified energy savings goals. (f) Regulatory mechanism allowing annual adjustments to base rates up or down based on authorized ROE and/or ROE range. The following table and discussions provide updates on the infrastructure replacement programs and capital projects at the natural gas distribution utilities at December 31, 2022. These programs are risk-based and designed to update and replace cast iron, bare steel, and mid-vintage plastic materials or expand Southern Company Gas' distribution systems to improve reliability and meet operational flexibility and growth. Utility Program Recovery Expenditures in 2022 Expenditures Since Project Inception Pipe Scope of Program Duration Last (in millions) (miles) (miles) (years) Nicor Gas Investing in Illinois (*) Rider $ 437 $ 2,945 1,297 1,854 9 2023 Virginia Natural Gas Steps to Advance Virginia's Energy (SAVE) Rider 69 411 525 695 13 2024 Atlanta Gas Light System Reinforcement Rider Rider 76 76 10 N/A 3 2024 Chattanooga Gas Pipeline Replacement Program Rate Base 5 7 5 73 7 2027 Total $ 587 $ 3,439 1,837 2,622 (*) Includes replacement of pipes, compressors, and transmission mains along with other improvements such as new meters. Scope of program miles is an estimate and subject to change. Recovery of program costs is described under "Nicor Gas" herein. |
Schedule of revised 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 second quarter 2023 and the first quarter 2024, respectively, is as follows: (in millions) Base project capital cost forecast (a)(b) $ 10,533 Construction contingency estimate 60 Total project capital cost forecast (a)(b) 10,593 Net investment at December 31, 2022 (b) (9,521) Remaining estimate to complete $ 1,072 (a) Includes approximately $610 million of costs that are not shared with the other Vogtle Owners, including $33 million of construction monitoring costs approved for recovery by the Georgia PSC in its nineteenth VCM order, and approximately $407 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 $421 million, of which $304 million had been accrued through December 31, 2022. (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. |
CONTINGENCIES, COMMITMENTS, A_2
CONTINGENCIES, COMMITMENTS, AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of regulatory assets and liabilities | At December 31, 2022 and 2021, the environmental remediation liability and the balance of under recovered environmental remediation costs were reflected in the balance sheets of Southern Company, Georgia Power, and Southern Company Gas as shown in the table below. Alabama Power did not have environmental remediation liabilities at December 31, 2022 or 2021. Mississippi Power did not have environmental remediation liabilities at December 31, 2022 and had an immaterial balance at December 31, 2021. Southern Company Georgia Southern Company Gas (in millions) December 31, 2022: Environmental remediation liability: Other current liabilities $ 65 $ 15 $ 49 Accrued environmental remediation 207 — 207 Under recovered environmental remediation costs: Other regulatory assets, current $ 59 $ 5 $ 54 Other regulatory assets, deferred 235 20 215 December 31, 2021: Environmental remediation liability: Other current liabilities $ 69 $ 17 $ 52 Accrued environmental remediation 197 — 197 Under recovered environmental remediation costs: Other regulatory assets, current $ 71 $ 12 $ 59 Other regulatory assets, deferred 231 23 208 |
Expected future contractual obligations | Southern Company Gas' expected future contractual obligations for pipeline charges, storage capacity, and gas supply that are not recognized on the balance sheets at December 31, 2022 were as follows: Pipeline Charges, Storage Capacity, and Gas Supply (in millions) 2023 $ 637 2024 455 2025 390 2026 212 2027 134 Thereafter 871 Total $ 2,699 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table disaggregates revenue from contracts with customers for the periods presented: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Operating revenues Retail electric revenues Residential $ 6,604 $ 2,638 $ 3,664 $ 302 $ — $ — Commercial 5,369 1,685 3,385 299 — — Industrial 3,764 1,507 1,921 336 — — Other 102 14 79 9 — — Total retail electric revenues 15,839 5,844 9,049 946 — — Natural gas distribution revenues Residential 2,843 — — — — 2,843 Commercial 763 — — — — 763 Transportation 1,186 — — — — 1,186 Industrial 84 — — — — 84 Other 342 — — — — 342 Total natural gas distribution revenues 5,218 — — — — 5,218 Wholesale electric revenues PPA energy revenues 2,274 489 130 16 1,673 — PPA capacity revenues 596 194 47 4 356 — Non-PPA revenues 250 200 30 690 740 — Total wholesale electric revenues 3,120 883 207 710 2,769 — Other natural gas revenues Gas marketing services 636 — — — — 636 Other natural gas revenues 51 — — — — 51 Total natural gas revenues 687 — — — — 687 Other revenues 1,077 194 446 47 36 — Total revenue from contracts with customers 25,941 6,921 9,702 1,703 2,805 5,905 Other revenue sources (a) 3,338 896 1,882 (9) 564 57 Total operating revenues $ 29,279 $ 7,817 $ 11,584 $ 1,694 $ 3,369 $ 5,962 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2021 Operating revenues Retail electric revenues Residential $ 6,207 $ 2,467 $ 3,471 $ 269 $ — $ — Commercial 4,877 1,600 3,010 267 — — Industrial 3,067 1,386 1,391 290 — — Other 93 17 68 8 — — Total retail electric revenues 14,244 5,470 7,940 834 — — Natural gas distribution revenues Residential 1,799 — — — — 1,799 Commercial 470 — — — — 470 Transportation 1,038 — — — — 1,038 Industrial 49 — — — — 49 Other 269 — — — — 269 Total natural gas distribution revenues 3,625 — — — — 3,625 Wholesale electric revenues PPA energy revenues 1,122 184 95 11 854 — PPA capacity revenues 493 115 55 5 323 — Non-PPA revenues 236 170 21 401 398 — Total wholesale electric revenues 1,851 469 171 417 1,575 — Other natural gas revenues Wholesale gas services 2,168 — — — — 2,168 Gas marketing services 464 — — — — 464 Other natural gas revenues 36 — — — — 36 Total other natural gas revenues 2,668 — — — — 2,668 Other revenues 1,075 202 452 31 30 — Total revenue from contracts with customers 23,463 6,141 8,563 1,282 1,605 6,293 Other revenue sources (a) 3,349 272 697 40 611 1,786 Other adjustments (b) (3,699) — — — — (3,699) Total operating revenues $ 23,113 $ 6,413 $ 9,260 $ 1,322 $ 2,216 $ 4,380 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2020 Operating revenues Retail electric revenues Residential $ 6,113 $ 2,377 $ 3,476 $ 260 $ — $ — Commercial 4,699 1,512 2,933 254 — — Industrial 2,775 1,293 1,197 285 — — Other 90 21 60 9 — — Total retail electric revenues 13,677 5,203 7,666 808 — — Natural gas distribution revenues Residential 1,338 — — — — 1,338 Commercial 340 — — — — 340 Transportation 971 — — — — 971 Industrial 30 — — — — 30 Other 209 — — — — 209 Total natural gas distribution revenues 2,888 — — — — 2,888 Wholesale electric revenues PPA energy revenues 735 133 42 9 570 — PPA capacity revenues 454 108 50 3 296 — Non-PPA revenues 210 43 10 311 239 — Total wholesale electric revenues 1,399 284 102 323 1,105 — Other natural gas revenues Wholesale gas services 1,727 — — — — 1,727 Gas marketing services 391 — — — — 391 Other natural gas revenues 33 — — — — 33 Total other natural gas revenues 2,151 — — — — 2,151 Other revenues 982 159 447 26 14 — Total revenue from contracts with customers 21,097 5,646 8,215 1,157 1,119 5,039 Other revenue sources (a) 3,764 184 94 15 614 2,881 Other adjustments (b) (4,486) — — — — (4,486) Total operating revenues $ 20,375 $ 5,830 $ 8,309 $ 1,172 $ 1,733 $ 3,434 (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 Notes 15 and 16 under "Southern Company Gas" for information on the sale of Sequent and components of wholesale gas services' operating revenues, respectively. |
Contract with customer, asset and liability | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at December 31, 2022 and 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivable At December 31, 2022 $ 3,123 $ 696 $ 922 $ 92 $ 237 $ 1,107 At December 31, 2021 2,504 589 736 73 149 753 Contract Assets At December 31, 2022 $ 156 $ 2 $ 89 $ — $ — $ — At December 31, 2021 117 2 63 — 1 — Contract Liabilities At December 31, 2022 $ 45 $ 4 $ 9 $ — $ 1 $ — At December 31, 2021 57 4 14 — 1 — |
Revenue, remaining performance obligation, expected timing of satisfaction | Revenues from contracts with customers related to these performance obligations remaining at December 31, 2022 are expected to be recognized as follows: 2023 2024 2025 2026 2027 Thereafter (in millions) Southern Company $ 640 $ 483 $ 332 $ 311 $ 315 $ 2,076 Alabama Power 24 7 6 — — — Georgia Power 74 39 22 11 10 10 Southern Power 355 345 302 303 310 2,077 Southern Company Gas 34 29 — — — — |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | The Registrants' property, plant, and equipment in service consisted of the following at December 31, 2022 and 2021: At December 31, 2022: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric utilities: Generation $ 51,756 $ 15,920 $ 17,755 $ 2,826 $ 14,619 $ — Transmission 14,201 5,658 7,576 927 — — Distribution 24,200 9,154 13,819 1,228 — — General/other 5,806 2,740 2,729 273 39 — Electric utilities' plant in service 95,963 33,472 41,879 5,254 14,658 — Southern Company Gas: Natural gas distribution utilities transportation and distribution 16,810 — — — — 16,810 Storage facilities 1,553 — — — — 1,553 Other 1,360 — — — — 1,360 Southern Company Gas plant in service 19,723 — — — — 19,723 Other plant in service 1,843 — — — — — Total plant in service $ 117,529 $ 33,472 $ 41,879 $ 5,254 $ 14,658 $ 19,723 At December 31, 2021: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric utilities: Generation $ 53,803 $ 16,631 $ 19,184 $ 2,791 $ 14,551 $ — Transmission 13,406 5,334 7,132 900 — — Distribution 22,236 8,643 12,437 1,156 — — General/other 5,423 2,527 2,579 259 34 — Electric utilities' plant in service 94,868 33,135 41,332 5,106 14,585 — Southern Company Gas: Natural gas distribution utilities transportation and distribution 15,714 — — — — 15,714 Storage facilities 1,315 — — — — 1,315 Other 1,851 — — — — 1,851 Southern Company Gas plant in service 18,880 — — — — 18,880 Other plant in service 1,844 — — — — — Total plant in service $ 115,592 $ 33,135 $ 41,332 $ 5,106 $ 14,585 $ 18,880 Southern Power Generating Facility Useful life Natural gas Up to 50 years Solar Up to 35 years Wind Up to 35 years (*) (*) 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 2022. |
Deferred cloud implementation costs | At December 31, 2022 and 2021, deferred cloud implementation costs, net of amortization, which are generally included in other deferred charges and assets on the Registrants' balance sheets, are as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Deferred cloud implementation costs, net: At December 31, 2022 $ 345 $ 81 $ 108 $ 14 $ 18 $ 54 At December 31, 2021 240 54 81 11 14 35 |
Composite straight-line rates | Costs for these services from SCS in 2022, 2021, and 2020 were as follows: Alabama Georgia Mississippi Southern Southern Company Gas (in millions) 2022 $ 549 $ 762 $ 115 $ 86 $ 262 2021 504 663 120 89 239 2020 478 639 149 87 237 Mississippi Southern (in millions) 2022 $ 4 $ 29 2021 9 15 2020 4 8 Alabama Georgia Southern Southern Company Gas (in millions) 2022 $ 18 $ 99 $ 37 $ 27 2021 14 108 31 29 2020 15 108 29 29 2022 2021 2020 Alabama Power 2.7 % 2.7 % 2.6 % Georgia Power 3.3 % 3.3 % 3.0 % Mississippi Power 3.4 % 3.6 % 3.7 % Southern Company Gas 2.7 % 2.8 % 2.8 % |
Ownership and investment in jointly-owned facilities | At December 31, 2022, the Registrants' percentage ownership and investment (exclusive of nuclear fuel) in jointly-owned facilities in commercial operation were as follows: Facility (Type) Percent Plant in Service Accumulated CWIP (in millions) Alabama Power Greene County (natural gas) Units 1 and 2 60.0 % (a) $ 193 $ 85 $ — Plant Miller (coal) Units 1 and 2 91.8 (b) 2,148 712 13 Georgia Power Plant Hatch (nuclear) 50.1 % (c) $ 1,401 $ 671 $ 62 Plant Vogtle (nuclear) Units 1 and 2 45.7 (c) 3,628 2,298 94 Plant Scherer (coal) Units 1 and 2 8.4 (c) 276 106 1 Plant Scherer (coal) Unit 3 75.0 (c) 1,317 567 6 Rocky Mountain (pumped storage) 25.4 (d) 184 153 1 Mississippi Power Greene County (natural gas) Units 1 and 2 40.0 % (a) $ 125 $ 70 $ — Plant Daniel (coal) Units 1 and 2 50.0 (e) 765 257 30 Southern Company Gas Dalton Pipeline (natural gas pipeline) 50.0 % (f) $ 271 $ 23 $ — (a) Jointly owned by Alabama Power and Mississippi Power and operated and maintained by Alabama Power. (b) Jointly owned with PowerSouth and operated and maintained by Alabama Power. (c) Georgia Power owns undivided interests in Plants Hatch, Vogtle Units 1 and 2, and Scherer in varying amounts jointly with one or more of the following entities: OPC, MEAG Power, Dalton, FP&L, and JEA. Georgia Power has been contracted to operate and maintain the plants as agent for the co-owners and is jointly and severally liable for third party claims related to these plants. (d) Jointly owned with OPC, which is the operator of the plant. (e) Jointly owned by FP&L and Mississippi Power. In accordance with the operating agreement, Mississippi Power acts as FP&L's agent with respect to the operation and maintenance of these units. See Note 3 under "Other Matters – Mississippi Power – Plant Daniel" for additional information. (f) Jointly owned with The Williams Companies, Inc., the Dalton Pipeline is a 115-mile natural gas pipeline that serves as an extension of the Transcontinental Gas Pipe Line Company, LLC pipeline system into northwest Georgia. Southern Company Gas leases its 50% undivided ownership for approximately $26 million annually through 2042. The lessee is responsible for maintaining the pipeline during the lease term and for providing service to transportation customers under its FERC-regulated tariff. |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Details of AROs included in the balance sheets | Details of the AROs included in the balance sheets are as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power (*) (in millions) Balance at December 31, 2020 $ 10,684 $ 3,974 $ 6,265 $ 176 $ 95 Liabilities incurred 26 — 3 — 23 Liabilities settled (456) (202) (210) (24) — Accretion 407 156 236 7 5 Cash flow revisions 1,026 406 530 31 8 Balance at December 31, 2021 $ 11,687 $ 4,334 $ 6,824 $ 190 $ 131 Liabilities incurred 36 — 35 — — Liabilities settled (455) (205) (212) (20) — Accretion 406 158 231 6 6 Cash flow revisions (834) — (844) 3 7 Balance at December 31, 2022 $ 10,840 $ 4,287 $ 6,034 $ 179 $ 144 (*) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. |
Investment securities in the Funds | Investment securities in the Funds for December 31, 2022 and 2021 were as follows: Southern Company Alabama Georgia (in millions) At December 31, 2022: Equity securities $ 1,095 $ 690 $ 405 Debt securities 838 267 571 Other securities 210 168 42 Total investment securities in the Funds $ 2,143 $ 1,125 $ 1,018 At December 31, 2021: Equity securities $ 1,358 $ 849 $ 509 Debt securities 986 316 670 Other securities 197 159 38 Total investment securities in the Funds $ 2,541 $ 1,324 $ 1,217 |
Fair value increases (decreases) of the Funds | The fair value increases (decreases) of the Funds, including unrealized gains (losses) and reinvested interest and dividends and excluding the Funds' expenses, for 2022, 2021, and 2020 are shown in the table below. Southern Company Alabama Georgia (in millions) Fair value increases (decreases) 2022 $ (360) $ (171) $ (189) 2021 274 200 74 2020 280 142 138 Unrealized gains (losses) At December 31, 2022 $ (391) $ (204) $ (187) At December 31, 2021 (27) (30) 3 At December 31, 2020 220 121 99 At December 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 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 18 $ 181 $ — $ — $ 199 Interest rate derivatives — 12 — — 12 Investments in trusts: (b)(c) Domestic equity 651 178 — — 829 Foreign equity 125 150 — — 275 U.S. Treasury and government agency securities — 285 — — 285 Municipal bonds — 51 — — 51 Pooled funds – fixed income — 7 — — 7 Corporate bonds — 412 — — 412 Mortgage and asset backed securities — 90 — — 90 Private equity — — — 161 161 Cash and cash equivalents 4 — — — 4 Other 37 12 — — 49 Cash equivalents 1,427 20 — — 1,447 Other investments 9 26 — — 35 Total $ 2,271 $ 1,424 $ — $ 161 $ 3,856 Liabilities: Energy-related derivatives (a) $ 32 $ 178 $ — $ — $ 210 Interest rate derivatives — 302 — — 302 Foreign currency derivatives — 216 — — 216 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ 32 $ 709 $ 12 $ — $ 753 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Nuclear decommissioning trusts: (b) Domestic equity 396 169 — — 565 Foreign equity 125 — — — 125 U.S. Treasury and government agency securities — 19 — — 19 Municipal bonds — 1 — — 1 Corporate bonds — 225 — — 225 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 161 161 Other 7 — — — 7 Cash equivalents 438 20 — — 458 Other investments — 26 — — 26 Total $ 966 $ 544 $ — $ 161 $ 1,671 Liabilities: Energy-related derivatives $ — $ 39 $ — $ — $ 39 Georgia Power Assets: Energy-related derivatives $ — $ 42 $ — $ — $ 42 Nuclear decommissioning trusts: (b)(c) Domestic equity 255 1 — — 256 Foreign equity — 149 — — 149 U.S. Treasury and government agency securities — 266 — — 266 Municipal bonds — 50 — — 50 Corporate bonds — 187 — — 187 Mortgage and asset backed securities — 68 — — 68 Other 30 12 — — 42 Cash equivalents 355 — — — 355 Total $ 640 $ 775 $ — $ — $ 1,415 Liabilities: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 59 $ — $ — $ 59 Cash equivalents 47 — — — 47 Total $ 47 $ 59 $ — $ — $ 106 Liabilities: Energy-related derivatives $ — $ 32 $ — $ — $ 32 Southern Power Assets: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Liabilities: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Foreign currency derivatives — 47 — — 47 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ — $ 72 $ 12 $ — $ 84 Southern Company Gas Assets: Energy-related derivatives (a) $ 18 $ 10 $ — $ — $ 28 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 1 — — 1 Pooled funds - fixed income — 7 — — 7 Cash and cash equivalents 4 — — — 4 Cash equivalents 50 — — — 50 Total $ 72 $ 26 $ — $ — $ 98 Liabilities: Energy-related derivatives (a)(b) $ 32 $ 33 $ — $ — $ 65 Interest rate derivatives — 86 — — 86 Total $ 32 $ 119 $ — $ — $ 151 (a) Excludes cash collateral of $41 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. At December 31, 2021, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 24 $ 195 $ — $ — $ 219 Interest rate derivatives — 19 — — 19 Investments in trusts: (b)(c) Domestic equity 791 225 — — 1,016 Foreign equity 165 188 — — 353 U.S. Treasury and government agency securities — 314 — — 314 Municipal bonds — 56 — — 56 Pooled funds – fixed income — 13 — — 13 Corporate bonds 1 522 — — 523 Mortgage and asset backed securities — 93 — — 93 Private equity — — — 150 150 Cash and cash equivalents 2 — — — 2 Other 22 25 — — 47 Cash equivalents 1,160 14 — — 1,174 Other investments 9 35 — — 44 Total $ 2,174 $ 1,699 $ — $ 150 $ 4,023 Liabilities: Energy-related derivatives (a) $ 10 $ 36 $ — $ — $ 46 Interest rate derivatives — 29 — — 29 Foreign currency derivatives — 79 — — 79 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ 10 $ 157 $ 14 $ — $ 181 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 55 $ — $ — $ 55 Nuclear decommissioning trusts: (b) Domestic equity 468 216 — — 684 Foreign equity 165 — — — 165 U.S. Treasury and government agency securities — 21 — — 21 Municipal bonds — 1 — — 1 Corporate bonds 1 271 — — 272 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 150 150 Other 9 — — — 9 Cash equivalents 839 14 — — 853 Other investments — 35 — — 35 Total $ 1,482 $ 635 $ — $ 150 $ 2,267 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Georgia Power Assets: Energy-related derivatives $ — $ 75 $ — $ — $ 75 Nuclear decommissioning trusts: (b)(c) Domestic equity 323 1 — — 324 Foreign equity — 185 — — 185 U.S. Treasury and government agency securities — 293 — — 293 Municipal bonds — 55 — — 55 Corporate bonds — 251 — — 251 Mortgage and asset backed securities — 71 — — 71 Other 13 25 — — 38 Total $ 336 $ 956 $ — $ — $ 1,292 Liabilities: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 56 $ — $ — $ 56 Cash equivalents 40 — — — 40 Total $ 40 $ 56 $ — $ — $ 96 Liabilities: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Southern Power Assets: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Liabilities: Foreign currency derivatives $ — $ 16 $ — $ — $ 16 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ — $ 29 $ 14 $ — $ 43 Southern Company Gas Assets: Energy-related derivatives (a) $ 24 $ 5 $ — $ — $ 29 Interest rate derivatives — 6 — — 6 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 3 — — 3 Pooled funds - fixed income — 13 — — 13 Cash equivalents 2 — — — 2 Total $ 26 $ 35 $ — $ — $ 61 Liabilities: Energy-related derivatives (a)(b) $ 10 $ 12 $ — $ — $ 22 Interest rate derivatives — 5 — — 5 Total $ 10 $ 17 $ — $ — $ 27 (a) Excludes immaterial cash collateral. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. |
Accumulated provisions for the external decommissioning trust funds | At December 31, 2022 and 2021, the accumulated provisions for the external decommissioning trust funds were as follows: 2022 2021 (in millions) Alabama Power Plant Farley $ 1,125 $ 1,324 Georgia Power Plant Hatch $ 628 $ 757 Plant Vogtle Units 1 and 2 382 460 Plant Vogtle Unit 3 8 — Total $ 1,018 $ 1,217 |
Estimated costs of decommissioning | The estimated costs of decommissioning at December 31, 2022 based on the most current studies, which were performed in 2018 for Alabama Power and in 2021 for Georgia Power, were as follows: Plant Plant Hatch (*) Plant Vogtle Units 1 and 2 (*) Decommissioning periods: Beginning year 2037 2034 2047 Completion year 2076 2075 2079 (in millions) Site study costs: Radiated structures $ 1,234 $ 771 $ 628 Spent fuel management 387 186 170 Non-radiated structures 99 61 85 Total site study costs $ 1,720 $ 1,018 $ 883 (*) Based on Georgia Power's ownership interests. |
CONSOLIDATED ENTITIES AND EQU_2
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | The carrying amounts of Southern Company Gas' equity method investments at December 31, 2022 and 2021 and related earnings (loss) from those investments for the years ended December 31, 2022, 2021, and 2020 were as follows: Investment Balance December 31, 2022 December 31, 2021 (in millions) SNG $ 1,243 $ 1,129 Other (*) 33 44 Total $ 1,276 $ 1,173 (*) Balance at December 31, 2022 reflects an $11 million distribution received in 2022 from PennEast Pipeline. |
Equity method investments related income | Earnings (Loss) from Equity Method Investments 2022 2021 2020 (in millions) SNG $ 146 $ 127 $ 129 PennEast Pipeline (*) — (81) 7 Other 2 4 5 Total $ 148 $ 50 $ 141 (*) For 2021, includes pre-tax impairment charges totaling $84 million. See "PennEast Pipeline Project" herein for additional information, including the September 2021 cancellation of the project. For 2020, earnings primarily result from AFUDC equity recorded by the project entity. |
FINANCING (Tables)
FINANCING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt | Details of long-term debt at December 31, 2022 and 2021 are provided in the following table: At December 31, 2022 Balance Outstanding at Maturity Weighted Average 2022 2021 (in millions) Southern Company Senior notes (a) 2023-2052 3.87% $ 35,683 $ 33,120 Junior subordinated notes 2024-2081 4.58% 8,836 8,918 FFB loans (b) 2023-2044 2.88% 4,874 4,962 Revenue bonds (c) 2024-2062 3.25% 2,844 2,662 First mortgage bonds (d) 2023-2062 3.46% 2,275 2,100 Medium-term notes 2026-2027 7.03% 84 130 Other long-term debt 2024-2045 4.96% 167 270 Finance lease obligations (e) 314 215 Unamortized fair value adjustment 330 359 Unamortized debt premium (discount), net (193) (216) Unamortized debt issuance expenses (273) (243) Total long-term debt 54,941 52,277 Less: Amount due within one year 4,285 2,157 Total long-term debt excluding amount due within one year $ 50,656 $ 50,120 Alabama Power Senior notes 2023-2052 3.86% $ 9,675 $ 8,725 Revenue bonds (c) 2024-2038 3.44% 995 995 Other long-term debt 2026 5.62% 45 45 Finance lease obligations (e) 5 4 Unamortized debt premium (discount), net (18) (18) Unamortized debt issuance expenses (72) (64) Total long-term debt 10,630 9,687 Less: Amount due within one year 301 751 Total long-term debt excluding amount due within one year $ 10,329 $ 8,936 Georgia Power Senior notes 2023-2052 3.90% $ 7,925 $ 6,825 Junior subordinated notes 2077 5.00% 270 270 FFB loans (b) 2023-2044 2.88% 4,874 4,962 Revenue bonds (c) 2025-2062 3.13% 1,738 1,591 Other long-term debt — 125 Finance lease obligations (e) 238 136 Unamortized debt premium (discount), net (18) (11) Unamortized debt issuance expenses (117) (114) Total long-term debt 14,910 13,784 Less: Amount due within one year 901 675 Total long-term debt excluding amount due within one year $ 14,009 $ 13,109 At December 31, 2022 Balance Outstanding at Maturity Weighted Average 2022 2021 (in millions) Mississippi Power Senior notes 2024-2051 3.93% $ 1,425 $ 1,425 Revenue bonds (c) 2025-2052 3.55% 111 76 Finance lease obligations (e) 17 18 Unamortized debt premium (discount), net 2 2 Unamortized debt issuance expenses (10) (10) Total long-term debt 1,545 1,511 Less: Amount due within one year 1 1 Total long-term debt excluding amount due within one year $ 1,544 $ 1,510 Southern Power Senior notes (a) 2023-2046 3.92% $ 2,998 $ 3,711 Unamortized debt premium (discount), net (5) (6) Unamortized debt issuance expenses (14) (17) Total long-term debt 2,979 3,688 Less: Amount due within one year 290 679 Total long-term debt excluding amount due within one year $ 2,689 $ 3,009 Southern Company Gas Senior notes 2023-2051 4.08% $ 4,769 $ 4,348 First mortgage bonds (d) 2023-2062 3.46% 2,275 2,100 Medium-term notes 2026-2027 7.03% 84 130 Other long-term debt 2024-2045 3.81% 22 — Unamortized fair value adjustment 330 359 Unamortized debt premium (discount), net (8) (35) Unamortized debt issuance expenses (30) — Total long-term debt 7,442 6,902 Less: Amount due within one year 400 47 Total long-term debt excluding amount due within one year $ 7,042 $ 6,855 (a) Includes a fair value gain (loss) of $(31) million and $5 million at December 31, 2022 and 2021, respectively, related to Southern Power's foreign currency hedge on its euro-denominated senior notes. (b) Secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. See "DOE Loan Guarantee Borrowings" herein for additional information. (c) Revenue bond obligations represent loans to the traditional electric operating companies from public authorities of funds derived from sales by such authorities of revenue bonds issued to finance pollution control and solid waste disposal and wastewater facilities. In some cases, the revenue bond obligations represent obligations under installment sales agreements with respect to facilities constructed with the proceeds of revenue bonds issued by public authorities. The traditional electric operating companies are required to make payments sufficient for the authorities to meet principal and interest requirements of such bonds. Proceeds from certain issuances are restricted until qualifying expenditures are incurred. (d) Secured by substantially all of Nicor Gas' properties. (e) Secured by the underlying lease ROU asset. See Note 9 for additional information. |
Schedule of maturities of long-term debt for the next five years | Maturities of long-term debt for the next five years are as follows: Southern Company (a) Alabama Power Georgia Power (b) Mississippi Power Southern Power (c) Southern Company (in millions) 2023 $ 4,293 $ 301 $ 901 $ 1 $ 290 $ 400 2024 2,280 23 499 201 — — 2025 1,699 251 145 12 500 300 2026 3,726 46 445 1 964 530 2027 2,074 550 510 11 — 154 (a) See notes (b) and (c) below. (b) Amounts include principal amortization related to the FFB borrowings; however, the final maturity date is February 20, 2044. See "DOE Loan Guarantee Borrowings" herein for additional information. (c) Southern Power's 2026 maturities include $564 million of euro-denominated debt at the U.S. dollar denominated hedge settlement amount. |
Summary of committed credit arrangements | At December 31, 2022, committed credit arrangements with banks were as follows: Expires Company 2023 2024 2025 2026 Total Unused Due within (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 — 275 275 — Southern Power (a) — — — 600 600 569 — Southern Company Gas (b) 250 — — 1,500 1,750 1,748 250 SEGCO 30 — — — 30 30 30 Southern Company $ 280 $ 700 $ 125 $ 6,550 $ 7,655 $ 7,596 $ 280 (a) Does not include Southern Power Company's two $75 million continuing letter of credit facilities for standby letters of credit, of which $9 million and $5 million, respectively, was unused at December 31, 2022. In December 2022, Southern Power amended one of the $75 million letter of credit facilities, which extended the expiration date from 2023 to 2025. The second $75 million letter of credit facility also expires in 2025. 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 credit arrangement expiring in 2026. 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. Nicor Gas is also the borrower under a $250 million credit arrangement expiring in 2023. See "Structural Considerations" herein for additional information. |
Details of short-term borrowings | Details of short-term borrowings for the applicable Registrants were as follows: Notes Payable at December 31, 2022 Notes Payable at December 31, 2021 Amount Weighted Average Amount Weighted Average (in millions) (in millions) Southern Company Commercial paper $ 809 4.7 % $ 1,140 0.3 % Short-term bank debt 1,800 5.0 % 300 0.7 % Total $ 2,609 4.9 % $ 1,440 0.4 % Georgia Power Short-term bank debt $ 1,600 5.0 % $ — — % Southern Power Commercial paper $ 225 4.7 % $ 211 0.3 % Southern Company Gas Commercial paper: Southern Company Gas Capital $ 285 4.8 % $ 379 0.3 % Nicor Gas 283 4.6 % 530 0.3 % Short-term bank debt: Nicor Gas 200 4.9 % 300 0.7 % Total $ 768 4.7 % $ 1,209 0.4 % |
Shares used to compute diluted EPS | Shares used to compute diluted EPS were as follows: Average Common Stock Shares 2022 2021 2020 (in millions) As reported shares 1,075 1,061 1,058 Effect of stock-based compensation 6 7 7 Diluted shares 1,081 1,068 1,065 |
Schedule of preferred stock | Preferred Stock Redeemed During 2022 Par Value/Stated Capital Per Share Shares Redemption 4.92% Preferred Stock $100 80,000 $103.23 4.72% Preferred Stock $100 50,000 $102.18 4.64% Preferred Stock $100 60,000 $103.14 4.60% Preferred Stock $100 100,000 $104.20 4.52% Preferred Stock $100 50,000 $102.93 4.20% Preferred Stock $100 135,115 $105.00 5.00% Class A Preferred Stock $25 10,000,000 $25.00 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Major categories of lease obligations | The major categories of lease obligations are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Electric generating units (*) $ 760 $ 59 $ 1,163 $ — $ — $ — Real estate/land 885 4 54 2 542 36 Communication towers 141 2 4 — — 23 Railcars 34 12 18 3 — — Other 79 4 1 21 — 1 Total $ 1,899 $ 81 $ 1,240 $ 26 $ 542 $ 60 At December 31, 2021 Electric generating units (*) $ 802 $ 104 $ 1,217 $ — $ — $ — Real estate/land 876 3 49 2 526 45 Communication towers 156 2 4 — — 24 Railcars 32 10 20 2 — — Other 103 5 1 24 — 1 Total $ 1,969 $ 124 $ 1,291 $ 28 $ 526 $ 70 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See "Contracts that Contain a Lease" herein for additional information. |
Balance sheet amounts recorded for operating and financing leases | Balance sheet amounts recorded for operating and finance leases are as follows: Southern Company Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) At December 31, 2022 Operating Leases Operating lease ROU assets, net $ 1,531 $ 71 $ 1,007 $ 9 $ 489 $ 57 Operating lease obligations - current $ 197 $ 9 $ 151 $ 4 $ 28 $ 9 Operating lease obligations - non-current 1,388 67 851 5 514 51 Total operating lease obligations (*) $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance Leases Finance lease ROU assets, net $ 292 $ 5 $ 205 $ 16 $ — $ — Finance lease obligations - current $ 18 $ 2 $ 16 $ 1 $ — $ — Finance lease obligations - non-current 296 3 222 16 — — Total finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — At December 31, 2021 Operating Leases Operating lease ROU assets, net $ 1,701 $ 108 $ 1,157 $ 10 $ 479 $ 70 Operating lease obligations - current $ 250 $ 54 $ 156 $ 4 $ 28 $ 11 Operating lease obligations - non-current 1,503 66 999 6 497 59 Total operating lease obligations (*) $ 1,754 $ 121 $ 1,155 $ 10 $ 525 $ 70 Finance Leases Finance lease ROU assets, net $ 197 $ 4 $ 104 $ 17 $ — $ — Finance lease obligations - current $ 16 $ 1 $ 10 $ 1 $ — $ — Finance lease obligations - non-current 199 3 126 17 — — Total finance lease obligations $ 215 $ 4 $ 136 $ 18 $ — $ — (*) Includes operating lease obligations related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $652 million, $59 million, and $952 million, respectively, at December 31, 2022 and $802 million, $104 million, and $1.11 billion, respectively, at December 31, 2021. |
Lease costs and other information | Lease costs for 2022, 2021, and 2020, which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease cost Operating lease cost (*) $ 297 $ 59 $ 198 $ 5 $ 32 $ 15 Finance lease cost: Amortization of ROU assets 23 1 15 1 — — Interest on lease obligations 13 — 17 1 — — Total finance lease cost 36 1 32 2 — — Short-term lease costs 64 44 13 — — — Variable lease cost 125 13 105 — 5 — Sublease income (1) — — — — — Total lease cost $ 521 $ 117 $ 348 $ 7 $ 37 $ 15 2021 Lease cost Operating lease cost (*) $ 313 $ 58 $ 208 $ 2 $ 33 $ 19 Finance lease cost: Amortization of ROU assets 21 1 11 1 — — Interest on lease obligations 11 — 16 1 — — Total finance lease cost 32 1 27 2 — — Short-term lease costs 48 15 24 — — — Variable lease cost 96 4 83 — 5 — Sublease income 1 — — — — — Total lease cost $ 490 $ 78 $ 342 $ 4 $ 38 $ 19 2020 Lease cost Operating lease cost (*) $ 309 $ 55 $ 212 $ 3 $ 29 $ 19 Finance lease cost: Amortization of ROU assets 26 1 15 — — — Interest on lease obligations 11 — 16 — — — Total finance lease cost 37 1 31 — — — Short-term lease costs 39 11 26 — — — Variable lease cost 91 4 76 — 7 — Sublease income — (1) — — — — Total lease cost $ 476 $ 70 $ 345 $ 3 $ 36 $ 19 (*) Includes operating lease costs related to PPAs at Southern Company, Alabama Power, and Georgia Power totaling $162 million, $48 million, and $180 million, respectively, in 2022, $165 million, $47 million, and $184 million, respectively, in 2021, and $161 million, $43 million, and $184 million, respectively, in 2020. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) 2022 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 303 $ 58 $ 206 $ 5 $ 30 $ 14 Operating cash flows from finance leases 11 — 20 1 — — Financing cash flows from finance leases 16 1 10 1 — — ROU assets obtained under operating leases 56 10 17 9 — 3 Reassessment of ROU assets under operating leases 16 — — — 16 — ROU assets obtained under finance leases 118 2 116 — — — 2021 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 308 $ 58 $ 211 $ 2 $ 28 $ 19 Operating cash flows from finance leases 9 — 17 1 — — Financing cash flows from finance leases 17 1 9 1 — — ROU assets obtained under operating leases 64 3 9 — 72 7 ROU assets obtained under finance leases 3 — — — — — 2020 Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 310 $ 55 $ 215 $ 3 $ 28 $ 18 Operating cash flows from finance leases 9 — 18 — — — Financing cash flows from finance leases 22 1 11 — — — ROU assets obtained under operating leases 227 63 32 — 51 4 ROU assets obtained under finance leases 10 2 — — — — Southern Alabama Georgia Mississippi Southern Power Southern Company Gas At December 31, 2022 Weighted-average remaining lease term in years: Operating leases 17.3 13.0 8.1 4.7 34.0 11.0 Finance leases 17.4 6.4 11.8 12.9 N/A N/A Weighted-average discount rate: Operating leases 4.51 % 4.87 % 4.52 % 3.49 % 4.86 % 3.79 % Finance leases 4.87 % 3.00 % 8.06 % 2.74 % N/A N/A At December 31, 2021 Weighted-average remaining lease term in years: Operating leases 15.9 9.1 8.7 6.1 32.8 10.5 Finance leases 18.0 8.7 8.5 13.9 N/A N/A Weighted-average discount rate: Operating leases 4.41 % 4.37 % 4.45 % 2.74 % 5.20 % 3.61 % Finance leases 4.82 % 3.09 % 10.81 % 2.74 % N/A N/A |
Maturities of operating lease liabilities | Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — |
Maturities of finance lease liabilities | Maturities of lease liabilities are as follows: At December 31, 2022 Southern Alabama Georgia Mississippi Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2023 $ 248 $ 12 $ 191 $ 4 $ 36 $ 11 2024 201 10 165 2 28 11 2025 181 9 138 2 28 11 2026 159 6 135 1 28 8 2027 143 5 135 — 29 3 Thereafter 1,497 64 440 1 1,009 31 Total 2,429 106 1,204 10 1,158 75 Less: Present value discount 844 30 202 1 616 15 Operating lease obligations $ 1,585 $ 76 $ 1,002 $ 9 $ 542 $ 60 Finance leases: 2023 $ 33 $ 2 $ 35 $ 2 $ — $ — 2024 22 1 27 2 — — 2025 26 1 35 2 — — 2026 26 1 36 2 — — 2027 26 — 36 2 — — Thereafter 345 — 187 10 — — Total 478 5 356 20 — — Less: Present value discount 164 — 118 3 — — Finance lease obligations $ 314 $ 5 $ 238 $ 17 $ — $ — |
Lease income, operating leases | Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 |
Lease income, sales-type leases and Power Purchase Agreements | Lease income for 2022, 2021, and 2020, is as follows: Southern Alabama Power Georgia Power Mississippi Southern Power Southern Company Gas (in millions) 2022 Lease income - interest income on sales-type leases $ 25 $ — $ — $ 15 $ 10 $ — Lease income - operating leases 208 77 32 2 85 36 Variable lease income 417 1 — — 448 — Total lease income $ 650 $ 78 $ 32 $ 17 $ 543 $ 36 2021 Lease income - interest income on sales-type leases $ 15 $ — $ — $ 14 $ 1 $ — Lease income - operating leases 223 82 42 2 85 35 Variable lease income 429 — — — 456 — Total lease income $ 667 $ 82 $ 42 $ 16 $ 542 $ 35 2020 Lease income - interest income on sales-type leases $ 16 $ — $ — $ 12 $ — $ — Lease income - operating leases 208 45 58 2 87 35 Variable lease income 419 — — — 449 — Total lease income $ 643 $ 45 $ 58 $ 14 $ 536 $ 35 |
Undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases | The undiscounted cash flows expected to be received for in-service leased assets under the leases are as follows: At December 31, 2022 Southern Company Mississippi Power Southern (in millions) 2023 $ 39 $ 24 $ 15 2024 38 23 15 2025 37 22 15 2026 36 21 15 2027 35 20 15 Thereafter 364 164 200 Total undiscounted cash flows $ 549 $ 274 $ 275 Net investment in sales-type lease (*) 326 157 169 Difference between undiscounted cash flows and discounted cash flows $ 223 $ 117 $ 106 (*) For Mississippi Power, included in other current assets and other property and investments on the balance sheets. For Southern Power, included in other current assets ($15 million and $12 million at December 31, 2022 and 2021, respectively) and net investment in sales-type leases ($154 million and $161 million at December 31, 2022 and 2021, respectively) on the balance sheet. |
Undiscounted cash flows to be received under PPAs accounted for as operating leases | The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases are as follows: At December 31, 2022 Southern Alabama Southern Southern Company Gas (in millions) 2023 $ 145 $ 34 $ 88 $ 36 2024 114 6 90 34 2025 105 5 74 29 2026 104 3 73 29 2027 104 3 74 28 Thereafter 796 23 166 382 Total $ 1,368 $ 74 $ 565 $ 538 |
Summary of the components of income from leveraged leases | The following table provides a summary of the components of income related to leveraged lease investments. Income was impacted in 2021 and 2020 by the impairment charges discussed below and in Note 15 under "Southern Company." Income in 2021 does not include the impacts of the sale and terminations of leveraged lease projects discussed in Note 15 under "Southern Company." 2021 2020 (in millions) Pretax leveraged lease income (loss) $ 17 $ (180) Income tax benefit (expense) (5) 98 Net leveraged lease income (loss) $ 12 $ (82) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Details of income tax provisions | Details of income tax provisions are as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Federal — Current $ 10 $ 54 $ 38 $ 42 $ (43) $ 122 Deferred 455 259 152 (16) 56 (3) 465 313 190 26 13 119 State — Current 27 14 (21) — 2 42 Deferred 303 96 201 11 5 19 330 110 180 11 7 61 Total $ 795 $ 423 $ 370 $ 37 $ 20 $ 180 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Federal — Current $ 50 $ 104 $ 311 $ 25 $ (340) $ 85 Deferred 36 172 (449) (15) 343 35 86 276 (138) 10 3 120 State — Current (25) 23 71 — (16) (68) Deferred 206 73 (101) 11 — 223 181 96 (30) 11 (16) 155 Total $ 267 $ 372 $ (168) $ 21 $ (13) $ 275 2020 Southern Company Alabama Power Georgia Mississippi Southern Power Southern Company Gas (in millions) Federal — Current $ 199 $ 198 $ 365 $ 18 $ (303) $ 82 Deferred 70 44 (224) (14) 299 53 269 242 141 4 (4) 135 State — Current 100 61 60 — (4) 35 Deferred 24 34 (49) 10 11 3 124 95 11 10 7 38 Total $ 393 $ 337 $ 152 $ 14 $ 3 $ 173 |
Summary of amortization of tax credits | ITCs amortized in 2022, 2021, and 2020 were immaterial for the traditional electric operating companies and Southern Company Gas and were as follows for Southern Company and Southern Power: Southern Company Southern Power (in millions) 2022 $ 83 $ 58 2021 84 58 2020 84 59 |
Schedule of effective income tax reconciliation | A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 6.2 4.8 6.5 4.4 1.9 6.4 Employee stock plans' dividend deduction (0.5) — — — — — Non-deductible book depreciation 0.6 0.5 0.6 0.3 — — Flowback of excess deferred income taxes (6.6) (1.9) (9.6) (7.8) — (2.5) AFUDC-Equity (1.1) (0.8) (1.5) — — — Federal PTCs — — — — (6.6) — ITC amortization (1.3) (0.1) (0.1) — (17.2) (0.1) Noncontrolling interests 0.5 — — — 8.4 — Other — 0.3 — 0.3 (0.1) (0.9) Effective income tax (benefit) rate 18.8 % 23.8 % 16.9 % 18.2 % 7.4 % 23.9 % 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 5.5 4.6 (5.7) 4.9 (8.0) 15.1 Employee stock plans' dividend deduction (0.9) — — — — — Non-deductible book depreciation 0.9 0.5 3.1 0.4 — — Flowback of excess deferred income taxes (11.7) (2.6) (49.9) (15.2) — (2.8) AFUDC-Equity (1.5) (0.7) (6.4) — — — Federal PTCs — — — — (4.6) — ITC amortization (2.2) (0.1) (0.4) — (29.7) (0.1) Noncontrolling interests 0.8 — — — 13.4 — Leveraged lease impairments and dispositions (1.4) — — — — — Other (0.1) 0.2 (1.9) 0.6 (0.4) 0.6 Effective income tax (benefit) rate 10.4 % 22.9 % (40.2) % 11.7 % (8.3) % 33.8 % 2020 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % State income tax, net of federal deduction 2.8 5.0 0.5 4.8 2.7 4.0 Employee stock plans' dividend deduction (0.7) — — — — — Non-deductible book depreciation 0.7 0.6 0.8 0.5 — — Flowback of excess deferred income taxes (8.8) (3.1) (12.0) (18.5) — (2.7) AFUDC-Equity (0.8) (0.6) (1.1) (0.1) — — Federal PTCs — — — — (2.5) — ITC amortization (1.6) (0.1) (0.1) (0.1) (22.1) (0.1) Noncontrolling interests — — — — 3.1 — Leveraged lease impairments (1.6) — — — — — Other 0.2 (0.3) (0.3) 0.9 (0.9) 0.5 Effective income tax (benefit) rate 11.2 % 22.5 % 8.8 % 8.5 % 1.3 % 22.7 % |
Tax effects between the carrying amounts of assets and liabilities | The tax effects of temporary differences between the carrying amounts of assets and liabilities in the financial statements of the Registrants and their respective tax bases, which give rise to deferred tax assets and liabilities, are as follows: December 31, 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Deferred tax liabilities — Accelerated depreciation $ 9,443 $ 2,564 $ 3,447 $ 338 $ 1,351 $ 1,505 Property basis differences 2,350 1,303 693 179 — 150 Employee benefit obligations 888 284 412 43 11 68 AROs 876 499 324 — — — Under recovered fuel and natural gas costs 805 185 548 40 — 32 Regulatory assets – AROs 2,006 679 1,285 42 — — Employee benefit obligations 677 180 226 30 — 15 Remaining book value of retired assets 400 142 253 5 — — Premium on reacquired debt 66 9 57 — — — Other 555 179 181 40 14 82 Total deferred income tax liabilities 18,066 6,024 7,426 717 1,376 1,852 Deferred tax assets — AROs 2,882 1,178 1,609 42 — — ITC and PTC carryforwards 1,685 12 673 — 794 — Employee benefit obligations 890 198 304 47 9 89 Estimated loss on plants under construction 888 — 888 — — — Other state deferred tax attributes 388 — 12 239 51 7 Federal effect of net state deferred tax liabilities 365 175 88 — 28 92 Other property basis differences 207 — 79 — 109 — State effect of federal deferred taxes 136 136 — — — — Other partnership basis differences 111 — — — 111 — Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) 137 127 — 9 — — Long-term debt fair value adjustment 85 — — — — 85 Other comprehensive losses 72 4 5 — 5 — Other 552 213 186 62 17 28 Total deferred income tax assets 8,398 2,043 3,844 399 1,124 301 Valuation allowance (257) — (125) (41) (27) (9) Net deferred income tax assets 8,141 2,043 3,719 358 1,097 292 Net deferred income taxes (assets)/liabilities $ 9,925 $ 3,981 $ 3,707 $ 359 $ 279 $ 1,560 Recognized in the balance sheets: Accumulated deferred income taxes – assets $ (111) $ — $ — $ (107) $ — $ — Accumulated deferred income taxes – liabilities $ 10,036 $ 3,981 $ 3,707 $ 466 $ 279 $ 1,560 December 31, 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Deferred tax liabilities — Accelerated depreciation $ 9,300 $ 2,541 $ 3,340 $ 330 $ 1,421 $ 1,428 Property basis differences 2,301 1,182 781 169 — 148 Federal effect of net state deferred tax assets — — — 22 — — Leveraged lease basis differences 61 — — — — — Employee benefit obligations 820 268 382 41 11 57 AROs 868 329 494 — — — Under recovered fuel and natural gas costs 315 47 109 15 — 144 Regulatory assets – AROs 2,232 863 1,325 44 — — Storm damage reserves 18 — 18 — — — Employee benefit obligations 825 205 256 38 — 15 Remaining book value of retired assets 271 145 121 5 — — Premium on reacquired debt 72 10 62 — — — Other 368 147 77 34 14 82 Total deferred income tax liabilities 17,451 5,737 6,965 698 1,446 1,874 Deferred tax assets — AROs 3,100 1,192 1,819 44 — — ITC and PTC carryforwards 1,750 12 704 — 827 — Employee benefit obligations 1,035 225 342 57 7 77 Estimated loss on plants under construction 825 — 825 — — — Other state deferred tax attributes 361 — 11 246 52 5 Federal effect of net state deferred tax liabilities 305 165 41 — 27 93 Other property basis differences 231 — 90 — 121 — State effect of federal deferred taxes 135 135 — — — — Other partnership basis differences 160 — — — 160 — Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) 268 237 19 12 — — Long-term debt fair value adjustment 91 — — — — 91 Other comprehensive losses 92 5 15 — 11 — Other 561 193 153 34 53 62 Total deferred income tax assets 8,914 2,164 4,019 393 1,258 328 Valuation allowance (207) — (73) (41) (27) (9) Net deferred income tax assets 8,707 2,164 3,946 352 1,231 319 Net deferred income taxes (assets)/liabilities $ 8,744 $ 3,573 $ 3,019 $ 346 $ 215 $ 1,555 Recognized in the balance sheets: Accumulated deferred income taxes – assets $ (118) $ — $ — $ (118) $ — $ — Accumulated deferred income taxes – liabilities $ 8,862 $ 3,573 $ 3,019 $ 464 $ 215 $ 1,555 |
Summary of tax credit carryforwards | Federal ITC/PTC carryforwards at December 31, 2022 were as follows: Southern Company Alabama Georgia Southern (in millions) Federal ITC/PTC carryforwards $ 1,148 $ 12 $ 135 $ 794 Tax year in which federal ITC/PTC carryforwards begin expiring 2031 2032 2031 2035 Year by which federal ITC/PTC carryforwards are expected to be utilized 2026 2025 2025 2026 |
Summary of operating loss carryforward | At December 31, 2022, the net state income tax benefit of state and local NOL carryforwards for Southern Company's subsidiaries were as follows: Company/Jurisdiction Approximate Net State Income Tax Benefit of NOL Carryforwards Tax Year NOL (in millions) Mississippi Power Mississippi $ 189 2031 Southern Power Oklahoma 27 2035 Florida 10 2034 Other states 3 Various Southern Power Total $ 40 Other (*) Georgia 23 2042 New York 11 2036 New York City 14 2036 Other states 21 Various Southern Company Total $ 298 (*) Represents other non-registrant Southern Company subsidiaries. Alabama Power, Georgia Power, and Southern Company Gas did not have material state or local NOL carryforwards at December 31, 2022. |
Changes in unrecognized tax benefits | Changes in unrecognized tax benefits for the periods presented were as follows: Southern Company Southern (in millions) Unrecognized tax benefits at December 31, 2019 $ — $ — Tax positions changes – increase from prior periods 44 — Unrecognized tax benefits at December 31, 2020 $ 44 $ — Tax positions changes – increase from prior periods 3 — Unrecognized tax benefits at December 31, 2021 $ 47 $ — Tax positions changes – increase from prior periods 33 32 Unrecognized tax benefits at December 31, 2022 $ 80 $ 32 |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Summary of actuarial assumptions | The weighted average rates assumed in the actuarial calculations used to determine both the net periodic costs for the pension and other postretirement benefit plans for the following year and the benefit obligations as of the measurement date are presented below. 2022 Assumptions used to determine net Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 3.09 % 3.12 % 3.07 % 3.07 % 3.21 % 3.04 % Discount rate – interest costs 2.55 2.58 2.51 2.54 2.79 2.53 Discount rate – service costs 3.34 3.36 3.37 3.35 3.36 3.21 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate – benefit obligations 2.90 % 2.95 % 2.87 % 2.88 % 3.07 % 2.82 % Discount rate – interest costs 2.32 2.38 2.30 2.27 2.55 2.17 Discount rate – service costs 3.26 3.30 3.27 3.26 3.25 3.22 Expected long-term return on plan assets 7.21 7.54 6.88 7.22 — 6.08 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2021 Assumptions used to determine net Southern Company Alabama Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 2.81 % 2.85 % 2.79 % 2.80 % 2.99 % 2.75 % Discount rate – interest costs 2.13 2.17 2.09 2.12 2.46 2.10 Discount rate – service costs 3.18 3.23 3.21 3.20 3.22 2.97 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate – benefit obligations 2.56 % 2.63 % 2.52 % 2.53 % 2.78 % 2.46 % Discount rate – interest costs 1.84 1.91 1.82 1.78 2.12 1.64 Discount rate – service costs 3.07 3.13 3.08 3.06 3.05 3.01 Expected long-term return on plan assets 7.09 7.18 6.84 6.98 — 6.54 Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2020 Assumptions used to determine net periodic costs: Southern Company Alabama Georgia Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate – benefit obligations 3.41 % 3.44 % 3.40 % 3.41 % 3.52 % 3.39 % Discount rate – interest costs 2.99 3.01 2.96 2.99 3.18 2.99 Discount rate – service costs 3.66 3.69 3.67 3.67 3.70 3.53 Expected long-term return on plan assets 8.25 8.25 8.25 8.25 8.25 8.25 Annual salary increase 4.73 4.73 4.73 4.73 4.73 4.73 Other postretirement benefit plans Discount rate – benefit obligations 3.24 % 3.28 % 3.22 % 3.22 % 3.39 % 3.19 % Discount rate – interest costs 2.80 2.84 2.79 2.76 2.97 2.71 Discount rate – service costs 3.57 3.61 3.57 3.57 3.57 3.52 Expected long-term return on plan assets 7.25 7.36 7.05 7.07 — 6.69 Annual salary increase 4.73 4.73 4.73 4.73 4.73 4.73 2022 Assumptions used to determine benefit obligations: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate 5.25 % 5.26 % 5.25 % 5.25 % 5.31 % 5.24 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate 5.18 % 5.20 % 5.17 % 5.17 % 5.24 % 5.16 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 2021 Assumptions used to determine benefit obligations: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Pension plans Discount rate 3.09 % 3.12 % 3.07 % 3.07 % 3.21 % 3.04 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 Other postretirement benefit plans Discount rate 2.90 % 2.95 % 2.87 % 2.88 % 3.07 % 2.82 % Annual salary increase 4.80 4.80 4.80 4.80 4.80 4.80 |
Schedule of health care cost trend rates | The weighted average medical care cost trend rates used in measuring the APBO for the Registrants at December 31, 2022 were as follows: Initial Cost Trend Rate Ultimate Cost Trend Rate Year That Ultimate Rate is Reached Pre-65 6.60 % 4.50 % 2030 Post-65 medical 5.50 4.50 2030 Post-65 prescription 7.50 4.50 2031 |
Schedule of accumulated and projected benefit obligations | The total accumulated benefit obligation for the pension plans at December 31, 2022 and 2021 was as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) December 31, 2022 $ 11,422 $ 2,601 $ 3,534 $ 520 $ 135 $ 801 December 31, 2021 14,687 3,362 4,562 672 178 1,030 The projected benefit obligations for the qualified and non-qualified pension plans at December 31, 2022 are shown in the following table. All pension plan assets are related to the qualified pension plan. Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Projected benefit obligations: Qualified pension plan $ 11,928 $ 2,799 $ 3,717 $ 540 $ 140 $ 819 Non-qualified pension plan 674 107 134 28 23 49 |
Changes in projected benefit obligations and fair value of plan assets | Changes in the projected benefit obligations and the fair value of plan assets during the plan years ended December 31, 2022 and 2021 were as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 16,382 $ 3,806 $ 5,012 $ 743 $ 222 $ 1,134 Service cost 412 99 103 17 9 34 Interest cost 408 96 123 18 6 28 Benefits paid (692) (144) (226) (30) (5) (75) Actuarial gain (3,908) (951) (1,161) (179) (69) (253) Balance at end of year 12,602 2,906 3,851 569 163 868 Change in plan assets Fair value of plan assets at beginning of year 17,225 4,141 5,415 786 213 1,241 Actual loss on plan assets (2,376) (579) (753) (110) (31) (167) Employer contributions 61 9 20 3 1 3 Benefits paid (692) (144) (226) (30) (5) (75) Fair value of plan assets at end of year 14,218 3,427 4,456 649 178 1,002 Accrued asset $ 1,616 $ 521 $ 605 $ 80 $ 15 $ 134 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 16,646 $ 3,854 $ 5,127 $ 754 $ 217 $ 1,189 Service cost 434 102 112 18 10 37 Interest cost 346 82 104 16 5 24 Benefits paid (651) (137) (210) (28) (4) (73) Actuarial gain (393) (95) (121) (17) (6) (43) Balance at end of year 16,382 3,806 5,012 743 222 1,134 Change in plan assets Fair value of plan assets at beginning of year 15,367 3,684 4,844 701 186 1,123 Actual return on plan assets 2,449 586 781 111 30 181 Employer contributions 60 8 — 2 1 10 Benefits paid (651) (137) (210) (28) (4) (73) Fair value of plan assets at end of year 17,225 4,141 5,415 786 213 1,241 Accrued asset (liability) $ 843 $ 335 $ 403 $ 43 $ (9) $ 107 |
Amounts recognized in balance sheets | Amounts recognized in the balance sheets at December 31, 2022 and 2021 related to the Registrants' pension plans consist of the following: Southern Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) December 31, 2022: Prepaid pension costs (a) $ 2,290 $ 629 $ 738 $ 108 $ 37 $ 183 Other regulatory assets, deferred (b) 2,455 679 887 123 — 111 Other current liabilities (56) (10) (12) (2) (2) (3) Employee benefit obligations (c) (618) (98) (121) (26) (20) (42) Other regulatory liabilities, deferred (85) — — — — — AOCI 24 — — — 11 (75) December 31, 2021: Prepaid pension costs (a) $ 1,657 $ 464 $ 563 $ 78 $ 20 $ 175 Other regulatory assets, deferred (b) 2,920 809 971 146 — 91 Other current liabilities (55) (9) (12) (2) (2) (2) Employee benefit obligations (c) (759) (120) (148) (33) (27) (66) Other regulatory liabilities, deferred (119) — — — — — AOCI 100 — — — 35 (45) (a) Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet and other deferred charges and assets on Southern Power's consolidated balance sheet. (b) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. (c) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. Presented below are the amounts included in regulatory assets at December 31, 2022 and 2021 related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic pension cost. Southern Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Balance at December 31, 2022 Regulatory assets: Prior service cost $ 10 $ 4 $ 7 $ 1 $ (9) Net loss 2,361 675 880 122 66 Regulatory amortization — — — — 54 Total regulatory assets (*) $ 2,371 $ 679 $ 887 $ 123 $ 111 Balance at December 31, 2021 Regulatory assets: Prior service cost $ 11 $ 5 $ 8 $ 1 $ (11) Net loss 2,790 804 963 145 38 Regulatory amortization — — — — 64 Total regulatory assets (*) $ 2,801 $ 809 $ 971 $ 146 $ 91 (*) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. Amounts recognized in the balance sheets at December 31, 2022 and 2021 related to the Registrants' other postretirement benefit plans consist of the following: Southern Company Alabama Power Georgia Mississippi Power Southern Southern Company Gas (in millions) December 31, 2022: Prepaid other postretirement benefit costs (a) $ — $ 28 $ — $ — $ — $ — Other regulatory assets, deferred (b) 34 — 19 — — — Other current liabilities (6) — — — (1) — Employee benefit obligations (c) (437) — (146) (35) (8) (66) Other regulatory liabilities, deferred (170) (21) (58) (9) — (58) AOCI (4) — — — — (2) December 31, 2021: Prepaid other postretirement benefit costs (a) $ — $ 49 $ — $ — $ — $ — Other regulatory assets, deferred (b) 97 — 30 2 — — Other current liabilities (5) — — — — — Employee benefit obligations (c) (593) — (206) (47) (11) (94) Other regulatory liabilities, deferred (171) (62) (40) (1) — (34) AOCI — — — — 2 (5) (a) Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet. (b) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. (c) Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets. Presented below are the amounts included in net regulatory assets (liabilities) at December 31, 2022 and 2021 related to the other postretirement benefit plans of Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost. Southern Company Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Balance at December 31, 2022: Regulatory assets (liabilities): Prior service cost $ 14 $ 4 $ 6 $ 1 $ 1 Net gain (150) (25) (45) (10) (64) Regulatory amortization — — — — 5 Total regulatory assets (liabilities) (*) $ (136) $ (21) $ (39) $ (9) $ (58) Balance at December 31, 2021: Regulatory assets (liabilities): Prior service cost $ 13 $ 3 $ 5 $ 1 $ 1 Net gain (87) (65) (15) — (51) Regulatory amortization — — — — 16 Total regulatory assets (liabilities) (*) $ (74) $ (62) $ (10) $ 1 $ (34) (*) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. |
Changes in balances of regulatory assets and regulatory liabilities related to defined benefit pension plans | The changes in the balance of regulatory assets related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas for the years ended December 31, 2022 and 2021 are presented in the following table: Southern Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Regulatory assets (liabilities): (*) Balance at December 31, 2020 $ 4,621 $ 1,286 $ 1,598 $ 235 $ 205 Net gain (1,523) (394) (527) (74) (97) Reclassification adjustments: Amortization of prior service costs (1) (1) (1) — 2 Amortization of net loss (296) (82) (99) (15) (9) Amortization of regulatory assets (*) — — — — (10) Total reclassification adjustments (297) (83) (100) (15) (17) Total change (1,820) (477) (627) (89) (114) Balance at December 31, 2021 $ 2,801 $ 809 $ 971 $ 146 $ 91 Net (gain) loss (183) (67) (9) (12) 27 Reclassification adjustments: Amortization of prior service costs (1) (1) (1) — 2 Amortization of net gain (loss) (246) (62) (74) (11) 1 Amortization of regulatory assets (*) — — — — (10) Total reclassification adjustments (247) (63) (75) (11) (7) Total change (430) (130) (84) (23) 20 Balance at December 31, 2022 $ 2,371 $ 679 $ 887 $ 123 $ 111 (*) Amounts for Southern Company exclude regulatory assets of $190 million and $210 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company. The changes in the balance of net regulatory assets (liabilities) related to the other postretirement benefit plans for the plan years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Alabama Power Georgia Mississippi Power Southern Company Gas (in millions) Net regulatory assets (liabilities): (*) Balance at December 31, 2020 $ 51 $ (21) $ 47 $ 5 $ (23) Net gain (120) (41) (55) (4) (2) Reclassification adjustments: Amortization of prior service costs 1 — 1 — — Amortization of net loss (6) — (3) — — Amortization of regulatory assets (*) — — — — (9) Total reclassification adjustments (5) — (2) — (9) Total change (125) (41) (57) (4) (11) Balance at December 31, 2021 $ (74) $ (62) $ (10) $ 1 $ (34) Net (gain) loss (64) 41 (27) (10) (13) Reclassification adjustments: Amortization of prior service costs 1 — — — — Amortization of net gain (loss) 1 — (2) — — Amortization of regulatory assets (*) — — — — (11) Total reclassification adjustments 2 — (2) — (11) Total change (62) 41 (29) (10) (24) Balance at December 31, 2022 $ (136) $ (21) $ (39) $ (9) $ (58) (*) Amounts for Southern Company exclude regulatory assets of $32 million and $40 million at December 31, 2022 and 2021, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company. |
Amounts included in AOCI related to defined benefit pension plans | Presented below are the amounts included in AOCI at December 31, 2022 and 2021 related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic pension cost. Southern Southern Southern Company (in millions) Balance at December 31, 2022 AOCI: Prior service cost $ (2) $ — $ (3) Net (gain) loss 26 11 (72) Total AOCI $ 24 $ 11 $ (75) Balance at December 31, 2021 AOCI: Prior service cost $ (2) $ — $ (3) Net (gain) loss 102 35 (42) Total AOCI $ 100 $ 35 $ (45) Presented below are the amounts included in AOCI at December 31, 2022 and 2021 related to the other postretirement benefit plans of Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost. Southern Southern Southern Company (in millions) Balance at December 31, 2022 AOCI: Prior service cost $ 1 $ — $ — Net (gain) loss (5) — (2) Total AOCI $ (4) $ — $ (2) Balance at December 31, 2021 AOCI: Prior service cost $ 1 $ — $ 1 Net (gain) loss (1) 2 (6) Total AOCI $ — $ 2 $ (5) |
Components of OCI related to defined benefit pension plan | The components of OCI related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas for the years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Southern Southern Company (in millions) AOCI: Balance at December 31, 2020 $ 245 $ 60 $ 1 Net gain (128) (22) (47) Reclassification adjustments: Amortization of net gain (loss) (17) (3) 1 Total change (145) (25) (46) Balance at December 31, 2021 $ 100 $ 35 $ (45) Net gain (82) (22) (30) Reclassification adjustments: Amortization of net gain (loss) 6 (2) — Total reclassification adjustments 6 (2) — Total change (76) (24) (30) Balance at December 31, 2022 $ 24 $ 11 $ (75) The components of OCI related to the other postretirement benefit plans for the plan years ended December 31, 2022 and 2021 are presented in the following table: Southern Company Southern Southern Company Gas (in millions) AOCI: Balance at December 31, 2020 $ 8 $ 3 $ — Net gain (11) (1) — Reclassification adjustments: Amortization of net gain (loss) 3 — (5) Total change (8) (1) (5) Balance at December 31, 2021 $ — $ 2 $ (5) Net gain (3) (2) — Reclassification adjustments: Amortization of net gain (loss) (1) — 3 Total change (4) (2) 3 Balance at December 31, 2022 $ (4) $ — $ (2) |
Components of net periodic benefit cost | Components of net periodic pension cost for the Registrants were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Service cost $ 412 $ 99 $ 103 $ 17 $ 9 $ 34 Interest cost 408 96 123 18 6 28 Expected return on plan assets (1,265) (306) (399) (57) (15) (91) Recognized net loss 240 62 75 11 2 8 Net amortization — 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (205) $ (48) $ (97) $ (11) $ 2 $ (9) 2021 Service cost $ 434 $ 102 $ 112 $ 18 $ 10 $ 37 Interest cost 346 82 104 16 5 24 Expected return on plan assets (1,191) (287) (375) (55) (14) (86) Recognized net loss 314 82 100 15 3 13 Net amortization 1 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (96) $ (20) $ (58) $ (6) $ 4 $ — 2020 Service cost $ 376 $ 89 $ 96 $ 15 $ 8 $ 33 Interest cost 432 100 133 20 6 31 Expected return on plan assets (1,100) (264) (347) (51) (13) (75) Recognized net loss 269 71 86 13 2 6 Net amortization 1 1 1 — — 15 Prior service cost — — — — — (3) Net periodic pension cost (income) $ (22) $ (3) $ (31) $ (3) $ 3 $ 7 Components of the other postretirement benefit plans' net periodic cost for the Registrants were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) 2022 Service cost $ 23 $ 6 $ 6 $ 1 $ — $ 1 Interest cost 42 10 15 2 — 5 Expected return on plan assets (80) (32) (28) (2) 1 (9) Net amortization (1) — 2 — — 6 Net periodic postretirement benefit cost (income) $ (16) $ (16) $ (5) $ 1 $ 1 $ 3 2021 Service cost $ 24 $ 6 $ 7 $ 1 $ — $ 2 Interest cost 35 9 12 1 — 4 Expected return on plan assets (76) (30) (26) (1) 1 (10) Net amortization 2 — 2 — — 6 Net periodic postretirement benefit cost (income) $ (15) $ (15) $ (5) $ 1 $ 1 $ 2 2020 Service cost $ 22 $ 6 $ 6 $ 1 $ 1 $ 2 Interest cost 54 13 20 2 — 7 Expected return on plan assets (72) (29) (26) (1) — (10) Net amortization 1 — 2 — — 6 Net periodic postretirement benefit cost (income) $ 5 $ (10) $ 2 $ 2 $ 1 $ 5 |
Estimated pension benefit payments | At December 31, 2022, estimated benefit payments were as follows: Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Benefit Payments: 2023 $ 734 $ 155 $ 230 $ 32 $ 6 $ 83 2024 735 160 236 33 7 57 2025 760 167 243 34 7 58 2026 784 173 248 35 7 60 2027 806 178 252 36 8 61 2028 to 2032 4,262 952 1,304 192 43 323 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Benefit payments: 2023 $ 115 $ 25 $ 41 $ 5 $ 1 $ 18 2024 110 24 39 5 1 17 2025 114 26 41 5 1 17 2026 113 26 41 5 1 16 2027 113 26 41 5 1 16 2028 to 2032 551 130 199 22 1 68 |
Changes in the APBO and the fair value of plan assets | Changes in the APBO and the fair value of the Registrants' plan assets during the plan years ended December 31, 2022 and 2021 were as follows: 2022 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 1,849 $ 440 $ 656 $ 76 $ 11 $ 237 Service cost 23 6 6 1 — 1 Interest cost 42 10 15 2 — 5 Benefits paid (109) (23) (38) (4) (1) (18) Actuarial gain (365) (89) (125) (16) (1) (46) Retiree drug subsidy 1 — — — — — Balance at end of year 1,441 344 514 59 9 179 Change in plan assets Fair value of plan assets at beginning of year 1,251 489 450 29 — 143 Actual loss on plan assets (218) (98) (71) (4) — (25) Employer contributions 73 4 27 3 1 13 Benefits paid (108) (23) (38) (4) (1) (18) Fair value of plan assets at end of year 998 372 368 24 — 113 Accrued asset (liability) $ (443) $ 28 $ (146) $ (35) $ (9) $ (66) 2021 Southern Company Alabama Power Georgia Mississippi Power Southern Power Southern Company Gas (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 1,948 $ 463 $ 699 $ 81 $ 12 $ 248 Service cost 24 6 7 1 — 2 Interest cost 35 9 12 1 — 4 Benefits paid (105) (22) (36) (5) — (18) Actuarial (gain) loss (54) (16) (26) (2) (1) 1 Retiree drug subsidy 1 — — — — — Balance at end of year 1,849 440 656 76 11 237 Change in plan assets Fair value of plan assets at beginning of year 1,158 458 427 27 — 128 Actual return on plan assets 154 55 55 4 — 18 Employer contributions 43 (2) 4 3 — 15 Benefits paid (104) (22) (36) (5) — (18) Fair value of plan assets at end of year 1,251 489 450 29 — 143 Accrued asset (liability) $ (598) $ 49 $ (206) $ (47) $ (11) $ (94) |
Summary of investment strategies and benefit plan asset fair values | A description of the major asset classes that the pension and other postretirement benefit plans are comprised of, along with the valuation methods used for fair value measurement, is provided below: Description Valuation Methodology Domestic equity: A mix of large and small capitalization stocks with generally an equal distribution of value and growth attributes, managed both actively and through passive index approaches. International equity: A mix of large and small capitalization growth and value stocks with developed and emerging markets exposure, managed both actively and through fundamental indexing approaches. Domestic and international equities such as common stocks, American depositary receipts, and real estate investment trusts that trade on public exchanges are classified as Level 1 investments and are valued at the closing price in the active market. Equity funds with unpublished prices that are comprised of publicly traded securities (such as commingled/pooled funds) are also valued at the closing price in the active market, but are classified as Level 2. Fixed income: A mix of domestic and international bonds. Investments in fixed income securities, including fixed income pooled funds, are generally classified as Level 2 investments and are valued based on prices reported in the market place. Additionally, the value of fixed income securities takes into consideration certain items such as broker quotes, spreads, yield curves, interest rates, and discount rates that apply to the term of a specific instrument. Trust-owned life insurance (TOLI): Investments of taxable trusts aimed at minimizing the impact of taxes on the portfolio. Investments in TOLI policies are classified as Level 2 investments and are valued based on the underlying investments held in the policy's separate accounts. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities. Real estate: Investments in traditional private market, equity-oriented investments in real properties (indirectly through pooled funds or partnerships) and in publicly traded real estate securities. Special situations: Investments in opportunistic strategies with the objective of diversifying and enhancing returns and exploiting short-term inefficiencies, as well as investments in promising new strategies of a longer-term nature. Private equity: Investments in private partnerships that invest in private or public securities typically through privately-negotiated and/or structured transactions, including leveraged buyouts, venture capital, and distressed debt. Investments in real estate, special situations, and private equity are generally classified as Net Asset Value as a Practical Expedient, since the underlying assets typically do not have publicly available observable inputs. The fund manager values the assets using various inputs and techniques depending on the nature of the underlying investments. Techniques may include purchase multiples for comparable transactions, comparable public company trading multiples, discounted cash flow analysis, prevailing market capitalization rates, recent sales of comparable investments, and independent third-party appraisals. The fair value of partnerships is determined by aggregating the value of the underlying assets less liabilities. |
Fair values of plan assets | The fair values, and actual allocations relative to the target allocations, of the Southern Company system's pension plans at December 31, 2022 and 2021 are presented below. Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Equity: 45 % 43 % Domestic equity $ 2,078 $ 691 $ — $ — $ 2,769 International equity 2,166 1,090 — — 3,256 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 1,469 — — 1,469 Mortgage- and asset-backed securities — 29 — — 29 Corporate bonds — 1,494 — — 1,494 Pooled funds — 607 — — 607 Cash equivalents and other 399 7 — — 406 Real estate investments 376 — — 1,887 2,263 13 15 Special situations — — — 187 187 3 2 Private equity — — — 1,717 1,717 9 12 Total $ 5,019 $ 5,387 $ — $ 3,791 $ 14,197 100 % 100 % Liabilities: Derivatives (4) — — — (4) Total $ 5,015 $ 5,387 $ — $ 3,791 $ 14,193 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Equity: 45 % 43 % Domestic equity $ 500 $ 167 $ — $ — $ 667 International equity 522 263 — — 785 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 354 — — 354 Mortgage- and asset-backed securities — 7 — — 7 Corporate bonds — 360 — — 360 Pooled funds — 146 — — 146 Cash equivalents and other 96 2 — — 98 Real estate investments 91 — — 455 546 13 15 Special situations — — — 45 45 3 2 Private equity — — — 414 414 9 12 Total $ 1,209 $ 1,299 $ — $ 914 $ 3,422 100 % 100 % Liabilities: Derivatives (1) — — — (1) Total $ 1,208 $ 1,299 $ — $ 914 $ 3,421 100 % 100 % Georgia Power Assets: Equity: 45 % 43 % Domestic equity $ 651 $ 217 $ — $ — $ 868 International equity 678 342 — — 1,020 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 460 — — 460 Mortgage- and asset-backed securities — 9 — — 9 Corporate bonds — 468 — — 468 Pooled funds — 190 — — 190 Cash equivalents and other 125 2 — — 127 Real estate investments 118 — — 591 709 13 15 Special situations — — — 59 59 3 2 Private equity — — — 538 538 9 12 Total $ 1,572 $ 1,688 $ — $ 1,188 $ 4,448 100 % 100 % Liabilities: Derivatives (1) — — — (1) Total $ 1,571 $ 1,688 $ — $ 1,188 $ 4,447 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Equity: 45 % 43 % Domestic equity $ 95 $ 32 $ — $ — $ 127 International equity 99 50 — — 149 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 67 — — 67 Mortgage- and asset-backed securities — 1 — — 1 Corporate bonds — 68 — — 68 Pooled funds — 28 — — 28 Cash equivalents and other 18 — — — 18 Real estate investments 17 — — 86 103 13 15 Special situations — — — 9 9 3 2 Private equity — — — 78 78 9 12 Total $ 229 $ 246 $ — $ 173 $ 648 100 % 100 % Southern Power Assets: Equity: 45 % 43 % Domestic equity $ 25 $ 9 $ — $ — $ 34 International equity 27 14 — — 41 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 18 — — 18 Corporate bonds — 19 — — 19 Pooled funds — 8 — — 8 Cash equivalents and other 5 — — — 5 Real estate investments 5 — — 24 29 13 15 Special situations — — — 2 2 3 2 Private equity — — — 21 21 9 12 Total $ 62 $ 68 $ — $ 47 $ 177 100% 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Gas Assets: Equity: 45 % 43 % Domestic equity $ 146 $ 49 $ — $ — $ 195 International equity 152 77 — — 229 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 104 — — 104 Mortgage- and asset-backed securities — 2 — — 2 Corporate bonds — 105 — — 105 Pooled funds — 43 — — 43 Cash equivalents and other 28 1 — — 29 Real estate investments 27 — — 133 160 13 15 Special situations — — — 13 13 3 2 Private equity — — — 121 121 9 12 Total $ 353 $ 381 $ — $ 267 $ 1,001 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Equity: 51 % 53 % Domestic equity $ 3,095 $ 1,326 $ — $ — $ 4,421 International equity 2,740 1,402 3 — 4,145 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 1,209 — — 1,209 Mortgage- and asset-backed securities — 10 — — 10 Corporate bonds — 1,752 — — 1,752 Pooled funds — 771 — — 771 Cash equivalents and other 405 7 — — 412 Real estate investments 706 — — 2,038 2,744 14 15 Special situations — — — 171 171 3 1 Private equity — — — 1,590 1,590 9 9 Total $ 6,946 $ 6,477 $ 3 $ 3,799 $ 17,225 100 % 100 % Alabama Power Assets: Equity: 51 % 53 % Domestic equity $ 743 $ 319 $ — $ — $ 1,062 International equity 659 337 1 — 997 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 291 — — 291 Mortgage- and asset-backed securities — 2 — — 2 Corporate bonds — 421 — — 421 Pooled funds — 186 — — 186 Cash equivalents and other 97 2 — — 99 Real estate investments 170 — — 490 660 14 15 Special situations — — — 41 41 3 1 Private equity — — — 382 382 9 9 Total $ 1,669 $ 1,558 $ 1 $ 913 $ 4,141 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Georgia Power Assets: Equity: 51 % 53 % Domestic equity $ 972 $ 417 $ — $ — $ 1,389 International equity 861 441 1 — 1,303 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 380 — — 380 Mortgage- and asset-backed securities — 3 — — 3 Corporate bonds — 551 — — 551 Pooled funds — 243 — — 243 Cash equivalents and other 127 2 — — 129 Real estate investments 222 — — 641 863 14 15 Special situations — — — 54 54 3 1 Private equity — — — 500 500 9 9 Total $ 2,182 $ 2,037 $ 1 $ 1,195 $ 5,415 100 % 100 % Mississippi Power Assets: Equity: 51 % 53 % Domestic equity $ 142 $ 61 $ — $ — $ 203 International equity 126 64 — — 190 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 55 — — 55 Corporate bonds — 80 — — 80 Pooled funds — 35 — — 35 Cash equivalents and other 18 — — — 18 Real estate investments 32 — — 93 125 14 15 Special situations — — — 8 8 3 1 Private equity — — — 73 73 9 9 Total $ 318 $ 295 $ — $ 174 $ 787 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Power Assets: Equity: 51 % 53 % Domestic equity $ 38 $ 16 $ — $ — $ 54 International equity 34 17 — — 51 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 15 — — 15 Corporate bonds — 22 — — 22 Pooled funds — 10 — — 10 Cash equivalents and other 5 — — — 5 Real estate investments 9 — — 25 34 14 15 Special situations — — — 2 2 3 1 Private equity — — — 20 20 9 9 Total $ 86 $ 80 $ — $ 47 $ 213 100 % 100 % Southern Company Gas Assets: Equity: 51 % 53 % Domestic equity $ 223 $ 96 $ — $ — $ 319 International equity 197 101 — — 298 Fixed income: 23 22 U.S. Treasury, government, and agency bonds — 87 — — 87 Mortgage- and asset-backed securities — 1 — — 1 Corporate bonds — 126 — — 126 Pooled funds — 56 — — 56 Cash equivalents and other 29 — — — 29 Real estate investments 51 — — 147 198 14 15 Special situations — — — 12 12 3 1 Private equity — — — 115 115 9 9 Total $ 500 $ 467 $ — $ 274 $ 1,241 100 % 100 % The fair values, and actual allocations relative to the target allocations, of the applicable Registrants' other postretirement benefit plan assets at December 31, 2022 and 2021 are presented below. Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Total Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (NAV) (in millions) Southern Company Assets: Equity: 61 % 59 % Domestic equity $ 85 $ 74 $ — $ 159 International equity 58 79 — 137 Fixed income: 30 28 U.S. Treasury, government, and agency bonds — 43 — 43 Mortgage- and asset-backed securities — 1 — 1 Corporate bonds — 40 — 40 Pooled funds — 79 — 79 Cash equivalents and other 19 — — 19 Trust-owned life insurance — 406 — 406 Real estate investments 11 — 51 62 5 7 Special situations — — 6 6 1 1 Private equity — — 46 46 3 5 Total $ 173 $ 722 $ 103 $ 998 100 % 100 % Alabama Power Assets: Equity: 69 % 65 % Domestic equity $ 17 $ 6 $ — $ 23 International equity 18 9 — 27 Fixed income: 23 23 U.S. Treasury, government, and agency bonds — 12 — 12 Corporate bonds — 12 — 12 Pooled funds — 7 — 7 Cash equivalents and other 3 — — 3 Trust-owned life insurance — 252 — 252 Real estate investments 3 — 16 19 4 7 Special situations — — 2 2 1 1 Private equity — — 14 14 3 4 Total $ 41 $ 298 $ 32 $ 371 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Total Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (NAV) (in millions) Georgia Power Assets: Equity: 58 % 56 % Domestic equity $ 46 $ 6 $ — $ 52 International equity 17 39 — 56 Fixed income: 35 34 U.S. Treasury, government, and agency bonds — 10 — 10 Corporate bonds — 12 — 12 Pooled funds — 40 — 40 Cash equivalents and other 9 — — 9 Trust-owned life insurance — 154 — 154 Real estate investments 4 — 15 19 4 5 Special situations — — 2 2 1 1 Private equity — — 14 14 2 4 Total $ 76 $ 261 $ 31 $ 368 100 % 100 % Mississippi Power Assets: Equity: 37 % 35 % Domestic equity $ 3 $ 1 $ — $ 4 International equity 3 2 — 5 Fixed income: 43 41 U.S. Treasury, government, and agency bonds — 4 — 4 Corporate bonds — 2 — 2 Pooled funds — 1 — 1 Cash equivalents and other 2 — — 2 Real estate investments 1 — 3 4 11 12 Special situations — — — — 2 2 Private equity — — 2 2 7 10 Total $ 9 $ 10 $ 5 $ 24 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Total Target Allocation Actual Allocation At December 31, 2022: (Level 1) (Level 2) (NAV) (in millions) Southern Company Gas Assets: Equity: 72 % 70 % Domestic equity $ 2 $ 56 $ — $ 58 International equity 2 20 — 22 Fixed income: 26 27 U.S. Treasury, government, and agency bonds — 1 — 1 Corporate bonds — 1 — 1 Pooled funds — 27 — 27 Cash equivalents and other 1 — — 1 Real estate investments — — 2 2 1 2 Private equity — — 1 1 1 1 Total $ 5 $ 105 $ 3 $ 113 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (NAV) Total (in millions) Southern Company Assets: Equity: 64 % 66 % Domestic equity $ 123 $ 112 $ — $ 235 International equity 73 99 — 172 Fixed income: 27 25 U.S. Treasury, government, and agency bonds — 37 — 37 Corporate bonds — 50 — 50 Pooled funds — 90 — 90 Cash equivalents and other 14 — — 14 Trust-owned life insurance — 530 — 530 Real estate investments 20 — 54 74 5 6 Special situations — — 5 5 1 — Private equity — — 42 42 3 3 Total $ 230 $ 918 $ 101 $ 1,249 100 % 100 % Alabama Power Assets: Equity: 71 % 69 % Domestic equity $ 26 $ 11 $ — $ 37 International equity 23 12 — 35 Fixed income: 21 21 U.S. Treasury, government, and agency bonds — 10 — 10 Corporate bonds — 18 — 18 Pooled funds — 6 — 6 Cash equivalents and other 3 — — 3 Trust-owned life insurance — 341 — 341 Real estate investments 6 — 17 23 4 7 Special situations — — 2 2 1 — Private equity — — 13 13 3 3 Total $ 58 $ 398 $ 32 $ 488 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (NAV) Total (in millions) Georgia Power Assets: Equity: 60 % 62 % Domestic equity $ 65 $ 13 $ — $ 78 International equity 22 50 — 72 Fixed income: 33 30 U.S. Treasury, government, and agency bonds — 9 — 9 Corporate bonds — 14 — 14 Pooled funds — 46 — 46 Cash equivalents and other 5 — — 5 Trust-owned life insurance — 189 — 189 Real estate investments 7 — 16 23 4 5 Special situations — — 1 1 1 — Private equity — — 13 13 2 3 Total $ 99 $ 321 $ 30 $ 450 100 % 100 % Mississippi Power Assets: Equity: 43 % 44 % Domestic equity $ 4 $ 2 $ — $ 6 International equity 4 2 — 6 Fixed income: 36 34 U.S. Treasury, government, and agency bonds — 5 — 5 Corporate bonds — 2 — 2 Pooled funds — 1 — 1 Cash equivalents and other 1 — — 1 Real estate investments 1 — 3 4 11 13 Special situations — — — — 2 1 Private equity — — 2 2 8 8 Total $ 10 $ 12 $ 5 $ 27 100 % 100 % Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Net Asset Value as a Practical Expedient Target Allocation Actual Allocation At December 31, 2021: (Level 1) (Level 2) (NAV) Total (in millions) Southern Company Gas Assets: Equity: 72 % 73 % Domestic equity $ 3 $ 76 $ — $ 79 International equity 2 24 — 26 Fixed income: 26 24 U.S. Treasury, government, and agency bonds — 1 — 1 Corporate bonds — 1 — 1 Pooled funds — 30 — 30 Cash equivalents and other 2 — — 2 Real estate investments 1 — 2 3 1 2 Private equity — — 1 1 1 1 Total $ 8 $ 132 $ 3 $ 143 100 % 100 % |
Total matching contributions | Total matching contributions made to the plans for 2022, 2021, and 2020 were as follows: Southern Company Alabama Georgia Mississippi Southern Southern Company Gas (in millions) 2022 $ 124 $ 26 $ 29 $ 5 $ 3 $ 17 2021 119 26 28 5 2 16 2020 120 26 29 5 2 16 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of employees participating in stock-based compensation programs | At December 31, 2022, the number of current and former employees participating in stock-based compensation programs for the Registrants was as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Number of employees 1,586 221 236 64 45 186 |
Assumptions used in the pricing model and the weighted average grant-date fair value of performance share award units granted | The following table shows the assumptions used in the pricing model and the weighted average grant-date fair value of TSR awards granted: Year Ended December 31 2022 2021 2020 Expected volatility 29.6% 30.0% 15.4% Expected term (in years) 3 3 3 Interest rate 1.7% 0.2% 1.4% Weighted average grant-date fair value $79.69 $69.06 $77.65 |
Schedule of compensation costs and related tax benefits | Total PSU compensation cost, and the related tax benefit recognized in income, for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 (in millions) Southern Company Compensation cost recognized in income $ 101 $ 112 $ 84 Tax benefit of compensation cost recognized in income 26 29 22 Southern Company Gas Compensation cost recognized in income $ 12 $ 17 $ 13 Tax benefit of compensation cost recognized in income 4 4 4 Total intrinsic value of options exercised, and the related tax benefit, for the years ended December 31, 2022, 2021, and 2020 are presented below for Southern Company and Georgia Power and were immaterial for all other Registrants: Year Ended December 31 2022 2021 2020 (in millions) Southern Company Intrinsic value of options exercised $ 49 $ 34 $ 38 Tax benefit of options exercised 12 7 9 Georgia Power Intrinsic value of options exercised $ 15 $ 14 $ 9 Tax benefit of options exercised 4 3 2 |
Share-based compensation, stock options, activity | Southern Company's activity in the stock option program for 2022 is summarized below: Shares Subject to Option Weighted Average Exercise Price (in millions) Outstanding at December 31, 2021 2.8 $ 42.95 Exercised 1.8 43.37 Outstanding and Exercisable at December 31, 2022 1.0 $ 42.22 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The fair value increases (decreases) of the Funds, including unrealized gains (losses) and reinvested interest and dividends and excluding the Funds' expenses, for 2022, 2021, and 2020 are shown in the table below. Southern Company Alabama Georgia (in millions) Fair value increases (decreases) 2022 $ (360) $ (171) $ (189) 2021 274 200 74 2020 280 142 138 Unrealized gains (losses) At December 31, 2022 $ (391) $ (204) $ (187) At December 31, 2021 (27) (30) 3 At December 31, 2020 220 121 99 At December 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 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 18 $ 181 $ — $ — $ 199 Interest rate derivatives — 12 — — 12 Investments in trusts: (b)(c) Domestic equity 651 178 — — 829 Foreign equity 125 150 — — 275 U.S. Treasury and government agency securities — 285 — — 285 Municipal bonds — 51 — — 51 Pooled funds – fixed income — 7 — — 7 Corporate bonds — 412 — — 412 Mortgage and asset backed securities — 90 — — 90 Private equity — — — 161 161 Cash and cash equivalents 4 — — — 4 Other 37 12 — — 49 Cash equivalents 1,427 20 — — 1,447 Other investments 9 26 — — 35 Total $ 2,271 $ 1,424 $ — $ 161 $ 3,856 Liabilities: Energy-related derivatives (a) $ 32 $ 178 $ — $ — $ 210 Interest rate derivatives — 302 — — 302 Foreign currency derivatives — 216 — — 216 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ 32 $ 709 $ 12 $ — $ 753 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Nuclear decommissioning trusts: (b) Domestic equity 396 169 — — 565 Foreign equity 125 — — — 125 U.S. Treasury and government agency securities — 19 — — 19 Municipal bonds — 1 — — 1 Corporate bonds — 225 — — 225 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 161 161 Other 7 — — — 7 Cash equivalents 438 20 — — 458 Other investments — 26 — — 26 Total $ 966 $ 544 $ — $ 161 $ 1,671 Liabilities: Energy-related derivatives $ — $ 39 $ — $ — $ 39 Georgia Power Assets: Energy-related derivatives $ — $ 42 $ — $ — $ 42 Nuclear decommissioning trusts: (b)(c) Domestic equity 255 1 — — 256 Foreign equity — 149 — — 149 U.S. Treasury and government agency securities — 266 — — 266 Municipal bonds — 50 — — 50 Corporate bonds — 187 — — 187 Mortgage and asset backed securities — 68 — — 68 Other 30 12 — — 42 Cash equivalents 355 — — — 355 Total $ 640 $ 775 $ — $ — $ 1,415 Liabilities: Energy-related derivatives $ — $ 62 $ — $ — $ 62 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2022: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 59 $ — $ — $ 59 Cash equivalents 47 — — — 47 Total $ 47 $ 59 $ — $ — $ 106 Liabilities: Energy-related derivatives $ — $ 32 $ — $ — $ 32 Southern Power Assets: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Liabilities: Energy-related derivatives $ — $ 12 $ — $ — $ 12 Foreign currency derivatives — 47 — — 47 Contingent consideration — — 12 — 12 Other — 13 — — 13 Total $ — $ 72 $ 12 $ — $ 84 Southern Company Gas Assets: Energy-related derivatives (a) $ 18 $ 10 $ — $ — $ 28 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 1 — — 1 Pooled funds - fixed income — 7 — — 7 Cash and cash equivalents 4 — — — 4 Cash equivalents 50 — — — 50 Total $ 72 $ 26 $ — $ — $ 98 Liabilities: Energy-related derivatives (a)(b) $ 32 $ 33 $ — $ — $ 65 Interest rate derivatives — 86 — — 86 Total $ 32 $ 119 $ — $ — $ 151 (a) Excludes cash collateral of $41 million. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. At December 31, 2021, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 24 $ 195 $ — $ — $ 219 Interest rate derivatives — 19 — — 19 Investments in trusts: (b)(c) Domestic equity 791 225 — — 1,016 Foreign equity 165 188 — — 353 U.S. Treasury and government agency securities — 314 — — 314 Municipal bonds — 56 — — 56 Pooled funds – fixed income — 13 — — 13 Corporate bonds 1 522 — — 523 Mortgage and asset backed securities — 93 — — 93 Private equity — — — 150 150 Cash and cash equivalents 2 — — — 2 Other 22 25 — — 47 Cash equivalents 1,160 14 — — 1,174 Other investments 9 35 — — 44 Total $ 2,174 $ 1,699 $ — $ 150 $ 4,023 Liabilities: Energy-related derivatives (a) $ 10 $ 36 $ — $ — $ 46 Interest rate derivatives — 29 — — 29 Foreign currency derivatives — 79 — — 79 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ 10 $ 157 $ 14 $ — $ 181 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 55 $ — $ — $ 55 Nuclear decommissioning trusts: (b) Domestic equity 468 216 — — 684 Foreign equity 165 — — — 165 U.S. Treasury and government agency securities — 21 — — 21 Municipal bonds — 1 — — 1 Corporate bonds 1 271 — — 272 Mortgage and asset backed securities — 22 — — 22 Private equity — — — 150 150 Other 9 — — — 9 Cash equivalents 839 14 — — 853 Other investments — 35 — — 35 Total $ 1,482 $ 635 $ — $ 150 $ 2,267 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Georgia Power Assets: Energy-related derivatives $ — $ 75 $ — $ — $ 75 Nuclear decommissioning trusts: (b)(c) Domestic equity 323 1 — — 324 Foreign equity — 185 — — 185 U.S. Treasury and government agency securities — 293 — — 293 Municipal bonds — 55 — — 55 Corporate bonds — 251 — — 251 Mortgage and asset backed securities — 71 — — 71 Other 13 25 — — 38 Total $ 336 $ 956 $ — $ — $ 1,292 Liabilities: Energy-related derivatives $ — $ 8 $ — $ — $ 8 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Net Asset Value as a Practical Expedient At December 31, 2021: (Level 1) (Level 2) (Level 3) (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 56 $ — $ — $ 56 Cash equivalents 40 — — — 40 Total $ 40 $ 56 $ — $ — $ 96 Liabilities: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Southern Power Assets: Energy-related derivatives $ — $ 4 $ — $ — $ 4 Liabilities: Foreign currency derivatives $ — $ 16 $ — $ — $ 16 Contingent consideration — — 14 — 14 Other — 13 — — 13 Total $ — $ 29 $ 14 $ — $ 43 Southern Company Gas Assets: Energy-related derivatives (a) $ 24 $ 5 $ — $ — $ 29 Interest rate derivatives — 6 — — 6 Non-qualified deferred compensation trusts: Domestic equity — 8 — — 8 Foreign equity — 3 — — 3 Pooled funds - fixed income — 13 — — 13 Cash equivalents 2 — — — 2 Total $ 26 $ 35 $ — $ — $ 61 Liabilities: Energy-related derivatives (a)(b) $ 10 $ 12 $ — $ — $ 22 Interest rate derivatives — 5 — — 5 Total $ 10 $ 17 $ — $ — $ 27 (a) Excludes immaterial cash collateral. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information. |
Financial instruments not having carrying amount equal to fair value | At December 31, 2022 and 2021, other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in billions) At December 31, 2022: Long-term debt, including securities due within one year: Carrying amount $ 54.6 $ 10.6 $ 14.7 $ 1.5 $ 3.0 $ 7.4 Fair value 48.6 9.2 13.0 1.3 2.8 6.5 At December 31, 2021: Long-term debt, including securities due within one year: Carrying amount $ 52.1 $ 9.7 $ 13.6 $ 1.5 $ 3.7 $ 6.9 Fair value 57.1 10.9 15.1 1.6 4.1 7.8 (*) 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) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of energy-related derivatives | At December 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 (*) 431 2030 2025 Alabama Power 111 2026 — Georgia Power 125 2026 — Mississippi Power 94 2027 — Southern Power 8 2030 2023 Southern Company Gas (*) 93 2025 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 98 million mmBtu and short natural gas positions of 5 million mmBtu at December 31, 2022, which is also included in Southern Company's total volume. See Note 15 under "Southern Company Gas" for information regarding the sale of Sequent. |
Notional amount of interest rate derivatives | At December 31, 2022, the following interest rate derivatives were outstanding: Notional Weighted Average Interest Rate Paid Interest Hedge Fair Value (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company parent $ 400 3.50% N/A June 2033 $ 12 Fair Value Hedges of Existing Debt Southern Company parent 400 1-month LIBOR + 0.68% 1.75% March 2028 (55) Southern Company parent 1,000 1-month LIBOR + 2.36% 3.70% April 2030 (161) Southern Company Gas 500 1-month LIBOR + 0.38% 1.75% January 2031 (86) Southern Company $ 2,300 $ (290) |
Schedule of foreign exchange contracts | At December 31, 2022, the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 564 3.78% € 500 1.85% June 2026 $ (47) Fair Value Hedges of Existing Debt Southern Company parent 1,476 3.39% 1,250 1.88% September 2027 (169) Southern Company $ 2,040 € 1,750 $ (216) |
Fair value of energy-related derivatives and interest rate derivatives | At December 31, 2022 and 2021, the fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) Southern Company Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 123 $ 121 $ 129 $ 30 Other deferred charges and assets/Other deferred credits and liabilities 52 44 72 6 Total derivatives designated as hedging instruments for regulatory purposes 175 165 201 36 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Other current liabilities 3 27 7 5 Other deferred charges and assets/Other deferred credits and liabilities 6 4 1 — Interest rate derivatives: Assets from risk management activities/Other current liabilities 12 62 19 — Other deferred charges and assets/Other deferred credits and liabilities — 240 — 29 Foreign currency derivatives: Assets from risk management activities/Other current liabilities — 34 — 39 Other deferred charges and assets/Other deferred credits and liabilities — 182 — 40 Total derivatives designated as hedging instruments in cash flow and fair value hedges 21 549 27 113 Energy-related derivatives not designated as hedging instruments Assets from risk management activities/Other current liabilities 13 13 9 4 Other deferred charges and assets/Other deferred credits and liabilities 2 1 1 — Total derivatives not designated as hedging instruments 15 14 10 4 Gross amounts recognized 211 728 238 153 Gross amounts offset (a) (70) (111) (25) (28) Net amounts recognized in the Balance Sheets (b) $ 141 $ 617 $ 213 $ 125 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) Alabama Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 42 $ 21 $ 30 $ 9 Other deferred charges and assets/Other deferred credits and liabilities 20 18 25 2 Total derivatives designated as hedging instruments for regulatory purposes 62 39 55 11 Gross amounts offset (24) (24) (5) (5) Net amounts recognized in the Balance Sheets $ 38 $ 15 $ 50 $ 6 Georgia Power Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 36 $ 43 $ 54 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 6 18 21 2 Total derivatives designated as hedging instruments for regulatory purposes 42 61 75 8 Energy-related derivatives not designated as hedging instruments Other deferred charges and assets/Other deferred credits and liabilities — 1 — — Gross amounts recognized 42 62 75 8 Gross amounts offset (21) (21) (8) (8) Net amounts recognized in the Balance Sheets $ 21 $ 41 $ 67 $ — Mississippi Power (c) Energy-related derivatives designated as hedging instruments for regulatory purposes Assets from risk management activities/Other current liabilities $ 33 $ 24 $ 30 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 26 8 26 2 Total derivatives designated as hedging instruments for regulatory purposes 59 32 56 5 Gross amounts offset (17) (17) (4) (4) Net amounts recognized in the Balance Sheets $ 42 $ 15 $ 52 $ 1 2022 2021 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (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 $ — $ 12 $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities 5 — 1 — Foreign currency derivatives: Other current assets/Other current liabilities — 11 — 16 Other deferred charges and assets/Other deferred credits and liabilities — 36 — — Total derivatives designated as hedging instruments in cash flow and fair value hedges 5 59 3 16 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 2 — 1 — Other deferred charges and assets/Other deferred credits and liabilities 1 — — — Total derivatives not designated as hedging instruments 3 — 1 — Net amounts recognized in the Balance Sheets $ 8 $ 59 $ 4 $ 16 Southern Company Gas Energy-related derivatives designated as hedging instruments for regulatory purposes Other current assets/Other current liabilities $ 12 $ 33 $ 15 $ 12 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities 3 15 5 5 Other deferred charges and assets/Other deferred credits and liabilities 1 4 — — Interest rate derivatives: Other current assets/Other current liabilities — 14 6 — Other deferred charges and assets/Other deferred credits and liabilities — 72 — 6 Total derivatives designated as hedging instruments in cash flow and fair value hedges 4 105 11 11 Energy-related derivatives not designated as hedging instruments Other current assets/Other current liabilities 11 12 8 4 Other deferred charges and assets/Other deferred credits and liabilities 1 1 1 — Total derivatives not designated as hedging instruments 12 13 9 4 Gross amounts recognized 28 151 35 27 Gross amounts offset (a) — (41) (8) (11) Net amounts recognized in the Balance Sheets (b) $ 28 $ 110 $ 27 $ 16 (a) Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $41 million and $3 million at December 31, 2022 and 2021, respectively. (b) Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for all periods presented. (c) Energy-related derivatives not designated as hedging instruments were immaterial at December 31, 2022 and there were no such instruments at December 31, 2021. |
Pre-tax effects on the balance sheets | At December 31, 2022 and 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 Sheets Derivative Category and Balance Sheet Southern Alabama Georgia Mississippi Southern Company Gas (in millions) At December 31, 2022: Energy-related derivatives: Other regulatory assets, current $ (71) $ (8) $ (26) $ (13) $ (24) Other regulatory assets, deferred (23) (7) (14) (2) — Other regulatory liabilities, current 72 29 19 22 2 Other regulatory liabilities, deferred 31 9 2 20 — Total energy-related derivative gains (losses) $ 9 $ 23 $ (19) $ 27 $ (22) 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) |
Pre-tax effects of hedging on AOCI | For the years ended December 31, 2022, 2021, and 2020, the pre-tax effects of cash flow and fair value hedge accounting on AOCI for the applicable Registrants were as follows: Gain (Loss) From Derivatives Recognized in OCI 2022 2021 2020 (in millions) Southern Company Cash flow hedges: Energy-related derivatives $ 3 $ 34 $ (8) Interest rate derivatives 46 5 (26) Foreign currency derivatives (105) (103) 48 Fair value hedges (*) : Foreign currency derivatives (24) (3) — Total $ (80) $ (67) $ 14 Georgia Power Interest rate derivatives $ 31 $ — $ (3) Southern Power Cash flow hedges: Energy-related derivatives $ (15) $ 12 $ (2) Foreign currency derivatives (105) (103) 48 Total $ (120) $ (91) $ 46 Southern Company Gas Cash flow hedges: Energy-related derivatives $ 18 $ 22 $ (6) Interest rate derivatives — — (23) Total $ 18 $ 22 $ (29) (*) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI. |
Pre-tax effect of interest rate and energy related derivatives | The pre-tax effects of cash flow and fair value hedge accounting on income for the years ended December 31, 2022, 2021, and 2020 were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships 2022 2021 2020 (in millions) Southern Company Total cost of natural gas $ 3,004 $ 1,619 $ 972 Gain (loss) on energy-related cash flow hedges (a) 37 17 (8) Total depreciation and amortization 3,663 3,565 3,518 Gain (loss) on energy-related cash flow hedges (a) (5) 9 (3) Total interest expense, net of amounts capitalized (2,022) (1,837) (1,821) Gain (loss) on interest rate cash flow hedges (a) (25) (27) (26) Gain (loss) on foreign currency cash flow hedges (a) (19) (24) (23) Gain (loss) on interest rate fair value hedges (b) (291) (30) 27 Total other income (expense), net 500 456 336 Gain (loss) on foreign currency cash flow hedges (a)(c) (83) (104) 114 Gain (loss) on foreign currency fair value hedges (106) (63) — Amount excluded from effectiveness testing recognized in earnings 24 3 — Southern Power Total depreciation and amortization $ 516 $ 517 $ 494 Gain (loss) on energy-related cash flow hedges (a) (5) 9 (3) Total interest expense, net of amounts capitalized (138) (147) (151) Gain (loss) on foreign currency cash flow hedges (a) (19) (24) (23) Total other income (expense), net 7 10 19 Gain (loss) on foreign currency cash flow hedges (a)(c) (83) (104) 114 Southern Company Gas Total cost of natural gas $ 3,004 $ 1,619 $ 972 Gain (loss) on energy-related cash flow hedges (a) 37 17 (8) Total interest expense, net of amounts capitalized (263) (238) (231) Gain (loss) on interest rate cash flow hedges (a) (4) — — Gain (loss) on interest rate fair value hedges (b) (86) — — (a) Reclassified from AOCI 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 AOCI 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 fair value hedging instruments, statements of financial performance and financial position, location | At December 31, 2022 and 2021, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items At December 31, 2022 At December 31, 2021 At December 31, 2022 At December 31, 2021 (in millions) (in millions) Southern Company Long-term debt $ (2,927) $ (3,280) $ 282 $ 9 Southern Company Gas Long-term debt $ (415) $ (493) $ 81 $ 2 |
Pre-tax effect of interest rate and energy related derivatives | 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 for the years ended December 31, 2022, 2021, and 2020 were as follows: Gain (Loss) Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2022 2021 2020 (in millions) Energy-related derivatives Natural gas revenues (*) $ (11) $ (117) $ 134 Cost of natural gas (65) (27) 15 Total derivatives in non-designated hedging relationships $ (76) $ (144) $ 149 (*) Excludes the impact of weather derivatives recorded in natural gas revenues of $(7) million and $9 million for 2022 and 2020, respectively, as they are accounted for based on intrinsic value rather than fair value. There was no weather derivatives impact for 2021. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of asset acquisition | Asset Acquisitions Project Resource Seller Approximate Nameplate Capacity ( MW ) Location Southern COD PPA Asset Acquisitions During 2021 Deuel Harvest (a) Wind Invenergy Renewables LLC 300 Deuel County, SD 100% of Class B February 2021 25 years and 15 years Asset Acquisitions During 2020 Beech Ridge II (b) Wind Invenergy Renewables LLC 56 Greenbrier County, WV 100% of Class A May 12 years (a) In March 2021, Southern Power acquired a controlling interest in the project from Invenergy Renewables LLC and completed a tax equity transaction whereby it sold the Class A membership interests in the project. Southern Power consolidates the project's operating results in its financial statements and the tax equity partner and Invenergy Renewables LLC each own a noncontrolling interest. (b) In May 2020, Southern Power purchased a controlling interest and now consolidates the project's operating results in its financial statements. The Class B member owns the noncontrolling interest. |
Schedule of construction projects | Project Resource Approximate Nameplate Capacity ( MW ) Location COD PPA Contract Period Projects Completed During 2022 Garland Solar Storage (a) Battery energy storage 88 Kern County, CA September 2021 through February 2022 (b) 20 years Tranquillity Solar Storage (a) Battery energy storage 72 Fresno County, CA November 2021 through March 2022 (c) 20 years Projects Completed During 2021 Glass Sands (d) Wind 118 Murray County, OK November 2021 12 years Projects Completed During 2020 Skookumchuck (e) Wind 136 Lewis and Thurston Counties, WA November 2020 20 years Reading (f) Wind 200 Osage and Lyon Counties, KS May 2020 12 years (a) In December 2020, Southern Power restructured its ownership of the project, while retaining the controlling interests, by contributing the Class A membership interests to an existing partnership and selling 100% of the Class B membership interests. During 2021, Southern Power further restructured its ownership in the battery energy storage projects and completed tax equity transactions whereby it sold the Class A membership interests in the projects. 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. (d) In December 2020, Southern Power purchased 100% of the membership interests of the Glass Sands facility. (e) In November 2020, Southern Power completed a tax equity transaction whereby it received $121 million, resulting in 100% ownership of the Class B membership interests. Southern Power subsequently sold a noncontrolling interest in the Class B membership interests and now retains the controlling ownership interest in the facility. (f) In June 2020, Southern Power completed a tax equity transaction whereby it received $156 million and owns 100% of the Class B membership interests. |
SEGMENT AND RELATED INFORMATI_2
SEGMENT AND RELATED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial data for business segments | Financial data for business segments and products and services for the years ended December 31, 2022, 2021, and 2020 was as follows: Electric Utilities Traditional Southern Eliminations Total Southern Company Gas All Eliminations Consolidated (in millions) 2022 Operating revenues $ 20,408 $ 3,369 $ (904) $ 22,873 $ 5,962 $ 593 $ (149) $ 29,279 Depreciation and amortization 2,513 516 — 3,029 559 75 — 3,663 Interest income 44 3 — 47 3 16 (7) 59 Earnings from equity method investments — — — — 148 3 — 151 Interest expense 929 138 — 1,067 263 694 (2) 2,022 Income taxes (benefit) 828 20 — 848 180 (233) — 795 Segment net income (loss) (a)(b)(c)(d) 3,318 354 — 3,672 572 (711) (9) 3,524 Goodwill — 2 — 2 5,015 144 — 5,161 Total assets 95,861 13,081 (659) 108,283 24,621 2,665 (678) 134,891 2021 Operating revenues $ 16,614 $ 2,216 $ (530) $ 18,300 $ 4,380 $ 582 $ (149) $ 23,113 Depreciation and amortization 2,436 517 — 2,953 536 76 — 3,565 Interest income 20 1 — 21 — 4 (3) 22 Earnings from equity method investments 1 — — 1 50 24 1 76 Interest expense 821 147 — 968 238 631 — 1,837 Income taxes (benefit) 232 (13) — 219 275 (227) — 267 Segment net income (loss) (a)(b)(e)(f)(g)(h) 1,981 266 — 2,247 539 (384) (9) 2,393 Goodwill — 2 — 2 5,015 263 — 5,280 Total assets 89,051 13,390 (667) 101,774 23,560 2,975 (775) 127,534 2020 Operating revenues $ 15,135 $ 1,733 $ (371) $ 16,497 $ 3,434 $ 596 $ (152) $ 20,375 Depreciation and amortization 2,447 494 — 2,941 500 77 — 3,518 Interest income 26 4 — 30 5 6 (4) 37 Earnings from equity method investments — — — — 141 12 — 153 Interest expense 825 151 — 976 231 614 — 1,821 Income taxes (benefit) 514 3 — 517 173 (297) — 393 Segment net income (loss) (a)(b)(h)(i)(j) 2,877 238 — 3,115 590 (592) 6 3,119 Goodwill — 2 — 2 5,015 263 — 5,280 Total assets 85,486 13,235 (680) 98,041 22,630 3,168 (904) 122,935 (a) Attributable to Southern Company. (b) For the traditional electric operating companies, includes pre-tax charges to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $183 million ($137 million after tax) in 2022, $1.7 billion ($1.3 billion after tax) in 2021, and $325 million ($242 million after tax) in 2020. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. (c) For Southern Company Gas, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (d) For the "All Other" column, includes a $119 million goodwill impairment loss (pre-tax and after tax) at PowerSecure. See Note 1 under "Goodwill and Other Intangible Assets and Liabilities" for additional information. (e) For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes 7 and 15 under "Southern Power" for additional information. (f) For Southern Company Gas, includes a pre-tax gain of $121 million ($92 million after tax) related to its sale of Sequent, as well as the resulting $85 million of additional tax expense due to changes in state apportionment rates, and pre-tax impairment charges totaling $84 million ($67 million after tax) related to its equity method investment in the PennEast Pipeline project. See Notes 7 and 15 under "Southern Company Gas" for additional information. (g) For the "All Other" column, includes a pre-tax gain of $93 million ($99 million gain after tax) associated with the termination of two leveraged leases projects. See Note 15 under "Southern Company" for additional information. (h) For the "All Other" column, includes pre-tax impairment charges totaling $7 million ($6 million after tax) in 2021 and $206 million ($105 million after tax) in 2020 related to leveraged lease investments. See Notes 9 and 15 under "Southern Company Leveraged Lease" and "Southern Company," respectively, for additional information. (i) For Southern Power, includes a $39 million pre-tax gain ($23 million gain after tax) on the sale of Plant Mankato. See Note 15 under "Southern Power" for additional information. (j) For Southern Company Gas, includes a $22 million pre-tax gain ($16 million gain after tax) on the sale of Jefferson Island. See Note 15 under "Southern Company Gas" for additional information. Financial data for business segments for the years ended December 31, 2022, 2021, and 2020 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (a) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) 2022 Operating revenues $ 5,267 $ 32 $ — $ 638 $ 5,937 $ 55 $ (30) $ 5,962 Depreciation and amortization 516 5 — 16 537 22 — 559 Operating income (loss) 803 21 — 133 957 (135) (8) 814 Earnings from equity method investments — 148 — — 148 — — 148 Interest expense 229 27 — 3 259 4 — 263 Income taxes (benefit) 145 35 — 37 217 (37) — 180 Segment net income (loss) (b) 470 107 — 94 671 (99) — 572 Total assets 22,040 1,577 — 1,616 25,233 8,943 (9,555) 24,621 2021 Operating revenues $ 3,679 $ 32 $ 188 $ 475 $ 4,374 $ 38 $ (32) $ 4,380 Depreciation and amortization 482 5 — 18 505 31 — 536 Operating income (loss) 708 21 241 125 1,095 (40) — 1,055 Earnings from equity method investments — 50 — — 50 — — 50 Interest expense 207 25 2 3 237 1 — 238 Income taxes (benefit) 120 27 32 34 213 62 — 275 Segment net income (loss) (c)(d)(e) 412 19 107 88 626 (87) — 539 Total assets 20,917 1,467 31 1,556 23,971 12,114 (12,525) 23,560 2020 Operating revenues $ 2,952 $ 32 $ 74 $ 408 $ 3,466 $ 36 $ (68) $ 3,434 Depreciation and amortization 442 5 1 22 470 30 — 500 Operating income (loss) 655 20 20 119 814 (7) 5 812 Earnings from equity method investments — 141 — — 141 — — 141 Interest expense 192 29 4 3 228 3 — 231 Income taxes (benefit) 114 33 3 28 178 (5) — 173 Segment net income (loss) (f) 390 99 14 89 592 (2) — 590 Total assets 19,090 1,597 850 1,503 23,040 11,336 (11,746) 22,630 (a) As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment in 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) 2021 $ 3,881 $ 90 $ 3,971 $ 3,783 $ 188 2020 4,544 115 4,659 4,585 74 (b) For the "All Other" column, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (c) For gas pipeline investments, includes pre-tax impairment charges totaling $84 million ($67 million after tax) related to the equity method investment in the PennEast Pipeline project. See Note 7 under "Southern Company Gas" for additional information. (d) For wholesale gas services, includes a pre-tax gain of $121 million ($92 million after tax) related to the sale of Sequent. (e) For the "All Other" column, includes $85 million of additional tax expense as a result of the sale of Sequent. (f) For the "All Other" column include s a $22 million pre-tax gain ($16 million g ain after tax) on the sale of Jefferson Island. |
Financial data for products and services | Products and Services Electric Utilities' Revenues Year Retail Wholesale Other Total (in millions) 2022 $ 18,197 $ 3,641 $ 1,035 $ 22,873 2021 14,852 2,455 993 18,300 2020 13,643 1,945 909 16,497 Southern Company Gas' Revenues Year Gas Gas All Other Total (in millions) 2022 $ 5,240 $ 638 $ 84 $ 5,962 2021 3,656 475 249 4,380 2020 2,902 408 124 3,434 |
Schedule of reconciliation of operating revenues and intercompany revenues | 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) 2021 $ 3,881 $ 90 $ 3,971 $ 3,783 $ 188 2020 4,544 115 4,659 4,585 74 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General (Narrative) (Details) | Dec. 31, 2022 state company |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of traditional electric operating companies | company | 3 |
Traditional Electric Operating Companies | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of states in which entity provides utilities | state | 3 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Costs for Affiliate Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Alabama Power | Southern Company Services, Inc. | |||
Related Party Transaction [Line Items] | |||
Costs for services | $ 549 | $ 504 | $ 478 |
Alabama Power | Southern Natural Gas Company, LLC | |||
Related Party Transaction [Line Items] | |||
Costs for services | 18 | 14 | 15 |
Georgia Power | Southern Company Services, Inc. | |||
Related Party Transaction [Line Items] | |||
Costs for services | 762 | 663 | 639 |
Georgia Power | Southern Natural Gas Company, LLC | |||
Related Party Transaction [Line Items] | |||
Costs for services | 99 | 108 | 108 |
Mississippi Power | Southern Company Services, Inc. | |||
Related Party Transaction [Line Items] | |||
Costs for services | 115 | 120 | 149 |
Mississippi Power | Alabama Power | Power Pool | |||
Related Party Transaction [Line Items] | |||
Costs for services | 4 | 9 | 4 |
Southern Power | Southern Company Services, Inc. | |||
Related Party Transaction [Line Items] | |||
Costs for services | 86 | 89 | 87 |
Southern Power | Alabama Power | Power Pool | |||
Related Party Transaction [Line Items] | |||
Costs for services | 29 | 15 | 8 |
Southern Power | Southern Natural Gas Company, LLC | |||
Related Party Transaction [Line Items] | |||
Costs for services | 37 | 31 | 29 |
Southern Company Gas | Southern Company Services, Inc. | |||
Related Party Transaction [Line Items] | |||
Costs for services | 262 | 239 | 237 |
Southern Company Gas | Southern Natural Gas Company, LLC | |||
Related Party Transaction [Line Items] | |||
Costs for services | $ 27 | $ 29 | $ 29 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Affiliate Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Southern Nuclear Operating Company, Inc. | Alabama Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | $ 267 | $ 258 | $ 262 |
Southern Nuclear Operating Company, Inc. | Georgia Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 895 | 906 | 883 |
Southern Power | Georgia Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 151 | 132 | 141 |
Southern Natural Gas Company, LLC | Alabama Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 18 | 14 | 15 |
Southern Natural Gas Company, LLC | Georgia Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 99 | 108 | 108 |
Southern Natural Gas Company, LLC | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 37 | 31 | 29 |
Southern Natural Gas Company, LLC | Southern Company Gas | |||
Related Party Transaction [Line Items] | |||
Costs for services | 27 | 29 | 29 |
Southern Company Gas | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 0 | 18 | 26 |
Southern Company Services, Inc. | Alabama Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 549 | 504 | 478 |
Southern Company Services, Inc. | Georgia Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 762 | 663 | 639 |
Southern Company Services, Inc. | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 86 | 89 | 87 |
Southern Company Services, Inc. | Southern Company Gas | |||
Related Party Transaction [Line Items] | |||
Costs for services | 262 | 239 | 237 |
PowerSecure | Southern Company Gas | US General Services Administration | |||
Related Party Transaction [Line Items] | |||
Costs for services | 10 | ||
Contract amount | 70 | ||
Non-Fuel Expense | Mississippi Power | Alabama Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 6 | 10 | 9 |
Purchased Power from Affiliates | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 154 | 139 | 139 |
Operating Lease PPA | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | 116 | 112 | 115 |
Electric Transmission | Southern Company Services, Inc. | Southern Power | |||
Related Party Transaction [Line Items] | |||
Costs for services | $ 39 | $ 28 | $ 15 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Southern Company Gas | |||
Disaggregation of Revenue [Line Items] | |||
Period for collection of revenue prior to billings | 24 months | ||
Total operating revenues | $ 5,962 | 4,380 | 3,434 |
Southern Company Gas | Alternative revenue programs | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ (5) | $ 11 | $ 3 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Narrative) (Details) - Atlanta Gas Light | Dec. 31, 2022 customer |
Concentration Risk [Line Items] | |
Number of customers in Georgia | 14 |
Percent of highest month's estimated bill | 200% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Revenue (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Mississippi Power | |
Concentration Risk [Line Items] | |
Wholesale customers representing total operating revenues | 12.40% |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income and Other Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Southern Power | |||
Tax Credit Carryforward [Line Items] | |||
Percentage reduction in tax basis of assets | 50% | ||
Southern Company Gas | |||
Tax Credit Carryforward [Line Items] | |||
Excise taxes collected | $ 162 | $ 122 | $ 107 |
Included In Operating Expenses | Southern Company Gas | |||
Tax Credit Carryforward [Line Items] | |||
Excise taxes collected | $ 158 | $ 119 | $ 104 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Total AFUDC and Interest Capitalized (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | $ 327 | $ 282 | $ 230 |
Alabama Power | |||
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | 90 | 68 | 61 |
Georgia Power | |||
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | 213 | 190 | 138 |
Mississippi Power | |||
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | 0 | 0 | 1 |
Southern Power | |||
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | 0 | 6 | 11 |
Southern Company Gas | |||
Capitalized Contract Cost [Line Items] | |||
Total AFUDC and interest capitalized | $ 24 | $ 18 | $ 18 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Average AFUDC Composite Rates (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Alabama Power | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 7.90% | 7.90% | 8.10% |
Georgia Power | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 7.30% | 7.20% | 6.90% |
Mississippi Power | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 5.30% | 2.50% | 5.40% |
Atlanta Gas Light | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 7.60% | 7.70% | 7.70% |
Chattanooga Gas | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 7.10% | 7.10% | 7.10% |
Nicor Gas | |||
Capitalized Contract Cost [Line Items] | |||
Composite rate | 2% | 0.10% | 0.70% |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets and Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 119,000,000 | ||
Goodwill | 5,161,000,000 | $ 5,280,000,000 | $ 5,280,000,000 |
Intangible liabilities included in other deferred credits and liabilities | 1,167,000,000 | 816,000,000 | |
PowerSecure | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 144,000,000 | ||
Southern Company Gas | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 5,015,000,000 | 5,015,000,000 | |
Intangible liabilities included in other deferred credits and liabilities | $ 179,000,000 | $ 77,000,000 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Goodwill Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | |||
Goodwill | $ 5,161 | $ 5,280 | $ 5,280 |
Southern Company Gas | |||
Goodwill [Line Items] | |||
Goodwill | 5,015 | 5,015 | |
Gas distribution operations | Southern Company Gas | |||
Goodwill [Line Items] | |||
Goodwill | 4,034 | 4,034 | |
Gas marketing services | Southern Company Gas | |||
Goodwill [Line Items] | |||
Goodwill | $ 981 | $ 981 |
SUMMARY OF SIGNIFICANT ACCOU_15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 671 | $ 677 |
Accumulated Amortization | (340) | (307) |
Other Intangible Assets, Net | 331 | 370 |
Intangible assets, gross | 746 | 752 |
Intangible assets, net | 406 | 445 |
FCC licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 75 | 75 |
Accumulated Amortization | 0 | 0 |
Other Intangible Assets, Net | 75 | 75 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 212 | 212 |
Accumulated Amortization | (162) | (150) |
Other Intangible Assets, Net | 50 | 62 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (44) | (38) |
Other Intangible Assets, Net | 20 | 26 |
PPA fair value adjustments | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (129) | (109) |
Other Intangible Assets, Net | 261 | 281 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5 | 11 |
Accumulated Amortization | (5) | (10) |
Other Intangible Assets, Net | 0 | 1 |
Southern Power | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (129) | (109) |
Southern Power | PPA fair value adjustments | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (129) | (109) |
Other Intangible Assets, Net | 261 | 281 |
Southern Company Gas | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 182 | 182 |
Accumulated Amortization | (156) | (145) |
Other Intangible Assets, Net | 26 | 37 |
Intangible assets, net | 26 | 37 |
Southern Company Gas | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (139) | (130) |
Other Intangible Assets, Net | 17 | 26 |
Southern Company Gas | Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (17) | (15) |
Other Intangible Assets, Net | $ 9 | $ 11 |
SUMMARY OF SIGNIFICANT ACCOU_16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amortization of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | $ 39 | $ 44 | $ 49 |
Estimated future amortization | |||
2023 | 36 | ||
2024 | 35 | ||
2025 | 31 | ||
2026 | 26 | ||
2027 | 23 | ||
Southern Power | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | 20 | 20 | 20 |
Estimated future amortization | |||
2023 | 20 | ||
2024 | 20 | ||
2025 | 20 | ||
2026 | 20 | ||
2027 | 20 | ||
Southern Company Gas | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | 11 | 15 | 19 |
Estimated future amortization | |||
2023 | 9 | ||
2024 | 8 | ||
2025 | 6 | ||
2026 | 3 | ||
2027 | 0 | ||
Southern Company Gas | Gas marketing services | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | 11 | 15 | 17 |
Southern Company Gas | Wholesale gas services | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | 0 | 0 | 2 |
Operating Revenues | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization associated with other intangible assets | $ 20 | $ 20 | $ 22 |
SUMMARY OF SIGNIFICANT ACCOU_17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Transmission Receivables/Prepayments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Southern Power | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Period of reimbursement for transmission costs | 5 years |
SUMMARY OF SIGNIFICANT ACCOU_18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,917 | $ 1,798 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 2,037 | 1,829 | $ 1,068 | $ 1,978 |
Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 62 | 2 | ||
Other Noncurrent Assets | ||||
Restricted cash: | ||||
Restricted cash | 58 | 29 | ||
Southern Power | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 131 | 107 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 133 | 135 | 182 | 279 |
Southern Power | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 0 | 0 | ||
Southern Power | Other Noncurrent Assets | ||||
Restricted cash: | ||||
Restricted cash | 3 | 29 | ||
Southern Power | Estimated Construction Completion Costs | Deuel Harvest | ||||
Restricted cash: | ||||
Restricted cash | 3 | 10 | ||
Southern Power | Tax Equity Contributions | Garland | ||||
Restricted cash: | ||||
Restricted cash | 19 | |||
Southern Company Gas | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 81 | 45 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 83 | 48 | 19 | 49 |
Southern Company Gas | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 2 | 2 | ||
Southern Company Gas | Other Noncurrent Assets | ||||
Restricted cash: | ||||
Restricted cash | 0 | 0 | ||
Georgia Power | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 364 | 33 | ||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 480 | $ 33 | $ 9 | $ 52 |
Georgia Power | Other current assets | ||||
Restricted cash: | ||||
Restricted cash | 60 | |||
Georgia Power | Other Noncurrent Assets | ||||
Restricted cash: | ||||
Restricted cash | $ 56 |
SUMMARY OF SIGNIFICANT ACCOU_19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Storm Damage and Reliability Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Liability for Catastrophe Claims [Line Items] | ||||
Reliability reserve, amount deferred | $ 191 | $ 191 | ||
Alabama Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Additional accruals authorized by state PSCs | $ 65 | $ 100 | ||
Reliability reserve, amount deferred | 166 | 166 | ||
Alabama Power | Storm damage reserves | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Charges against storm damage reserves | 24 | 24 | ||
Georgia Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Storm damage reserves | 213 | |||
Georgia Power | Storm damage reserves | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Charges against storm damage reserves | 82 | 82 | ||
Mississippi Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Reliability reserve, amount deferred | 25 | 25 | ||
Mississippi Power | Storm damage reserves | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Charges against storm damage reserves | 0 | $ 0 | ||
Major storms | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Storm damage reserves | 239 | 286 | 326 | |
Major storms | Alabama Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Additional accruals authorized by state PSCs | 65 | 100 | ||
Storm damage reserves | 19 | 75 | 112 | |
Major storms | Georgia Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Storm damage reserves | 213 | 213 | 213 | |
Major storms | Mississippi Power | ||||
Liability for Catastrophe Claims [Line Items] | ||||
Storm damage reserves | $ 6.9 | $ (1.8) | $ 0.8 |
SUMMARY OF SIGNIFICANT ACCOU_20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Natural Gas for Sale (Narrative) (Details) - Nicor Gas $ in Millions | Dec. 31, 2022 USD ($) |
Inventory [Line Items] | |
LIFO inventory balance | $ 170 |
Estimated replacement cost of inventory | $ 613 |
SUMMARY OF SIGNIFICANT ACCOU_21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Uncollectible accounts, average percent of revenues (less than) | 1% | 1% | 1% |
SUMMARY OF SIGNIFICANT ACCOU_22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Instruments (Narrative) (Details) | Dec. 31, 2022 USD ($) |
Alabama Power | |
Derivative [Line Items] | |
Derivative collateral obligation to return cash | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of AOCI (Loss) Balances, Net of Tax Effects (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 32,276 | $ 32,234 | $ 31,759 |
Current period change | 71 | 158 | (75) |
Ending balance | 34,532 | 32,276 | 32,234 |
Qualifying Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (162) | ||
Current period change | 13 | ||
Ending balance | (149) | (162) | |
Pension and Other Postretirement Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (76) | ||
Current period change | 58 | ||
Ending balance | (18) | (76) | |
Accumulated Other Comprehensive Income (Loss)(*) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (237) | (395) | (321) |
Current period change | 71 | ||
Ending balance | (167) | (237) | (395) |
Southern Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 6,598 | 6,631 | 6,622 |
Current period change | 10 | 40 | (42) |
Ending balance | 6,916 | 6,598 | 6,631 |
Southern Power | Qualifying Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 1 | ||
Current period change | (10) | ||
Ending balance | (9) | 1 | |
Southern Power | Pension and Other Postretirement Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (29) | ||
Current period change | 20 | ||
Ending balance | (9) | (29) | |
Southern Power | Accumulated Other Comprehensive Income (Loss)(*) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (27) | (67) | (26) |
Current period change | 10 | ||
Ending balance | (18) | (27) | (67) |
Southern Company Gas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 9,916 | 9,767 | 9,506 |
Current period change | 7 | 46 | (29) |
Ending balance | 10,397 | 9,916 | 9,767 |
Southern Company Gas | Qualifying Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (14) | ||
Current period change | (11) | ||
Ending balance | (25) | (14) | |
Southern Company Gas | Pension and Other Postretirement Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 38 | ||
Current period change | 18 | ||
Ending balance | 56 | 38 | |
Southern Company Gas | Accumulated Other Comprehensive Income (Loss)(*) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 24 | (22) | 7 |
Current period change | 7 | ||
Ending balance | $ 31 | $ 24 | $ (22) |
REGULATORY MATTERS - Schedule o
REGULATORY MATTERS - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |||||
Jan. 01, 2023 | Dec. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 5,833 | $ 4,711 | $ 5,833 | ||||
Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 2,340 | 1,217 | 2,340 | ||||
Customer refund | $ 318 | ||||||
Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 4,663 | 3,928 | 4,663 | ||||
Costs recovered annually | 12 | 12 | $ 12 | ||||
Storm damage reserves | 213 | ||||||
Georgia Power | Scenario, Forecast | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Costs recovered annually | $ 5 | ||||||
Storm damage reserves | $ 31 | ||||||
Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 4 | 46 | 4 | ||||
Regulatory asset amortization period | 4 years | ||||||
Regulatory liability amortization period | 3 years | ||||||
Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (1,891) | (1,471) | (1,891) | ||||
Deferred Income Tax Credits | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (5,251) | (5,636) | (5,251) | ||||
Deferred Income Tax Credits | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (1,925) | (1,968) | (1,925) | ||||
Deferred Income Tax Credits | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (2,244) | (2,537) | (2,244) | ||||
Deferred Income Tax Credits | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (269) | (288) | (269) | ||||
Regulatory liabilities | $ 33 | 33 | |||||
Deferred Income Tax Credits | Mississippi Power | Retail electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory liability amortization period | 3 years | ||||||
Deferred Income Tax Credits | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (788) | (816) | (788) | ||||
Other Cost of Removal Obligations | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (1,430) | (1,826) | (1,430) | ||||
Other Cost of Removal Obligations | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 11 | (192) | 11 | ||||
Other Cost of Removal Obligations | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 462 | 278 | 462 | ||||
Other Cost of Removal Obligations | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (196) | (195) | (196) | ||||
Other Cost of Removal Obligations | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (1,707) | (1,683) | (1,707) | ||||
Storm/Property Damage Reserves | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (216) | (133) | (216) | ||||
Storm/Property Damage Reserves | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (97) | (103) | (97) | ||||
Storm/Property Damage Reserves | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (83) | 0 | (83) | ||||
Storm/Property Damage Reserves | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (36) | (30) | (36) | ||||
Storm/Property Damage Reserves | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Fuel Hedging (Realized And Unrealized) gains | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (83) | (83) | |||||
Fuel Hedging (Realized And Unrealized) gains | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (38) | (38) | |||||
Fuel Hedging (Realized And Unrealized) gains | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (21) | (21) | |||||
Fuel Hedging (Realized And Unrealized) gains | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (24) | (24) | |||||
Fuel Hedging (Realized And Unrealized) gains | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | |||||
Reliability reserves | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (191) | (191) | |||||
Reliability reserves | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (166) | (166) | |||||
Reliability reserves | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | |||||
Reliability reserves | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (25) | (25) | |||||
Reliability reserves | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | |||||
Customer Refunds | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (183) | (189) | (183) | ||||
Customer Refunds | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (62) | (181) | (62) | ||||
Regulatory liabilities | 62 | 181 | 62 | ||||
Customer Refunds | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (121) | (8) | (121) | ||||
Regulatory liabilities | 119 | 5 | 119 | ||||
Customer Refunds | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Customer Refunds | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Over Recovered Regulatory Clause Revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (64) | (63) | (64) | ||||
Over Recovered Regulatory Clause Revenues | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | (1) | 0 | ||||
Over Recovered Regulatory Clause Revenues | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | (38) | (59) | (38) | ||||
Over Recovered Regulatory Clause Revenues | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Over Recovered Regulatory Clause Revenues | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (26) | (3) | (26) | ||||
Regulatory liability amortization period | 5 years | ||||||
Other Regulatory Liabilities | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (239) | (121) | (239) | ||||
Other Regulatory Liabilities | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (40) | (29) | (40) | ||||
Regulatory liability amortization period | 11 years | ||||||
Other Regulatory Liabilities | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (21) | (24) | (21) | ||||
Regulatory liability amortization period | 10 years | ||||||
Other Regulatory Liabilities | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (3) | (4) | (3) | ||||
Regulatory liability amortization period | 4 years | ||||||
Other Regulatory Liabilities | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ (93) | (57) | (93) | ||||
Regulatory liability amortization period | 20 years | ||||||
Fuel Hedging (Realized And Unrealized) losses | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory liability amortization period | 3 years 6 months | ||||||
Fuel Hedging (Realized And Unrealized) losses | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory liability amortization period | 3 years | ||||||
Fuel Hedging (Realized And Unrealized) losses | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory liability amortization period | 4 years | ||||||
Excess Deferred Income Tax Liabilities Not Subject to Normalization | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 1 | 1 | |||||
AROs | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 6,096 | 5,685 | 6,096 | ||||
AROs | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 1,971 | 1,576 | 1,971 | ||||
AROs | Alabama Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 53 years | ||||||
AROs | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 3,829 | 3,866 | 3,829 | ||||
AROs | Georgia Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 57 years | ||||||
AROs | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 242 | 236 | 242 | ||||
AROs | Mississippi Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 55 years | ||||||
AROs | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 0 | 0 | 0 | ||||
AROs | Southern Company Gas | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 80 years | ||||||
Retiree Benefit Plans | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 2,517 | 2,998 | 2,517 | ||||
Retiree Benefit Plans | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 675 | 747 | 675 | ||||
Retiree Benefit Plans | Alabama Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 13 years | ||||||
Retiree Benefit Plans | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 848 | 962 | 848 | ||||
Retiree Benefit Plans | Georgia Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 13 years | ||||||
Retiree Benefit Plans | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 113 | 145 | 113 | ||||
Retiree Benefit Plans | Mississippi Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 13 years | ||||||
Retiree Benefit Plans | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 114 | 95 | 114 | ||||
Retiree Benefit Plans | Southern Company Gas | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 14 years | ||||||
Remaining Net Book Value of Retired Assets | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 1,543 | 1,050 | 1,543 | ||||
Remaining Net Book Value of Retired Assets | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 562 | 574 | 562 | ||||
Remaining Net Book Value of Retired Assets | Alabama Power | Plant Gorgas Units 8, 9, And 10 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 492 | 492 | |||||
Remaining Net Book Value of Retired Assets | Alabama Power | Maximum | Plant Gorgas Units 8, 9, And 10 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 15 years | ||||||
Remaining Net Book Value of Retired Assets | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 962 | $ 455 | 962 | ||||
Remaining Net Book Value of Retired Assets | Georgia Power | Plant Wansley Units 1 and 2 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 562 | 562 | |||||
Regulatory asset amortization period | 8 years | ||||||
Remaining Net Book Value of Retired Assets | Georgia Power | Plant Hammond Units 1 - 4 and Plant Branch Units 2 - 4 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 396 | 396 | |||||
Remaining Net Book Value of Retired Assets | Georgia Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 3 years | 4 years | |||||
Remaining Net Book Value of Retired Assets | Georgia Power | Maximum | Plant Hammond Units 1 - 4 and Plant Branch Units 2 - 4 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 13 years | ||||||
Remaining Net Book Value of Retired Assets | Georgia Power | Minimum | Plant Hammond Units 1 - 4 and Plant Branch Units 2 - 4 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 1 year | ||||||
Remaining Net Book Value of Retired Assets | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 19 | $ 21 | 19 | ||||
Remaining Net Book Value of Retired Assets | Mississippi Power | Plant Watson and Plant Greene County | Retail electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 10 years | ||||||
Remaining Net Book Value of Retired Assets | Mississippi Power | Plant Watson and Plant Greene County | Wholesale electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 14 years | ||||||
Remaining Net Book Value of Retired Assets | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 0 | 0 | 0 | ||||
Under Recovered Regulatory Clause Revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 953 | 806 | 953 | ||||
Under Recovered Regulatory Clause Revenues | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 788 | 225 | 788 | ||||
Under Recovered Regulatory Clause Revenues | Alabama Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 8 years | ||||||
Under Recovered Regulatory Clause Revenues | Alabama Power | Minimum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 2 years | ||||||
Under Recovered Regulatory Clause Revenues | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 0 | 0 | 0 | ||||
Regulatory asset amortization period | 2 years | ||||||
Under Recovered Regulatory Clause Revenues | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 31 | 49 | 31 | ||||
Under Recovered Regulatory Clause Revenues | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 134 | 532 | 134 | ||||
Regulatory asset amortization period | 5 years | ||||||
Deferred Income Tax Charges | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 866 | 829 | 866 | ||||
Deferred Income Tax Charges | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 250 | 240 | 250 | ||||
Deferred Income Tax Charges | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 583 | 555 | 583 | ||||
Deferred Income Tax Charges | Georgia Power | Plant Vogtle Units 3 and 4 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset | 145 | 145 | |||||
Deferred Income Tax Charges | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 30 | 31 | 30 | ||||
Deferred Income Tax Charges | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Environmental Remediation | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 294 | 302 | 294 | ||||
Environmental Remediation | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Environmental Remediation | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 25 | 35 | 25 | ||||
Environmental Remediation | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Environmental Remediation | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 269 | 267 | 269 | ||||
Loss on Reacquired Debt | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 257 | 281 | 257 | ||||
Loss on Reacquired Debt | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 38 | 42 | 38 | ||||
Loss on Reacquired Debt | Alabama Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 25 years | ||||||
Loss on Reacquired Debt | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 213 | 231 | 213 | ||||
Loss on Reacquired Debt | Georgia Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 30 years | ||||||
Loss on Reacquired Debt | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 5 | 6 | 5 | ||||
Loss on Reacquired Debt | Mississippi Power | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 19 years | ||||||
Loss on Reacquired Debt | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 1 | 2 | 1 | ||||
Loss on Reacquired Debt | Southern Company Gas | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 5 years | ||||||
Vacation Pay | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 212 | 207 | 212 | ||||
Regulatory asset amortization period | 1 year | ||||||
Vacation Pay | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 82 | 81 | 82 | ||||
Vacation Pay | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 108 | 102 | 108 | ||||
Vacation Pay | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 10 | 10 | 10 | ||||
Vacation Pay | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 12 | 14 | 12 | ||||
Regulatory Clauses | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 142 | 142 | 142 | ||||
Costs recovered annually, period of recovery | 8 years | ||||||
Regulatory Clauses | Scenario, Forecast | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 5 years | ||||||
Regulatory Clauses | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 142 | 142 | 142 | ||||
Regulatory Clauses | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Regulatory Clauses | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Regulatory Clauses | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Software and Cloud Computing Costs | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 111 | 73 | 111 | ||||
Regulatory asset amortization period | 5 years | ||||||
Software and Cloud Computing Costs | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 46 | 35 | 46 | ||||
Regulatory asset amortization period | 10 years | ||||||
Software and Cloud Computing Costs | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 59 | 33 | 59 | ||||
Software and Cloud Computing Costs | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Software and Cloud Computing Costs | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 6 | 5 | 6 | ||||
Regulatory asset amortization period | 10 years | ||||||
Nuclear Outage | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 82 | 75 | 82 | ||||
Nuclear Outage | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 52 | 41 | 52 | ||||
Nuclear Outage | Alabama Power | Plant Farley | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 18 months | ||||||
Nuclear Outage | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 30 | 34 | 30 | ||||
Nuclear Outage | Georgia Power | Maximum | Plant Hatch (nuclear) | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 24 months | ||||||
Nuclear Outage | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 0 | 0 | 0 | ||||
Nuclear Outage | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Long Term Debt Fair Value Adjustment | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 69 | 79 | 69 | ||||
Long Term Debt Fair Value Adjustment | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Long Term Debt Fair Value Adjustment | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Long Term Debt Fair Value Adjustment | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Long Term Debt Fair Value Adjustment | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 69 | 79 | 69 | ||||
Long Term Debt Fair Value Adjustment | Southern Company Gas | Maximum | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 16 years | ||||||
Fuel Hedging (Realized And Unrealized) losses | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 60 | (176) | 60 | ||||
Fuel Hedging (Realized And Unrealized) losses | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 15 | (50) | 15 | ||||
Fuel Hedging (Realized And Unrealized) losses | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 45 | (72) | 45 | ||||
Fuel Hedging (Realized And Unrealized) losses | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | (54) | 0 | ||||
Fuel Hedging (Realized And Unrealized) losses | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Storm Damage | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 44 | 97 | 44 | ||||
Storm Damage | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Storm Damage | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 48 | 0 | ||||
Storm Damage | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 44 | 49 | 44 | ||||
Storm Damage | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Plant Daniel Units 3 and 4 | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 27 | 28 | 27 | ||||
Plant Daniel Units 3 and 4 | Retail electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 18 | 18 | |||||
Plant Daniel Units 3 and 4 | Wholesale electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 9 | 9 | |||||
Plant Daniel Units 3 and 4 | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Plant Daniel Units 3 and 4 | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Plant Daniel Units 3 and 4 | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 27 | 28 | 27 | ||||
Plant Daniel Units 3 and 4 | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Kemper County energy facility assets, net | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 20 | 35 | 20 | ||||
Kemper County energy facility assets, net | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Kemper County energy facility assets, net | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Kemper County energy facility assets, net | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 20 | 35 | 20 | ||||
Regulatory asset | 26 | 26 | |||||
Regulatory liabilities | 6 | 6 | |||||
Kemper County energy facility assets, net | Mississippi Power | Retail electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset | 17 | 17 | |||||
Regulatory liabilities | 6 | 6 | |||||
Kemper County energy facility assets, net | Mississippi Power | Wholesale electric revenues | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset | 10 | 10 | |||||
Kemper County energy facility assets, net | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 0 | 0 | 0 | ||||
Other Regulatory Assets | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | 197 | 168 | 197 | ||||
Other Regulatory Assets | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 36 | 38 | 36 | ||||
Regulatory asset amortization period | 21 years | ||||||
Other Regulatory Assets | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 27 | 29 | 27 | ||||
Regulatory asset amortization period | 10 years | ||||||
Other Regulatory Assets | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 16 | 7 | 16 | ||||
Regulatory asset amortization period | 14 years | ||||||
Other Regulatory Assets | Southern Company Gas | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 118 | $ 94 | 118 | ||||
Regulatory asset amortization period | 20 years | ||||||
CCR AROs | Alabama Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 38 years | ||||||
CCR AROs | Georgia Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 3 years | ||||||
CCR AROs | Georgia Power | Scenario, Forecast | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Regulatory asset amortization period | 4 years | ||||||
Regulatory Clauses, Amortized Through PEP | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 12 | 12 | |||||
Regulatory asset amortization period | 3 years | ||||||
Ad Valorem Tax Adjustment Clause | Mississippi Power | |||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||
Total regulatory assets (liabilities), net | $ 18 | $ 18 |
REGULATORY MATTERS - APC Certif
REGULATORY MATTERS - APC Certificate of Convenience and Necessity and RGC (Details) $ in Millions | 12 Months Ended | ||||
Jul. 12, 2022 MW | Dec. 31, 2020 USD ($) MW | Dec. 31, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | Dec. 31, 2019 MW | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Construction work in progress | $ 10,896 | $ 8,771 | |||
Plant in service, net of depreciation | 82,232 | 81,513 | |||
Alabama Power | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Approved additional generating capacity, demand-side management and distributed energy resource programs | MW | 200 | ||||
Additional generating capacity, petitioned megawatts, total | MW | 2,400 | ||||
Construction work in progress | 1,526 | 1,147 | |||
Plant in service, net of depreciation | $ 23,002 | $ 22,822 | |||
Renewable generation certificate, authorized generating capacity (in MWs) | MW | 500 | ||||
Renewable generation certificate, generating capacity (in MWs) | MW | 330 | ||||
Alabama Power | Calhoun Power Company, LLC | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Approximate nameplate capacity (in MWs) | MW | 743 | ||||
Alabama Power | Year 2020 | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
PPA, additional generating capacity (in MWs) | MW | 240 | ||||
Plant Barry Unit 8 | Alabama Power | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Approximate nameplate capacity (in MWs) | MW | 720 | ||||
Costs incurred, percentage of estimated in-service cost | 5% | ||||
Estimated in-service cost | $ 652 | ||||
Construction work in progress | $ 518 | ||||
Construction in progress, work in progress amount | 513 | ||||
Plant in service, net of depreciation | $ 5 |
REGULATORY MATTERS - APC Rate R
REGULATORY MATTERS - APC Rate RSE (Details) - Alabama Power - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2025 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Rate adjustment period | 2 years | |||||
Maximum percentage of rate RSE | 4% | |||||
Maximum annual percentage of ratio rate | 5% | |||||
Adjusting point of weighted cost of equity | 5.98% | |||||
Percent of basis points | 0.07% | |||||
Authorized ROE | 52.20% | 51.60% | ||||
Customer refundable fees, refund payments, tranche one, percentage | 25% | |||||
Customer refundable fees, refund payments, tranche two, percentage | 40% | |||||
Customer refundable fees, refund payments, tranche two, percentage | 75% | |||||
Customer refundable fees, refund payments, tranche one, review year with rate RSE upward adjustment, percentage | 50% | |||||
Contract with customer, liability, bill credits | $ 55 | |||||
Rate RSE increase | 4.09% | |||||
Rate RSE increase amount | $ 228 | |||||
Rate RSE refund liability | $ 62 | 181 | $ 50 | |||
Rate RSE refund liability, portion attributable to reduce under recovered balance | $ 126 | |||||
Minimum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, actual weighted common equity return, threshold, percentage | 6.15% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche one | 6.15% | 6.15% | 6.15% | 6.15% | ||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche two | 6.65% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche three | 7.15% | |||||
Public utilities, actual weighted common equity return, threshold, review year with rate RSE upward adjustment, percentage | 6.15% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, review year with rate RSE upward adjustment, percentage, tranche one | 6.15% | |||||
Maximum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, actual weighted common equity return, threshold, percentage | 7.65% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche one | 6.65% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche two | 7.15% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, percentage, tranche three | 7.65% | |||||
Customer refundable fees, refund payments, percentage | 7.65% | |||||
Public utilities, actual weighted common equity return, threshold for customer refundable fees, refund payments, review year with rate RSE upward adjustment, percentage, tranche one | 6.90% | |||||
Customer refundable fees, refund payments, review year with rate RSE upward adjustment, percentage | 6.90% | |||||
Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Authorized ROE | 55% |
REGULATORY MATTERS - APC Rate C
REGULATORY MATTERS - APC Rate CNP New Plant (Details) - Alabama Power $ in Millions | Oct. 03, 2022 USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Increase to annual revenue requirement | $ 34 |
Increase to annual revenue requirement, percentage | 0.60% |
REGULATORY MATTERS - APC Rate_2
REGULATORY MATTERS - APC Rate CNP (Details) - Alabama Power - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 06, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Under recovered certified power purchase agreements | $ 120 | $ 84 | ||
Retail revenue requirement for environmental compliance | $ 255 | 59 | $ 59 | |
Retail revenue requirement for environmental compliance, as a percentage | 3.70% | |||
Over (under) recovered environmental clause | $ (47) | $ 16 | ||
Public utilities, approved rate increase (decrease), amount | $ 318 | |||
Approved rate increase, percent | 4.60% | |||
Other regulatory assets, current | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Under recovered certified power purchase agreements | 18 | |||
Other regulatory assets, deferred | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Under recovered certified power purchase agreements | $ 102 |
REGULATORY MATTERS - APC Rate E
REGULATORY MATTERS - APC Rate ECR (Details) - Alabama Power $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2023 $ / KWH_Kilowatt_hour | Dec. 31, 2022 USD ($) $ / KWH_Kilowatt_hour | Nov. 30, 2022 $ / KWH_Kilowatt_hour | Aug. 31, 2022 USD ($) $ / KWH_Kilowatt_hour | Jul. 31, 2022 $ / KWH_Kilowatt_hour | Dec. 31, 2022 USD ($) $ / KWH_Kilowatt_hour | Dec. 31, 2020 USD ($) $ / KWH_Kilowatt_hour | Dec. 31, 2019 $ / KWH_Kilowatt_hour | Dec. 31, 2021 USD ($) | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||||
Current billing rates under rate ECR (usd per KWH) | $ / KWH_Kilowatt_hour | 3.510 | 2.557 | 2.557 | 1.960 | 0.05910 | 1.960 | 0.02160 | ||
Reduction of over-collected fuel balance | $ 94 | ||||||||
Current billing rates under rate ECR, percentage decrease | 1.84% | ||||||||
Current billing rates under rate ECR, decrease, amount | $ 103 | ||||||||
Current billing rates under rate ECR, amount | $ 500 | $ 310 | |||||||
Over (under) recovered fuel cost | (622) | $ (622) | $ 126 | ||||||
Rate RSE refund liability, portion attributable to reduce under recovered balance | $ 126 | ||||||||
Other regulatory assets, current | |||||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||||
Over (under) recovered fuel cost | (102) | (102) | |||||||
Other regulatory assets, deferred | |||||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||||
Over (under) recovered fuel cost | $ (520) | $ (520) | |||||||
Scenario, Forecast | |||||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||||||
Current billing rates under rate ECR (usd per KWH) | $ / KWH_Kilowatt_hour | 0.05910 |
REGULATORY MATTERS - APC Accoun
REGULATORY MATTERS - APC Accounting Orders and Plant Greene County (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Public Utilities, General Disclosures [Line Items] | |||
Other deferred charges and assets | $ 20,148 | $ 17,259 | |
Alabama Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Other deferred charges and assets | $ 5,372 | 4,549 | |
Percent ownership | 14% | ||
Alabama Power | Software Accounting Order | |||
Public Utilities, General Disclosures [Line Items] | |||
Other deferred charges and assets | $ 46 | 35 | |
Mississippi Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Other deferred charges and assets | $ 828 | $ 877 | |
Mississippi Power | Plant Greene County Units 1 and 2 | |||
Public Utilities, General Disclosures [Line Items] | |||
Percent ownership | 40% |
REGULATORY MATTERS - APC Rate N
REGULATORY MATTERS - APC Rate NDR and Reliability Reserve Accounting Order (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 05, 2022 | Sep. 30, 2022 | Jul. 12, 2022 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Plant in service, net of depreciation | $ 82,232,000,000 | $ 81,513,000,000 | ||||
Other utility plant, net | 599,000,000 | 0 | ||||
Other regulatory assets | 860,000,000 | 653,000,000 | ||||
Revision of Prior Period, Reclassification, Adjustment | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Plant in service, net of depreciation | $ (42,000,000) | $ (600,000,000) | ||||
Other utility plant, net | $ 600,000,000 | |||||
Other regulatory assets | $ 42,000,000 | |||||
Alabama Power | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Minimum natural disaster reserve balance, triggering establishment charge | 50,000,000 | |||||
Natural disaster reserve authorized limit | 75,000,000 | $ 35,000,000 | ||||
Maximum rate NDR charge per month, monthly nonresidential customer account | 5 | 10 | ||||
Maximum rate NDR charge per month, monthly residential customer account | 2.50 | $ 5 | ||||
Additional accruals authorized by state PSCs | 65,000,000 | $ 100,000,000 | ||||
Annual recovery amount | 14,000,000 | 6,000,000 | $ 5,000,000 | |||
Regulatory asset, amortization period | 97,000,000 | 103,000,000 | ||||
NDR, expected recovery amount | 12,000,000 | |||||
Plant in service, net of depreciation | 23,002,000,000 | 22,822,000,000 | ||||
Other utility plant, net | 599,000,000 | 0 | ||||
Other regulatory assets | $ 474,000,000 | $ 208,000,000 | ||||
Alabama Power | Minimum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Maximum period for recovery deferred stock related operations and maintenance costs and any future reserve deficits | 24 months | |||||
Alabama Power | Maximum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Maximum period for recovery deferred stock related operations and maintenance costs and any future reserve deficits | 48 months |
REGULATORY MATTERS - GPC Tariff
REGULATORY MATTERS - GPC Tariffs (Details) - Georgia Power - USD ($) $ in Millions | Dec. 20, 2022 | Dec. 31, 2019 |
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount, due in next fiscal year | $ 216 | |
Requested rate increase (decrease), amount, due in 2024 | 377 | $ 111 |
Requested rate increase (decrease), amount, due in 2025 | 403 | 157 |
Traditional base | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount, due in next fiscal year | 194 | |
Requested rate increase (decrease), amount, due in 2024 | 275 | 120 |
Requested rate increase (decrease), amount, due in 2025 | 315 | 192 |
ECCR | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount, due in next fiscal year | (21) | |
Requested rate increase (decrease), amount, due in 2024 | 66 | 2 |
Requested rate increase (decrease), amount, due in 2025 | 81 | (12) |
DSM | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount, due in next fiscal year | 37 | |
Requested rate increase (decrease), amount, due in 2024 | 27 | (15) |
Requested rate increase (decrease), amount, due in 2025 | (2) | (25) |
MFF | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase (decrease), amount, due in next fiscal year | 6 | |
Requested rate increase (decrease), amount, due in 2024 | 9 | 4 |
Requested rate increase (decrease), amount, due in 2025 | $ 9 | $ 2 |
REGULATORY MATTERS - GPC Rate P
REGULATORY MATTERS - GPC Rate Plans, Integrated Resource Plan and COVID-19 Costs (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 01, 2024 MW | Aug. 31, 2022 MW | Aug. 26, 2022 USD ($) | Jul. 21, 2022 agreement MW | Jan. 01, 2022 USD ($) | Jan. 01, 2021 USD ($) | Nov. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2028 MW | Dec. 31, 2026 MW | Dec. 31, 2025 USD ($) MW | Dec. 31, 2024 USD ($) MW | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) ashPond MW | Dec. 31, 2021 USD ($) MW | Dec. 31, 2020 USD ($) | Dec. 31, 2019 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | $ 5,833 | $ 4,711 | |||||||||||||||
Customer Refunds | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | $ (183) | $ (189) | |||||||||||||||
Georgia Power | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Approved rate decrease | $ 10 | ||||||||||||||||
Approved rate increase | $ 90 | ||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 252 | $ (44) | |||||||||||||||
Requested additional generating capacity (in MW) | MW | 2,300 | 970 | |||||||||||||||
Approved additional generating capacity (in MW) | MW | 970 | ||||||||||||||||
Number of ash ponds | ashPond | 1 | ||||||||||||||||
Net regulatory assets | $ 4,663 | $ 3,928 | |||||||||||||||
Requested number of power purchase agreements to be certified | agreement | 6 | ||||||||||||||||
Requested number of affiliate power purchase agreements to be certified | agreement | 5 | ||||||||||||||||
Incremental COVID-19 costs deferred | $ 25 | 21 | |||||||||||||||
Georgia Power | ECCR | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory asset amortization period | 4 years | ||||||||||||||||
Approved rate decrease | $ 20 | ||||||||||||||||
Georgia Power | 2022 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 10.50% | ||||||||||||||||
Equity rate of return on common equity | 56% | ||||||||||||||||
Portion of actual earnings above approved ROE band applied to reduce regulatory assets | 40% | ||||||||||||||||
Portion of actual earnings above approved ROE band refunded to customers | 40% | ||||||||||||||||
Portion of actual earnings above approved ROE band retained by subsidiary company | 20% | ||||||||||||||||
Georgia Power | 2019 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 10.50% | ||||||||||||||||
Portion of actual earnings above approved ROE band applied to reduce regulatory assets | 40% | ||||||||||||||||
Portion of actual earnings above approved ROE band refunded to customers | 40% | ||||||||||||||||
Portion of actual earnings above approved ROE band retained by subsidiary company | 20% | ||||||||||||||||
Customer refund liability in absence of base rate case | $ 119 | 5 | |||||||||||||||
Georgia Power | Energy Storage | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested additional generating capacity (in MW) | MW | 500 | ||||||||||||||||
Georgia Power | Biomass Generation | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested additional generating capacity (in MW) | MW | 140 | ||||||||||||||||
Georgia Power | Scenario, Forecast | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Incremental COVID-19 costs recovered, period | 3 years | ||||||||||||||||
Georgia Power | Scenario, Forecast | ECCR | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Compliance costs expected to be incurred | $ 510 | $ 410 | $ 320 | ||||||||||||||
Georgia Power | Scenario, Forecast | Subsequent Event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested additional generating capacity (in MW) | MW | 1,567 | 228 | 265 | 380 | 88 | ||||||||||||
Georgia Power | Plant Vogtle Unit 3 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | 2,100 | ||||||||||||||||
Requested rate increase (decrease), amount | 3,600 | ||||||||||||||||
Approved depreciation expense deferred, annual amount | $ 40 | ||||||||||||||||
Requested rate increase, annual amount | $ 302 | ||||||||||||||||
Georgia Power | Plant Wansley Unit 1 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | 292 | ||||||||||||||||
Georgia Power | Plant Wansley Unit 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | 270 | ||||||||||||||||
Net regulatory assets, unusable materials and supplies inventory | $ 13 | ||||||||||||||||
Georgia Power | Plant Scherer Unit 3 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Capacity of units included in request for decertification of units | MW | 614 | ||||||||||||||||
Request for decertification of units, percentage of ownership | 75% | ||||||||||||||||
Net regulatory assets | $ 601 | ||||||||||||||||
Georgia Power | Plant Gaston Units 1 through 4 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Capacity of units included in request for decertification of units | MW | 500 | ||||||||||||||||
Request for decertification of units, percentage of ownership | 50% | ||||||||||||||||
Georgia Power | Plant Bowen Units 1 and 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory asset amortization period | 4 years | ||||||||||||||||
Capacity of units included in request for decertification of units | MW | 1,400 | ||||||||||||||||
Georgia Power | Plant Tugalo | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Planned expenses to modernize plant | $ 115 | ||||||||||||||||
Georgia Power | Plant Wansley Units 1 and 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Capacity of units included in request for decertification of units | MW | 926 | ||||||||||||||||
Request for decertification of units, percentage of ownership | 53.50% | ||||||||||||||||
Georgia Power | Customer Refunds | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | $ (121) | (8) | |||||||||||||||
Georgia Power | Customer Refunds | 2019 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Portion of actual earnings above approved ROE band refunded to customers, value | 119 | 5 | |||||||||||||||
Remaining Net Book Value of Retired Assets | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | 1,543 | 1,050 | |||||||||||||||
Remaining Net Book Value of Retired Assets | Georgia Power | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | $ 962 | $ 455 | |||||||||||||||
Remaining Net Book Value of Retired Assets | Georgia Power | Plant Scherer Unit 3 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory asset amortization period | 6 years | ||||||||||||||||
Net regulatory assets | $ 43 | ||||||||||||||||
Remaining Net Book Value of Retired Assets | Georgia Power | Plant Bowen Units 1 and 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Net regulatory assets | $ 40 | ||||||||||||||||
Remaining Net Book Value of Retired Assets | Georgia Power | Plant Wansley Units 1 and 2 | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory asset amortization period | 8 years | ||||||||||||||||
Net regulatory assets | $ 562 | ||||||||||||||||
Maximum | Georgia Power | 2022 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 11.90% | ||||||||||||||||
Maximum | Georgia Power | 2019 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 12% | ||||||||||||||||
Maximum | Remaining Net Book Value of Retired Assets | Georgia Power | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Regulatory asset amortization period | 3 years | 4 years | |||||||||||||||
Minimum | Georgia Power | 2022 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 9.50% | ||||||||||||||||
Minimum | Georgia Power | 2019 Alternate Rate Plan | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Retail rate of return on common equity | 9.50% |
REGULATORY MATTERS - GPC Fuel C
REGULATORY MATTERS - GPC Fuel Cost and Storm Damage Recovery (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||
Jan. 01, 2023 | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Net regulatory assets | $ 4,711 | $ 5,833 | $ 5,833 | |||
Other regulatory assets | 653 | 860 | 860 | |||
Other regulatory assets, deferred | 5,577 | 5,918 | 5,918 | |||
Georgia Power | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved decrease in annual billing based on fuel cost recovery rate | $ 740 | |||||
Approved decrease in annual billing based on fuel cost recovery rate, term | 2 years | |||||
Public utilities, approved rate increase (decrease), amount | $ 252 | $ (44) | ||||
Approved rate increase, percent | 15% | |||||
Adjustment to fuel cost recovery rate if under recovered fuel balance exceeds budget thereafter | 200 | |||||
Over (under) recovered fuel balance | (400) | $ (2,100) | (2,100) | |||
Required period for options and hedges | 36 months | |||||
Storm damage reserves | 213 | |||||
Net regulatory assets | 3,928 | $ 4,663 | 4,663 | |||
Other regulatory assets | 289 | 324 | 324 | |||
Other regulatory assets, deferred | $ 1,964 | 2,522 | 2,522 | |||
Georgia Power | Scenario, Forecast | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Storm damage reserves | $ 31 | |||||
Georgia Power | Storm damage reserves | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Regulatory liabilities | 83 | 83 | ||||
Net regulatory assets | $ 48 | $ 48 |
REGULATORY MATTERS - GPC Nuclea
REGULATORY MATTERS - GPC Nuclear Construction (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2012 utility MW | |
Public Utilities, General Disclosures [Line Items] | ||||||||
Estimated loss on Plant Vogtle Units 3 and 4 | $ 183 | $ 1,692 | $ 325 | |||||
Georgia Power | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of construction units approved | utility | 2 | |||||||
Electric generating capacity (in MWs) | MW | 1,100 | |||||||
Estimated cost to complete, pre-tax charge to income | $ 148 | $ 32 | $ 36 | |||||
Estimated cost to complete, pre-tax charge to income, net of tax | 110 | 24 | 27 | |||||
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | $ 1,692 | $ 325 | |||||
Pre-tax charge to income | 53 | (102) | 16 | $ 440 | $ 407 | |||
After tax charge to income | $ 40 | $ (76) | $ 12 | $ 328 | ||||
Plant Vogtle Units 3 and 4 | Georgia Power | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Percent ownership | 45.70% | 45.70% | ||||||
Estimated construction financing costs | $ 3,500 | $ 3,500 | ||||||
Construction financing costs incurred to date | 3,200 | 3,200 | ||||||
Estimated cost to complete, construction contingency estimate and additional costs | 307 | 307 | ||||||
Estimated cost to complete, additional construction contingency estimate | 125 | 125 | ||||||
Estimated cost to complete, additional construction monitoring costs | 9 | $ 9 | ||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Minimum | COVID-19 | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Estimated months of productivity loss | 3 months | |||||||
Construction financing costs | 160 | $ 160 | ||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Maximum | COVID-19 | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Estimated months of productivity loss | 4 months | |||||||
Construction financing costs | $ 200 | $ 200 | ||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Vogtle Owners | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Period of notice required in the event letters of credit are not renewed | 30 days | |||||||
Plant Vogtle Unit 3 | Georgia Power | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Additional base capital costs per month (up to) | $ 15 | |||||||
Plant Watson Unit 4 | Georgia Power | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Additional base capital costs per month (up to) | $ 35 |
REGULATORY MATTERS - GPC Schedu
REGULATORY MATTERS - GPC Schedule of Nuclear Construction Cost and Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments [Line Items] | |||||||
Total AFUDC and interest capitalized | $ 327 | $ 282 | $ 230 | ||||
Georgia Power | |||||||
Commitments [Line Items] | |||||||
Total AFUDC and interest capitalized | 213 | $ 190 | $ 138 | ||||
Pre-tax charge to income | $ 53 | $ (102) | $ 16 | $ 440 | 407 | ||
Georgia Power | Plant Vogtle Units 3 and 4 | |||||||
Commitments [Line Items] | |||||||
Base project capital cost forecast | 10,533 | 10,533 | |||||
Construction contingency estimate | 60 | 60 | |||||
Preliminary estimated cost to complete | 10,593 | 10,593 | |||||
Net investment | (9,521) | (9,521) | |||||
Remaining estimate to complete | 1,072 | 1,072 | |||||
Estimated cost to complete, costs not shared with other owners | 610 | 610 | |||||
Estimated cost to complete, construction monitoring costs approved for recovery | 33 | 33 | |||||
Total AFUDC and interest capitalized | 421 | ||||||
Total AFUDC and interest capitalized, accrual amount | $ 304 | $ 304 |
REGULATORY MATTERS - GPC Joint
REGULATORY MATTERS - GPC Joint Ownership Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Oct. 04, 2022 | Sep. 29, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2016 | Jun. 18, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Agreement with third party, amount of costs over projected forecast to be paid by company | 20% | ||||||||
Georgia Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Amortization period | 5 years | ||||||||
Pre-tax charge to income | $ 53,000 | $ (102,000) | $ 16,000 | $ 440,000 | $ 407,000 | ||||
After tax charge to income | $ 40,000 | $ (76,000) | $ 12,000 | $ 328,000 | |||||
Plant Vogtle Units 3 and 4 | Georgia Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs | $ 345,000 | $ 3,300,000 | |||||||
Ownership interest percentage required for voting for continuing construction | 90% | 90% | |||||||
Production tax credits, aggregate purchase price (up to) | $ 300,000 | ||||||||
Preliminary estimated cost to complete | $ 10,593,000 | $ 10,593,000 | |||||||
Remaining share of construction costs, agreement to pay, percentage | 100% | ||||||||
Percentage of costs, disallowed for recovery | 6% | ||||||||
Costs disallowed for recovery, period | 6 months | ||||||||
Public utilities, extension project schedule, term | 1 year | ||||||||
Estimated cost to complete, starting dollar amount | $ 18,380,000 | $ 18,380,000 | |||||||
Percent ownership | 45.70% | 45.70% | |||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Vogtle Owners | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs | $ 100 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Vogtle Owners | Tender Provision Dispute | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated cost to complete, starting dollar amount | $ 17,100,000 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | MEAG Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Agreement with third party, expected cost | $ 92,000 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category I | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Preliminary estimated cost to complete | $ 8,400,000 | 8,400,000 | |||||||
Additional construction capital costs, threshold | 800,000 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category II | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs | $ 80,000 | ||||||||
Percentage of construction costs responsible to pay | 55.70% | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category II | Vogtle Owners | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Percentage of construction costs responsible to pay | 44.30% | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category II | Minimum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs, threshold | $ 800,000 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category II | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs, threshold | 1,600,000 | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category III | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs | $ 100,000 | ||||||||
Percentage of construction costs responsible to pay | 65.70% | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category III | Vogtle Owners | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Percentage of construction costs responsible to pay | 34.30% | ||||||||
Plant Vogtle Units 3 and 4 | Georgia Power | Category III | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Additional construction capital costs, threshold | $ 2,100,000 |
REGULATORY MATTERS - GPC Regula
REGULATORY MATTERS - GPC Regulatory Matters (Details) - Plant Vogtle Units 3 and 4 - Georgia Power $ in Millions | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 16, 2023 USD ($) | Dec. 20, 2022 USD ($) | Oct. 04, 2022 USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 11, 2018 USD ($) | Jan. 01, 2018 | Jan. 01, 2016 | Jun. 30, 2022 USD ($) report | Jun. 30, 2021 USD ($) report | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2009 USD ($) | Jun. 30, 2018 USD ($) | Dec. 31, 2015 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||
Estimated in-service capital cost | $ 4,418 | ||||||||||||||||||
Proceeds from recovery of financing costs | $ 2,900 | ||||||||||||||||||
Project capital cost forecast | $ 7,300 | ||||||||||||||||||
Requested decrease in NCCR tariff | $ (36) | ||||||||||||||||||
Additional construction capital costs | $ 345 | $ 3,300 | |||||||||||||||||
Payments for contractor settlement agreement | 300 | ||||||||||||||||||
Amendment to estimated in-service capital cost | $ 5,680 | ||||||||||||||||||
Retail rate of return on common equity | 10.95% | ||||||||||||||||||
Authorized ROE | 5.30% | 8.30% | 10% | 10% | |||||||||||||||
Potential decrease each month, percentage | 0.10% | ||||||||||||||||||
Return on equity reduction, negative impact on earnings | $ 300 | $ 270 | $ 150 | ||||||||||||||||
Increase to base capital cost forecast not seeking recovery | $ 700 | ||||||||||||||||||
Twenty Fifth Vogtle Construction Monitoring Report | |||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||
Number of approved construction monitoring reports | report | 25 | ||||||||||||||||||
Approval of construction capital costs | $ 7,900 | ||||||||||||||||||
Maximum guarantee | 1,700 | ||||||||||||||||||
Customer refund | $ 188 | ||||||||||||||||||
Number of additional reports reviewed | report | 2 | ||||||||||||||||||
Twenty Sixth Vogtle Construction Monitoring Report | |||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||
Approval of construction capital costs | $ 1,100 | ||||||||||||||||||
Scenario, Forecast | |||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||
Return on equity reduction, negative impact on earnings | $ 60 | $ 270 | |||||||||||||||||
Scenario, Forecast | Twenty Fifth Vogtle Construction Monitoring Report | |||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||
Approval of construction capital costs | $ 461 |
REGULATORY MATTERS - MPC 2019 B
REGULATORY MATTERS - MPC 2019 Base Rate Case and Performance Evaluation Plan (Details) - Mississippi Power $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | May 31, 2021 USD ($) | Dec. 31, 2022 filing | Dec. 31, 2020 USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, approved rate increase (decrease), amount | $ 18 | $ 9 | $ 16 | $ 28 | $ (16.7) | |
Approved rate decrease, percent | (1.90%) | (1.80%) | 1.85% | |||
Base rate case filing, measurement input, average equity ratio | 53% | |||||
Base rate case filing, measurement input, maximum equity ratio | 55% | |||||
Base rate case filing, measurement input, return on investment | 7.57% | |||||
Regulatory asset amortization period | 4 years | |||||
Regulatory liability amortization period | 3 years | |||||
Annual base rate adjustment, increase in depreciation | $ 10 | |||||
Annual base rate adjustment, compensation costs excluded | $ 3.9 | |||||
Performance evaluation plan, number of filings per calendar year | filing | 2 | |||||
Weighted Average | Measurement Input, Average Customer Price | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Performance evaluation plan, measurement input | 0.40 | |||||
Weighted Average | Measurement Input, Service Reliability | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Performance evaluation plan, measurement input | 0.40 | |||||
Weighted Average | Measurement Input, Customer Satisfaction | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Performance evaluation plan, measurement input | 0.20 |
REGULATORY MATTERS - MPC Integr
REGULATORY MATTERS - MPC Integrated Resource Plan (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 MW | Dec. 31, 2019 MW |
Public Utilities, General Disclosures [Line Items] | ||||
Net regulatory assets | $ | $ 5,833 | $ 4,711 | ||
Mississippi Power | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Required fossil-stream generation retirements (in MWs) | MW | 950 | |||
Net regulatory assets | $ | 4 | $ 46 | ||
Mississippi Power | Plant Watson Unit 4 | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Required fossil-stream generation retirements (in MWs) | MW | 268 | |||
Mississippi Power | Plant Greene County Units 1 and 2 | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Required fossil-stream generation retirements (in MWs) | MW | 103 | |||
Percent ownership | 40% | |||
Mississippi Power | Plant Greene County Units 1 and 2 | Alabama Power | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Percent ownership | 40% | |||
Mississippi Power | Plant Daniel | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Required fossil-stream generation retirements (in MWs) | MW | 502 | |||
Percent ownership | 50% | |||
Net regulatory assets | $ | 499 | |||
Estimated amount remaining at retirement | $ | $ 397 |
REGULATORY MATTERS - MPC Enviro
REGULATORY MATTERS - MPC Environmental Compliance Overview Plan (Details) - Mississippi Power - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 05, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, approved rate increase (decrease), amount | $ 18 | $ 9 | $ 16 | $ 28 | $ (16.7) | |
Environmental Compliance Overview Plan | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, approved rate increase (decrease), amount | $ (1) | $ (9) |
REGULATORY MATTERS - MPC Fuel C
REGULATORY MATTERS - MPC Fuel Cost Recovery and Ad Valorem Tax Adjustment (Details) - Mississippi Power - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 14, 2023 | Jan. 10, 2023 | Jun. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Jun. 30, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Apr. 30, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 18 | $ 9 | $ 16 | $ 28 | $ (16.7) | ||||||||||||
Approved rate increase, percent | 1.90% | 1.80% | (1.85%) | ||||||||||||||
PSC retail increase | $ 10 | ||||||||||||||||
Public utilities, valorem taxes previously recovered, amount | $ 19 | ||||||||||||||||
Ad Valorem Tax Adjustment | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 5 | ||||||||||||||||
Subsequent Event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 12 | ||||||||||||||||
Retail electric revenues | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 43 | $ 2 | $ (24) | ||||||||||||||
Over recovered fuel cost | 4 | $ 1 | |||||||||||||||
Retail electric revenues | Subsequent Event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 25 | ||||||||||||||||
Retail electric revenues | Scenario, Forecast | Subsequent Event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 25 | ||||||||||||||||
MRA Revenue | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 11 | $ (5) | |||||||||||||||
Under recovered fuel cost | $ 1 | $ 6 | |||||||||||||||
MRA Revenue | Subsequent Event | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 22 |
REGULATORY MATTERS - MPC System
REGULATORY MATTERS - MPC System Restoration Rider (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 14, 2023 | Feb. 13, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Reliability reserve, amount deferred | $ 191,000,000 | ||||||||
Subsequent Event | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Minimum annual accrual, amount | $ 8,000,000 | ||||||||
Major storms | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Storm damage reserves accrual | 239,000,000 | $ 286,000,000 | $ 326,000,000 | ||||||
Mississippi Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Threshold above which actual damages are charged to the reserve (individually exceed) | 50,000 | ||||||||
Public utilities, approved rate increase (decrease), amount | $ 18,000,000 | $ 9,000,000 | $ 16,000,000 | $ 28,000,000 | (16,700,000) | ||||
Target property damage reserve | 75,000,000 | 75,000,000 | |||||||
Reliability reserve, amount deferred | 25,000,000 | ||||||||
Mississippi Power | Subsequent Event | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Public utilities, approved rate increase (decrease), amount | $ 12,000,000 | ||||||||
Mississippi Power | Retail electric revenues | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Property damage reserve | $ 31,000,000 | 37,000,000 | 31,000,000 | ||||||
Mississippi Power | Major storms | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Storm damage reserves accrual | $ 6,900,000 | $ (1,800,000) | $ 800,000 |
REGULATORY MATTERS - MPC Munici
REGULATORY MATTERS - MPC Municipal and Rural Associations Tariff (Details) - Mississippi Power $ in Millions | Jul. 15, 2022 USD ($) | Dec. 31, 2022 MW | Aug. 26, 2022 | Dec. 31, 2021 |
Municipal and Rural Associations Tariff | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested rate increase (decrease), amount | $ | $ 23 | |||
Cooperative Energy | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Counterparty's option to decrease services, percentage | 2.50% | |||
Power being supplied to counterparty | MW | 400 | |||
Counterparty's electricity requirement at MRA delivery points | 100% |
REGULATORY MATTERS - GAS Schedu
REGULATORY MATTERS - GAS Schedule of Utility Regulation and Rate Design (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 01, 2022 | Nov. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | |
Nicor Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized ROE | 9.75% | 9.75% | ||
Atlanta Gas Light | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized ROE | 10.25% | |||
Virginia Natural Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized ROE | 10.35% | 9.50% | 9.50% | |
Chattanooga Gas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized ROE | 9.80% |
REGULATORY MATTERS - GAS Infras
REGULATORY MATTERS - GAS Infrastructure Replacement Programs and Capital Projects (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) mi | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2014 | Dec. 31, 2019 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||
Capital expenditures related to qualifying projects | $ 7,923 | $ 7,586 | $ 7,522 | ||||
Southern Company Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Capital expenditures related to qualifying projects | 1,533 | 1,421 | 1,471 | ||||
Capital expenditures | 587 | ||||||
Over (under) recovered fuel cost | 473 | ||||||
Southern Company Gas | Natural Gas Cost Under Recovery | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Over (under) recovered fuel cost | 108 | 266 | |||||
Southern Company Gas | Other regulatory assets, deferred | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Over (under) recovered fuel cost | 207 | ||||||
Southern Company Gas | Steps to Advance Virginia's Energy (SAVE) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Capital expenditures | 69 | 51 | 49 | ||||
Nicor Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Capital expenditures related to qualifying projects | $ 408 | $ 389 | |||||
Nicor Gas | Regulatory Infrastructure Program | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Program duration period | 9 years | ||||||
Nicor Gas | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Infrastructure investment, annual customer rate increase | 4% | ||||||
Infrastructure investment, annual customer rate increase in any given year | 5.50% | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Program duration period | 6 years | ||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | $ 365 | ||||||
Infrastructure replacement program, approved investment variance amount | 5 | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | Year 2020 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | 50 | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | Year 2021 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | 60 | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | Year 2022 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | 70 | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | Year 2023 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | 70 | ||||||
Virginia Natural Gas | Steps to Advance Virginia's Energy (SAVE) | Year 2024 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved infrastructure replacement program, approved investment amount, current fiscal year | $ 70 | ||||||
Atlanta Gas Light | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Gain contingency, unrecorded amount | 68 | ||||||
Annual proceeds from strategic economic development projects | 15 | ||||||
Approved annual recovery of capital investment | $ 286 | ||||||
Atlanta Gas Light | True-Up Recovery, Unrecognized Equity | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Gain contingency, unrecorded amount | 35 | ||||||
Chattanooga Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Program duration period | 7 years | ||||||
Pipeline replacement program, length of distribution main | mi | 73 | ||||||
Preliminary estimated cost to complete | $ 118 | ||||||
Operating Segments | Gas distribution operations | Southern Company Gas | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Gross property additions | $ 1,500 |
REGULATORY MATTERS - GAS Sche_2
REGULATORY MATTERS - GAS Schedule of Infrastructure Replacement Programs and Capital Projects (Details) - Southern Company Gas $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) mi | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Expenditures in 2022 | $ 587 | ||
Expenditures Since Project Inception | $ 3,439 | ||
Pipe Installed Since Project Inception (in miles) | mi | 1,837 | ||
Scope of Program (in miles) | mi | 2,622 | ||
Investing In Illinois | |||
Public Utilities, General Disclosures [Line Items] | |||
Expenditures in 2022 | $ 437 | ||
Expenditures Since Project Inception | $ 2,945 | ||
Pipe Installed Since Project Inception (in miles) | mi | 1,297 | ||
Scope of Program (in miles) | mi | 1,854 | ||
Program Duration | 9 years | ||
Steps to Advance Virginia's Energy (SAVE) | |||
Public Utilities, General Disclosures [Line Items] | |||
Expenditures in 2022 | $ 69 | $ 51 | $ 49 |
Expenditures Since Project Inception | $ 411 | ||
Pipe Installed Since Project Inception (in miles) | mi | 525 | ||
Scope of Program (in miles) | mi | 695 | ||
Program Duration | 13 years | ||
System Reinforcement Rider | |||
Public Utilities, General Disclosures [Line Items] | |||
Expenditures in 2022 | $ 76 | ||
Expenditures Since Project Inception | $ 76 | ||
Pipe Installed Since Project Inception (in miles) | mi | 10 | ||
Program Duration | 3 years | ||
Pipeline Replacement Program | |||
Public Utilities, General Disclosures [Line Items] | |||
Expenditures in 2022 | $ 5 | ||
Expenditures Since Project Inception | $ 7 | ||
Pipe Installed Since Project Inception (in miles) | mi | 5 | ||
Scope of Program (in miles) | mi | 73 | ||
Program Duration | 7 years |
REGULATORY MATTERS - GAS Rate P
REGULATORY MATTERS - GAS Rate Proceedings and Deferral of Incremental COVID-19 Costs (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Jan. 03, 2023 USD ($) rider | Dec. 20, 2022 USD ($) | Aug. 01, 2022 USD ($) | Jan. 01, 2022 USD ($) | Nov. 01, 2020 USD ($) | Nov. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) | Feb. 28, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Net regulatory assets | $ 5,833 | $ 4,711 | |||||||||||
Nicor Gas | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 240 | ||||||||||||
Authorized ROE | 9.75% | 9.75% | |||||||||||
Public utilities, approved equity capital structure, percentage | 54.50% | ||||||||||||
Nicor Gas | Subsequent Event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Authorized ROE | 10.35% | ||||||||||||
Public utilities, approved equity capital structure, percentage | 54.50% | ||||||||||||
Requested rate increase (decrease), amount | $ 321 | ||||||||||||
Requested rate increase (decrease), amount related to recovery of investments | $ 59 | ||||||||||||
Requested rate increase, projected test year, term | 12 months | ||||||||||||
Requested rate increase (decrease), additional amount | $ 32 | ||||||||||||
Requested rate increase (decrease), proposed riders | rider | 3 | ||||||||||||
Nicor Gas | Investing In Illinois | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, approved rate increase amount recovery of investments | $ 94 | ||||||||||||
Atlanta Gas Light | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, approved rate increase (decrease), amount | $ (43) | $ (5) | |||||||||||
Authorized ROE | 10.25% | ||||||||||||
Public utilities, maximum base rate percentage | 5% | 5% | |||||||||||
Requested rate increase (decrease), amount | $ 37.6 | ||||||||||||
Requested rate increase, projected test year, term | 12 months | ||||||||||||
Integrated capacity delivery plan, interstate and intrastate capacity asset requirements, term | 10 years | ||||||||||||
Integrated capacity delivery plan, interstate and intrastate capacity asset requirements, detailed plan term | 3 years | ||||||||||||
Integrated capacity delivery plan, capital budgets and related operations and maintenance spending, term | 10 years | 10 years | |||||||||||
Approved rate decrease, percent | 10% | ||||||||||||
Integrated capacity delivery plan, capital forecast plan, years one through three | $ 1,700 | ||||||||||||
Atlanta Gas Light | Scenario, Forecast | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, approved rate increase (decrease), amount | $ (7) | ||||||||||||
Atlanta Gas Light | Minimum | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Authorized ROE | 10.05% | ||||||||||||
Integrated capacity delivery plan, capital forecast plan, years one through ten | $ 500 | ||||||||||||
Atlanta Gas Light | Maximum | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Authorized ROE | 10.45% | ||||||||||||
Integrated capacity delivery plan, capital forecast plan, years one through ten | $ 600 | ||||||||||||
Virginia Natural Gas | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, approved rate increase (decrease), amount | $ 43 | ||||||||||||
Public utilities, approved rate increase amount recovery of investments | $ 14 | ||||||||||||
Authorized ROE | 10.35% | 9.50% | 9.50% | ||||||||||
Public utilities, approved equity capital structure, percentage | 53.20% | 51.90% | |||||||||||
Requested rate increase (decrease), amount | $ 69 | $ 50 | |||||||||||
Requested rate increase (decrease), amount related to recovery of investments | $ 15 | ||||||||||||
Southern Company Gas [Member] | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested rate increase (decrease), amount | $ 53 | ||||||||||||
Net regulatory assets | $ (1,891) | $ (1,471) |
REGULATORY MATTERS - GAS Sche_3
REGULATORY MATTERS - GAS Schedule of Unrecognized Ratemaking Amounts (Details) - Regulatory Asset Off Balance Sheet - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Atlanta Gas Light | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory asset | $ 35 | $ 47 |
Virginia Natural Gas | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory asset | 10 | 10 |
Chattanooga Gas | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory asset | 2 | 4 |
Nicor Gas | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory asset | 3 | 0 |
Southern Company Gas | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory asset | $ 50 | $ 61 |
CONTINGENCIES, COMMITMENTS, A_3
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - GPC Litigation (Details) - claim | 1 Months Ended | |
Feb. 07, 2022 | Oct. 31, 2021 | |
Class Action Lawsuit | Pending Litigation | Georgia Power | ||
Loss Contingencies [Line Items] | ||
Number of additional complaints filed | 7 | 7 |
CONTINGENCIES, COMMITMENTS, A_4
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - MPC Litigation (Details) - Purported Violations Of Mississippi Consumer Protection Act - Pending Litigation - Mississippi Power $ in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2019 plaintiff | Dec. 31, 2018 USD ($) plaintiff defendant | |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Number of plaintiffs | plaintiff | 4 | 10 |
Loss contingency, number of defendants | defendant | 3 | |
Public utilities, underpayment of refunds | $ | $ 23.5 |
CONTINGENCIES, COMMITMENTS, A_5
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - Environmental Remediation (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) state site | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Georgia Power | ||||
Environmental Exit Cost [Line Items] | ||||
Costs recovered annually | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | |
Environmental remediation liability, current | 15,000,000 | 17,000,000 | ||
Accrued environmental remediation | 0 | 0 | ||
Under recovered environmental remediation costs, other regulatory assets, current | 5,000,000 | 12,000,000 | ||
Under recovered environmental remediation costs, other regulatory assets, deferred | 20,000,000 | 23,000,000 | ||
Georgia Power | Scenario, Forecast | ||||
Environmental Exit Cost [Line Items] | ||||
Costs recovered annually | $ 5,000,000 | |||
Southern Company Gas | ||||
Environmental Exit Cost [Line Items] | ||||
Environmental remediation liability, current | 49,000,000 | 52,000,000 | ||
Accrued environmental remediation | 207,000,000 | 197,000,000 | ||
Under recovered environmental remediation costs, other regulatory assets, current | 54,000,000 | 59,000,000 | ||
Under recovered environmental remediation costs, other regulatory assets, deferred | $ 215,000,000 | 208,000,000 | ||
Southern Company Gas | Manufactured Gas Plants | ||||
Environmental Exit Cost [Line Items] | ||||
Number of sites | site | 40 | |||
Number of states in which subject to environmental remediation liabilities | state | 4 | |||
Alabama Power | ||||
Environmental Exit Cost [Line Items] | ||||
Environmental remediation liability, current | $ 0 | 0 | ||
Southern Company | ||||
Environmental Exit Cost [Line Items] | ||||
Environmental remediation liability, current | 65,000,000 | 69,000,000 | ||
Accrued environmental remediation | 207,000,000 | 197,000,000 | ||
Under recovered environmental remediation costs, other regulatory assets, current | 59,000,000 | 71,000,000 | ||
Under recovered environmental remediation costs, other regulatory assets, deferred | $ 235,000,000 | 231,000,000 | ||
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |||
Mississippi Power [Member] | ||||
Environmental Exit Cost [Line Items] | ||||
Environmental remediation liability, current | $ 0 | $ 0 |
CONTINGENCIES, COMMITMENTS, A_6
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - Nuclear Fuel Disposal Costs and Nuclear Insurance (Details) | 12 Months Ended | 108 Months Ended |
Dec. 31, 2022 USD ($) plant | Dec. 31, 2019 USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Maximum fund for public liability claims arising from a single nuclear incident under price - anderson amendments act | $ 13,700,000,000 | |
Maximum insurance coverage provided by American Nuclear Insurers to each nuclear plant | 450,000,000 | |
Maximum amount that a company could be assessed per incident for each licensed reactor | 138,000,000 | |
Maximum aggregate amount that a reactor can assess in a calendar period for each incident | $ 20,000,000 | |
Block period considered for inflation adjustment against maximum assessment per reactor | 5 years | |
Maximum deductible waiting period | 182 days | |
Maximum coverage per occurrence per unit limit to obtain replacement power | $ 490,000,000 | |
Aggregate payment for claims resulting from terrorist acts in one year period | 3,200,000,000 | |
Vogtle Units 3 and 4 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Maximum limits for accidental property damage occurring during construction | $ 2,750,000,000 | |
Alabama Power and Georgia Power | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Number of nuclear fuel plants | plant | 3 | |
Maximum property damage insurance provided to nuclear generating facilities | $ 1,500,000,000 | |
Maximum additional coverage provided for losses under excess insurance | 1,250,000,000 | |
Maximum additional coverage provided for losses under excess insurance, non-nuclear losses | $ 750,000,000 | |
Elected deductible waiting period | 84 days | |
Alabama Power | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Maximum assessment, excluding any applicable state premium taxes | $ 275,000,000 | |
Maximum aggregate amount to be paid in one year | 41,000,000 | |
Current maximum annual assessments under NEIL policies | 51,000,000 | |
Alabama Power | Positive Outcome of Litigation | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Outstanding claims | $ 110,000,000 | |
Georgia Power | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Maximum assessment, excluding any applicable state premium taxes | 330,000,000 | |
Maximum aggregate amount to be paid in one year | 49,000,000 | |
Current maximum annual assessments under NEIL policies | $ 85,000,000 | |
Georgia Power | Positive Outcome of Litigation | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Outstanding claims | $ 132,000,000 |
CONTINGENCIES, COMMITMENTS, A_7
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - APC Litigation (Details) - Alabama Power - AT&T $ in Millions | 1 Months Ended |
Apr. 30, 2019 USD ($) | |
Loss Contingencies [Line Items] | |
Potential refund amount owed | $ 87 |
Refund payment period | 6 years |
CONTINGENCIES, COMMITMENTS, A_8
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - MPC Other Matters (Details) | 12 Months Ended | 60 Months Ended | |||||||||
Aug. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2025 USD ($) | Jan. 15, 2024 USD ($) | Jul. 12, 2022 claim | Dec. 31, 2016 USD ($) | Dec. 31, 2010 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||
Period costs | $ 36,000,000 | $ 26,000,000 | |||||||||
Mississippi Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Period costs | 0 | 0 | |||||||||
Estimate of possible loss | $ 28,000,000 | ||||||||||
Kemper County energy facility assets, net | Mississippi Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Pre-tax charge to income | 15,000,000 | 11,000,000 | $ 4,000,000 | ||||||||
After tax charge to income | $ 12,000,000 | $ 8,000,000 | $ 3,000,000 | ||||||||
Government grants expected | $ 137,000,000 | $ 270,000,000 | |||||||||
Government grants received | $ 387,000,000 | ||||||||||
Plant Daniel | Mississippi Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Plant units | claim | 2 | ||||||||||
Plant Daniel Unit, Primary | Mississippi Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Plant units | claim | 1 | ||||||||||
Scenario, Forecast | Kemper County energy facility assets, net | Mississippi Power | Maximum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Period costs | $ 15,000,000 | ||||||||||
Scenario, Forecast | Plant Daniel | Mississippi Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Payments to acquire businesses | $ 1 | ||||||||||
Business combination, option to purchase, period | 120 days | ||||||||||
Scenario, Forecast | Plant Daniel | Gulf Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percent ownership in individual unit | 100% | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Gulf Power | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Proceeds from divestiture of businesses, amount held back | $ 75,000,000 |
CONTINGENCIES, COMMITMENTS, A_9
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - Commitments (Details) - Georgia Power - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
MEAG Power | |||
Loss Contingencies [Line Items] | |||
Percent ownership | 5% | ||
Plant Vogtle Units 1 and 2 | |||
Loss Contingencies [Line Items] | |||
Capacity payments | $ 4 | $ 6 | $ 5 |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
Recorded unconditional purchase obligation | 41 | ||
Recorded unconditional purchase obligation, year one | 3 | ||
Recorded unconditional purchase obligation, year two | 4 | ||
Recorded unconditional purchase obligation, year three | 4 | ||
Recorded unconditional purchase obligation, year four | 4 | ||
Recorded unconditional purchase obligation, year five | 2 | ||
Recorded unconditional purchase obligation, after year five | $ 26 |
CONTINGENCIES, COMMITMENTS, _10
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - GAS Commitments (Details) - Southern Company Gas MMBTU in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) MMBTU | |
Long-term Purchase Commitment [Line Items] | |
Natural gas pipeline capacity | MMBTU | 34 |
Long-term purchase commitment amount | $ 157 |
Pipeline Charges, Storage Capacity, and Gas Supply | |
Pipeline Charges, Storage Capacity, and Gas Supply | |
2023 | 637 |
2024 | 455 |
2025 | 390 |
2026 | 212 |
2027 | 134 |
Thereafter | 871 |
Total | $ 2,699 |
CONTINGENCIES, COMMITMENTS, _11
CONTINGENCIES, COMMITMENTS, AND GUARANTEES - Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Recorded Unconditional Purchase Obligation [Line Items] | ||
Short-term debt | $ 2,609 | $ 1,440 |
Alabama Power | ||
Recorded Unconditional Purchase Obligation [Line Items] | ||
Jointly owned affiliate equity | 80 | |
Jointly owned affiliate long term debt | 100 | |
SEGCO | Alabama Power | ||
Recorded Unconditional Purchase Obligation [Line Items] | ||
Guarantee of unsecured senior notes | 100 | |
Short-term debt | $ 17 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregate Revenue Sources (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 25,941 | $ 23,463 | $ 21,097 |
Total operating revenues | 29,279 | 23,113 | 20,375 |
Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 15,839 | 14,244 | 13,677 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 6,604 | 6,207 | 6,113 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,369 | 4,877 | 4,699 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,764 | 3,067 | 2,775 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 102 | 93 | 90 |
Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,218 | 3,625 | 2,888 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,843 | 1,799 | 1,338 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 763 | 470 | 340 |
Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,186 | 1,038 | 971 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 84 | 49 | 30 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 342 | 269 | 209 |
Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,120 | 1,851 | 1,399 |
PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,274 | 1,122 | 735 |
PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 596 | 493 | 454 |
Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 250 | 236 | 210 |
Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 687 | 2,668 | 2,151 |
Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,168 | 1,727 | |
Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 636 | 464 | 391 |
Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 51 | 36 | 33 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,077 | 1,075 | 982 |
Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | 3,338 | 3,349 | 3,764 |
Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | (3,699) | (4,486) | |
Alabama Power | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 6,921 | 6,141 | 5,646 |
Total operating revenues | 7,817 | 6,413 | 5,830 |
Alabama Power | Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,844 | 5,470 | 5,203 |
Alabama Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,638 | 2,467 | 2,377 |
Alabama Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,685 | 1,600 | 1,512 |
Alabama Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,507 | 1,386 | 1,293 |
Alabama Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 14 | 17 | 21 |
Alabama Power | Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 883 | 469 | 284 |
Alabama Power | PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 489 | 184 | 133 |
Alabama Power | PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 194 | 115 | 108 |
Alabama Power | Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 200 | 170 | 43 |
Alabama Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Alabama Power | Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Alabama Power | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 194 | 202 | 159 |
Alabama Power | Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | 896 | 272 | 184 |
Alabama Power | Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | 0 | 0 | |
Georgia Power | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 9,702 | 8,563 | 8,215 |
Total operating revenues | 11,584 | 9,260 | 8,309 |
Georgia Power | Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 9,049 | 7,940 | 7,666 |
Georgia Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,664 | 3,471 | 3,476 |
Georgia Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,385 | 3,010 | 2,933 |
Georgia Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,921 | 1,391 | 1,197 |
Georgia Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 79 | 68 | 60 |
Georgia Power | Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 207 | 171 | 102 |
Georgia Power | PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 130 | 95 | 42 |
Georgia Power | PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 47 | 55 | 50 |
Georgia Power | Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 30 | 21 | 10 |
Georgia Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Georgia Power | Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Georgia Power | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 446 | 452 | 447 |
Georgia Power | Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | 1,882 | 697 | 94 |
Georgia Power | Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | 0 | 0 | |
Mississippi Power | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,703 | 1,282 | 1,157 |
Total operating revenues | 1,694 | 1,322 | 1,172 |
Mississippi Power | Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 946 | 834 | 808 |
Mississippi Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 302 | 269 | 260 |
Mississippi Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 299 | 267 | 254 |
Mississippi Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 336 | 290 | 285 |
Mississippi Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 9 | 8 | 9 |
Mississippi Power | Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 710 | 417 | 323 |
Mississippi Power | PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 16 | 11 | 9 |
Mississippi Power | PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 4 | 5 | 3 |
Mississippi Power | Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 690 | 401 | 311 |
Mississippi Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Mississippi Power | Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Mississippi Power | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 47 | 31 | 26 |
Mississippi Power | Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | (9) | 40 | 15 |
Mississippi Power | Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | 0 | 0 | |
Southern Power | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,805 | 1,605 | 1,119 |
Total operating revenues | 3,369 | 2,216 | 1,733 |
Southern Power | Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,769 | 1,575 | 1,105 |
Southern Power | PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,673 | 854 | 570 |
Southern Power | PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 356 | 323 | 296 |
Southern Power | Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 740 | 398 | 239 |
Southern Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Southern Power | Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Power | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 36 | 30 | 14 |
Southern Power | Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | 564 | 611 | 614 |
Southern Power | Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | 0 | 0 | |
Southern Company Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,905 | 6,293 | 5,039 |
Total operating revenues | 5,962 | 4,380 | 3,434 |
Southern Company Gas | Retail electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Natural gas distribution revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,218 | 3,625 | 2,888 |
Southern Company Gas | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,843 | 1,799 | 1,338 |
Southern Company Gas | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 763 | 470 | 340 |
Southern Company Gas | Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,186 | 1,038 | 971 |
Southern Company Gas | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 84 | 49 | 30 |
Southern Company Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 342 | 269 | 209 |
Southern Company Gas | Wholesale electric revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | PPA energy revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | PPA capacity revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Non-PPA revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 687 | 2,668 | 2,151 |
Southern Company Gas | Wholesale gas services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,168 | 1,727 | |
Southern Company Gas | Gas marketing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 636 | 464 | 391 |
Southern Company Gas | Other natural gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 51 | 36 | 33 |
Southern Company Gas | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Southern Company Gas | Other revenue sources | |||
Disaggregation of Revenue [Line Items] | |||
Other | $ 57 | 1,786 | 2,881 |
Southern Company Gas | Other adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Other | $ (3,699) | $ (4,486) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | $ 3,123 | $ 2,504 |
Contract Assets | 156 | 117 |
Contract Liabilities | 45 | 57 |
Contract with customer, liability, revenue recognized | 36 | 29 |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract Assets | 65 | 50 |
Contract Liabilities | 32 | 39 |
Alabama Power | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 696 | 589 |
Contract Assets | 2 | 2 |
Contract Liabilities | 4 | 4 |
Georgia Power | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 922 | 736 |
Contract Assets | 89 | 63 |
Contract Liabilities | 9 | 14 |
Mississippi Power | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 92 | 73 |
Contract Assets | 0 | 0 |
Contract Liabilities | 0 | 0 |
Southern Power | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 237 | 149 |
Contract Assets | 0 | 1 |
Contract Liabilities | 1 | 1 |
Southern Company Gas | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 1,107 | 753 |
Contract Assets | 0 | 0 |
Contract Liabilities | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS - Performance Obligations (Details) $ in Millions | Dec. 31, 2022 USD ($) |
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 | $ 640 |
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 | $ 483 |
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 | $ 332 |
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 | $ 311 |
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 | $ 315 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,076 |
Expected timing of satisfaction | |
Alabama Power | 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 |
Expected timing of satisfaction | 1 year |
Alabama Power | 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 |
Expected timing of satisfaction | 1 year |
Alabama Power | 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 | $ 6 |
Expected timing of satisfaction | 1 year |
Alabama Power | 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 |
Expected timing of satisfaction | 1 year |
Alabama Power | 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 |
Expected timing of satisfaction | 1 year |
Alabama Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Expected timing of satisfaction | |
Georgia Power | 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 | $ 74 |
Expected timing of satisfaction | 1 year |
Georgia Power | 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 | $ 39 |
Expected timing of satisfaction | 1 year |
Georgia Power | 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 |
Expected timing of satisfaction | 1 year |
Georgia Power | 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 |
Expected timing of satisfaction | 1 year |
Georgia Power | 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 | $ 10 |
Expected timing of satisfaction | 1 year |
Georgia Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 10 |
Expected timing of satisfaction | |
Southern Power | 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 | $ 355 |
Expected timing of satisfaction | 1 year |
Southern Power | 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 | $ 345 |
Expected timing of satisfaction | 1 year |
Southern Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 302 |
Expected timing of satisfaction | 1 year |
Southern Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 303 |
Expected timing of satisfaction | 1 year |
Southern Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 310 |
Expected timing of satisfaction | 1 year |
Southern Power | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,077 |
Expected timing of satisfaction | |
Southern Company Gas | 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 | $ 34 |
Expected timing of satisfaction | 1 year |
Southern Company Gas | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 29 |
Expected timing of satisfaction | 1 year |
Southern Company Gas | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Expected timing of satisfaction | 1 year |
Southern Company Gas | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Expected timing of satisfaction | 1 year |
Southern Company Gas | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Expected timing of satisfaction | 1 year |
Southern Company Gas | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Expected timing of satisfaction |
PROPERTY, PLANT, AND EQUIPMEN_2
PROPERTY, PLANT, AND EQUIPMENT - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Electric utilities: | ||
Generation | $ 51,756 | $ 53,803 |
Transmission | 14,201 | 13,406 |
Distribution | 24,200 | 22,236 |
General/other | 5,806 | 5,423 |
Electric utilities' plant in service | 95,963 | 94,868 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 16,810 | 15,714 |
Storage facilities | 1,553 | 1,315 |
Other | 1,360 | 1,851 |
Southern Company Gas plant in service | 19,723 | 18,880 |
Other plant in service | 1,843 | 1,844 |
Total plant in service | 117,529 | 115,592 |
Alabama Power | ||
Electric utilities: | ||
Generation | 15,920 | 16,631 |
Transmission | 5,658 | 5,334 |
Distribution | 9,154 | 8,643 |
General/other | 2,740 | 2,527 |
Electric utilities' plant in service | 33,472 | 33,135 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 0 | 0 |
Storage facilities | 0 | 0 |
Other | 0 | 0 |
Southern Company Gas plant in service | 0 | 0 |
Other plant in service | 0 | 0 |
Total plant in service | 33,472 | 33,135 |
Georgia Power | ||
Electric utilities: | ||
Generation | 17,755 | 19,184 |
Transmission | 7,576 | 7,132 |
Distribution | 13,819 | 12,437 |
General/other | 2,729 | 2,579 |
Electric utilities' plant in service | 41,879 | 41,332 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 0 | 0 |
Storage facilities | 0 | 0 |
Other | 0 | 0 |
Southern Company Gas plant in service | 0 | 0 |
Other plant in service | 0 | 0 |
Total plant in service | 41,879 | 41,332 |
Mississippi Power | ||
Electric utilities: | ||
Generation | 2,826 | 2,791 |
Transmission | 927 | 900 |
Distribution | 1,228 | 1,156 |
General/other | 273 | 259 |
Electric utilities' plant in service | 5,254 | 5,106 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 0 | 0 |
Storage facilities | 0 | 0 |
Other | 0 | 0 |
Southern Company Gas plant in service | 0 | 0 |
Other plant in service | 0 | 0 |
Total plant in service | 5,254 | 5,106 |
Southern Power | ||
Electric utilities: | ||
Generation | 14,619 | 14,551 |
Transmission | 0 | 0 |
Distribution | 0 | 0 |
General/other | 39 | 34 |
Electric utilities' plant in service | 14,658 | 14,585 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 0 | 0 |
Storage facilities | 0 | 0 |
Other | 0 | 0 |
Southern Company Gas plant in service | 0 | 0 |
Other plant in service | 0 | 0 |
Total plant in service | 14,658 | 14,585 |
Southern Company Gas | ||
Electric utilities: | ||
Generation | 0 | 0 |
Transmission | 0 | 0 |
Distribution | 0 | 0 |
General/other | 0 | 0 |
Electric utilities' plant in service | 0 | 0 |
Southern Company Gas: | ||
Natural gas distribution utilities transportation and distribution | 16,810 | 15,714 |
Storage facilities | 1,553 | 1,315 |
Other | 1,360 | 1,851 |
Southern Company Gas plant in service | 19,723 | 18,880 |
Other plant in service | 0 | 0 |
Total plant in service | $ 19,723 | $ 18,880 |
PROPERTY, PLANT, AND EQUIPMEN_3
PROPERTY, PLANT, AND EQUIPMENT - Additional Information (Narrative) (Details) - Nuclear Outage | 12 Months Ended |
Dec. 31, 2022 | |
Plant Farley | Alabama Power | |
Property, Plant and Equipment [Line Items] | |
Regulatory asset amortization period | 18 months |
Plant Vogtle Units 1 and 2 | Georgia Power | |
Property, Plant and Equipment [Line Items] | |
Regulatory asset amortization period | 18 months |
Plant Hatch Units 1 and 2 | Georgia Power | Maximum | |
Property, Plant and Equipment [Line Items] | |
Regulatory asset amortization period | 24 months |
PROPERTY, PLANT, AND EQUIPMEN_4
PROPERTY, PLANT, AND EQUIPMENT - Deferred Cloud Implementation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | $ 20,148 | $ 17,259 |
Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 345 | 240 |
Amortization | 29 | 0 |
Alabama Power | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 5,372 | 4,549 |
Alabama Power | Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 81 | 54 |
Amortization | 8 | 0 |
Georgia Power | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 11,117 | 8,823 |
Georgia Power | Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 108 | 81 |
Amortization | 12 | 0 |
Mississippi Power | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 828 | 877 |
Mississippi Power | Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 14 | 11 |
Amortization | 0 | 0 |
Southern Power | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 956 | 967 |
Southern Power | Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 18 | 14 |
Amortization | 0 | 0 |
Southern Company Gas | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 882 | 1,064 |
Southern Company Gas | Deferred Cloud Implementation Costs | ||
Property, Plant and Equipment [Line Items] | ||
Deferred cloud implementation costs | 54 | 35 |
Amortization | $ 0 | $ 0 |
PROPERTY, PLANT, AND EQUIPMEN_5
PROPERTY, PLANT, AND EQUIPMENT - Composite Straight-Line Rates (Details) - Utility plant in service | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Alabama Power | |||
Property, Plant and Equipment [Line Items] | |||
Composite rate | 2.70% | 2.70% | 2.60% |
Georgia Power | |||
Property, Plant and Equipment [Line Items] | |||
Composite rate | 3.30% | 3.30% | 3% |
Mississippi Power | |||
Property, Plant and Equipment [Line Items] | |||
Composite rate | 3.40% | 3.60% | 3.70% |
Southern Company Gas | |||
Property, Plant and Equipment [Line Items] | |||
Composite rate | 2.70% | 2.80% | 2.80% |
PROPERTY, PLANT, AND EQUIPMEN_6
PROPERTY, PLANT, AND EQUIPMENT - Depreciation and Amortization (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 35,297 | $ 34,079 |
Utility plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | 34,300 | 33,100 |
Other plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 963 | 930 |
Other plant in service | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 30 years | |
Southern Company Gas | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 5,276 | 5,067 |
Southern Company Gas | Utility plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | 5,100 | 4,800 |
Southern Company Gas | Other plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 184 | $ 219 |
Southern Company Gas | Transportation equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 5 years | |
Southern Company Gas | Transportation equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 12 years | |
Southern Company Gas | Storage facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 30 years | |
Southern Company Gas | Storage facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 75 years | |
Southern Company Gas | Other assets | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation period of original cost | 75 years |
PROPERTY, PLANT, AND EQUIPMEN_7
PROPERTY, PLANT, AND EQUIPMENT - Southern Power Useful Lives (Details) - Southern Power - Maximum | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Natural Gas Generating Facility | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 50 years | |
Solar Generating Facility | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 35 years | 30 years |
Wind Generating Facility | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 35 years |
PROPERTY, PLANT, AND EQUIPMEN_8
PROPERTY, PLANT, AND EQUIPMENT - Ownership and Investment in Jointly-Owned Facilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) mi | Sep. 30, 2021 | |
Alabama Power | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 14% | |
Alabama Power | Greene County (natural gas) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 60% | |
Plant in Service | $ 193 | |
Accumulated Depreciation | 85 | |
CWIP | $ 0 | |
Alabama Power | Plant Miller (coal) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 91.80% | |
Plant in Service | $ 2,148 | |
Accumulated Depreciation | 712 | |
CWIP | $ 13 | |
Georgia Power | Plant Hatch (nuclear) | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 50.10% | |
Plant in Service | $ 1,401 | |
Accumulated Depreciation | 671 | |
CWIP | $ 62 | |
Georgia Power | Plant Vogtle (nuclear) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 45.70% | |
Plant in Service | $ 3,628 | |
Accumulated Depreciation | 2,298 | |
CWIP | $ 94 | |
Georgia Power | Plant Scherer (coal) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 8.40% | |
Plant in Service | $ 276 | |
Accumulated Depreciation | 106 | |
CWIP | $ 1 | |
Georgia Power | Plant Scherer (coal) Unit 3 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 75% | |
Plant in Service | $ 1,317 | |
Accumulated Depreciation | 567 | |
CWIP | $ 6 | |
Georgia Power | Rocky Mountain (pumped storage) | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 25.40% | |
Plant in Service | $ 184 | |
Accumulated Depreciation | 153 | |
CWIP | $ 1 | |
Mississippi Power | Greene County (natural gas) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 40% | |
Plant in Service | $ 125 | |
Accumulated Depreciation | 70 | |
CWIP | $ 0 | |
Mississippi Power | Plant Daniel (coal) Units 1 and 2 | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 50% | |
Plant in Service | $ 765 | |
Accumulated Depreciation | 257 | |
CWIP | $ 30 | |
Southern Company Gas | Dalton Pipeline (natural gas pipeline) | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 50% | |
Plant in Service | $ 271 | |
Accumulated Depreciation | 23 | |
CWIP | $ 0 | |
Pipeline infrastructure (miles) | mi | 115 | |
Agreement to lease undivided ownership (percent) | 50% | |
Future minimum payments receivable | $ 26 | |
Plant Daniel | Mississippi Power | ||
Other Ownership Interests [Line Items] | ||
Percent Ownership | 50% |
PROPERTY, PLANT, AND EQUIPMEN_9
PROPERTY, PLANT, AND EQUIPMENT - Joint Ownership Agreements (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Construction work in progress | $ 10,896 | $ 8,771 |
Georgia Power | ||
Property, Plant and Equipment [Line Items] | ||
Construction work in progress | $ 8,103 | $ 6,688 |
Plant Vogtle Units 3 and 4 | Georgia Power | ||
Property, Plant and Equipment [Line Items] | ||
Percent ownership | 45.70% | |
Construction work in progress | $ 9,700 |
PROPERTY, PLANT, AND EQUIPME_10
PROPERTY, PLANT, AND EQUIPMENT - Assets Subject to Lien (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Mississippi Power | Chevron | |
Property, Plant and Equipment [Line Items] | |
Net book value of co-generation assets | $ 157 |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Details of AROs Included in the Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 11,687 | $ 10,684 |
Liabilities incurred | 36 | 26 |
Liabilities settled | (455) | (456) |
Accretion | 406 | 407 |
Cash flow revisions | (834) | 1,026 |
Balance at end of year | 10,840 | 11,687 |
Alabama Power | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | 4,334 | 3,974 |
Liabilities incurred | 0 | 0 |
Liabilities settled | (205) | (202) |
Accretion | 158 | 156 |
Cash flow revisions | 0 | 406 |
Balance at end of year | 4,287 | 4,334 |
Georgia Power | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | 6,824 | 6,265 |
Liabilities incurred | 35 | 3 |
Liabilities settled | (212) | (210) |
Accretion | 231 | 236 |
Cash flow revisions | (844) | 530 |
Balance at end of year | 6,034 | 6,824 |
Mississippi Power | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | 190 | 176 |
Liabilities incurred | 0 | 0 |
Liabilities settled | (20) | (24) |
Accretion | 6 | 7 |
Cash flow revisions | 3 | 31 |
Balance at end of year | 179 | 190 |
Southern Power | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | 131 | 95 |
Liabilities incurred | 0 | 23 |
Liabilities settled | 0 | 0 |
Accretion | 6 | 5 |
Cash flow revisions | 7 | 8 |
Balance at end of year | $ 144 | $ 131 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Cash flow revisions | $ (834,000,000) | $ 1,026,000,000 | ||||
Asset retirement obligations | $ 10,840,000,000 | 10,840,000,000 | 11,687,000,000 | $ 10,684,000,000 | ||
Alabama Power | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Cash flow revisions | $ 0 | 406,000,000 | ||||
Estimated inflation rate | 4.50% | |||||
Estimated trust earnings rate | 7% | |||||
Asset retirement obligations | 4,287,000,000 | $ 4,287,000,000 | 4,334,000,000 | 3,974,000,000 | ||
Alabama Power | Internal reserves | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Accumulated provisions for decommissioning | 14,000,000 | $ 14,000,000 | 15,000,000 | |||
Alabama Power | Plant Farley | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Site-specific estimate of decommissioning costs, period of updates made | 5 years | |||||
Georgia Power | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Cash flow revisions | $ (844,000,000) | 530,000,000 | ||||
Fair market value of securities on loan and pledged to creditors | 35,000,000 | 35,000,000 | 42,000,000 | |||
Fair value of collateral received | 36,000,000 | $ 36,000,000 | 43,000,000 | |||
Estimated inflation rate | 2.50% | |||||
Estimated trust earnings rate | 4.50% | |||||
Asset retirement obligations | 6,034,000,000 | $ 6,034,000,000 | 6,824,000,000 | 6,265,000,000 | ||
Georgia Power | CCR AROs | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Cash flow revisions | (780,000,000) | 435,000,000 | ||||
Georgia Power | Plant Hatch and Plant Vogtle Units 1 And 2 | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Annual decommissioning cost for ratemaking | $ 4,000,000 | |||||
Georgia Power | Plant Hatch and Plant Vogtle Units 1 And 2 | Scenario, Forecast | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Annual decommissioning cost for ratemaking | $ 0 | |||||
Mississippi Power | ||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||
Cash flow revisions | 3,000,000 | 31,000,000 | ||||
Asset retirement obligations | $ 179,000,000 | $ 179,000,000 | $ 190,000,000 | $ 176,000,000 |
ASSET RETIREMENT OBLIGATIONS _3
ASSET RETIREMENT OBLIGATIONS - Investment Securities in the Funds (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | $ 2,143 | $ 2,541 |
Equity securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 1,095 | 1,358 |
Debt securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 838 | 986 |
Other securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 210 | 197 |
Alabama Power | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 1,125 | 1,324 |
Alabama Power | Equity securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 690 | 849 |
Alabama Power | Debt securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 267 | 316 |
Alabama Power | Other securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 168 | 159 |
Georgia Power | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 1,018 | 1,217 |
Georgia Power | Equity securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 405 | 509 |
Georgia Power | Debt securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | 571 | 670 |
Georgia Power | Other securities | ||
Marketable Securities [Line Items] | ||
Total investment securities in the Funds | $ 42 | $ 38 |
ASSET RETIREMENT OBLIGATIONS _4
ASSET RETIREMENT OBLIGATIONS - Fair Value Increases (Decreases) of the Funds (Details) - Securities held in the Funds - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value increases (decreases) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | $ (360) | $ 274 | $ 280 |
Unrealized gains (losses) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | (391) | (27) | 220 |
Alabama Power | Fair value increases (decreases) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | (171) | 200 | 142 |
Alabama Power | Unrealized gains (losses) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | (204) | (30) | 121 |
Georgia Power | Fair value increases (decreases) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | (189) | 74 | 138 |
Georgia Power | Unrealized gains (losses) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Fair value increases (decreases) of the Funds | $ (187) | $ 3 | $ 99 |
ASSET RETIREMENT OBLIGATIONS _5
ASSET RETIREMENT OBLIGATIONS - Accumulated Provisions for the External Decommissioning Trust Funds (Details) - External decommissioning trust funds - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Georgia Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Accumulated provisions for decommissioning | $ 1,018 | $ 1,217 |
Plant Farley | Alabama Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Accumulated provisions for decommissioning | 1,125 | 1,324 |
Plant Hatch | Georgia Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Accumulated provisions for decommissioning | 628 | 757 |
Plant Vogtle Units 1 and 2 | Georgia Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Accumulated provisions for decommissioning | 382 | 460 |
Plant Vogtle Unit 3 | Georgia Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Accumulated provisions for decommissioning | $ 8 | $ 0 |
ASSET RETIREMENT OBLIGATIONS _6
ASSET RETIREMENT OBLIGATIONS - Estimated Costs of Decommissioning (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Alabama Power | Plant Farley | |
Public Utilities, General Disclosures [Line Items] | |
Decommissioning periods: Beginning year | 2037 |
Decommissioning periods: Completion year | 2076 |
Site study costs | $ 1,720 |
Alabama Power | Radiated structures | Plant Farley | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 1,234 |
Alabama Power | Spent fuel management | Plant Farley | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 387 |
Alabama Power | Non-radiated structures | Plant Farley | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | $ 99 |
Georgia Power | Plant Hatch | |
Public Utilities, General Disclosures [Line Items] | |
Decommissioning periods: Beginning year | 2034 |
Decommissioning periods: Completion year | 2075 |
Site study costs | $ 1,018 |
Georgia Power | Plant Vogtle Units 1 and 2 | |
Public Utilities, General Disclosures [Line Items] | |
Decommissioning periods: Beginning year | 2047 |
Decommissioning periods: Completion year | 2079 |
Site study costs | $ 883 |
Georgia Power | Radiated structures | Plant Hatch | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 771 |
Georgia Power | Radiated structures | Plant Vogtle Units 1 and 2 | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 628 |
Georgia Power | Spent fuel management | Plant Hatch | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 186 |
Georgia Power | Spent fuel management | Plant Vogtle Units 1 and 2 | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 170 |
Georgia Power | Non-radiated structures | Plant Hatch | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | 61 |
Georgia Power | Non-radiated structures | Plant Vogtle Units 1 and 2 | |
Public Utilities, General Disclosures [Line Items] | |
Site study costs | $ 85 |
CONSOLIDATED ENTITIES AND EQU_3
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Southern Company (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 1,443 | $ 1,282 |
Southern Holdings Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 112 | $ 101 |
CONSOLIDATED ENTITIES AND EQU_4
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - SEGCO Equity Method Investments Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Alabama Power | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Percent ownership | 14% | ||
Alabama Power | SEGCO | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Ownership percentage, equity method investment | 50% | ||
Alabama Power | SEGCO | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Total megawatt capacity (in MWs) | MW | 1,020 | ||
Share of purchased power | $ 124 | $ 75 | $ 67 |
Dividends paid by equity method investment | $ 14 | 14 | 12 |
Georgia Power | SEGCO | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Ownership percentage, equity method investment | 50% | ||
Georgia Power | SEGCO | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Share of purchased power | $ 127 | $ 77 | $ 69 |
SEGCO | Alabama Power | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Percent ownership | 86% |
CONSOLIDATED ENTITIES AND EQU_5
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - SPC Noncontrolling Interests and VIEs Narrative (Details) $ in Millions | 2 Months Ended | 12 Months Ended | ||||
Feb. 15, 2023 USD ($) | Dec. 31, 2022 USD ($) investor | Dec. 31, 2019 | Dec. 31, 2018 investor | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Assets | $ 134,891 | $ 127,534 | $ 122,935 | |||
Liabilities | 100,359 | 94,967 | ||||
Equity investments in unconsolidated subsidiaries | 1,443 | 1,282 | ||||
Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Assets | 13,081 | 13,390 | ||||
Liabilities | 6,165 | 6,792 | ||||
Equity investments in unconsolidated subsidiaries | 49 | 86 | ||||
Proceeds from sale of equity method investments | $ 38 | |||||
Southern Power | Subsequent Event | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Proceeds from sale of equity method investments | $ 50 | |||||
Southern Power | SP Solar Holdings I, LP | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Sale of equity interest in limited partnership | 33% | |||||
Wholly Owned Subsidiary Of Southern Power | Southern Power | SP Solar Holdings I, LP | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Ownership interest | 66% | |||||
Wholly Owned Subsidiary Of Southern Power | Southern Power | SP Wind | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Ownership interest | 100% | |||||
SP Solar Holdings I, LP | Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Distribution made to limited partner, cash distributions paid, percentage | 67% | |||||
SP Solar Holdings I, LP | Global Atlantic | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Distribution made to limited partner, cash distributions paid, percentage | 33% | |||||
SP Wind | Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Distribution made to limited partner, cash distributions paid, percentage | 60% | |||||
Number of financial investors | investor | 3 | 3 | ||||
SP Wind | Financial Investors | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Distribution made to limited partner, cash distributions paid, percentage | 40% | |||||
General Partner | Wholly Owned Subsidiary Of Southern Power | Southern Power | SP Solar Holdings I, LP | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Ownership interest | 1% | |||||
Variable Interest Entity, Primary Beneficiary | SP Solar Holdings I, LP | Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Assets | $ 5,900 | 6,100 | ||||
Liabilities | 400 | |||||
Noncontrolling interests related to other partners' interest | 1,100 | |||||
Variable Interest Entity, Primary Beneficiary | SP Wind | Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Assets | 2,200 | 2,300 | ||||
Liabilities | 169 | 130 | ||||
Noncontrolling interests related to other partners' interest | 39 | 41 | ||||
Variable Interest Entity, Primary Beneficiary | Other Variable Interest Entities | Southern Power | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Assets | 1,800 | 1,900 | ||||
Liabilities | 200 | 300 | ||||
Noncontrolling interests related to other partners' interest | $ 800 | $ 900 |
CONSOLIDATED ENTITIES AND EQU_6
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Balance Sheet Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 1,443 | $ 1,282 | |||
Impairment charges | 251 | 2 | $ 0 | ||
Southern Company Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 1,276 | 1,173 | |||
Impairment charges | 131 | 0 | $ 0 | ||
SNG | Southern Company Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 1,243 | 1,129 | |||
PennEast Pipeline | Southern Company Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairment charges | $ 2 | $ 82 | 84 | 84 | |
Dividends paid by equity method investment | 11 | ||||
Other | Southern Company Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 33 | $ 44 |
CONSOLIDATED ENTITIES AND EQU_7
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Income Statement Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 151 | $ 76 | $ 153 | ||
Impairment charges | 251 | 2 | 0 | ||
Southern Company Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | 148 | 50 | 141 | ||
Impairment charges | 131 | 0 | 0 | ||
Southern Company Gas | SNG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | 146 | 127 | 129 | ||
Southern Company Gas | PennEast Pipeline | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | 0 | (81) | 7 | ||
Impairment charges | $ 2 | $ 82 | 84 | 84 | |
Southern Company Gas | Other | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 2 | $ 4 | $ 5 |
CONSOLIDATED ENTITIES AND EQU_8
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - GAS Equity Method Investments Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2014 mi | |
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment charges | $ 251 | $ 2 | $ 0 | |||
Income taxes (benefit) | 795 | 267 | 393 | |||
Southern Company Gas | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment charges | 131 | 0 | 0 | |||
Income taxes (benefit) | $ 180 | 275 | $ 173 | |||
Southern Company Gas | PennEast Pipeline | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage, equity method investment | 20% | 20% | ||||
Pipeline infrastructure (miles) | mi | 118 | |||||
Impairment charges | $ 2 | $ 82 | $ 84 | 84 | ||
Impairment charges, after tax | $ 2 | $ 58 | $ 67 | 67 | ||
Income taxes (benefit) | $ 7 |
FINANCING - Long-Term Debt (Det
FINANCING - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 54,600 | $ 52,100 |
Finance lease obligations | 314 | 215 |
Unamortized fair value adjustment | 330 | 359 |
Unamortized debt premium (discount), net | (193) | (216) |
Debt Issuance Costs, Net | (273) | (243) |
Unamortized debt issuance expense | (273) | (243) |
Total long-term debt | 54,941 | 52,277 |
Less: Amount due within one year | 4,285 | 2,157 |
Long-Term Debt | $ 50,656 | 50,120 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.87% | |
Long-term debt, gross | $ 35,683 | 33,120 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.58% | |
Long-term debt, gross | $ 8,836 | 8,918 |
FFB loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.88% | |
Long-term debt, gross | $ 4,874 | 4,962 |
Pollution control revenue bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.25% | |
Long-term debt, gross | $ 2,844 | 2,662 |
First mortgage bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.46% | |
Long-term debt, gross | $ 2,275 | 2,100 |
Medium-term notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 7.03% | |
Long-term debt, gross | $ 84 | 130 |
Other long-term debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.96% | |
Long-term debt, gross | $ 167 | 270 |
Alabama Power | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 10,600 | 9,700 |
Finance lease obligations | 5 | 4 |
Unamortized debt premium (discount), net | (18) | (18) |
Debt Issuance Costs, Net | (72) | (64) |
Unamortized debt issuance expense | (72) | (64) |
Total long-term debt | 10,630 | 9,687 |
Less: Amount due within one year | 301 | 751 |
Long-Term Debt | $ 10,329 | 8,936 |
Alabama Power | Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.86% | |
Long-term debt, gross | $ 9,675 | 8,725 |
Alabama Power | Pollution control revenue bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.44% | |
Long-term debt, gross | $ 995 | 995 |
Alabama Power | Other long-term debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.62% | |
Long-term debt, gross | $ 45 | 45 |
Georgia Power | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 14,700 | 13,600 |
Finance lease obligations | 238 | 136 |
Unamortized debt premium (discount), net | (18) | (11) |
Debt Issuance Costs, Net | (117) | (114) |
Unamortized debt issuance expense | (117) | (114) |
Total long-term debt | 14,910 | 13,784 |
Less: Amount due within one year | 901 | 675 |
Long-Term Debt | $ 14,009 | 13,109 |
Georgia Power | Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.90% | |
Long-term debt, gross | $ 7,925 | 6,825 |
Georgia Power | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5% | |
Long-term debt, gross | $ 270 | 270 |
Georgia Power | FFB loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.88% | |
Long-term debt, gross | $ 4,874 | 4,962 |
Georgia Power | Pollution control revenue bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.13% | |
Long-term debt, gross | $ 1,738 | 1,591 |
Georgia Power | Other long-term debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 125 |
Mississippi Power | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,500 | 1,500 |
Finance lease obligations | 17 | 18 |
Unamortized debt premium (discount), net | 2 | 2 |
Debt Issuance Costs, Net | (10) | (10) |
Unamortized debt issuance expense | (10) | (10) |
Total long-term debt | 1,545 | 1,511 |
Less: Amount due within one year | 1 | 1 |
Long-Term Debt | $ 1,544 | 1,510 |
Mississippi Power | Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.93% | |
Long-term debt, gross | $ 1,425 | 1,425 |
Mississippi Power | Pollution control revenue bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.55% | |
Long-term debt, gross | $ 111 | 76 |
Southern Power | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 3,000 | 3,700 |
Finance lease obligations | 0 | 0 |
Unamortized debt premium (discount), net | (5) | (6) |
Debt Issuance Costs, Net | (14) | (17) |
Unamortized debt issuance expense | (14) | (17) |
Total long-term debt | 2,979 | 3,688 |
Less: Amount due within one year | 290 | 679 |
Long-Term Debt | 2,689 | 3,009 |
Fair value gain (loss) | $ (31) | 5 |
Southern Power | Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.92% | |
Long-term debt, gross | $ 2,998 | 3,711 |
Southern Company Gas | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 7,400 | 6,900 |
Finance lease obligations | 0 | 0 |
Unamortized fair value adjustment | 330 | 359 |
Unamortized debt premium (discount), net | (8) | (35) |
Debt Issuance Costs, Net | (30) | 0 |
Unamortized debt issuance expense | (30) | 0 |
Total long-term debt | 7,442 | 6,902 |
Less: Amount due within one year | 400 | 47 |
Long-Term Debt | $ 7,042 | 6,855 |
Southern Company Gas | Senior notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.08% | |
Long-term debt, gross | $ 4,769 | 4,348 |
Southern Company Gas | First mortgage bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.46% | |
Long-term debt, gross | $ 2,275 | 2,100 |
Southern Company Gas | Medium-term notes | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 7.03% | |
Long-term debt, gross | $ 84 | 130 |
Southern Company Gas | Other long-term debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.81% | |
Long-term debt, gross | $ 22 | $ 0 |
FINANCING - Maturities of Long-
FINANCING - Maturities of Long-Term Debt (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 4,293 |
2024 | 2,280 |
2025 | 1,699 |
2026 | 3,726 |
2027 | 2,074 |
Alabama Power | |
Debt Instrument [Line Items] | |
2023 | 301 |
2024 | 23 |
2025 | 251 |
2026 | 46 |
2027 | 550 |
Georgia Power | |
Debt Instrument [Line Items] | |
2023 | 901 |
2024 | 499 |
2025 | 145 |
2026 | 445 |
2027 | 510 |
Mississippi Power | |
Debt Instrument [Line Items] | |
2023 | 1 |
2024 | 201 |
2025 | 12 |
2026 | 1 |
2027 | 11 |
Southern Power | |
Debt Instrument [Line Items] | |
2023 | 290 |
2024 | 0 |
2025 | 500 |
2026 | 964 |
2027 | 0 |
Southern Power | Euro-denominated Debt | |
Debt Instrument [Line Items] | |
2027 | 564 |
Southern Company Gas | |
Debt Instrument [Line Items] | |
2023 | 400 |
2024 | 0 |
2025 | 300 |
2026 | 530 |
2027 | $ 154 |
FINANCING - DOE Loan Guarantee
FINANCING - DOE Loan Guarantee Borrowings (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Remaining borrowing capacity | $ 7,596,000,000 | |||
Line of credit facility, maximum borrowing capacity | 7,655,000,000 | |||
Georgia Power | ||||
Debt Instrument [Line Items] | ||||
Percent of eligible project costs (may not exceed) | 70% | |||
Remaining borrowing capacity | 1,726,000,000 | |||
Principal amortization payments | 88,000,000 | $ 96,000,000 | $ 73,000,000 | |
Line of credit facility, maximum borrowing capacity | $ 1,750,000,000 | |||
Basis spread on variable rate | 0.375% | |||
Amortization period | 5 years | |||
FFB Credit Facility | Georgia Power | ||||
Debt Instrument [Line Items] | ||||
Eligible project costs to be reimbursed | $ 5,130,000,000 | |||
Funds received under guarantee settlement agreement, less customer refunds | $ 1,492,000,000 | |||
Remaining borrowing capacity | 0 | |||
Principal amortization payments | $ 88,000,000 | |||
Line of credit facility, maximum borrowing capacity | $ 4,900,000,000 | $ 5,000,000,000 | ||
Plant Vogtle Units 3 and 4 | Georgia Power | ||||
Debt Instrument [Line Items] | ||||
Percent ownership | 45.70% | |||
Ownership interest percentage required for voting for continuing construction | 90% |
FINANCING - Equity Units (Detai
FINANCING - Equity Units (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Aug. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2022 | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of common stock | $ 1,808,000 | $ 73,000 | $ 74,000 | ||
Series 2019A Remarketable Junior Subordinated Notes | Junior subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Remarketed principal amount | $ 862,500 | ||||
Quarterly interest rate | 4.475% | ||||
Series 2019B Remarketable Junior Subordinated Notes | Junior subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Remarketed principal amount | $ 862,500 | ||||
Quarterly interest rate | 5.113% | ||||
2019 Series A Equity Units | Junior subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Common stock issued to settle purchase contracts (in shares) | 25,200,000 | ||||
Proceeds from issuance of common stock | $ 1,725,000 |
FINANCING - Bank Credit Arrange
FINANCING - Bank Credit Arrangements (Details) | Dec. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |
Expires, 2022 | $ 280,000,000 |
Expires, 2023 | 700,000,000 |
Expires, 2024 | 125,000,000 |
Expires, 2025 | 6,550,000,000 |
Total | 7,655,000,000 |
Unused | 7,596,000,000 |
Due within One Year | 280,000,000 |
Southern Company | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 2,000,000,000 |
Total | 2,000,000,000 |
Unused | 1,998,000,000 |
Due within One Year | 0 |
Alabama Power | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2023 | 550,000,000 |
Expires, 2024 | 0 |
Expires, 2025 | 700,000,000 |
Total | 1,250,000,000 |
Unused | 1,250,000,000 |
Due within One Year | 0 |
Georgia Power | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,726,000,000 |
Due within One Year | 0 |
Mississippi Power | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2023 | 150,000,000 |
Expires, 2024 | 125,000,000 |
Expires, 2025 | 0 |
Total | 275,000,000 |
Unused | 275,000,000 |
Due within One Year | 0 |
Southern Power | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 600,000,000 |
Total | 600,000,000 |
Unused | 569,000,000 |
Due within One Year | 0 |
Southern Power | Continuing Letter of Credit Facility A | |
Line of Credit Facility [Line Items] | |
Expires, 2024 | 75,000,000 |
Unused | 9,000,000 |
Southern Power | Continuing Letter of Credit Facility B | |
Line of Credit Facility [Line Items] | |
Unused | 5,000,000 |
Southern Company Gas | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 250,000,000 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 1,500,000,000 |
Total | 1,750,000,000 |
Unused | 1,748,000,000 |
Due within One Year | 250,000,000 |
Other Subsidiaries | |
Line of Credit Facility [Line Items] | |
Expires, 2022 | 30,000,000 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Expires, 2025 | 0 |
Total | 30,000,000 |
Unused | 30,000,000 |
Due within One Year | 30,000,000 |
Southern Company Gas Capital | |
Line of Credit Facility [Line Items] | |
Total | 800,000,000 |
Nicor Gas | |
Line of Credit Facility [Line Items] | |
Total | $ 700,000,000 |
FINANCING - Bank Credit Arran_2
FINANCING - Bank Credit Arrangements Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Ratio of indebtedness to capitalization, debt covenant, required | 70% | |
Amount of variable rate pollution control revenue bonds outstanding requiring liquidity support | $ 1,700 | |
Other Subsidiaries | ||
Line of Credit Facility [Line Items] | ||
Ratio of indebtedness to capitalization, debt covenant, required | 65% | |
Alabama Power | ||
Line of Credit Facility [Line Items] | ||
Amount of variable rate pollution control revenue bonds outstanding requiring liquidity support | $ 789 | |
Remarketed pollution control bonds | 120 | |
Georgia Power | ||
Line of Credit Facility [Line Items] | ||
Amount of variable rate pollution control revenue bonds outstanding requiring liquidity support | 819 | |
Remarketed pollution control bonds | 288 | |
Mississippi Power | ||
Line of Credit Facility [Line Items] | ||
Amount of variable rate pollution control revenue bonds outstanding requiring liquidity support | 69 | |
Southern Power | Power Purchase Agreement | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, collateral amount | $ 106 | $ 106 |
FINANCING - Notes Payable (Deta
FINANCING - Notes Payable (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 2,609 | $ 1,440 |
Weighted Average Interest Rate | 4.90% | 0.40% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 809 | $ 1,140 |
Weighted Average Interest Rate | 4.70% | 0.30% |
Short-term bank debt | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 1,800 | $ 300 |
Weighted Average Interest Rate | 5% | 0.70% |
Georgia Power | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 1,600 | $ 0 |
Georgia Power | Short-term bank debt | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 1,600 | $ 0 |
Weighted Average Interest Rate | 5% | 0% |
Southern Power | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 225 | $ 211 |
Southern Power | Commercial paper | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 225 | $ 211 |
Weighted Average Interest Rate | 4.70% | 0.30% |
Southern Company Gas | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 768 | $ 1,209 |
Southern Company Gas | Commercial paper | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 768 | $ 1,209 |
Weighted Average Interest Rate | 4.70% | 0.40% |
Southern Company Gas Capital | Commercial paper | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 285 | $ 379 |
Weighted Average Interest Rate | 4.80% | 0.30% |
Nicor Gas | Commercial paper | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 283 | $ 530 |
Weighted Average Interest Rate | 4.60% | 0.30% |
Nicor Gas | Short-term bank debt | ||
Short-term Debt [Line Items] | ||
Amount Outstanding | $ 200 | $ 300 |
Weighted Average Interest Rate | 4.90% | 0.70% |
FINANCING - Outstanding Classes
FINANCING - Outstanding Classes of Capital Stock Narrative (Details) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Debt Instrument [Line Items] | |
Stock issued employee and director stock plans (in shares) | 3.6 |
Proceeds from issuance of shares under share-based compensation plans | $ | $ 83 |
Number of shares reserved for issuance to stock-based compensation plan (in shares) | 113 |
Southern Company Common Stock | |
Debt Instrument [Line Items] | |
Remaining shares available for awards (in shares) | 28.9 |
FINANCING - Diluted Earnings Pe
FINANCING - Diluted Earnings Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
As reported shares (in shares) | 1,075 | 1,061 | 1,058 |
Effect of stock-based compensation (in shares) | 6 | 7 | 7 |
Diluted shares (in shares) | 1,081 | 1,068 | 1,065 |
FINANCING - Preferred Stock Red
FINANCING - Preferred Stock Redemption (Details) - Alabama Power | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
4.92% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0492 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 80,000 |
Redemption Price Per Share (in dollars per share) | $ 103.23 |
4.72% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0472 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 50,000 |
Redemption Price Per Share (in dollars per share) | $ 102.18 |
4.64% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0464 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 60,000 |
Redemption Price Per Share (in dollars per share) | $ 103.14 |
4.60% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0460 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 100,000 |
Redemption Price Per Share (in dollars per share) | $ 104.20 |
4.52% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0452 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 50,000 |
Redemption Price Per Share (in dollars per share) | $ 102.93 |
4.20% Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0420 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 100 |
Shares Outstanding (in shares) | shares | 135,115 |
Redemption Price Per Share (in dollars per share) | $ 105 |
5.00% Class A Preferred Stock | |
Debt Instrument, Redemption [Line Items] | |
Dividend rate percentage | 0.0500 |
Par Value/Stated Capital Per Share (in dollars per share) | $ 25 |
Shares Outstanding (in shares) | shares | 10,000,000 |
Redemption Price Per Share (in dollars per share) | $ 25 |
FINANCING - Dividend Restrictio
FINANCING - Dividend Restrictions and Structural Considerations Narrative (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | |
Undistributed retained earnings of subsidiaries | $ 4.9 |
Southern Company Gas | |
Variable Interest Entity [Line Items] | |
Retained earnings, unappropriated | $ 1.5 |
Southern Company Gas | Southern Company Gas Capital | |
Variable Interest Entity [Line Items] | |
Noncontrolling ownership percentage held by parent | 100% |
LEASES - Major Categories of Le
LEASES - Major Categories of Lease Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Lease obligations | $ 1,899 | $ 1,969 |
Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 81 | 124 |
Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 1,240 | 1,291 |
Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 26 | 28 |
Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 542 | 526 |
Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 60 | 70 |
Electric generating units(*) | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 760 | 802 |
Electric generating units(*) | Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 59 | 104 |
Electric generating units(*) | Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 1,163 | 1,217 |
Electric generating units(*) | Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Electric generating units(*) | Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Electric generating units(*) | Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Real estate/land | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 885 | 876 |
Real estate/land | Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 4 | 3 |
Real estate/land | Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 54 | 49 |
Real estate/land | Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 2 | 2 |
Real estate/land | Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 542 | 526 |
Real estate/land | Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 36 | 45 |
Communication towers | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 141 | 156 |
Communication towers | Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 2 | 2 |
Communication towers | Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 4 | 4 |
Communication towers | Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Communication towers | Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Communication towers | Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 23 | 24 |
Railcars | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 34 | 32 |
Railcars | Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 12 | 10 |
Railcars | Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 18 | 20 |
Railcars | Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 3 | 2 |
Railcars | Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Railcars | Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Other | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 79 | 103 |
Other | Alabama Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 4 | 5 |
Other | Georgia Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 1 | 1 |
Other | Mississippi Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 21 | 24 |
Other | Southern Power | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | 0 | 0 |
Other | Southern Company Gas | ||
Lessee, Lease, Description [Line Items] | ||
Lease obligations | $ 1 | $ 1 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 1,585 | $ 1,754 | |
Transfer of construction work in progress to lease receivables | 210 | ||
Communication towers | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, renewal period | 20 years | ||
Maximum | Real estate | |||
Lessee, Lease, Description [Line Items] | |||
Remaining terms | 23 years | ||
Maximum | Land | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, lease term | 44 years | ||
Maximum | Communication towers | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, lease term | 10 years | ||
Maximum | Fuel cells | |||
Lessee, Lease, Description [Line Items] | |||
Lessor, lease term, operating lease | 11 years | ||
Alabama Power | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 76 | 121 | |
Alabama Power | Maximum | Electric generating units | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 17 years | ||
Alabama Power | Minimum | Electric generating units | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 1 year | ||
Georgia Power | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 1,002 | 1,155 | |
Variable lease, payment | 45 | 41 | $ 39 |
Georgia Power | Purchased power, affiliates | |||
Lessee, Lease, Description [Line Items] | |||
Variable lease, payment | 21 | 20 | 20 |
Mississippi Power | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 9 | 10 | |
Transfer of construction work in progress to lease receivables | 39 | 26 | |
Sales-type lease, lease receivable | 39 | 26 | |
Mississippi Power | Maximum | Electric generating units | |||
Lessee, Lease, Description [Line Items] | |||
Lessor, sales-type lease, term of contract | 16 years | ||
Southern Power | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 542 | $ 525 | |
Lessor, sales-type lease, term of contract | 20 years | ||
Sales-type lease, lease receivable | $ 210 | ||
Loss on sales-type leases | 1 | 40 | $ 0 |
Net investment in sales-type lease, long-term portion | $ 154 | 161 | |
Southern Power | Maximum | Electric generating units | |||
Lessee, Lease, Description [Line Items] | |||
Lessor, lease term, operating lease | 24 years | ||
Lessor, sales-type lease, term of contract | 19 years | ||
Southern Company Gas | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 60 | 70 | |
Southern Company Gas | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessor, remaining term | 20 years | ||
Affiliate | Georgia Power | Electric generating units | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease obligations | $ 461 | $ 521 | |
Traditional Electric Operating Companies | Maximum | Outdoor lighting | |||
Lessee, Lease, Description [Line Items] | |||
Lessor, lease term, operating lease | 7 years |
LEASES - Balance Sheet Amounts
LEASES - Balance Sheet Amounts Recorded for Operating and Financing Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Operating lease ROU assets, net | $ 1,531 | $ 1,701 |
Operating lease obligations - current | 197 | 250 |
Operating lease obligations - non-current | 1,388 | 1,503 |
Total operating lease obligations | $ 1,585 | $ 1,754 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant in service, net of depreciation | Plant in service, net of depreciation |
Finance lease ROU assets, net | $ 292 | $ 197 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Finance lease obligations - current | $ 18 | $ 16 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | Long-Term Debt |
Finance lease obligations - non-current | $ 296 | $ 199 |
Total finance lease obligations | 314 | 215 |
Assets Subject to Power Purchase Agreement | ||
Operating Leases | ||
Total operating lease obligations | 652 | 802 |
Alabama Power | ||
Operating Leases | ||
Operating lease ROU assets, net | $ 71 | $ 108 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Operating lease obligations - current | $ 9 | $ 54 |
Operating lease obligations - non-current | 67 | 66 |
Total operating lease obligations | $ 76 | $ 121 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant in service, net of depreciation | Plant in service, net of depreciation |
Finance lease ROU assets, net | $ 5 | $ 4 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Finance lease obligations - current | $ 2 | $ 1 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | Long-Term Debt |
Finance lease obligations - non-current | $ 3 | $ 3 |
Total finance lease obligations | 5 | 4 |
Alabama Power | Assets Subject to Power Purchase Agreement | ||
Operating Leases | ||
Total operating lease obligations | 59 | 104 |
Georgia Power | ||
Operating Leases | ||
Operating lease ROU assets, net | 1,007 | 1,157 |
Operating lease obligations - current | 151 | 156 |
Operating lease obligations - non-current | 851 | 999 |
Total operating lease obligations | $ 1,002 | $ 1,155 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant in service, net of depreciation | Plant in service, net of depreciation |
Finance lease ROU assets, net | $ 205 | $ 104 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Finance lease obligations - current | $ 16 | $ 10 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | Long-Term Debt |
Finance lease obligations - non-current | $ 222 | $ 126 |
Total finance lease obligations | 238 | 136 |
Georgia Power | Assets Subject to Power Purchase Agreement | ||
Operating Leases | ||
Total operating lease obligations | $ 952 | $ 1,110 |
Mississippi Power | ||
Operating Leases | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating lease ROU assets, net | $ 9 | $ 10 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Operating lease obligations - current | $ 4 | $ 4 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Intangible liabilities included in other deferred credits and liabilities | Intangible liabilities included in other deferred credits and liabilities |
Operating lease obligations - non-current | $ 5 | $ 6 |
Total operating lease obligations | $ 9 | $ 10 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant in service, net of depreciation | Plant in service, net of depreciation |
Finance lease ROU assets, net | $ 16 | $ 17 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Finance lease obligations - current | $ 1 | $ 1 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt | Long-Term Debt |
Finance lease obligations - non-current | $ 16 | $ 17 |
Total finance lease obligations | 17 | 18 |
Southern Power | ||
Operating Leases | ||
Operating lease ROU assets, net | $ 489 | $ 479 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Operating lease obligations - current | $ 28 | $ 28 |
Operating lease obligations - non-current | 514 | 497 |
Total operating lease obligations | 542 | 525 |
Finance Leases | ||
Finance lease ROU assets, net | 0 | 0 |
Finance lease obligations - current | 0 | 0 |
Finance lease obligations - non-current | 0 | 0 |
Total finance lease obligations | 0 | 0 |
Southern Company Gas | ||
Operating Leases | ||
Operating lease ROU assets, net | $ 57 | $ 70 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Operating lease obligations - current | $ 9 | $ 11 |
Operating lease obligations - non-current | 51 | 59 |
Total operating lease obligations | 60 | 70 |
Finance Leases | ||
Finance lease ROU assets, net | 0 | 0 |
Finance lease obligations - current | 0 | 0 |
Finance lease obligations - non-current | 0 | 0 |
Total finance lease obligations | $ 0 | $ 0 |
LEASES - Lease Costs (Details)
LEASES - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease cost | |||
Operating lease cost | $ 297 | $ 313 | $ 309 |
Finance lease cost: | |||
Amortization of ROU assets | 23 | 21 | 26 |
Interest on lease obligations | 13 | 11 | 11 |
Total finance lease cost | 36 | 32 | 37 |
Short-term lease costs | 64 | 48 | 39 |
Variable lease cost | 125 | 96 | 91 |
Sublease income | (1) | 1 | 0 |
Total lease cost | 521 | 490 | 476 |
Assets Subject to Power Purchase Agreement | |||
Lease cost | |||
Operating lease cost | 162 | 165 | 161 |
Alabama Power | |||
Lease cost | |||
Operating lease cost | 59 | 58 | 55 |
Finance lease cost: | |||
Amortization of ROU assets | 1 | 1 | 1 |
Interest on lease obligations | 0 | 0 | 0 |
Total finance lease cost | 1 | 1 | 1 |
Short-term lease costs | 44 | 15 | 11 |
Variable lease cost | 13 | 4 | 4 |
Sublease income | 0 | 0 | (1) |
Total lease cost | 117 | 78 | 70 |
Alabama Power | Assets Subject to Power Purchase Agreement | |||
Lease cost | |||
Operating lease cost | 48 | 47 | 43 |
Georgia Power | |||
Lease cost | |||
Operating lease cost | 198 | 208 | 212 |
Finance lease cost: | |||
Amortization of ROU assets | 15 | 11 | 15 |
Interest on lease obligations | 17 | 16 | 16 |
Total finance lease cost | 32 | 27 | 31 |
Short-term lease costs | 13 | 24 | 26 |
Variable lease cost | 105 | 83 | 76 |
Sublease income | 0 | 0 | 0 |
Total lease cost | 348 | 342 | 345 |
Georgia Power | Assets Subject to Power Purchase Agreement | |||
Lease cost | |||
Operating lease cost | 180 | 184 | 184 |
Mississippi Power | |||
Lease cost | |||
Operating lease cost | 5 | 2 | 3 |
Finance lease cost: | |||
Amortization of ROU assets | 1 | 1 | 0 |
Interest on lease obligations | 1 | 1 | 0 |
Total finance lease cost | 2 | 2 | 0 |
Short-term lease costs | 0 | 0 | 0 |
Variable lease cost | 0 | 0 | 0 |
Sublease income | 0 | 0 | 0 |
Total lease cost | 7 | 4 | 3 |
Southern Power | |||
Lease cost | |||
Operating lease cost | 32 | 33 | 29 |
Finance lease cost: | |||
Amortization of ROU assets | 0 | 0 | 0 |
Interest on lease obligations | 0 | 0 | 0 |
Total finance lease cost | 0 | 0 | 0 |
Short-term lease costs | 0 | 0 | 0 |
Variable lease cost | 5 | 5 | 7 |
Sublease income | 0 | 0 | 0 |
Total lease cost | 37 | 38 | 36 |
Southern Company Gas | |||
Lease cost | |||
Operating lease cost | 15 | 19 | 19 |
Finance lease cost: | |||
Amortization of ROU assets | 0 | 0 | 0 |
Interest on lease obligations | 0 | 0 | 0 |
Total finance lease cost | 0 | 0 | 0 |
Short-term lease costs | 0 | 0 | 0 |
Variable lease cost | 0 | 0 | 0 |
Sublease income | 0 | 0 | 0 |
Total lease cost | $ 15 | $ 19 | $ 19 |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 303 | $ 308 | $ 310 |
Operating cash flows from finance leases | 11 | 9 | 9 |
Financing cash flows from finance leases | 16 | 17 | 22 |
ROU assets obtained under operating leases | 56 | 64 | 227 |
Reassessment of ROU assets under operating leases | 16 | ||
ROU assets obtained under finance leases | $ 118 | $ 3 | 10 |
Weighted-average remaining lease term in years: | |||
Operating leases | 17 years 3 months 18 days | 15 years 10 months 24 days | |
Finance leases | 17 years 4 months 24 days | 18 years | |
Weighted-average discount rate: | |||
Operating leases | 4.51% | 4.41% | |
Finance leases | 4.87% | 4.82% | |
Alabama Power | |||
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 58 | $ 58 | 55 |
Operating cash flows from finance leases | 0 | 0 | 0 |
Financing cash flows from finance leases | 1 | 1 | 1 |
ROU assets obtained under operating leases | 10 | 3 | 63 |
Reassessment of ROU assets under operating leases | 0 | ||
ROU assets obtained under finance leases | $ 2 | $ 0 | 2 |
Weighted-average remaining lease term in years: | |||
Operating leases | 13 years | 9 years 1 month 6 days | |
Finance leases | 6 years 4 months 24 days | 8 years 8 months 12 days | |
Weighted-average discount rate: | |||
Operating leases | 4.87% | 4.37% | |
Finance leases | 3% | 3.09% | |
Georgia Power | |||
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 206 | $ 211 | 215 |
Operating cash flows from finance leases | 20 | 17 | 18 |
Financing cash flows from finance leases | 10 | 9 | 11 |
ROU assets obtained under operating leases | 17 | 9 | 32 |
Reassessment of ROU assets under operating leases | 0 | ||
ROU assets obtained under finance leases | $ 116 | $ 0 | 0 |
Weighted-average remaining lease term in years: | |||
Operating leases | 8 years 1 month 6 days | 8 years 8 months 12 days | |
Finance leases | 11 years 9 months 18 days | 8 years 6 months | |
Weighted-average discount rate: | |||
Operating leases | 4.52% | 4.45% | |
Finance leases | 8.06% | 10.81% | |
Mississippi Power | |||
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 5 | $ 2 | 3 |
Operating cash flows from finance leases | 1 | 1 | 0 |
Financing cash flows from finance leases | 1 | 1 | 0 |
ROU assets obtained under operating leases | 9 | 0 | 0 |
Reassessment of ROU assets under operating leases | 0 | ||
ROU assets obtained under finance leases | $ 0 | $ 0 | 0 |
Weighted-average remaining lease term in years: | |||
Operating leases | 4 years 8 months 12 days | 6 years 1 month 6 days | |
Finance leases | 12 years 10 months 24 days | 13 years 10 months 24 days | |
Weighted-average discount rate: | |||
Operating leases | 3.49% | 2.74% | |
Finance leases | 2.74% | 2.74% | |
Southern Power | |||
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 30 | $ 28 | 28 |
Operating cash flows from finance leases | 0 | 0 | 0 |
Financing cash flows from finance leases | 0 | 0 | 0 |
ROU assets obtained under operating leases | 0 | 72 | 51 |
Reassessment of ROU assets under operating leases | 16 | ||
ROU assets obtained under finance leases | $ 0 | $ 0 | 0 |
Weighted-average remaining lease term in years: | |||
Operating leases | 34 years | 32 years 9 months 18 days | |
Weighted-average discount rate: | |||
Operating leases | 4.86% | 5.20% | |
Southern Company Gas | |||
Cash paid for amounts included in the measurements of lease obligations: | |||
Operating cash flows from operating leases | $ 14 | $ 19 | 18 |
Operating cash flows from finance leases | 0 | 0 | 0 |
Financing cash flows from finance leases | 0 | 0 | 0 |
ROU assets obtained under operating leases | 3 | 7 | 4 |
Reassessment of ROU assets under operating leases | 0 | ||
ROU assets obtained under finance leases | $ 0 | $ 0 | $ 0 |
Weighted-average remaining lease term in years: | |||
Operating leases | 11 years | 10 years 6 months | |
Weighted-average discount rate: | |||
Operating leases | 3.79% | 3.61% |
LEASES - Maturities of Lease Li
LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating leases: | ||
2023 | $ 248 | |
2024 | 201 | |
2025 | 181 | |
2026 | 159 | |
2027 | 143 | |
Thereafter | 1,497 | |
Total | 2,429 | |
Less: Present value discount | 844 | |
Operating lease obligations | 1,585 | $ 1,754 |
Finance leases: | ||
2023 | 33 | |
2024 | 22 | |
2025 | 26 | |
2026 | 26 | |
2027 | 26 | |
Thereafter | 345 | |
Total | 478 | |
Less: Present value discount | 164 | |
Finance lease obligations | 314 | 215 |
Alabama Power | ||
Operating leases: | ||
2023 | 12 | |
2024 | 10 | |
2025 | 9 | |
2026 | 6 | |
2027 | 5 | |
Thereafter | 64 | |
Total | 106 | |
Less: Present value discount | 30 | |
Operating lease obligations | 76 | 121 |
Finance leases: | ||
2023 | 2 | |
2024 | 1 | |
2025 | 1 | |
2026 | 1 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 5 | |
Less: Present value discount | 0 | |
Finance lease obligations | 5 | 4 |
Georgia Power | ||
Operating leases: | ||
2023 | 191 | |
2024 | 165 | |
2025 | 138 | |
2026 | 135 | |
2027 | 135 | |
Thereafter | 440 | |
Total | 1,204 | |
Less: Present value discount | 202 | |
Operating lease obligations | 1,002 | 1,155 |
Finance leases: | ||
2023 | 35 | |
2024 | 27 | |
2025 | 35 | |
2026 | 36 | |
2027 | 36 | |
Thereafter | 187 | |
Total | 356 | |
Less: Present value discount | 118 | |
Finance lease obligations | 238 | 136 |
Mississippi Power | ||
Operating leases: | ||
2023 | 4 | |
2024 | 2 | |
2025 | 2 | |
2026 | 1 | |
2027 | 0 | |
Thereafter | 1 | |
Total | 10 | |
Less: Present value discount | 1 | |
Operating lease obligations | 9 | 10 |
Finance leases: | ||
2023 | 2 | |
2024 | 2 | |
2025 | 2 | |
2026 | 2 | |
2027 | 2 | |
Thereafter | 10 | |
Total | 20 | |
Less: Present value discount | 3 | |
Finance lease obligations | 17 | 18 |
Southern Power | ||
Operating leases: | ||
2023 | 36 | |
2024 | 28 | |
2025 | 28 | |
2026 | 28 | |
2027 | 29 | |
Thereafter | 1,009 | |
Total | 1,158 | |
Less: Present value discount | 616 | |
Operating lease obligations | 542 | 525 |
Finance leases: | ||
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 0 | |
Less: Present value discount | 0 | |
Finance lease obligations | 0 | 0 |
Southern Company Gas | ||
Operating leases: | ||
2023 | 11 | |
2024 | 11 | |
2025 | 11 | |
2026 | 8 | |
2027 | 3 | |
Thereafter | 31 | |
Total | 75 | |
Less: Present value discount | 15 | |
Operating lease obligations | 60 | 70 |
Finance leases: | ||
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 0 | |
Less: Present value discount | 0 | |
Finance lease obligations | $ 0 | $ 0 |
LEASES - Lease Income (Details)
LEASES - Lease Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | $ 25 | $ 15 | $ 16 |
Lease income - operating leases | 208 | 223 | 208 |
Variable lease income | 417 | 429 | 419 |
Total lease income | 650 | $ 667 | 643 |
Operating lease, income, comprehensive income, extensible list, not disclosed, flag | Lease income - operating leases | ||
Alabama Power | |||
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | 0 | $ 0 | 0 |
Lease income - operating leases | 77 | 82 | 45 |
Variable lease income | 1 | 0 | 0 |
Total lease income | 78 | 82 | 45 |
Georgia Power | |||
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | 0 | 0 | 0 |
Lease income - operating leases | 32 | 42 | 58 |
Variable lease income | 0 | 0 | 0 |
Total lease income | 32 | 42 | 58 |
Mississippi Power | |||
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | 15 | 14 | 12 |
Lease income - operating leases | 2 | 2 | 2 |
Variable lease income | 0 | 0 | 0 |
Total lease income | 17 | 16 | 14 |
Southern Power | |||
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | 10 | 1 | 0 |
Lease income - operating leases | 85 | 85 | 87 |
Variable lease income | 448 | 456 | 449 |
Total lease income | 543 | 542 | 536 |
Southern Company Gas | |||
Lessor, Lease, Description [Line Items] | |||
Lease income - interest income on sales-type leases | 0 | 0 | 0 |
Lease income - operating leases | 36 | 35 | 35 |
Variable lease income | 0 | 0 | 0 |
Total lease income | $ 36 | $ 35 | $ 35 |
LEASES - Undiscounted Cash Flow
LEASES - Undiscounted Cash Flows to be Received Under Tolling Arrangements Accounted for as Sales-type Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
2023 | $ 39 | |
2024 | 38 | |
2025 | 37 | |
2026 | 36 | |
2027 | 35 | |
Thereafter | 364 | |
Total undiscounted cash flows | 549 | |
Lease receivable | 326 | |
Difference between undiscounted cash flows and discounted cash flows | 223 | |
Other Property and Investments | Mississippi Power | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
2023 | 24 | |
2024 | 23 | |
2025 | 22 | |
2026 | 21 | |
2027 | 20 | |
Thereafter | 164 | |
Total undiscounted cash flows | 274 | |
Lease receivable | 157 | |
Difference between undiscounted cash flows and discounted cash flows | 117 | |
Other Current Assets and Net Investment in Sales-type Lease | Southern Power | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
2023 | 15 | |
2024 | 15 | |
2025 | 15 | |
2026 | 15 | |
2027 | 15 | |
Thereafter | 200 | |
Total undiscounted cash flows | 275 | |
Lease receivable | 169 | |
Difference between undiscounted cash flows and discounted cash flows | 106 | |
Other current assets | Southern Power | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Lease receivable | 15 | $ 12 |
Net investment in sales-type leases | Southern Power | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Lease receivable | $ 154 | $ 161 |
LEASES - Undiscounted Cash Fl_2
LEASES - Undiscounted Cash Flows to be Received Under PPAs Accounted for as Operating Leases (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2023 | $ 145 |
2024 | 114 |
2025 | 105 |
2026 | 104 |
2027 | 104 |
Thereafter | 796 |
Total | 1,368 |
Alabama Power | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2023 | 34 |
2024 | 6 |
2025 | 5 |
2026 | 3 |
2027 | 3 |
Thereafter | 23 |
Total | 74 |
Southern Power | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2023 | 88 |
2024 | 90 |
2025 | 74 |
2026 | 73 |
2027 | 74 |
Thereafter | 166 |
Total | 565 |
Southern Company Gas | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2023 | 36 |
2024 | 34 |
2025 | 29 |
2026 | 29 |
2027 | 28 |
Thereafter | 382 |
Total | $ 538 |
LEASES - Leveraged Leases (Narr
LEASES - Leveraged Leases (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) leveragedLease | Dec. 31, 2021 USD ($) project | Dec. 31, 2020 USD ($) project leveragedLease | |
Leveraged Lease [Line Items] | ||||
Number of leveraged leases | leveragedLease | 1 | 4 | ||
Number of domestic projects subject to leveraged lease | 2 | |||
Number of international projects subject to leveraged lease | 2 | |||
Number of domestic projects subject to leveraged lease sold | 1 | |||
Remaining lease term | 9 years | |||
Lease, impairment loss | $ | $ 154 | $ 0 | $ 7 | $ 206 |
Lease, impairment loss, after tax | $ | $ 74 |
LEASES - Summary of the Compone
LEASES - Summary of the Components of Income from Leveraged Leases (Details) - Domestic and international leveraged leases - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leveraged Lease [Line Items] | ||
Pretax leveraged lease income (loss) | $ 17 | $ (180) |
Income tax benefit (expense) | (5) | 98 |
Net leveraged lease income (loss) | $ 12 | $ (82) |
INCOME TAXES - Current and Defe
INCOME TAXES - Current and Deferred Income Tax Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal — | |||
Current | $ 10 | $ 50 | $ 199 |
Deferred | 455 | 36 | 70 |
Total federal taxes | 465 | 86 | 269 |
State — | |||
Current | 27 | (25) | 100 |
Deferred | 303 | 206 | 24 |
Total state taxes | 330 | 181 | 124 |
Income taxes | 795 | 267 | 393 |
Alabama Power | |||
Federal — | |||
Current | 54 | 104 | 198 |
Deferred | 259 | 172 | 44 |
Total federal taxes | 313 | 276 | 242 |
State — | |||
Current | 14 | 23 | 61 |
Deferred | 96 | 73 | 34 |
Total state taxes | 110 | 96 | 95 |
Income taxes | 423 | 372 | 337 |
Georgia Power | |||
Federal — | |||
Current | 38 | 311 | 365 |
Deferred | 152 | (449) | (224) |
Total federal taxes | 190 | (138) | 141 |
State — | |||
Current | (21) | 71 | 60 |
Deferred | 201 | (101) | (49) |
Total state taxes | 180 | (30) | 11 |
Income taxes | 370 | (168) | 152 |
Mississippi Power | |||
Federal — | |||
Current | 42 | 25 | 18 |
Deferred | (16) | (15) | (14) |
Total federal taxes | 26 | 10 | 4 |
State — | |||
Current | 0 | 0 | 0 |
Deferred | 11 | 11 | 10 |
Total state taxes | 11 | 11 | 10 |
Income taxes | 37 | 21 | 14 |
Southern Power | |||
Federal — | |||
Current | (43) | (340) | (303) |
Deferred | 56 | 343 | 299 |
Total federal taxes | 13 | 3 | (4) |
State — | |||
Current | 2 | (16) | (4) |
Deferred | 5 | 0 | 11 |
Total state taxes | 7 | (16) | 7 |
Income taxes | 20 | (13) | 3 |
Southern Company Gas | |||
Federal — | |||
Current | 122 | 85 | 82 |
Deferred | (3) | 35 | 53 |
Total federal taxes | 119 | 120 | 135 |
State — | |||
Current | 42 | (68) | 35 |
Deferred | 19 | 223 | 3 |
Total state taxes | 61 | 155 | 38 |
Income taxes | $ 180 | $ 275 | $ 173 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | $ 8,914 | $ 8,914 | $ 8,398 | $ 8,914 | ||
ITC and PTC carryforwards | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 1,750 | 1,750 | 1,685 | 1,750 | ||
Southern Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 1,258 | 1,258 | $ 1,124 | 1,258 | ||
Percentage reduction in tax basis of assets | 50% | |||||
Southern Power | ITCs and other credits carryforward | ||||||
Income Tax Disclosure [Line Items] | ||||||
Reduction in income tax expense, investment tax credits | $ 49 | 289 | $ 340 | |||
Southern Power | ITC and PTC carryforwards | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 827 | 827 | 794 | 827 | ||
Southern Power | Production Tax Credit Carryforward | ||||||
Income Tax Disclosure [Line Items] | ||||||
Effective income tax rate reconciliation, tax credit, production, amount | 27 | 16 | 15 | |||
Georgia Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 4,019 | 4,019 | 3,844 | 4,019 | ||
State investment tax credit carryforward | 434 | |||||
Georgia Power | ITC and PTC carryforwards | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 704 | 704 | 673 | 704 | ||
Mississippi Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 393 | 393 | 399 | 393 | ||
Mississippi Power | ITC and PTC carryforwards | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 0 | 0 | 0 | 0 | ||
Southern Company Gas | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 328 | 328 | 301 | 328 | ||
Southern Company Gas | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sequent | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred tax expense, increase from change in appointment rate | $ 85 | 85 | 85 | 85 | ||
Southern Company Gas | ITC and PTC carryforwards | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | 0 | 0 | 0 | 0 | ||
State and Local Jurisdiction | Georgia Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance | 98 | |||||
State and Local Jurisdiction | Georgia Power | ITCs and other credits carryforward | ||||||
Income Tax Disclosure [Line Items] | ||||||
Reduction in income tax expense, investment tax credits | 53 | 66 | 67 | |||
Deferred Charges Related To Income Taxes, Current | Other Noncurrent Assets | Southern Power | Unrealized Tax Credits | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deferred income tax assets | $ 6 | $ 6 | 17 | $ 6 | $ 5 | |
Mississippi | State and Local Jurisdiction | Mississippi Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforwards, valuation allowance | 32 | |||||
New York | State and Local Jurisdiction | Southern Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforwards, valuation allowance | 25 | |||||
Oklahoma | State and Local Jurisdiction | Southern Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforwards, valuation allowance | 11 | |||||
Florida | State and Local Jurisdiction | Southern Power | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforwards, valuation allowance | $ 10 |
INCOME TAXES - Amortization of
INCOME TAXES - Amortization of Deferred Credits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
Amortization of deferred investment tax credits | $ 83 | $ 84 | $ 84 |
Southern Power | |||
Income Tax Disclosure [Line Items] | |||
Amortization of deferred investment tax credits | $ 58 | $ 58 | $ 59 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Federal Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 6.20% | 5.50% | 2.80% |
Employee stock plans' dividend deduction | (0.50%) | (0.90%) | (0.70%) |
Non-deductible book depreciation | 0.60% | 0.90% | 0.70% |
Flowback of excess deferred income taxes | (6.60%) | (11.70%) | (8.80%) |
AFUDC-Equity | (1.10%) | (1.50%) | (0.80%) |
Federal PTCs | 0% | 0% | 0% |
ITC amortization | (1.30%) | (2.20%) | (1.60%) |
Noncontrolling interests | 0.50% | 0.80% | 0% |
Leveraged lease impairments and dispositions | (1.40%) | (1.60%) | |
Other | 0% | (0.10%) | 0.20% |
Effective income tax (benefit) rate | 18.80% | 10.40% | 11.20% |
Alabama Power | |||
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 4.80% | 4.60% | 5% |
Employee stock plans' dividend deduction | 0% | 0% | 0% |
Non-deductible book depreciation | 0.50% | 0.50% | 0.60% |
Flowback of excess deferred income taxes | (1.90%) | (2.60%) | (3.10%) |
AFUDC-Equity | (0.80%) | (0.70%) | (0.60%) |
Federal PTCs | 0% | 0% | 0% |
ITC amortization | (0.10%) | (0.10%) | (0.10%) |
Noncontrolling interests | 0% | 0% | 0% |
Leveraged lease impairments and dispositions | 0% | 0% | |
Other | 0.30% | 0.20% | (0.30%) |
Effective income tax (benefit) rate | 23.80% | 22.90% | 22.50% |
Georgia Power | |||
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 6.50% | (5.70%) | 0.50% |
Employee stock plans' dividend deduction | 0% | 0% | 0% |
Non-deductible book depreciation | 0.60% | 3.10% | 0.80% |
Flowback of excess deferred income taxes | (9.60%) | (49.90%) | (12.00%) |
AFUDC-Equity | (1.50%) | (6.40%) | (1.10%) |
Federal PTCs | 0% | 0% | 0% |
ITC amortization | (0.10%) | (0.40%) | (0.10%) |
Noncontrolling interests | 0% | 0% | 0% |
Leveraged lease impairments and dispositions | 0% | 0% | |
Other | 0% | (1.90%) | (0.30%) |
Effective income tax (benefit) rate | 16.90% | (40.20%) | 8.80% |
Mississippi Power | |||
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 4.40% | 4.90% | 4.80% |
Employee stock plans' dividend deduction | 0% | 0% | 0% |
Non-deductible book depreciation | 0.30% | 0.40% | 0.50% |
Flowback of excess deferred income taxes | (7.80%) | (15.20%) | (18.50%) |
AFUDC-Equity | 0% | 0% | (0.10%) |
Federal PTCs | 0% | 0% | 0% |
ITC amortization | 0% | 0% | (0.10%) |
Noncontrolling interests | 0% | 0% | 0% |
Leveraged lease impairments and dispositions | 0% | 0% | |
Other | 0.30% | 0.60% | 0.90% |
Effective income tax (benefit) rate | 18.20% | 11.70% | 8.50% |
Southern Power | |||
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 1.90% | (8.00%) | 2.70% |
Employee stock plans' dividend deduction | 0% | 0% | 0% |
Non-deductible book depreciation | 0% | 0% | 0% |
Flowback of excess deferred income taxes | 0% | 0% | 0% |
AFUDC-Equity | 0% | 0% | 0% |
Federal PTCs | (6.60%) | (4.60%) | (2.50%) |
ITC amortization | (17.20%) | (29.70%) | (22.10%) |
Noncontrolling interests | 8.40% | 13.40% | 3.10% |
Leveraged lease impairments and dispositions | 0% | 0% | |
Other | (0.10%) | (0.40%) | (0.90%) |
Effective income tax (benefit) rate | 7.40% | (8.30%) | 1.30% |
Southern Company Gas | |||
Reconciliation of federal statutory income tax rate to effective income tax rate | |||
Federal statutory rate | 21% | 21% | 21% |
State income tax, net of federal deduction | 6.40% | 15.10% | 4% |
Employee stock plans' dividend deduction | 0% | 0% | 0% |
Non-deductible book depreciation | 0% | 0% | 0% |
Flowback of excess deferred income taxes | (2.50%) | (2.80%) | (2.70%) |
AFUDC-Equity | 0% | 0% | 0% |
Federal PTCs | 0% | 0% | 0% |
ITC amortization | (0.10%) | (0.10%) | (0.10%) |
Noncontrolling interests | 0% | 0% | 0% |
Leveraged lease impairments and dispositions | 0% | 0% | |
Other | (0.90%) | 0.60% | 0.50% |
Effective income tax (benefit) rate | 23.90% | 33.80% | 22.70% |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax liabilities — | ||
Deferred income tax liabilities | $ 18,066 | $ 17,451 |
Deferred tax assets — | ||
Deferred income tax assets | 8,398 | 8,914 |
Valuation allowance | (257) | (207) |
Net deferred income tax assets | 8,141 | 8,707 |
Net deferred income taxes liabilities | 9,925 | 8,744 |
Accumulated deferred income taxes – assets | (111) | (118) |
Accumulated deferred income taxes – liabilities | 10,036 | 8,862 |
Net deferred income taxes liabilities | 9,925 | 8,744 |
Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 9,443 | 9,300 |
Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 2,350 | 2,301 |
Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 888 | 820 |
Deferred tax assets — | ||
Deferred income tax assets | 890 | 1,035 |
AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 876 | 868 |
Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 805 | 315 |
AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 2,006 | 2,232 |
Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 677 | 825 |
Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 400 | 271 |
Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 66 | 72 |
Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 555 | 368 |
ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 1,685 | 1,750 |
Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 888 | 825 |
Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 388 | 361 |
Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Deferred tax assets — | ||
Deferred income tax assets | 365 | 305 |
Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 207 | 231 |
State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 136 | 135 |
Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 111 | 160 |
Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 137 | 268 |
Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 85 | 91 |
Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 72 | 92 |
Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 552 | 561 |
Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 61 | |
Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 18 | |
AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | 2,882 | 3,100 |
Alabama Power | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 6,024 | 5,737 |
Deferred tax assets — | ||
Deferred income tax assets | 2,043 | 2,164 |
Valuation allowance | 0 | 0 |
Net deferred income tax assets | 2,043 | 2,164 |
Net deferred income taxes liabilities | 3,981 | 3,573 |
Accumulated deferred income taxes – assets | 0 | 0 |
Accumulated deferred income taxes – liabilities | 3,981 | 3,573 |
Net deferred income taxes liabilities | 3,981 | 3,573 |
Alabama Power | Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 2,564 | 2,541 |
Alabama Power | Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,303 | 1,182 |
Alabama Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 284 | 268 |
Deferred tax assets — | ||
Deferred income tax assets | 198 | 225 |
Alabama Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 499 | 329 |
Alabama Power | Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 185 | 47 |
Alabama Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 679 | 863 |
Alabama Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 180 | 205 |
Alabama Power | Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 142 | 145 |
Alabama Power | Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 9 | 10 |
Alabama Power | Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 179 | 147 |
Alabama Power | ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 12 | 12 |
Alabama Power | Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Alabama Power | Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Alabama Power | Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Deferred tax assets — | ||
Deferred income tax assets | 175 | 165 |
Alabama Power | Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Alabama Power | State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 136 | 135 |
Alabama Power | Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Alabama Power | Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 127 | 237 |
Alabama Power | Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Alabama Power | Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 4 | 5 |
Alabama Power | Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 213 | 193 |
Alabama Power | Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Alabama Power | Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Alabama Power | AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | 1,178 | 1,192 |
Georgia Power | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 7,426 | 6,965 |
Deferred tax assets — | ||
Deferred income tax assets | 3,844 | 4,019 |
Valuation allowance | (125) | (73) |
Net deferred income tax assets | 3,719 | 3,946 |
Net deferred income taxes liabilities | 3,707 | 3,019 |
Accumulated deferred income taxes – assets | 0 | 0 |
Accumulated deferred income taxes – liabilities | 3,707 | 3,019 |
Net deferred income taxes liabilities | 3,707 | 3,019 |
Georgia Power | Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 3,447 | 3,340 |
Georgia Power | Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 693 | 781 |
Georgia Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 412 | 382 |
Deferred tax assets — | ||
Deferred income tax assets | 304 | 342 |
Georgia Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 324 | 494 |
Georgia Power | Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 548 | 109 |
Georgia Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,285 | 1,325 |
Georgia Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 226 | 256 |
Georgia Power | Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 253 | 121 |
Georgia Power | Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 57 | 62 |
Georgia Power | Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 181 | 77 |
Georgia Power | ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 673 | 704 |
Georgia Power | Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 888 | 825 |
Georgia Power | Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 12 | 11 |
Georgia Power | Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Deferred tax assets — | ||
Deferred income tax assets | 88 | 41 |
Georgia Power | Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 79 | 90 |
Georgia Power | State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Georgia Power | Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Georgia Power | Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 19 |
Georgia Power | Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Georgia Power | Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 5 | 15 |
Georgia Power | Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 186 | 153 |
Georgia Power | Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Georgia Power | Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 18 | |
Georgia Power | AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | 1,609 | 1,819 |
Mississippi Power | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 717 | 698 |
Deferred tax assets — | ||
Deferred income tax assets | 399 | 393 |
Valuation allowance | (41) | (41) |
Net deferred income tax assets | 358 | 352 |
Net deferred income taxes liabilities | 359 | 346 |
Accumulated deferred income taxes – assets | (107) | (118) |
Accumulated deferred income taxes – liabilities | 466 | 464 |
Net deferred income taxes liabilities | 359 | 346 |
Mississippi Power | Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 338 | 330 |
Mississippi Power | Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 179 | 169 |
Mississippi Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 43 | 41 |
Deferred tax assets — | ||
Deferred income tax assets | 47 | 57 |
Mississippi Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Mississippi Power | Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 40 | 15 |
Mississippi Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 42 | 44 |
Mississippi Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 30 | 38 |
Mississippi Power | Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 5 | 5 |
Mississippi Power | Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Mississippi Power | Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 40 | 34 |
Mississippi Power | ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 239 | 246 |
Mississippi Power | Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 22 | |
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 9 | 12 |
Mississippi Power | Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Mississippi Power | Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 62 | 34 |
Mississippi Power | Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Mississippi Power | Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Mississippi Power | AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | 42 | 44 |
Southern Power | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,376 | 1,446 |
Deferred tax assets — | ||
Deferred income tax assets | 1,124 | 1,258 |
Valuation allowance | (27) | (27) |
Net deferred income tax assets | 1,097 | 1,231 |
Net deferred income taxes liabilities | 279 | 215 |
Accumulated deferred income taxes – assets | 0 | 0 |
Accumulated deferred income taxes – liabilities | 279 | 215 |
Net deferred income taxes liabilities | 279 | 215 |
Southern Power | Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,351 | 1,421 |
Southern Power | Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 11 | 11 |
Deferred tax assets — | ||
Deferred income tax assets | 9 | 7 |
Southern Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Power | Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 14 | 14 |
Southern Power | ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 794 | 827 |
Southern Power | Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Power | Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 51 | 52 |
Southern Power | Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Deferred tax assets — | ||
Deferred income tax assets | 28 | 27 |
Southern Power | Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 109 | 121 |
Southern Power | State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Power | Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 111 | 160 |
Southern Power | Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Power | Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Power | Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 5 | 11 |
Southern Power | Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 17 | 53 |
Southern Power | Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Southern Power | Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Southern Power | AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,852 | 1,874 |
Deferred tax assets — | ||
Deferred income tax assets | 301 | 328 |
Valuation allowance | (9) | (9) |
Net deferred income tax assets | 292 | 319 |
Net deferred income taxes liabilities | 1,560 | 1,555 |
Accumulated deferred income taxes – assets | 0 | 0 |
Accumulated deferred income taxes – liabilities | 1,560 | 1,555 |
Net deferred income taxes liabilities | 1,560 | 1,555 |
Southern Company Gas | Accelerated depreciation | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 1,505 | 1,428 |
Southern Company Gas | Property basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 150 | 148 |
Southern Company Gas | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 68 | 57 |
Deferred tax assets — | ||
Deferred income tax assets | 89 | 77 |
Southern Company Gas | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Company Gas | Under recovered fuel and natural gas costs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 32 | 144 |
Southern Company Gas | AROs | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Company Gas | Employee benefit obligations | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 15 | 15 |
Southern Company Gas | Remaining book value of retired assets | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Company Gas | Premium on reacquired debt | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | 0 |
Southern Company Gas | Other | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 82 | 82 |
Southern Company Gas | ITC and PTC carryforwards | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Estimated loss on plants under construction | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Other state deferred tax attributes | ||
Deferred tax assets — | ||
Deferred income tax assets | 7 | 5 |
Southern Company Gas | Federal effect of net state deferred tax assets/liabilities | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Deferred tax assets — | ||
Deferred income tax assets | 92 | 93 |
Southern Company Gas | Other property basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | State effect of federal deferred taxes | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Other partnership basis differences | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Regulatory liability associated with the Tax Reform Legislation (not subject to normalization) | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Long-term debt fair value adjustment | ||
Deferred tax assets — | ||
Deferred income tax assets | 85 | 91 |
Southern Company Gas | Other comprehensive losses | ||
Deferred tax assets — | ||
Deferred income tax assets | 0 | 0 |
Southern Company Gas | Other | ||
Deferred tax assets — | ||
Deferred income tax assets | 28 | 62 |
Southern Company Gas | Leveraged lease basis differences | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Southern Company Gas | Storm damage reserves | ||
Deferred tax liabilities — | ||
Deferred income tax liabilities | 0 | |
Southern Company Gas | AROs | ||
Deferred tax assets — | ||
Deferred income tax assets | $ 0 | $ 0 |
INCOME TAXES - Federal ITC_PTC
INCOME TAXES - Federal ITC/PTC Carryforwards (Details) - ITC and PTC carryforwards $ in Millions | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Federal ITC/PTC carryforwards | $ 1,148 |
Alabama Power | |
Operating Loss Carryforwards [Line Items] | |
Federal ITC/PTC carryforwards | 12 |
Georgia Power | |
Operating Loss Carryforwards [Line Items] | |
Federal ITC/PTC carryforwards | 135 |
Southern Power | |
Operating Loss Carryforwards [Line Items] | |
Federal ITC/PTC carryforwards | $ 794 |
INCOME TAXES - NOL Carryforward
INCOME TAXES - NOL Carryforwards (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | $ 298 |
Mississippi Power | Mississippi | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 189 |
Southern Power | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 40 |
Southern Power | Oklahoma | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 27 |
Southern Power | Florida | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 10 |
Southern Power | Other states | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 3 |
Other Subsidiaries | Other states | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 21 |
Other Subsidiaries | Georgia | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 23 |
Other Subsidiaries | New York | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | 11 |
Other Subsidiaries | New York City | |
Operating Loss Carryforwards [Line Items] | |
Approximate Net State Income Tax Benefit of NOL Carryforwards | $ 14 |
INCOME TAXES - Changes in Unrec
INCOME TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in unrecognized tax benefits [Roll Forward] | |||
Beginning balance | $ 47 | $ 44 | $ 0 |
Tax positions changes – increase from prior periods | 33 | 3 | 44 |
Ending balance | 80 | 47 | 44 |
Southern Company Gas | |||
Changes in unrecognized tax benefits [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Tax positions changes – increase from prior periods | 32 | 0 | 0 |
Ending balance | $ 32 | $ 0 | $ 0 |
RETIREMENT BENEFITS - Narrative
RETIREMENT BENEFITS - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset amortization period | 5 years | |
Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 61,000,000 | $ 60,000,000 |
Expected future employer contributions, next fiscal year | 0 | |
Actuarial losses | $ (3,908,000,000) | $ (393,000,000) |
Change in discount rate | 21,600% | 0.28% |
Pension plans | Qualified pension plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 0 | |
Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 73,000,000 | $ 43,000,000 |
Expected future employer contributions, next fiscal year | 0 | |
Actuarial losses | $ (365,000,000) | $ (54,000,000) |
RETIREMENT BENEFITS - Actuarial
RETIREMENT BENEFITS - Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.09% | 2.81% | 3.41% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.55% | 2.13% | 2.99% |
Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.34% | 3.18% | 3.66% |
Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.25% | 3.09% | |
Annual salary increase | 4.80% | 4.80% | |
Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 2.90% | 2.56% | 3.24% |
Expected long-term return on plan assets | 7.21% | 7.09% | 7.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.32% | 1.84% | 2.80% |
Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.26% | 3.07% | 3.57% |
Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.18% | 2.90% | |
Annual salary increase | 4.80% | 4.80% | |
Alabama Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.12% | 2.85% | 3.44% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Alabama Power | Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.58% | 2.17% | 3.01% |
Alabama Power | Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.36% | 3.23% | 3.69% |
Alabama Power | Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.26% | 3.12% | |
Annual salary increase | 4.80% | 4.80% | |
Alabama Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 2.95% | 2.63% | 3.28% |
Expected long-term return on plan assets | 7.54% | 7.18% | 7.36% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Alabama Power | Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.38% | 1.91% | 2.84% |
Alabama Power | Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.30% | 3.13% | 3.61% |
Alabama Power | Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.20% | 2.95% | |
Annual salary increase | 4.80% | 4.80% | |
Georgia Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.07% | 2.79% | 3.40% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Georgia Power | Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.51% | 2.09% | 2.96% |
Georgia Power | Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.37% | 3.21% | 3.67% |
Georgia Power | Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.25% | 3.07% | |
Annual salary increase | 4.80% | 4.80% | |
Georgia Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 2.87% | 2.52% | 3.22% |
Expected long-term return on plan assets | 6.88% | 6.84% | 7.05% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Georgia Power | Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.30% | 1.82% | 2.79% |
Georgia Power | Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.27% | 3.08% | 3.57% |
Georgia Power | Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.17% | 2.87% | |
Annual salary increase | 4.80% | 4.80% | |
Mississippi Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.07% | 2.80% | 3.41% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Mississippi Power | Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.54% | 2.12% | 2.99% |
Mississippi Power | Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.35% | 3.20% | 3.67% |
Mississippi Power | Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.25% | 3.07% | |
Annual salary increase | 4.80% | 4.80% | |
Mississippi Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 2.88% | 2.53% | 3.22% |
Expected long-term return on plan assets | 7.22% | 6.98% | 7.07% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Mississippi Power | Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.27% | 1.78% | 2.76% |
Mississippi Power | Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.26% | 3.06% | 3.57% |
Mississippi Power | Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.17% | 2.88% | |
Annual salary increase | 4.80% | 4.80% | |
Southern Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.21% | 2.99% | 3.52% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Southern Power | Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.79% | 2.46% | 3.18% |
Southern Power | Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.36% | 3.22% | 3.70% |
Southern Power | Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.31% | 3.21% | |
Annual salary increase | 4.80% | 4.80% | |
Southern Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.07% | 2.78% | 3.39% |
Expected long-term return on plan assets | 0% | 0% | 0% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Southern Power | Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.55% | 2.12% | 2.97% |
Southern Power | Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.25% | 3.05% | 3.57% |
Southern Power | Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.24% | 3.07% | |
Annual salary increase | 4.80% | 4.80% | |
Southern Company Gas | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 3.04% | 2.75% | 3.39% |
Expected long-term return on plan assets | 8.25% | 8.25% | 8.25% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Southern Company Gas | Pension plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.53% | 2.10% | 2.99% |
Southern Company Gas | Pension plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.21% | 2.97% | 3.53% |
Southern Company Gas | Pension plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.24% | 3.04% | |
Annual salary increase | 4.80% | 4.80% | |
Southern Company Gas | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 2.82% | 2.46% | 3.19% |
Expected long-term return on plan assets | 6.08% | 6.54% | 6.69% |
Annual salary increase, net periodic costs | 4.80% | 4.80% | 4.73% |
Southern Company Gas | Other postretirement benefit plans | Discount rate – interest costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 2.17% | 1.64% | 2.71% |
Southern Company Gas | Other postretirement benefit plans | Discount rate – service costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, net periodic benefit costs | 3.22% | 3.01% | 3.52% |
Southern Company Gas | Other postretirement benefit plans | Employee benefit obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate – benefit obligations | 5.16% | 2.82% | |
Annual salary increase | 4.80% | 4.80% |
RETIREMENT BENEFITS - Schedule
RETIREMENT BENEFITS - Schedule of Health Care Cost Trend Rates (Details) | Dec. 31, 2022 |
Pre-65 | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 6.60% |
Ultimate Cost Trend Rate | 4.50% |
Post-65 medical | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 5.50% |
Ultimate Cost Trend Rate | 4.50% |
Post-65 prescription | |
Defined Benefit Plan Disclosure [Line Items] | |
Initial Cost Trend Rate | 7.50% |
Ultimate Cost Trend Rate | 4.50% |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Benefit Obligation (Details) - Pension plans - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | $ 11,422 | $ 14,687 |
Alabama Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | 2,601 | 3,362 |
Georgia Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | 3,534 | 4,562 |
Mississippi Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | 520 | 672 |
Southern Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | 135 | 178 |
Southern Company Gas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated benefit obligation for the pension plans | $ 801 | $ 1,030 |
RETIREMENT BENEFITS - Changes i
RETIREMENT BENEFITS - Changes in Projected Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 16,382,000,000 | $ 16,646,000,000 | |
Service cost | 412,000,000 | 434,000,000 | $ 376,000,000 |
Interest cost | 408,000,000 | 346,000,000 | 432,000,000 |
Benefits paid | (692,000,000) | (651,000,000) | |
Actuarial gain | (3,908,000,000) | (393,000,000) | |
Balance at end of year | 12,602,000,000 | 16,382,000,000 | 16,646,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 17,225,000,000 | 15,367,000,000 | |
Actual return on plan assets | (2,376,000,000) | 2,449,000,000 | |
Employer contributions | 61,000,000 | 60,000,000 | |
Benefits paid | (692,000,000) | (651,000,000) | |
Fair value of plan assets at end of year | 14,218,000,000 | 17,225,000,000 | 15,367,000,000 |
Accrued asset | 1,616,000,000 | 843,000,000 | |
Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,849,000,000 | 1,948,000,000 | |
Service cost | 23,000,000 | 24,000,000 | 22,000,000 |
Interest cost | 42,000,000 | 35,000,000 | 54,000,000 |
Benefits paid | (109,000,000) | (105,000,000) | |
Actuarial gain | (365,000,000) | (54,000,000) | |
Retiree drug subsidy | 1,000,000 | 1,000,000 | |
Balance at end of year | 1,441,000,000 | 1,849,000,000 | 1,948,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,251,000,000 | 1,158,000,000 | |
Actual return on plan assets | (218,000,000) | 154,000,000 | |
Employer contributions | 73,000,000 | 43,000,000 | |
Benefits paid | (108,000,000) | (104,000,000) | |
Fair value of plan assets at end of year | 998,000,000 | 1,251,000,000 | 1,158,000,000 |
Accrued asset | (443,000,000) | (598,000,000) | |
Alabama Power | Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 3,806,000,000 | 3,854,000,000 | |
Service cost | 99,000,000 | 102,000,000 | 89,000,000 |
Interest cost | 96,000,000 | 82,000,000 | 100,000,000 |
Benefits paid | (144,000,000) | (137,000,000) | |
Actuarial gain | (951,000,000) | (95,000,000) | |
Balance at end of year | 2,906,000,000 | 3,806,000,000 | 3,854,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 4,141,000,000 | 3,684,000,000 | |
Actual return on plan assets | (579,000,000) | 586,000,000 | |
Employer contributions | 9,000,000 | 8,000,000 | |
Benefits paid | (144,000,000) | (137,000,000) | |
Fair value of plan assets at end of year | 3,427,000,000 | 4,141,000,000 | 3,684,000,000 |
Accrued asset | 521,000,000 | 335,000,000 | |
Alabama Power | Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 440,000,000 | 463,000,000 | |
Service cost | 6,000,000 | 6,000,000 | 6,000,000 |
Interest cost | 10,000,000 | 9,000,000 | 13,000,000 |
Benefits paid | (23,000,000) | (22,000,000) | |
Actuarial gain | (89,000,000) | (16,000,000) | |
Retiree drug subsidy | 0 | 0 | |
Balance at end of year | 344,000,000 | 440,000,000 | 463,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 489,000,000 | 458,000,000 | |
Actual return on plan assets | (98,000,000) | 55,000,000 | |
Employer contributions | 4,000,000 | (2,000,000) | |
Benefits paid | (23,000,000) | (22,000,000) | |
Fair value of plan assets at end of year | 372,000,000 | 489,000,000 | 458,000,000 |
Accrued asset | 28,000,000 | 49,000,000 | |
Georgia Power | Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 5,012,000,000 | 5,127,000,000 | |
Service cost | 103,000,000 | 112,000,000 | 96,000,000 |
Interest cost | 123,000,000 | 104,000,000 | 133,000,000 |
Benefits paid | (226,000,000) | (210,000,000) | |
Actuarial gain | (1,161,000,000) | (121,000,000) | |
Balance at end of year | 3,851,000,000 | 5,012,000,000 | 5,127,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 5,415,000,000 | 4,844,000,000 | |
Actual return on plan assets | (753,000,000) | 781,000,000 | |
Employer contributions | 20,000,000 | 0 | |
Benefits paid | (226,000,000) | (210,000,000) | |
Fair value of plan assets at end of year | 4,456,000,000 | 5,415,000,000 | 4,844,000,000 |
Accrued asset | 605,000,000 | 403,000,000 | |
Georgia Power | Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 656,000,000 | 699,000,000 | |
Service cost | 6,000,000 | 7,000,000 | 6,000,000 |
Interest cost | 15,000,000 | 12,000,000 | 20,000,000 |
Benefits paid | (38,000,000) | (36,000,000) | |
Actuarial gain | (125,000,000) | (26,000,000) | |
Retiree drug subsidy | 0 | 0 | |
Balance at end of year | 514,000,000 | 656,000,000 | 699,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 450,000,000 | 427,000,000 | |
Actual return on plan assets | (71,000,000) | 55,000,000 | |
Employer contributions | 27,000,000 | 4,000,000 | |
Benefits paid | (38,000,000) | (36,000,000) | |
Fair value of plan assets at end of year | 368,000,000 | 450,000,000 | 427,000,000 |
Accrued asset | (146,000,000) | (206,000,000) | |
Mississippi Power | Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 743,000,000 | 754,000,000 | |
Service cost | 17,000,000 | 18,000,000 | 15,000,000 |
Interest cost | 18,000,000 | 16,000,000 | 20,000,000 |
Benefits paid | (30,000,000) | (28,000,000) | |
Actuarial gain | (179,000,000) | (17,000,000) | |
Balance at end of year | 569,000,000 | 743,000,000 | 754,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 786,000,000 | 701,000,000 | |
Actual return on plan assets | (110,000,000) | 111,000,000 | |
Employer contributions | 3,000,000 | 2,000,000 | |
Benefits paid | (30,000,000) | (28,000,000) | |
Fair value of plan assets at end of year | 649,000,000 | 786,000,000 | 701,000,000 |
Accrued asset | 80,000,000 | 43,000,000 | |
Mississippi Power | Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 76,000,000 | 81,000,000 | |
Service cost | 1,000,000 | 1,000,000 | 1,000,000 |
Interest cost | 2,000,000 | 1,000,000 | 2,000,000 |
Benefits paid | (4,000,000) | (5,000,000) | |
Actuarial gain | (16,000,000) | (2,000,000) | |
Retiree drug subsidy | 0 | 0 | |
Balance at end of year | 59,000,000 | 76,000,000 | 81,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 29,000,000 | 27,000,000 | |
Actual return on plan assets | (4,000,000) | 4,000,000 | |
Employer contributions | 3,000,000 | 3,000,000 | |
Benefits paid | (4,000,000) | (5,000,000) | |
Fair value of plan assets at end of year | 24,000,000 | 29,000,000 | 27,000,000 |
Accrued asset | (35,000,000) | (47,000,000) | |
Southern Power | Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 222,000,000 | 217,000,000 | |
Service cost | 9,000,000 | 10,000,000 | 8,000,000 |
Interest cost | 6,000,000 | 5,000,000 | 6,000,000 |
Benefits paid | (5,000,000) | (4,000,000) | |
Actuarial gain | (69,000,000) | (6,000,000) | |
Balance at end of year | 163,000,000 | 222,000,000 | 217,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 213,000,000 | 186,000,000 | |
Actual return on plan assets | (31,000,000) | 30,000,000 | |
Employer contributions | 1,000,000 | 1,000,000 | |
Benefits paid | (5,000,000) | (4,000,000) | |
Fair value of plan assets at end of year | 178,000,000 | 213,000,000 | 186,000,000 |
Accrued asset | 15,000,000 | (9,000,000) | |
Southern Power | Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 11,000,000 | 12,000,000 | |
Service cost | 0 | 0 | 1,000,000 |
Interest cost | 0 | 0 | 0 |
Benefits paid | (1,000,000) | 0 | |
Actuarial gain | (1,000,000) | (1,000,000) | |
Retiree drug subsidy | 0 | 0 | |
Balance at end of year | 9,000,000 | 11,000,000 | 12,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,000,000 | 0 | |
Benefits paid | (1,000,000) | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Accrued asset | (9,000,000) | (11,000,000) | |
Southern Company Gas | Pension plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,134,000,000 | 1,189,000,000 | |
Service cost | 34,000,000 | 37,000,000 | 33,000,000 |
Interest cost | 28,000,000 | 24,000,000 | 31,000,000 |
Benefits paid | (75,000,000) | (73,000,000) | |
Actuarial gain | (253,000,000) | (43,000,000) | |
Balance at end of year | 868,000,000 | 1,134,000,000 | 1,189,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,241,000,000 | 1,123,000,000 | |
Actual return on plan assets | (167,000,000) | 181,000,000 | |
Employer contributions | 3,000,000 | 10,000,000 | |
Benefits paid | (75,000,000) | (73,000,000) | |
Fair value of plan assets at end of year | 1,002,000,000 | 1,241,000,000 | 1,123,000,000 |
Accrued asset | 134,000,000 | 107,000,000 | |
Southern Company Gas | Other postretirement benefit plans | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 237,000,000 | 248,000,000 | |
Service cost | 1,000,000 | 2,000,000 | 2,000,000 |
Interest cost | 5,000,000 | 4,000,000 | 7,000,000 |
Benefits paid | (18,000,000) | (18,000,000) | |
Actuarial gain | (46,000,000) | 1,000,000 | |
Retiree drug subsidy | 0 | 0 | |
Balance at end of year | 179,000,000 | 237,000,000 | 248,000,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 143,000,000 | 128,000,000 | |
Actual return on plan assets | (25,000,000) | 18,000,000 | |
Employer contributions | 13,000,000 | 15,000,000 | |
Benefits paid | (18,000,000) | (18,000,000) | |
Fair value of plan assets at end of year | 113,000,000 | 143,000,000 | $ 128,000,000 |
Accrued asset | (66,000,000) | $ (94,000,000) | |
Qualified pension plan | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 11,928,000,000 | ||
Change in plan assets | |||
Employer contributions | 0 | ||
Qualified pension plan | Alabama Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 2,799,000,000 | ||
Qualified pension plan | Georgia Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 3,717,000,000 | ||
Qualified pension plan | Mississippi Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 540,000,000 | ||
Qualified pension plan | Southern Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 140,000,000 | ||
Qualified pension plan | Southern Company Gas | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 819,000,000 | ||
Non-qualified pension plan | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 674,000,000 | ||
Non-qualified pension plan | Alabama Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 107,000,000 | ||
Non-qualified pension plan | Georgia Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 134,000,000 | ||
Non-qualified pension plan | Mississippi Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 28,000,000 | ||
Non-qualified pension plan | Southern Power | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | 23,000,000 | ||
Non-qualified pension plan | Southern Company Gas | Pension plans | |||
Change in benefit obligation | |||
Balance at end of year | $ 49,000,000 |
RETIREMENT BENEFITS - Amounts R
RETIREMENT BENEFITS - Amounts Recognized in Balance Sheets and Amounts in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other regulatory assets, deferred | $ 5,918 | $ 5,577 |
Other current liabilities | (965) | (872) |
Employee benefit obligations | (1,238) | (1,550) |
Other regulatory liabilities, deferred | (733) | (485) |
Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 2,290 | 1,657 |
Other regulatory assets, deferred | 2,455 | 2,920 |
Other current liabilities | (56) | (55) |
Employee benefit obligations | (618) | (759) |
Other regulatory liabilities, deferred | (85) | (119) |
AOCI | 24 | 100 |
Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 0 | 0 |
Other regulatory assets, deferred | 34 | 97 |
Other current liabilities | (6) | (5) |
Employee benefit obligations | (437) | (593) |
Other regulatory liabilities, deferred | (170) | (171) |
AOCI | (4) | 0 |
Alabama Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 657 | 513 |
Other regulatory assets, deferred | 2,107 | 1,807 |
Other current liabilities | (91) | (125) |
Employee benefit obligations | (145) | (171) |
Other regulatory liabilities, deferred | (315) | (210) |
Alabama Power | Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 629 | 464 |
Other regulatory assets, deferred | 679 | 809 |
Other current liabilities | (10) | (9) |
Employee benefit obligations | (98) | (120) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | 0 | 0 |
Alabama Power | Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 28 | 49 |
Other regulatory assets, deferred | 0 | 0 |
Other current liabilities | 0 | 0 |
Employee benefit obligations | 0 | 0 |
Other regulatory liabilities, deferred | (21) | (62) |
AOCI | 0 | 0 |
Georgia Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other regulatory assets, deferred | 2,522 | 1,964 |
Other current liabilities | (286) | (254) |
Employee benefit obligations | (318) | (402) |
Georgia Power | Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 738 | 563 |
Other regulatory assets, deferred | 887 | 971 |
Other current liabilities | (12) | (12) |
Employee benefit obligations | (121) | (148) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | 0 | 0 |
Georgia Power | Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 0 | 0 |
Other regulatory assets, deferred | 19 | 30 |
Other current liabilities | 0 | 0 |
Employee benefit obligations | (146) | (206) |
Other regulatory liabilities, deferred | (58) | (40) |
AOCI | 0 | 0 |
Mississippi Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 109 | 79 |
Other regulatory assets, deferred | 249 | 317 |
Other current liabilities | (85) | (65) |
Employee benefit obligations | (69) | (88) |
Other regulatory liabilities, deferred | (96) | (64) |
Mississippi Power | Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 108 | 78 |
Other regulatory assets, deferred | 123 | 146 |
Other current liabilities | (2) | (2) |
Employee benefit obligations | (26) | (33) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | 0 | 0 |
Mississippi Power | Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 0 | 0 |
Other regulatory assets, deferred | 0 | 2 |
Other current liabilities | 0 | 0 |
Employee benefit obligations | (35) | (47) |
Other regulatory liabilities, deferred | (9) | (1) |
AOCI | 0 | 0 |
Southern Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other current liabilities | (111) | (140) |
Southern Power | Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 37 | 20 |
Other regulatory assets, deferred | 0 | 0 |
Other current liabilities | (2) | (2) |
Employee benefit obligations | (20) | (27) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | 11 | 35 |
Southern Power | Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 0 | 0 |
Other regulatory assets, deferred | 0 | 0 |
Other current liabilities | (1) | 0 |
Employee benefit obligations | (8) | (11) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | 0 | 2 |
Southern Company Gas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other regulatory assets, deferred | 497 | 689 |
Other current liabilities | (254) | (214) |
Employee benefit obligations | (120) | (176) |
Southern Company Gas | Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs(a) | 183 | 175 |
Other regulatory assets, deferred | 111 | 91 |
Other current liabilities | (3) | (2) |
Employee benefit obligations | (42) | (66) |
Other regulatory liabilities, deferred | 0 | 0 |
AOCI | (75) | (45) |
Regulatory asset | 190 | 210 |
Southern Company Gas | Other postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension and other postretirement benefit costs | 0 | 0 |
Other regulatory assets, deferred | 0 | 0 |
Other current liabilities | 0 | 0 |
Employee benefit obligations | (66) | (94) |
Other regulatory liabilities, deferred | (58) | (34) |
AOCI | (2) | (5) |
Regulatory asset | $ 32 | $ 40 |
RETIREMENT BENEFITS - Component
RETIREMENT BENEFITS - Components of Accumulated OCI and Changes in Regulatory Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 32,276 | $ 32,234 | $ 31,759 |
Total other comprehensive income (loss) | 71 | 158 | (75) |
Ending balance | 34,532 | 32,276 | 32,234 |
Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (76) | ||
Total other comprehensive income (loss) | 58 | ||
Ending balance | (18) | (76) | |
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (2) | (2) | |
Net loss | 26 | 102 | |
Total AOCI | 24 | 100 | |
Pension plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 10 | 11 | |
Net loss | 2,361 | 2,790 | |
Regulatory amortization | 0 | 0 | |
Regulatory asset | 2,371 | 2,801 | |
Pension plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 100 | 245 | |
Reclassification adjustments | 6 | ||
Total other comprehensive income (loss) | (76) | (145) | |
Ending balance | 24 | 100 | 245 |
Pension plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 2,801 | 4,621 | |
Reclassification adjustments | (247) | (297) | |
Total other comprehensive income (loss) | (430) | (1,820) | |
Ending balance | 2,371 | 2,801 | 4,621 |
Pension plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 82 | 128 | |
Reclassification adjustments | 6 | (17) | |
Pension plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 183 | 1,523 | |
Reclassification adjustments | (246) | (296) | |
Pension plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | (1) | (1) | |
Pension plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 1 | 1 | |
Net loss | (5) | (1) | |
Total AOCI | (4) | 0 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | (1) | 3 | |
Other postretirement benefit plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 14 | 13 | |
Net loss | (150) | (87) | |
Regulatory amortization | 0 | 0 | |
Regulatory liabilities | (136) | (74) | |
Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 8 | |
Total other comprehensive income (loss) | (4) | (8) | |
Ending balance | (4) | 0 | 8 |
Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (74) | 51 | |
Reclassification adjustments | 2 | (5) | |
Total other comprehensive income (loss) | (62) | (125) | |
Ending balance | (136) | (74) | 51 |
Other postretirement benefit plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | (3) | (11) | |
Other postretirement benefit plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 64 | 120 | |
Reclassification adjustments | 1 | (6) | |
Other postretirement benefit plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 1 | 1 | |
Other postretirement benefit plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Alabama Power | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 10,713 | 9,810 | 8,955 |
Total other comprehensive income (loss) | 4 | 6 | 4 |
Ending balance | 11,687 | 10,713 | 9,810 |
Alabama Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Alabama Power | Pension plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 4 | 5 | |
Net loss | 675 | 804 | |
Regulatory amortization | 0 | 0 | |
Regulatory asset | 679 | 809 | |
Alabama Power | Pension plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 809 | 1,286 | |
Reclassification adjustments | (63) | (83) | |
Total other comprehensive income (loss) | (130) | (477) | |
Ending balance | 679 | 809 | 1,286 |
Alabama Power | Pension plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 67 | 394 | |
Reclassification adjustments | (62) | (82) | |
Alabama Power | Pension plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | (1) | (1) | |
Alabama Power | Pension plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Alabama Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Alabama Power | Other postretirement benefit plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 4 | 3 | |
Net loss | (25) | (65) | |
Regulatory amortization | 0 | 0 | |
Regulatory liabilities | (21) | (62) | |
Alabama Power | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (62) | (21) | |
Reclassification adjustments | 0 | 0 | |
Total other comprehensive income (loss) | 41 | (41) | |
Ending balance | (21) | (62) | (21) |
Alabama Power | Other postretirement benefit plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | (41) | 41 | |
Reclassification adjustments | 0 | 0 | |
Alabama Power | Other postretirement benefit plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Alabama Power | Other postretirement benefit plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Georgia Power | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 17,234 | 16,501 | 15,065 |
Total other comprehensive income (loss) | 28 | 6 | 4 |
Ending balance | 18,858 | 17,234 | 16,501 |
Georgia Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Georgia Power | Pension plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 7 | 8 | |
Net loss | 880 | 963 | |
Regulatory amortization | 0 | 0 | |
Regulatory asset | 887 | 971 | |
Georgia Power | Pension plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 971 | 1,598 | |
Reclassification adjustments | (75) | (100) | |
Total other comprehensive income (loss) | (84) | (627) | |
Ending balance | 887 | 971 | 1,598 |
Georgia Power | Pension plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 9 | 527 | |
Reclassification adjustments | (74) | (99) | |
Georgia Power | Pension plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | (1) | (1) | |
Georgia Power | Pension plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Georgia Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Georgia Power | Other postretirement benefit plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 6 | 5 | |
Net loss | (45) | (15) | |
Regulatory amortization | 0 | 0 | |
Regulatory liabilities | (39) | (10) | |
Georgia Power | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (10) | 47 | |
Reclassification adjustments | (2) | (2) | |
Total other comprehensive income (loss) | (29) | (57) | |
Ending balance | (39) | (10) | 47 |
Georgia Power | Other postretirement benefit plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 27 | 55 | |
Reclassification adjustments | (2) | (3) | |
Georgia Power | Other postretirement benefit plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 1 | |
Georgia Power | Other postretirement benefit plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Mississippi Power | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1,867 | 1,742 | 1,652 |
Total other comprehensive income (loss) | 0 | 1 | 1 |
Ending balance | 1,931 | 1,867 | 1,742 |
Mississippi Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Mississippi Power | Pension plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 1 | 1 | |
Net loss | 122 | 145 | |
Regulatory amortization | 0 | 0 | |
Regulatory asset | 123 | 146 | |
Mississippi Power | Pension plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 146 | 235 | |
Reclassification adjustments | (11) | (15) | |
Total other comprehensive income (loss) | (23) | (89) | |
Ending balance | 123 | 146 | 235 |
Mississippi Power | Pension plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 12 | 74 | |
Reclassification adjustments | (11) | (15) | |
Mississippi Power | Pension plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Mississippi Power | Pension plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Mississippi Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total AOCI | 0 | 0 | |
Mississippi Power | Other postretirement benefit plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 1 | 1 | |
Net loss | (10) | 0 | |
Regulatory amortization | 0 | 0 | |
Regulatory asset | 1 | ||
Regulatory liabilities | (9) | ||
Mississippi Power | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1 | 5 | |
Reclassification adjustments | 0 | 0 | |
Total other comprehensive income (loss) | (10) | (4) | |
Ending balance | (9) | 1 | 5 |
Mississippi Power | Other postretirement benefit plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 10 | 4 | |
Reclassification adjustments | 0 | 0 | |
Mississippi Power | Other postretirement benefit plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Mississippi Power | Other postretirement benefit plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Southern Power | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 6,598 | 6,631 | 6,622 |
Total other comprehensive income (loss) | 10 | 40 | (42) |
Ending balance | 6,916 | 6,598 | 6,631 |
Southern Power | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (29) | ||
Total other comprehensive income (loss) | 20 | ||
Ending balance | (9) | (29) | |
Southern Power | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 0 | 0 | |
Net loss | 11 | 35 | |
Total AOCI | 11 | 35 | |
Southern Power | Pension plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 35 | 60 | |
Reclassification adjustments | (2) | ||
Total other comprehensive income (loss) | (24) | (25) | |
Ending balance | 11 | 35 | 60 |
Southern Power | Pension plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 22 | 22 | |
Reclassification adjustments | (2) | (3) | |
Southern Power | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 0 | 0 | |
Net loss | 0 | 2 | |
Total AOCI | 0 | 2 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Southern Power | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 2 | 3 | |
Total other comprehensive income (loss) | (2) | (1) | |
Ending balance | 0 | 2 | 3 |
Southern Power | Other postretirement benefit plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | (2) | (1) | |
Southern Company Gas | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 9,916 | 9,767 | 9,506 |
Total other comprehensive income (loss) | 7 | 46 | (29) |
Ending balance | 10,397 | 9,916 | 9,767 |
Southern Company Gas | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 38 | ||
Total other comprehensive income (loss) | 18 | ||
Ending balance | 56 | 38 | |
Southern Company Gas | Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (3) | (3) | |
Net loss | (72) | (42) | |
Total AOCI | (75) | (45) | |
Regulatory asset | 190 | 210 | |
Southern Company Gas | Pension plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (9) | (11) | |
Net loss | 66 | 38 | |
Regulatory amortization | 54 | 64 | |
Regulatory asset | 111 | 91 | |
Southern Company Gas | Pension plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (45) | 1 | |
Reclassification adjustments | 0 | ||
Total other comprehensive income (loss) | (30) | (46) | |
Ending balance | (75) | (45) | 1 |
Southern Company Gas | Pension plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 91 | 205 | |
Reclassification adjustments | (7) | (17) | |
Total other comprehensive income (loss) | 20 | (114) | |
Ending balance | 111 | 91 | 205 |
Southern Company Gas | Pension plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 30 | 47 | |
Reclassification adjustments | 0 | 1 | |
Southern Company Gas | Pension plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | (27) | 97 | |
Reclassification adjustments | 1 | (9) | |
Southern Company Gas | Pension plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 2 | 2 | |
Southern Company Gas | Pension plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | (10) | (10) | |
Southern Company Gas | Other postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 0 | 1 | |
Net loss | (2) | (6) | |
Total AOCI | (2) | (5) | |
Regulatory asset | 32 | 40 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 3 | (5) | |
Southern Company Gas | Other postretirement benefit plans | Regulatory Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 1 | 1 | |
Net loss | (64) | (51) | |
Regulatory amortization | 5 | 16 | |
Regulatory liabilities | (58) | (34) | |
Southern Company Gas | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (5) | 0 | |
Total other comprehensive income (loss) | 3 | (5) | |
Ending balance | (2) | (5) | 0 |
Southern Company Gas | Other postretirement benefit plans | Pension and Other Postretirement Benefit Plans | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (34) | (23) | |
Reclassification adjustments | (11) | (9) | |
Total other comprehensive income (loss) | (24) | (11) | |
Ending balance | (58) | (34) | $ (23) |
Southern Company Gas | Other postretirement benefit plans | Net gain | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 0 | 0 | |
Southern Company Gas | Other postretirement benefit plans | Net gain | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net gain | 13 | 2 | |
Reclassification adjustments | 0 | 0 | |
Southern Company Gas | Other postretirement benefit plans | Change in prior service costs | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | 0 | 0 | |
Southern Company Gas | Other postretirement benefit plans | Amortization of regulatory assets | Regulatory Assets | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustments | $ (11) | $ (9) |
RETIREMENT BENEFITS - Compone_2
RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost and Estimated Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension plans | |||
Components of net periodic | |||
Service cost | $ 412 | $ 434 | $ 376 |
Interest cost | 408 | 346 | 432 |
Expected return on plan assets | (1,265) | (1,191) | (1,100) |
Recognized net loss | 240 | 314 | 269 |
Net amortization | 0 | 1 | 1 |
Prior service cost | 0 | 0 | 0 |
Total change | (205) | (96) | (22) |
Benefit payments: | |||
2023 | 734 | ||
2024 | 735 | ||
2025 | 760 | ||
2026 | 784 | ||
2027 | 806 | ||
2028 to 2032 | 4,262 | ||
Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 23 | 24 | 22 |
Interest cost | 42 | 35 | 54 |
Expected return on plan assets | (80) | (76) | (72) |
Prior service cost | (1) | 2 | 1 |
Total change | (16) | (15) | 5 |
Benefit payments: | |||
2023 | 115 | ||
2024 | 110 | ||
2025 | 114 | ||
2026 | 113 | ||
2027 | 113 | ||
2028 to 2032 | 551 | ||
Alabama Power | Pension plans | |||
Components of net periodic | |||
Service cost | 99 | 102 | 89 |
Interest cost | 96 | 82 | 100 |
Expected return on plan assets | (306) | (287) | (264) |
Recognized net loss | 62 | 82 | 71 |
Net amortization | 1 | 1 | 1 |
Prior service cost | 0 | 0 | 0 |
Total change | (48) | (20) | (3) |
Benefit payments: | |||
2023 | 155 | ||
2024 | 160 | ||
2025 | 167 | ||
2026 | 173 | ||
2027 | 178 | ||
2028 to 2032 | 952 | ||
Alabama Power | Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 6 | 6 | 6 |
Interest cost | 10 | 9 | 13 |
Expected return on plan assets | (32) | (30) | (29) |
Prior service cost | 0 | 0 | 0 |
Total change | (16) | (15) | (10) |
Benefit payments: | |||
2023 | 25 | ||
2024 | 24 | ||
2025 | 26 | ||
2026 | 26 | ||
2027 | 26 | ||
2028 to 2032 | 130 | ||
Georgia Power | Pension plans | |||
Components of net periodic | |||
Service cost | 103 | 112 | 96 |
Interest cost | 123 | 104 | 133 |
Expected return on plan assets | (399) | (375) | (347) |
Recognized net loss | 75 | 100 | 86 |
Net amortization | 1 | 1 | 1 |
Prior service cost | 0 | 0 | 0 |
Total change | (97) | (58) | (31) |
Benefit payments: | |||
2023 | 230 | ||
2024 | 236 | ||
2025 | 243 | ||
2026 | 248 | ||
2027 | 252 | ||
2028 to 2032 | 1,304 | ||
Georgia Power | Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 6 | 7 | 6 |
Interest cost | 15 | 12 | 20 |
Expected return on plan assets | (28) | (26) | (26) |
Prior service cost | 2 | 2 | 2 |
Total change | (5) | (5) | 2 |
Benefit payments: | |||
2023 | 41 | ||
2024 | 39 | ||
2025 | 41 | ||
2026 | 41 | ||
2027 | 41 | ||
2028 to 2032 | 199 | ||
Mississippi Power | Pension plans | |||
Components of net periodic | |||
Service cost | 17 | 18 | 15 |
Interest cost | 18 | 16 | 20 |
Expected return on plan assets | (57) | (55) | (51) |
Recognized net loss | 11 | 15 | 13 |
Net amortization | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Total change | (11) | (6) | (3) |
Benefit payments: | |||
2023 | 32 | ||
2024 | 33 | ||
2025 | 34 | ||
2026 | 35 | ||
2027 | 36 | ||
2028 to 2032 | 192 | ||
Mississippi Power | Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 1 | 2 |
Expected return on plan assets | (2) | (1) | (1) |
Prior service cost | 0 | 0 | 0 |
Total change | 1 | 1 | 2 |
Benefit payments: | |||
2023 | 5 | ||
2024 | 5 | ||
2025 | 5 | ||
2026 | 5 | ||
2027 | 5 | ||
2028 to 2032 | 22 | ||
Southern Power | Pension plans | |||
Components of net periodic | |||
Service cost | 9 | 10 | 8 |
Interest cost | 6 | 5 | 6 |
Expected return on plan assets | (15) | (14) | (13) |
Recognized net loss | 2 | 3 | 2 |
Net amortization | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Total change | 2 | 4 | 3 |
Benefit payments: | |||
2023 | 6 | ||
2024 | 7 | ||
2025 | 7 | ||
2026 | 7 | ||
2027 | 8 | ||
2028 to 2032 | 43 | ||
Southern Power | Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 0 | 0 | 1 |
Interest cost | 0 | 0 | 0 |
Expected return on plan assets | 1 | 1 | 0 |
Prior service cost | 0 | 0 | 0 |
Total change | 1 | 1 | 1 |
Benefit payments: | |||
2023 | 1 | ||
2024 | 1 | ||
2025 | 1 | ||
2026 | 1 | ||
2027 | 1 | ||
2028 to 2032 | 1 | ||
Southern Company Gas | Pension plans | |||
Components of net periodic | |||
Service cost | 34 | 37 | 33 |
Interest cost | 28 | 24 | 31 |
Expected return on plan assets | (91) | (86) | (75) |
Recognized net loss | 8 | 13 | 6 |
Net amortization | 15 | 15 | 15 |
Prior service cost | (3) | (3) | (3) |
Total change | (9) | 0 | 7 |
Benefit payments: | |||
2023 | 83 | ||
2024 | 57 | ||
2025 | 58 | ||
2026 | 60 | ||
2027 | 61 | ||
2028 to 2032 | 323 | ||
Southern Company Gas | Other postretirement benefit plans | |||
Components of net periodic | |||
Service cost | 1 | 2 | 2 |
Interest cost | 5 | 4 | 7 |
Expected return on plan assets | (9) | (10) | (10) |
Prior service cost | 6 | 6 | 6 |
Total change | 3 | $ 2 | $ 5 |
Benefit payments: | |||
2023 | 18 | ||
2024 | 17 | ||
2025 | 17 | ||
2026 | 16 | ||
2027 | 16 | ||
2028 to 2032 | $ 68 |
RETIREMENT BENEFITS - Fair Valu
RETIREMENT BENEFITS - Fair Values of Pension Plan and Other Postretirement Benefit Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Target Allocation | 100% | |
Actual Allocation | 100% | |
Pension plans | ||
Assets: | ||
Plan assets | $ 14,197 | $ 17,225 |
Target Allocation | 100% | |
Actual Allocation | 100% | |
Derivatives | (4) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | $ 14,193 | |
Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 2,769 | $ 4,421 |
Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 3,256 | $ 4,145 |
Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 1,469 | $ 1,209 |
Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 29 | 10 |
Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 1,494 | 1,752 |
Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 607 | 771 |
Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 406 | 412 |
Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 2,263 | $ 2,744 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 187 | $ 171 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 1,717 | $ 1,590 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Other postretirement benefit plans | ||
Assets: | ||
Plan assets | $ 998 | $ 1,249 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Other postretirement benefit plans | Equity | ||
Assets: | ||
Target Allocation | 61% | 64% |
Actual Allocation | 59% | 66% |
Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 159 | $ 235 |
Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | $ 137 | $ 172 |
Other postretirement benefit plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 27% |
Actual Allocation | 28% | 25% |
Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 43 | $ 37 |
Other postretirement benefit plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 1 | |
Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 40 | 50 |
Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 79 | 90 |
Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 19 | 14 |
Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 406 | 530 |
Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 62 | $ 74 |
Target Allocation | 5% | 5% |
Actual Allocation | 7% | 6% |
Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | $ 6 | $ 5 |
Target Allocation | 1% | 1% |
Actual Allocation | 1% | 0% |
Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 46 | $ 42 |
Target Allocation | 3% | 3% |
Actual Allocation | 5% | 3% |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 5,019 | $ 6,946 |
Derivatives | (4) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 5,015 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 2,078 | 3,095 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 2,166 | 2,740 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 399 | 405 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 376 | 706 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 173 | 230 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 85 | 123 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 58 | 73 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 19 | 14 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 11 | 20 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 5,387 | 6,477 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 5,387 | |
Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 691 | 1,326 |
Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 1,090 | 1,402 |
Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 1,469 | 1,209 |
Significant Other Observable Inputs (Level 2) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 29 | 10 |
Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 1,494 | 1,752 |
Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 607 | 771 |
Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 7 | 7 |
Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 722 | 918 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 74 | 112 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 79 | 99 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 43 | 37 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 1 | |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 40 | 50 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 79 | 90 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 406 | 530 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 3 |
Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 3 |
Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 3,791 | 3,799 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 3,791 | |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 1,887 | 2,038 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 187 | 171 |
Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 1,717 | 1,590 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 103 | 101 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 51 | 54 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 6 | 5 |
Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 46 | 42 |
Alabama Power | ||
Assets: | ||
Target Allocation | 100% | |
Actual Allocation | 100% | |
Alabama Power | Pension plans | ||
Assets: | ||
Plan assets | $ 3,422 | $ 4,141 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Derivatives | $ (1) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | $ 3,421 | |
Alabama Power | Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Alabama Power | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 667 | $ 1,062 |
Alabama Power | Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 785 | $ 997 |
Alabama Power | Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Alabama Power | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 354 | $ 291 |
Alabama Power | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 7 | 2 |
Alabama Power | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 360 | 421 |
Alabama Power | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 146 | 186 |
Alabama Power | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 98 | 99 |
Alabama Power | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 546 | $ 660 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Alabama Power | Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 45 | $ 41 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Alabama Power | Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 414 | $ 382 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Alabama Power | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | $ 371 | $ 488 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Alabama Power | Other postretirement benefit plans | Equity | ||
Assets: | ||
Target Allocation | 69% | 71% |
Actual Allocation | 65% | 69% |
Alabama Power | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 23 | $ 37 |
Alabama Power | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | $ 27 | $ 35 |
Alabama Power | Other postretirement benefit plans | Fixed income | ||
Assets: | ||
Target Allocation | 23% | 21% |
Actual Allocation | 23% | 21% |
Alabama Power | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 12 | $ 10 |
Alabama Power | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 12 | 18 |
Alabama Power | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 7 | 6 |
Alabama Power | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 3 | 3 |
Alabama Power | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 252 | 341 |
Alabama Power | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 19 | $ 23 |
Target Allocation | 4% | 4% |
Actual Allocation | 7% | 7% |
Alabama Power | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | $ 2 | $ 2 |
Target Allocation | 1% | 1% |
Actual Allocation | 1% | 0% |
Alabama Power | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 14 | $ 13 |
Target Allocation | 3% | 3% |
Actual Allocation | 4% | 3% |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 1,209 | $ 1,669 |
Derivatives | (1) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 1,208 | |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 500 | 743 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 522 | 659 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 96 | 97 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 91 | 170 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 41 | 58 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 17 | 26 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 18 | 23 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 3 | 3 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 3 | 6 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 1,299 | 1,558 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 1,299 | |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 167 | 319 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 263 | 337 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 354 | 291 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 7 | 2 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 360 | 421 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 146 | 186 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 2 | 2 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 298 | 398 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 6 | 11 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 9 | 12 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 12 | 10 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 12 | 18 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 7 | 6 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 252 | 341 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 1 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 1 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 914 | 913 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 914 | |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 455 | 490 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 45 | 41 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 414 | 382 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 32 | 32 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 16 | 17 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 2 | 2 |
Alabama Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 14 | 13 |
Georgia Power | ||
Assets: | ||
Target Allocation | 100% | |
Actual Allocation | 100% | |
Georgia Power | Pension plans | ||
Assets: | ||
Plan assets | $ 4,448 | $ 5,415 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Derivatives | $ (1) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | $ 4,447 | |
Georgia Power | Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Georgia Power | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 868 | $ 1,389 |
Georgia Power | Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 1,020 | $ 1,303 |
Georgia Power | Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Georgia Power | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 460 | $ 380 |
Georgia Power | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 9 | 3 |
Georgia Power | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 468 | 551 |
Georgia Power | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 190 | 243 |
Georgia Power | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 127 | 129 |
Georgia Power | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 709 | $ 863 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Georgia Power | Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 59 | $ 54 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Georgia Power | Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 538 | $ 500 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Georgia Power | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | $ 368 | $ 450 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Georgia Power | Other postretirement benefit plans | Equity | ||
Assets: | ||
Target Allocation | 58% | 60% |
Actual Allocation | 56% | 62% |
Georgia Power | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 52 | $ 78 |
Georgia Power | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | $ 56 | $ 72 |
Georgia Power | Other postretirement benefit plans | Fixed income | ||
Assets: | ||
Target Allocation | 35% | 33% |
Actual Allocation | 34% | 30% |
Georgia Power | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 10 | $ 9 |
Georgia Power | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 12 | 14 |
Georgia Power | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 40 | 46 |
Georgia Power | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 9 | 5 |
Georgia Power | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 154 | 189 |
Georgia Power | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 19 | $ 23 |
Target Allocation | 4% | 4% |
Actual Allocation | 5% | 5% |
Georgia Power | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | $ 2 | $ 1 |
Target Allocation | 1% | 1% |
Actual Allocation | 1% | 0% |
Georgia Power | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 14 | $ 13 |
Target Allocation | 2% | 2% |
Actual Allocation | 4% | 3% |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 1,572 | $ 2,182 |
Derivatives | (1) | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 1,571 | |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 651 | 972 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 678 | 861 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 125 | 127 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 118 | 222 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 76 | 99 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 46 | 65 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 17 | 22 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 9 | 5 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 4 | 7 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 1,688 | 2,037 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 1,688 | |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 217 | 417 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 342 | 441 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 460 | 380 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 9 | 3 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 468 | 551 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 190 | 243 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 2 | 2 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 261 | 321 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 6 | 13 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 39 | 50 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 10 | 9 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 12 | 14 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 40 | 46 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 154 | 189 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 1 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 1 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 1,188 | 1,195 |
Derivatives | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Excluding Cash, Investment Income And Pending Investment Sales Receivables, And Pending Investment Purchase Payables | 1,188 | |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 591 | 641 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 59 | 54 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 538 | 500 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 31 | 30 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Trust-owned life insurance | ||
Assets: | ||
Plan assets | 0 | 0 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 15 | 16 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 2 | 1 |
Georgia Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 14 | 13 |
Mississippi Power | Pension plans | ||
Assets: | ||
Plan assets | $ 648 | $ 787 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Mississippi Power | Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Mississippi Power | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 127 | $ 203 |
Mississippi Power | Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 149 | $ 190 |
Mississippi Power | Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Mississippi Power | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 67 | $ 55 |
Mississippi Power | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 1 | |
Mississippi Power | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 68 | 80 |
Mississippi Power | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 28 | 35 |
Mississippi Power | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 18 | 18 |
Mississippi Power | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 103 | $ 125 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Mississippi Power | Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 9 | $ 8 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Mississippi Power | Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 78 | $ 73 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Mississippi Power | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | $ 24 | $ 27 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Mississippi Power | Other postretirement benefit plans | Equity | ||
Assets: | ||
Target Allocation | 37% | 43% |
Actual Allocation | 35% | 44% |
Mississippi Power | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 4 | $ 6 |
Mississippi Power | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | $ 5 | $ 6 |
Mississippi Power | Other postretirement benefit plans | Fixed income | ||
Assets: | ||
Target Allocation | 43% | 36% |
Actual Allocation | 41% | 34% |
Mississippi Power | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 4 | $ 5 |
Mississippi Power | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 2 | 2 |
Mississippi Power | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 1 | 1 |
Mississippi Power | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 2 | 1 |
Mississippi Power | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 4 | $ 4 |
Target Allocation | 11% | 11% |
Actual Allocation | 12% | 13% |
Mississippi Power | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | $ 0 | $ 0 |
Target Allocation | 2% | 2% |
Actual Allocation | 2% | 1% |
Mississippi Power | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 2 | $ 2 |
Target Allocation | 7% | 8% |
Actual Allocation | 10% | 8% |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 229 | $ 318 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 95 | 142 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 99 | 126 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 18 | 18 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 17 | 32 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 9 | 10 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 3 | 4 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 3 | 4 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 2 | 1 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 1 | 1 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 246 | 295 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 32 | 61 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 50 | 64 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 67 | 55 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 1 | |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 68 | 80 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 28 | 35 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 10 | 12 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 1 | 2 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 2 | 2 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 4 | 5 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 2 | 2 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 1 | 1 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 173 | 174 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 86 | 93 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 9 | 8 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 78 | 73 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 5 | 5 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 3 | 3 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Mississippi Power | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 2 | 2 |
Southern Power | Pension plans | ||
Assets: | ||
Plan assets | $ 177 | $ 213 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Southern Power | Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Southern Power | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 34 | $ 54 |
Southern Power | Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 41 | $ 51 |
Southern Power | Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Southern Power | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 18 | $ 15 |
Southern Power | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 19 | 22 |
Southern Power | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 8 | 10 |
Southern Power | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 5 | 5 |
Southern Power | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 29 | $ 34 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Southern Power | Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 2 | $ 2 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Southern Power | Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 21 | $ 20 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 62 | $ 86 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 25 | 38 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 27 | 34 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 5 | 5 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 5 | 9 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 68 | 80 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 9 | 16 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 14 | 17 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 18 | 15 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 19 | 22 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 8 | 10 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 47 | 47 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 24 | 25 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 2 | 2 |
Southern Power | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 21 | 20 |
Southern Company Gas | Pension plans | ||
Assets: | ||
Plan assets | $ 1,001 | $ 1,241 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Southern Company Gas | Pension plans | Equity | ||
Assets: | ||
Target Allocation | 45% | 51% |
Actual Allocation | 43% | 53% |
Southern Company Gas | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 195 | $ 319 |
Southern Company Gas | Pension plans | International equity | ||
Assets: | ||
Plan assets | $ 229 | $ 298 |
Southern Company Gas | Pension plans | Fixed income | ||
Assets: | ||
Target Allocation | 30% | 23% |
Actual Allocation | 28% | 22% |
Southern Company Gas | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 104 | $ 87 |
Southern Company Gas | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 2 | 1 |
Southern Company Gas | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 105 | 126 |
Southern Company Gas | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 43 | 56 |
Southern Company Gas | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 29 | 29 |
Southern Company Gas | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 160 | $ 198 |
Target Allocation | 13% | 14% |
Actual Allocation | 15% | 15% |
Southern Company Gas | Pension plans | Special situations | ||
Assets: | ||
Plan assets | $ 13 | $ 12 |
Target Allocation | 3% | 3% |
Actual Allocation | 2% | 1% |
Southern Company Gas | Pension plans | Private equity | ||
Assets: | ||
Plan assets | $ 121 | $ 115 |
Target Allocation | 9% | 9% |
Actual Allocation | 12% | 9% |
Southern Company Gas | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | $ 113 | $ 143 |
Target Allocation | 100% | 100% |
Actual Allocation | 100% | 100% |
Southern Company Gas | Other postretirement benefit plans | Equity | ||
Assets: | ||
Target Allocation | 72% | 72% |
Actual Allocation | 70% | 73% |
Southern Company Gas | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | $ 58 | $ 79 |
Southern Company Gas | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | $ 22 | $ 26 |
Southern Company Gas | Other postretirement benefit plans | Fixed income | ||
Assets: | ||
Target Allocation | 26% | 26% |
Actual Allocation | 27% | 24% |
Southern Company Gas | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | $ 1 | $ 1 |
Southern Company Gas | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 1 | 1 |
Southern Company Gas | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 27 | 30 |
Southern Company Gas | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 1 | 2 |
Southern Company Gas | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | $ 2 | $ 3 |
Target Allocation | 1% | 1% |
Actual Allocation | 2% | 2% |
Southern Company Gas | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 1 | $ 1 |
Target Allocation | 1% | 1% |
Actual Allocation | 1% | 1% |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | ||
Assets: | ||
Plan assets | $ 353 | $ 500 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 146 | 223 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 152 | 197 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 28 | 29 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 27 | 51 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 5 | 8 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 2 | 3 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 2 | 2 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 1 | 2 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 1 |
Southern Company Gas | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | ||
Assets: | ||
Plan assets | 381 | 467 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 49 | 96 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 77 | 101 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 104 | 87 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 2 | 1 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 105 | 126 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 43 | 56 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 1 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 105 | 132 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 56 | 76 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 20 | 24 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 1 | 1 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 1 | 1 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 27 | 30 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Other Observable Inputs (Level 2) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Significant Unobservable Inputs (Level 3) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | ||
Assets: | ||
Plan assets | 267 | 274 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Mortgage- and asset-backed securities | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Real estate investments | ||
Assets: | ||
Plan assets | 133 | 147 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Special situations | ||
Assets: | ||
Plan assets | 13 | 12 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Pension plans | Private equity | ||
Assets: | ||
Plan assets | 121 | 115 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | ||
Assets: | ||
Plan assets | 3 | 3 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Domestic equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | International equity | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | U.S. Treasury, government, and agency bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Corporate bonds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Pooled funds | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Cash equivalents and other | ||
Assets: | ||
Plan assets | 0 | 0 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Real estate investments | ||
Assets: | ||
Plan assets | 2 | 2 |
Southern Company Gas | Net Asset Value as a Practical Expedient (NAV) | Other postretirement benefit plans | Private equity | ||
Assets: | ||
Plan assets | $ 1 | $ 1 |
RETIREMENT BENEFITS - 401K Plan
RETIREMENT BENEFITS - 401K Plan Matching Contributions (Details) - Employee Savings Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 124 | $ 119 | $ 120 |
Alabama Power | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 26 | 26 | 26 |
Georgia Power | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 29 | 28 | 29 |
Mississippi Power | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 5 | 5 | 5 |
Southern Power | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 3 | 2 | 2 |
Southern Company Gas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 17 | $ 16 | $ 16 |
STOCK COMPENSATION - Schedule o
STOCK COMPENSATION - Schedule of Employees Participating in Stock-Based Compensation Programs (Details) | Dec. 31, 2022 employee |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 1,586 |
Alabama Power | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 221 |
Georgia Power | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 236 |
Mississippi Power | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 64 |
Southern Power | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 45 |
Southern Company Gas | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of employees | 186 |
STOCK COMPENSATION - Performanc
STOCK COMPENSATION - Performance Shares Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 $ / shares shares | Feb. 28, 2022 $ / shares shares | Dec. 31, 2022 USD ($) type $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares converted (in shares) | 2,500,000 | ||||
Shares converted (in dollars per share) | $ / shares | $ 66.57 | ||||
Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares converted (in shares) | 1,800,000 | ||||
Shares converted (in dollars per share) | $ / shares | $ 67.13 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of performance share units issued under performance share plan | 3 years | 3 years | |||
Minimum percentage of transfer performance shares to common stock based on actual total shareholder return | 0% | ||||
Maximum percentage of transfer performance shares to common stock based on actual total shareholder return | 200% | ||||
Number of types of PSUs | type | 3 | ||||
Performance share units, unvested (in shares) | 2,400,000 | 2,200,000 | |||
Equity instrument, granted (in shares) | 1,300,000 | ||||
Equity instruments, vested (in shares) | 1,100,000 | ||||
Unrecognized compensation cost | $ | $ 31 | ||||
Total unrecognized compensation cost related to award, weighted average period | 19 months | ||||
EPS-based and ROE-based Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of performance share units issued under performance share plan | 3 years | ||||
Equity instrument granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.87 | $ 59.49 | $ 68.42 |
STOCK COMPENSATION - Performa_2
STOCK COMPENSATION - Performance Shares, Assumptions Used (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 29.60% | 30% | 15.40% |
Expected term (in years) | 3 years | 3 years | 3 years |
Interest rate | 1.70% | 0.20% | 1.40% |
Weighted average grant-date fair value (in dollars per share) | $ 79.69 | $ 69.06 | $ 77.65 |
STOCK COMPENSATION - Performa_3
STOCK COMPENSATION - Performance Shares, Compensation Costs and Related Tax Benefit (Details) - Performance Shares - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost recognized in income | $ 101 | $ 112 | $ 84 |
Tax benefit of compensation cost recognized in income | 26 | 29 | 22 |
Southern Company Gas | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost recognized in income | 12 | 17 | 13 |
Tax benefit of compensation cost recognized in income | $ 4 | $ 4 | $ 4 |
STOCK COMPENSATION - Restricted
STOCK COMPENSATION - Restricted Stock Units Narrative (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instrument granted in period, weighted average grant date fair value (in dollars per share) | $ 67.20 | $ 59.56 | $ 67.60 |
Award requisite service period | 3 years | ||
Total unrecognized compensation cost related to award, weighted average period | 18 months | ||
Restricted stock units, unvested (in shares) | 0.9 | 1.1 | |
Equity instrument, granted (in shares) | 0.4 | ||
Vested or forfeited (in shares) | 0.6 | ||
Total compensation cost for award recognized in income | $ 26 | $ 32 | $ 29 |
Total compensation cost for award recognized in income, tax benefit | $ 7 | $ 8 | $ 8 |
One-year vesting period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to award, weighted average period | 1 year | ||
Two-year vesting period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to award, weighted average period | 2 years | ||
Three-year vesting period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to award, weighted average period | 3 years |
STOCK COMPENSATION - Stock Opti
STOCK COMPENSATION - Stock Options Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average remaining contractual term for options outstanding | 10 months | ||
Cash received from issuance related to option exercise | $ 75 | $ 66 | $ 66 |
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years |
STOCK COMPENSATION - Stock Op_2
STOCK COMPENSATION - Stock Option Activity (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares Subject to Option | |
Beginning balance (in shares) | shares | 2.8 |
Exercised (in shares) | shares | 1.8 |
Ending balance (in shares) | shares | 1 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 42.95 |
Exercised (in dollars per share) | $ / shares | 43.37 |
Ending balance (in dollars per share) | $ / shares | $ 42.22 |
STOCK COMPENSATION - Aggregate
STOCK COMPENSATION - Aggregate Intrinsic Value for Options Exercised (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | $ 29 | ||
Aggregate intrinsic value for options exercisable | 29 | ||
Intrinsic value of options exercised | 49 | $ 34 | $ 38 |
Tax benefit of options exercised | 12 | 7 | 9 |
Georgia Power | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | 0 | ||
Aggregate intrinsic value for options exercisable | 0 | ||
Intrinsic value of options exercised | 15 | 14 | 9 |
Tax benefit of options exercised | 4 | $ 3 | $ 2 |
Southern Company Gas | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | 0 | ||
Aggregate intrinsic value for options exercisable | 0 | ||
Mississippi Power | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | 0 | ||
Aggregate intrinsic value for options exercisable | 0 | ||
Alabama Power | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | 0 | ||
Aggregate intrinsic value for options exercisable | 0 | ||
Southern Power | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value for options outstanding | 0 | ||
Aggregate intrinsic value for options exercisable | $ 0 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivative asset | $ 141 | $ 213 |
Liabilities: | ||
Derivative liability | 617 | 125 |
Collateral already posted, aggregate fair value | 41 | |
Recurring | ||
Assets: | ||
Cash equivalents | 1,447 | 1,174 |
Other investments | 35 | 44 |
Total | 3,856 | 4,023 |
Liabilities: | ||
Contingent consideration | 12 | 14 |
Other | 13 | |
Total | 753 | 181 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 1,427 | 1,160 |
Other investments | 9 | 9 |
Total | 2,271 | 2,174 |
Liabilities: | ||
Contingent consideration | 0 | 0 |
Other | 0 | |
Total | 32 | 10 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 20 | 14 |
Other investments | 26 | 35 |
Total | 1,424 | 1,699 |
Liabilities: | ||
Contingent consideration | 0 | 0 |
Other | 13 | |
Total | 709 | 157 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ||
Contingent consideration | 12 | 14 |
Other | 0 | |
Total | 12 | 14 |
Recurring | Fair Value Measured at Net Asset Value Per Share (NAV) | ||
Assets: | ||
Total | 161 | 150 |
Alabama Power | ||
Assets: | ||
Derivative asset | 38 | 50 |
Liabilities: | ||
Derivative liability | 15 | 6 |
Collateral already posted, aggregate fair value | 0 | |
Alabama Power | Recurring | ||
Assets: | ||
Cash equivalents | 458 | 853 |
Other investments | 26 | 35 |
Total | 1,671 | 2,267 |
Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 438 | 839 |
Other investments | 0 | 0 |
Total | 966 | 1,482 |
Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 20 | 14 |
Other investments | 26 | 35 |
Total | 544 | 635 |
Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Alabama Power | Recurring | Fair Value Measured at Net Asset Value Per Share (NAV) | ||
Assets: | ||
Total | 161 | 150 |
Georgia Power | ||
Assets: | ||
Derivative asset | 21 | 67 |
Liabilities: | ||
Derivative liability | 41 | 0 |
Georgia Power | Recurring | ||
Assets: | ||
Cash equivalents | 355 | |
Total | 1,415 | 1,292 |
Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 355 | |
Total | 640 | 336 |
Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 775 | 956 |
Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | 0 |
Mississippi Power | ||
Assets: | ||
Derivative asset | 42 | 52 |
Liabilities: | ||
Derivative liability | 15 | 1 |
Mississippi Power | Recurring | ||
Assets: | ||
Cash equivalents | 47 | 40 |
Total | 106 | 96 |
Mississippi Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 47 | 40 |
Total | 47 | 40 |
Mississippi Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 59 | 56 |
Mississippi Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Southern Power | ||
Assets: | ||
Derivative asset | 8 | 4 |
Liabilities: | ||
Derivative liability | 59 | 16 |
Other | 13 | |
Collateral already posted, aggregate fair value | 15 | |
Southern Power | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Other | 0 | |
Southern Power | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Other | 13 | |
Southern Power | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Other | 0 | |
Southern Power | Recurring | ||
Liabilities: | ||
Contingent consideration | 12 | |
Other | 13 | |
Total | 84 | 43 |
Southern Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Contingent consideration | 0 | |
Other | 0 | |
Total | 0 | 0 |
Southern Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Contingent consideration | 0 | |
Other | 13 | |
Total | 72 | 29 |
Southern Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Contingent consideration | 12 | |
Other | 0 | |
Total | 12 | 14 |
Southern Company Gas | ||
Assets: | ||
Derivative asset | 28 | 27 |
Liabilities: | ||
Derivative liability | 110 | 16 |
Collateral already posted, aggregate fair value | 41 | 3 |
Southern Company Gas | Recurring | ||
Assets: | ||
Cash equivalents | 50 | 2 |
Total | 98 | 61 |
Liabilities: | ||
Total | 151 | 27 |
Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 50 | 2 |
Total | 72 | 26 |
Liabilities: | ||
Total | 32 | 10 |
Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 26 | 35 |
Liabilities: | ||
Total | 119 | 17 |
Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ||
Total | 0 | 0 |
Energy-related derivatives | Recurring | ||
Assets: | ||
Derivative asset | 199 | 219 |
Liabilities: | ||
Derivative liability | 210 | 46 |
Energy-related derivatives | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 18 | 24 |
Liabilities: | ||
Derivative liability | 32 | 10 |
Energy-related derivatives | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 181 | 195 |
Liabilities: | ||
Derivative liability | 178 | 36 |
Energy-related derivatives | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Alabama Power | Recurring | ||
Assets: | ||
Derivative asset | 62 | 55 |
Liabilities: | ||
Derivative liability | 39 | 11 |
Energy-related derivatives | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 62 | 55 |
Liabilities: | ||
Derivative liability | 39 | 11 |
Energy-related derivatives | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Georgia Power | Recurring | ||
Assets: | ||
Derivative asset | 42 | 75 |
Liabilities: | ||
Derivative liability | 62 | 8 |
Energy-related derivatives | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 42 | 75 |
Liabilities: | ||
Derivative liability | 62 | 8 |
Energy-related derivatives | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Mississippi Power | Recurring | ||
Assets: | ||
Derivative asset | 59 | 56 |
Liabilities: | ||
Derivative liability | 32 | 5 |
Energy-related derivatives | Mississippi Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Mississippi Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 59 | 56 |
Liabilities: | ||
Derivative liability | 32 | 5 |
Energy-related derivatives | Mississippi Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Energy-related derivatives | Southern Power | Recurring | ||
Assets: | ||
Derivative asset | 8 | 4 |
Liabilities: | ||
Derivative liability | 12 | |
Energy-related derivatives | Southern Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | |
Energy-related derivatives | Southern Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 8 | 4 |
Liabilities: | ||
Derivative liability | 12 | |
Energy-related derivatives | Southern Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | |
Energy-related derivatives | Southern Company Gas | Recurring | ||
Assets: | ||
Derivative asset | 28 | 29 |
Liabilities: | ||
Derivative liability | 65 | 22 |
Energy-related derivatives | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 18 | 24 |
Liabilities: | ||
Derivative liability | 32 | 10 |
Energy-related derivatives | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 10 | 5 |
Liabilities: | ||
Derivative liability | 33 | 12 |
Energy-related derivatives | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Interest rate derivatives | Recurring | ||
Assets: | ||
Derivative asset | 12 | 19 |
Liabilities: | ||
Derivative liability | 302 | 29 |
Interest rate derivatives | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Interest rate derivatives | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 12 | 19 |
Liabilities: | ||
Derivative liability | 302 | 29 |
Interest rate derivatives | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | 0 |
Liabilities: | ||
Derivative liability | 0 | 0 |
Interest rate derivatives | Southern Company Gas | Recurring | ||
Assets: | ||
Derivative asset | 6 | |
Liabilities: | ||
Derivative liability | 86 | 5 |
Interest rate derivatives | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative asset | 0 | |
Liabilities: | ||
Derivative liability | 0 | 0 |
Interest rate derivatives | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative asset | 6 | |
Liabilities: | ||
Derivative liability | 86 | 5 |
Interest rate derivatives | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative asset | 0 | |
Liabilities: | ||
Derivative liability | 0 | 0 |
Foreign currency derivatives | Recurring | ||
Liabilities: | ||
Derivative liability | 216 | 79 |
Foreign currency derivatives | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivative liability | 0 | 0 |
Foreign currency derivatives | Recurring | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivative liability | 216 | 79 |
Foreign currency derivatives | Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liability | 0 | 0 |
Foreign currency derivatives | Southern Power | Recurring | ||
Liabilities: | ||
Derivative liability | 47 | 16 |
Contingent consideration | 14 | |
Foreign currency derivatives | Southern Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivative liability | 0 | 0 |
Contingent consideration | 0 | |
Foreign currency derivatives | Southern Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivative liability | 47 | 16 |
Contingent consideration | 0 | |
Foreign currency derivatives | Southern Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liability | 0 | 0 |
Contingent consideration | 14 | |
Domestic equity | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 829 | 1,016 |
Domestic equity | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 651 | 791 |
Domestic equity | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 178 | 225 |
Domestic equity | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Domestic equity | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 565 | 684 |
Domestic equity | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 396 | 468 |
Domestic equity | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 169 | 216 |
Domestic equity | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Domestic equity | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 256 | 324 |
Domestic equity | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 255 | 323 |
Domestic equity | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 1 | 1 |
Domestic equity | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Domestic equity | Southern Company Gas | Recurring | ||
Assets: | ||
Non-qualified deferred compensation trusts | 8 | 8 |
Domestic equity | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
Domestic equity | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 8 | 8 |
Domestic equity | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
Foreign equity | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 275 | 353 |
Foreign equity | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 125 | 165 |
Foreign equity | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 150 | 188 |
Foreign equity | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Foreign equity | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 125 | 165 |
Foreign equity | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 125 | 165 |
Foreign equity | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Foreign equity | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Foreign equity | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 149 | 185 |
Foreign equity | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Foreign equity | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 149 | 185 |
Foreign equity | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Foreign equity | Southern Company Gas | Recurring | ||
Assets: | ||
Non-qualified deferred compensation trusts | 1 | 3 |
Foreign equity | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
Foreign equity | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 1 | 3 |
Foreign equity | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
U.S. Treasury and government agency securities | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 285 | 314 |
U.S. Treasury and government agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
U.S. Treasury and government agency securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 285 | 314 |
U.S. Treasury and government agency securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
U.S. Treasury and government agency securities | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 19 | 21 |
U.S. Treasury and government agency securities | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
U.S. Treasury and government agency securities | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 19 | 21 |
U.S. Treasury and government agency securities | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
U.S. Treasury and government agency securities | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 266 | 293 |
U.S. Treasury and government agency securities | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
U.S. Treasury and government agency securities | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 266 | 293 |
U.S. Treasury and government agency securities | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 51 | 56 |
Municipal bonds | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 51 | 56 |
Municipal bonds | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 1 | 1 |
Municipal bonds | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 1 | 1 |
Municipal bonds | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 50 | 55 |
Municipal bonds | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Municipal bonds | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 50 | 55 |
Municipal bonds | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Pooled funds – fixed income | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | 13 |
Pooled funds – fixed income | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Pooled funds – fixed income | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | 13 |
Pooled funds – fixed income | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Pooled funds – fixed income | Southern Company Gas | Recurring | ||
Assets: | ||
Non-qualified deferred compensation trusts | 7 | 13 |
Pooled funds – fixed income | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
Pooled funds – fixed income | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 7 | 13 |
Pooled funds – fixed income | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | 0 |
Corporate bonds | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 412 | 523 |
Corporate bonds | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 1 |
Corporate bonds | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 412 | 522 |
Corporate bonds | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Corporate bonds | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 225 | 272 |
Corporate bonds | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 1 |
Corporate bonds | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 225 | 271 |
Corporate bonds | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Corporate bonds | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 187 | 251 |
Corporate bonds | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Corporate bonds | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 187 | 251 |
Corporate bonds | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 90 | 93 |
Mortgage and asset backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 90 | 93 |
Mortgage and asset backed securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 22 | 22 |
Mortgage and asset backed securities | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 22 | 22 |
Mortgage and asset backed securities | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 68 | 71 |
Mortgage and asset backed securities | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Mortgage and asset backed securities | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 68 | 71 |
Mortgage and asset backed securities | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 161 | 150 |
Private equity | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Recurring | Fair Value Measured at Net Asset Value Per Share (NAV) | ||
Assets: | ||
Nuclear decommissioning trusts | 161 | 150 |
Private equity | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 161 | 150 |
Private equity | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Private equity | Alabama Power | Recurring | Fair Value Measured at Net Asset Value Per Share (NAV) | ||
Assets: | ||
Nuclear decommissioning trusts | 161 | 150 |
Cash and cash equivalents | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 4 | 2 |
Cash and cash equivalents | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 4 | 2 |
Cash and cash equivalents | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Cash and cash equivalents | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Cash equivalents | Southern Company Gas | Recurring | ||
Assets: | ||
Non-qualified deferred compensation trusts | 4 | |
Cash equivalents | Southern Company Gas | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 4 | |
Cash equivalents | Southern Company Gas | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Cash equivalents | Southern Company Gas | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Other | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 49 | 47 |
Other | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 37 | 22 |
Other | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 12 | 25 |
Other | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Other | Alabama Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | 9 |
Other | Alabama Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | 9 |
Other | Alabama Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Other | Alabama Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | 0 |
Other | Georgia Power | Recurring | ||
Assets: | ||
Nuclear decommissioning trusts | 42 | 38 |
Other | Georgia Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Nuclear decommissioning trusts | 30 | 13 |
Other | Georgia Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Nuclear decommissioning trusts | 12 | 25 |
Other | Georgia Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Nuclear decommissioning trusts | $ 0 | 0 |
Other | Southern Power | Recurring | ||
Liabilities: | ||
Derivative liability | 13 | |
Other | Southern Power | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivative liability | 0 | |
Other | Southern Power | Recurring | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivative liability | 13 | |
Other | Southern Power | Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative liability | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - Private equity - Alabama Power - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Alternative investment | $ 161 | $ 150 |
Unfunded commitments | $ 78 | $ 69 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Instruments, Carrying Amount Not Equal to Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | $ 54,600 | $ 52,100 |
Fair value | 48,600 | 57,100 |
Alabama Power | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 10,600 | 9,700 |
Fair value | 9,200 | 10,900 |
Georgia Power | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 14,700 | 13,600 |
Fair value | 13,000 | 15,100 |
Mississippi Power | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 1,500 | 1,500 |
Fair value | 1,300 | 1,600 |
Southern Power | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 3,000 | 3,700 |
Fair value | 2,800 | 4,100 |
Southern Company Gas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 7,400 | 6,900 |
Fair value | $ 6,500 | $ 7,800 |
DERIVATIVES - Energy-Related De
DERIVATIVES - Energy-Related Derivative Contracts (Details) - Energy-related, Natural Gas MMBTU in Millions | Dec. 31, 2022 MMBTU |
Derivative [Line Items] | |
Net Purchased mmBtu | 431 |
Alabama Power | |
Derivative [Line Items] | |
Net Purchased mmBtu | 111 |
Georgia Power | |
Derivative [Line Items] | |
Net Purchased mmBtu | 125 |
Mississippi Power | |
Derivative [Line Items] | |
Net Purchased mmBtu | 94 |
Southern Power | |
Derivative [Line Items] | |
Net Purchased mmBtu | 8 |
Southern Company Gas | |
Derivative [Line Items] | |
Net Purchased mmBtu | 93 |
Long | Not Designated as Hedging Instrument | Southern Company Gas | |
Derivative [Line Items] | |
Derivative nonmonetary notional amount net long short position volume | 98 |
Short | Not Designated as Hedging Instrument | Southern Company Gas | |
Derivative [Line Items] | |
Derivative nonmonetary notional amount net long short position volume | 5 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) MMBTU in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) MMBTU | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 23 | |
Estimated pre-tax gains (losses) that will be reclassified from OCI to interest expense for the next 12-month period | $ (16,000,000) | |
Collateral already posted, aggregate fair value | 41,000,000 | |
Estimated pre-tax gains (losses) expected to be reclassified from AOCI | $ (27,000,000) | |
Alabama Power | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 6 | |
Collateral already posted, aggregate fair value | $ 0 | |
Georgia Power | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 8 | |
Mississippi Power | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 3 | |
Southern Power | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 6 | |
Estimated pre-tax gains (losses) that will be reclassified from OCI to interest expense for the next 12-month period | $ 11,000,000 | |
Collateral already posted, aggregate fair value | 15,000,000 | |
Estimated pre-tax gains (losses) expected to be reclassified from AOCI | (11,000,000) | |
Registrants | Derivative Counterparties | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | 0 | |
Southern Company Gas [Member] | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | 41,000,000 | $ 3,000,000 |
Estimated pre-tax gains (losses) expected to be reclassified from AOCI | $ (16,000,000) |
DERIVATIVES - Interest Rate Der
DERIVATIVES - Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 2,300 |
Fair Value Gain (Loss) December 31, 2022 | (290) |
Southern Company | Cash Flow Hedges of Forecasted Debt | |
Derivative [Line Items] | |
Notional Amount | $ 400 |
Weighted Average Interest Rate Paid | 3.50% |
Fair Value Gain (Loss) December 31, 2022 | $ 12 |
Southern Company | Fair Value Hedges of Existing Debt | March 2028 | |
Derivative [Line Items] | |
Notional Amount | $ 400 |
Weighted Average Interest Rate Paid | 0.68% |
Interest Rate Received | 1.75% |
Fair Value Gain (Loss) December 31, 2022 | $ (55) |
Southern Company | Fair Value Hedges of Existing Debt | April 2030 | |
Derivative [Line Items] | |
Notional Amount | $ 1,000 |
Weighted Average Interest Rate Paid | 2.36% |
Interest Rate Received | 3.70% |
Fair Value Gain (Loss) December 31, 2022 | $ (161) |
Southern Company Gas [Member] | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 500 |
Weighted Average Interest Rate Paid | 0.38% |
Interest Rate Received | 1.75% |
Fair Value Gain (Loss) December 31, 2022 | $ (86) |
DERIVATIVES - Foreign Currency
DERIVATIVES - Foreign Currency Derivatives (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Foreign currency derivatives | Cash Flow Hedges of Forecasted Debt | |||
Derivative [Line Items] | |||
Pay Notional | $ 2,040 | ||
Receive Notional | € | € 1,750 | ||
Fair Value Gain (Loss) December 31, 2022 | (216) | ||
Southern Power | |||
Derivative [Line Items] | |||
Fair Value Gain (Loss) December 31, 2022 | (31) | $ 5 | |
Southern Power | Foreign currency derivatives | Cash Flow Hedges of Forecasted Debt | |||
Derivative [Line Items] | |||
Pay Notional | $ 564 | ||
Pay Rate | 3.78% | ||
Receive Notional | € | 500 | ||
Receive Rate | 1.85% | ||
Southern Power | Foreign currency derivatives | April 2030 | Cash Flow Hedges of Forecasted Debt | |||
Derivative [Line Items] | |||
Fair Value Gain (Loss) December 31, 2022 | $ (47) | ||
Southern Company | Foreign currency derivatives | Cash Flow Hedges of Forecasted Debt | |||
Derivative [Line Items] | |||
Fair Value Gain (Loss) December 31, 2022 | (169) | ||
Southern Company | Foreign currency derivatives | April 2030 | Fair Value Hedges of Existing Debt | |||
Derivative [Line Items] | |||
Pay Notional | $ 1,476 | ||
Pay Rate | 3.39% | ||
Receive Notional | € | € 1,250 | ||
Receive Rate | 1.88% |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Statement Presentation and Amounts With Balance Sheet Offsetting (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | $ 211 | $ 238 |
Derivative asset, gross amount offset | (70) | (25) |
Derivative asset, net amounts recognized in the balance sheets | 141 | 213 |
Derivative liability, gross amounts recognized | 728 | 153 |
Derivative liability, gross amounts offset | (111) | (28) |
Derivative liability, gross amounts recognized in balance sheets | $ 617 | $ 125 |
Derivative asset, statement of financial position, extensible enumeration, not disclosed, flag | Net amounts recognized in the Balance Sheets(b) | Net amounts recognized in the Balance Sheets(b) |
Collateral already posted, aggregate fair value | $ 41 | |
Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 15 | $ 10 |
Derivative liability, gross amounts recognized | 14 | 4 |
Energy-related derivatives | Other deferred charges and assets | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 2 | 1 |
Energy-related derivatives | Other deferred credits and liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 1 | 0 |
Energy-related derivatives | Assets from risk management activities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 13 | 9 |
Energy-related derivatives | Other current liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 13 | 4 |
Interest rate derivatives | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized in balance sheets | 78 | |
Alabama Power | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amount offset | (24) | (5) |
Derivative asset, net amounts recognized in the balance sheets | 38 | 50 |
Derivative liability, gross amounts offset | (24) | (5) |
Derivative liability, gross amounts recognized in balance sheets | 15 | 6 |
Collateral already posted, aggregate fair value | 0 | |
Georgia Power | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 42 | 75 |
Derivative asset, gross amount offset | (21) | (8) |
Derivative asset, net amounts recognized in the balance sheets | 21 | 67 |
Derivative liability, gross amounts recognized | 62 | 8 |
Derivative liability, gross amounts offset | (21) | (8) |
Derivative liability, gross amounts recognized in balance sheets | 41 | 0 |
Georgia Power | Energy-related derivatives | Other deferred charges and assets | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Georgia Power | Energy-related derivatives | Other deferred credits and liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 1 | 0 |
Mississippi Power | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amount offset | (17) | (4) |
Derivative asset, net amounts recognized in the balance sheets | 42 | 52 |
Derivative liability, gross amounts offset | (17) | (4) |
Derivative liability, gross amounts recognized in balance sheets | 15 | 1 |
Southern Power | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, net amounts recognized in the balance sheets | 8 | 4 |
Derivative liability, gross amounts recognized in balance sheets | 59 | 16 |
Collateral already posted, aggregate fair value | 15 | |
Southern Power | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 3 | 1 |
Derivative liability, gross amounts recognized | 0 | 0 |
Southern Power | Energy-related derivatives | Other current liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 0 | 0 |
Southern Power | Energy-related derivatives | Other current assets | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 2 | 1 |
Southern Power | Interest rate derivatives | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized in balance sheets | 23 | |
Southern Company Gas | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 28 | 35 |
Derivative asset, gross amount offset | 0 | (8) |
Derivative asset, net amounts recognized in the balance sheets | 28 | 27 |
Derivative liability, gross amounts recognized | 151 | 27 |
Derivative liability, gross amounts offset | (41) | (11) |
Derivative liability, gross amounts recognized in balance sheets | 110 | 16 |
Collateral already posted, aggregate fair value | 41 | 3 |
Southern Company Gas | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 12 | 9 |
Derivative liability, gross amounts recognized | 13 | 4 |
Southern Company Gas | Energy-related derivatives | Other deferred charges and assets | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 1 | 1 |
Southern Company Gas | Energy-related derivatives | Other deferred credits and liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 1 | 0 |
Southern Company Gas | Energy-related derivatives | Assets from risk management activities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 11 | 8 |
Southern Company Gas | Energy-related derivatives | Other current liabilities | Not Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 12 | 4 |
Hedging Instruments for Regulatory Purposes | Energy-related derivatives | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 175 | 201 |
Derivative liability, gross amounts recognized | 165 | 36 |
Hedging Instruments for Regulatory Purposes | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 52 | 72 |
Hedging Instruments for Regulatory Purposes | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 44 | 6 |
Hedging Instruments for Regulatory Purposes | Energy-related derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 123 | 129 |
Hedging Instruments for Regulatory Purposes | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 121 | 30 |
Hedging Instruments for Regulatory Purposes | Alabama Power | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 62 | 55 |
Derivative liability, gross amounts recognized | 39 | 11 |
Hedging Instruments for Regulatory Purposes | Alabama Power | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 20 | 25 |
Hedging Instruments for Regulatory Purposes | Alabama Power | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 18 | 2 |
Hedging Instruments for Regulatory Purposes | Alabama Power | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 21 | 9 |
Hedging Instruments for Regulatory Purposes | Alabama Power | Energy-related derivatives | Other current assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 42 | 30 |
Hedging Instruments for Regulatory Purposes | Georgia Power | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 42 | 75 |
Derivative liability, gross amounts recognized | 61 | 8 |
Hedging Instruments for Regulatory Purposes | Georgia Power | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 6 | 21 |
Hedging Instruments for Regulatory Purposes | Georgia Power | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 18 | 2 |
Hedging Instruments for Regulatory Purposes | Georgia Power | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 43 | 6 |
Hedging Instruments for Regulatory Purposes | Georgia Power | Energy-related derivatives | Other current assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 36 | 54 |
Hedging Instruments for Regulatory Purposes | Mississippi Power | Energy-related derivatives | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 59 | 56 |
Derivative liability, gross amounts recognized | 32 | 5 |
Hedging Instruments for Regulatory Purposes | Mississippi Power | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 26 | 26 |
Hedging Instruments for Regulatory Purposes | Mississippi Power | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 8 | 2 |
Hedging Instruments for Regulatory Purposes | Mississippi Power | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 24 | 3 |
Hedging Instruments for Regulatory Purposes | Mississippi Power | Energy-related derivatives | Other current assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 33 | 30 |
Hedging Instruments for Regulatory Purposes | Southern Power | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 1 | 0 |
Hedging Instruments for Regulatory Purposes | Southern Power | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 0 | 0 |
Hedging Instruments for Regulatory Purposes | Southern Company Gas | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 1 | 0 |
Hedging Instruments for Regulatory Purposes | Southern Company Gas | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 4 | 0 |
Hedging Instruments for Regulatory Purposes | Southern Company Gas | Energy-related derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 12 | 15 |
Hedging Instruments for Regulatory Purposes | Southern Company Gas | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 33 | 12 |
Cash Flow and Fair Value Hedging | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 21 | 27 |
Derivative liability, gross amounts recognized | 549 | 113 |
Cash Flow and Fair Value Hedging | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 6 | 1 |
Cash Flow and Fair Value Hedging | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 4 | 0 |
Cash Flow and Fair Value Hedging | Energy-related derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 3 | 7 |
Cash Flow and Fair Value Hedging | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 27 | 5 |
Cash Flow and Fair Value Hedging | Interest rate derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Interest rate derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 240 | 29 |
Cash Flow and Fair Value Hedging | Interest rate derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 12 | 19 |
Cash Flow and Fair Value Hedging | Interest rate derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 62 | 0 |
Cash Flow and Fair Value Hedging | Foreign currency derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Foreign currency derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 182 | 40 |
Cash Flow and Fair Value Hedging | Foreign currency derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Foreign currency derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 34 | 39 |
Cash Flow and Fair Value Hedging | Southern Power | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 5 | 3 |
Derivative liability, gross amounts recognized | 59 | 16 |
Cash Flow and Fair Value Hedging | Southern Power | Energy-related derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 5 | 1 |
Cash Flow and Fair Value Hedging | Southern Power | Energy-related derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Southern Power | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 12 | 0 |
Cash Flow and Fair Value Hedging | Southern Power | Energy-related derivatives | Other current assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 2 |
Cash Flow and Fair Value Hedging | Southern Power | Foreign currency derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Southern Power | Foreign currency derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 36 | 0 |
Cash Flow and Fair Value Hedging | Southern Power | Foreign currency derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 11 | 16 |
Cash Flow and Fair Value Hedging | Southern Power | Foreign currency derivatives | Other current assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Energy-related derivatives | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 4 | 11 |
Derivative liability, gross amounts recognized | 105 | 11 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Energy-related derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 3 | 5 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Energy-related derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 15 | 5 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Interest rate derivatives | Other deferred charges and assets | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 0 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Interest rate derivatives | Other deferred credits and liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | 72 | 6 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Interest rate derivatives | Assets from risk management activities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative asset, gross amounts recognized | 0 | 6 |
Cash Flow and Fair Value Hedging | Southern Company Gas | Interest rate derivatives | Other current liabilities | Designated as Hedging Instrument | ||
Fair value of energy-related derivatives and interest rate derivatives | ||
Derivative liability, gross amounts recognized | $ 14 | $ 0 |
DERIVATIVES - Schedule of Unrea
DERIVATIVES - Schedule of Unrealized Gain (Loss) Recognized in the Balance Sheet (Details) - Energy-related derivatives - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | $ 9 | $ 155 |
Other regulatory assets, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (71) | (17) |
Other regulatory assets, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (23) | |
Other regulatory liabilities, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 72 | 107 |
Other regulatory liabilities, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 31 | 65 |
Alabama Power | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 23 | 44 |
Alabama Power | Other regulatory assets, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (8) | (6) |
Alabama Power | Other regulatory assets, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (7) | |
Alabama Power | Other regulatory liabilities, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 29 | 28 |
Alabama Power | Other regulatory liabilities, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 9 | 22 |
Georgia Power | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (19) | 67 |
Georgia Power | Other regulatory assets, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (26) | 0 |
Georgia Power | Other regulatory assets, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (14) | |
Georgia Power | Other regulatory liabilities, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 19 | 48 |
Georgia Power | Other regulatory liabilities, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 2 | 19 |
Mississippi Power | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 27 | 51 |
Mississippi Power | Other regulatory assets, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (13) | 0 |
Mississippi Power | Other regulatory assets, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (2) | |
Mississippi Power | Other regulatory liabilities, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 22 | 27 |
Mississippi Power | Other regulatory liabilities, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 20 | 24 |
Southern Company Gas | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (22) | (7) |
Southern Company Gas | Other regulatory assets, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | (24) | (11) |
Southern Company Gas | Other regulatory assets, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 0 | |
Southern Company Gas | Other regulatory liabilities, current | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | 2 | 4 |
Southern Company Gas | Other regulatory liabilities, deferred | ||
Derivatives, Fair Value [Line Items] | ||
Total energy-related derivative gains (losses) | $ 0 | $ 0 |
DERIVATIVES - Pre-Tax Effects o
DERIVATIVES - Pre-Tax Effects of Derivatives Designated as Hedges on AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | $ (80) | $ (67) | $ 14 |
Energy-related derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | 3 | 34 | (8) |
Interest rate derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | 46 | 5 | (26) |
Foreign currency derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | (105) | (103) | 48 |
Foreign currency derivatives | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | (24) | (3) | 0 |
Georgia Power | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | 31 | 0 | (3) |
Southern Power | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | (120) | (91) | 46 |
Southern Power | Energy-related derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | (15) | 12 | (2) |
Southern Power | Foreign currency derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | (105) | (103) | 48 |
Southern Company Gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | 18 | 22 | (29) |
Southern Company Gas | Energy-related derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | 18 | 22 | (6) |
Southern Company Gas | Interest rate derivatives | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) From Derivatives Recognized in OCI | $ 0 | $ 0 | $ (23) |
DERIVATIVES - Pre-Tax Effects_2
DERIVATIVES - Pre-Tax Effects of Derivatives Designated as Hedges on Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Depreciation and amortization | $ 3,663 | $ 3,565 | $ 3,518 |
Interest expense, net of amounts capitalized | (2,022) | (1,837) | (1,821) |
Other income (expense), net | 500 | 456 | 336 |
Energy-related derivatives | Cost of Sales | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 37 | 17 | (8) |
Energy-related derivatives | Depreciation and Amortization | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (5) | 9 | (3) |
Interest rate derivatives | Interest Expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (25) | (27) | (26) |
Interest rate derivatives | Interest Expense | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (291) | (30) | 27 |
Foreign currency derivatives | Interest Expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (19) | (24) | (23) |
Foreign currency derivatives | Other Income (Expense) | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (83) | (104) | 114 |
Gain (loss) on foreign currency fair value hedges | (106) | (63) | 0 |
Amount excluded from effectiveness testing recognized in earnings | 24 | 3 | 0 |
Southern Power | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Depreciation and amortization | 516 | 517 | 494 |
Interest expense, net of amounts capitalized | (138) | (147) | (151) |
Other income (expense), net | 7 | 10 | 19 |
Southern Power | Energy-related derivatives | Depreciation and Amortization | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (5) | 9 | (3) |
Southern Power | Foreign currency derivatives | Interest Expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (19) | (24) | (23) |
Southern Power | Foreign currency derivatives | Other Income (Expense) | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (83) | (104) | 114 |
Southern Company Gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cost of sales | 3,004 | 1,619 | 972 |
Depreciation and amortization | 559 | 536 | 500 |
Interest expense, net of amounts capitalized | (263) | (238) | (231) |
Other income (expense), net | 53 | (53) | 41 |
Southern Company Gas | Interest rate derivatives | Interest Expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on hedges | (4) | 0 | 0 |
Southern Company Gas | Interest rate derivatives | Interest Expense | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on hedges | (86) | 0 | 0 |
Southern Company Gas | Foreign currency derivatives | Other Income (Expense) | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | $ 37 | $ 17 | $ (8) |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Long-term debt - Fair Value Hedging - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Item | $ (2,927) | $ (3,280) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 282 | 9 |
Southern Company Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Item | (415) | (493) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ 81 | $ 2 |
DERIVATIVES - Pre-Tax Effects_3
DERIVATIVES - Pre-Tax Effects of Derivatives Not Designated as Hedging (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Energy-related derivatives | Natural gas revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (11,000,000) | $ (117,000,000) | $ 134,000,000 |
Energy-related derivatives | Cost of natural gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (65,000,000) | (27,000,000) | 15,000,000 |
Energy-related derivatives | Cost of natural gas | Not Designated as Hedging Instrument | Southern Company Gas [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (76,000,000) | (144,000,000) | 149,000,000 |
Weather derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 7,000,000 | $ 0 | $ 9,000,000 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Southern Company Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 USD ($) project | Oct. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) project | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Lease, initial impairment loss | $ 34,000,000 | |||||||
Lease, initial impairment loss, after tax | 17,000,000 | |||||||
Lease, impairment loss | $ 154,000,000 | $ 0 | $ 7,000,000 | $ 206,000,000 | ||||
Lease, impairment loss, after tax | $ 74,000,000 | |||||||
Proceeds from sale of assets subject to leveraged lease | $ 673,000,000 | $ 45,000,000 | ||||||
Gain (loss) on sale of assets subject to leveraged lease | 0 | |||||||
Leveraged leases, income tax benefits | $ 16,000,000 | |||||||
Number of international projects subject to leveraged lease terminated | project | 2 | 2 | ||||||
Gain (loss) on termination of leveraged leases | $ 93,000,000 | |||||||
Gain (loss) on termination of leveraged leases, after tax | $ 99,000,000 | |||||||
All Other | ||||||||
Business Acquisition [Line Items] | ||||||||
Lease, impairment loss | $ 7,000,000 | 18,000,000 | 7,000,000 | 206,000,000 | ||||
Lease, impairment loss, after tax | $ 6,000,000 | $ 14,000,000 | $ 6,000,000 | $ 105,000,000 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Alabama Power Narrative (Details) $ in Millions | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) MW | Aug. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||
Capital expenditures related to qualifying projects | $ 7,923 | $ 7,586 | $ 7,522 | ||
Alabama Power | |||||
Business Acquisition [Line Items] | |||||
Capital expenditures related to qualifying projects | $ 2,016 | $ 1,753 | $ 1,970 | ||
Alabama Power | Calhoun Generating Station | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 179 | ||||
Capital expenditures related to qualifying projects | $ 171 | ||||
Alabama Power | Central Alabama Generating Station | |||||
Business Acquisition [Line Items] | |||||
Approximate nameplate capacity (in MWs) | MW | 885 | ||||
Purchase price | $ 461 | ||||
Property, plant, and equipment | $ 452 |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Schedule of Asset Acquisitions (Details) - Southern Power - MW | 1 Months Ended | |
Feb. 28, 2021 | May 31, 2020 | |
Deuel Harvest | ||
Asset Acquisition [Line Items] | ||
Approximate Nameplate Capacity (MW) | 300 | |
Deuel Harvest | Maximum | ||
Asset Acquisition [Line Items] | ||
PPA Contract Period | 25 years | |
Deuel Harvest | Minimum | ||
Asset Acquisition [Line Items] | ||
PPA Contract Period | 15 years | |
Beech Ridge II(b) | ||
Asset Acquisition [Line Items] | ||
Approximate Nameplate Capacity (MW) | 56 | |
PPA Contract Period | 12 years | |
Deuel Harvest | Deuel Harvest | ||
Asset Acquisition [Line Items] | ||
Ownership Percentage | 100% | |
Beech Ridge II(b) | Beech Ridge II(b) | ||
Asset Acquisition [Line Items] | ||
Ownership Percentage | 100% |
ACQUISITIONS AND DISPOSITIONS_4
ACQUISITIONS AND DISPOSITIONS - Southern Power Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 MW | |
Asset Acquisition [Line Items] | |||||
Construction work in progress | $ 10,896 | $ 8,771 | |||
Gain (loss) on dispositions | 42 | 176 | $ 66 | ||
Southern Power | |||||
Asset Acquisition [Line Items] | |||||
Construction work in progress | 41 | 45 | |||
Gain (loss) on dispositions | $ 2 | $ 41 | $ 39 | ||
Southern Power | Garland | |||||
Asset Acquisition [Line Items] | |||||
Nameplate capacity placed in service (in MWs) | MW | 15 | ||||
Southern Power | Tranquility Solar Storage | |||||
Asset Acquisition [Line Items] | |||||
Nameplate capacity placed in service (in MWs) | MW | 40 | ||||
Wind Generating Facility | Southern Power | |||||
Asset Acquisition [Line Items] | |||||
Gain (loss) on dispositions | $ 37 | ||||
Gain (loss) on dispositions, after tax | $ 28 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mankato | Southern Power | |||||
Asset Acquisition [Line Items] | |||||
Gain (loss) on dispositions | $ 39 | ||||
Approximate nameplate capacity (in MWs) | MW | 385 | ||||
Consideration for sale | 663 | ||||
Gain (loss) on dispositions, after tax | $ 23 |
ACQUISITIONS AND DISPOSITIONS_5
ACQUISITIONS AND DISPOSITIONS - Schedule of Construction Projects (Details) - Southern Power $ in Millions | 1 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 MW | Nov. 30, 2021 MW | Dec. 31, 2020 | Nov. 30, 2020 USD ($) MW | Jun. 30, 2020 USD ($) | May 31, 2020 MW | Mar. 31, 2022 MW | Feb. 28, 2022 MW | Dec. 31, 2021 MW | Dec. 31, 2022 | |
Tranquility Solar Storage | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Approximate Nameplate Capacity (MW) | 72 | |||||||||
Nameplate capacity placed in service (in MWs) | 32 | |||||||||
Garland Solar Storage | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Approximate Nameplate Capacity (MW) | 72 | 88 | ||||||||
PPA Contract Period | 20 years | 20 years | ||||||||
Nameplate capacity placed in service (in MWs) | 15 | 73 | ||||||||
Glass Sands | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Approximate Nameplate Capacity (MW) | 118 | |||||||||
PPA Contract Period | 12 years | |||||||||
Skookumchuck | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Approximate Nameplate Capacity (MW) | 136 | |||||||||
PPA Contract Period | 20 years | |||||||||
Reading | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Approximate Nameplate Capacity (MW) | 200 | |||||||||
PPA Contract Period | 12 years | |||||||||
Tranquillity Solar Storage | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Nameplate capacity placed in service (in MWs) | 40 | |||||||||
Tranquility Solar Storage | Class B Membership Interest | Tranquility Solar Storage | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling ownership percentage sold by parent | 100% | |||||||||
Garland Solar Storage | Class B Membership Interest | Garland Solar Storage | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling ownership percentage sold by parent | 100% | |||||||||
Glass Sands | Glass Sands | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling ownership percentage held by parent | 100% | |||||||||
Skookumchuck | Skookumchuck | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Proceeds from tax equity transaction | $ | $ 121 | |||||||||
Skookumchuck | Class B Membership Interest | Skookumchuck | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling ownership percentage held by parent | 100% | |||||||||
Reading | Reading | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Proceeds from tax equity transaction | $ | $ 156 | |||||||||
Reading | Class B Membership Interest | Reading | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling ownership percentage held by parent | 100% |
ACQUISITIONS AND DISPOSITIONS_6
ACQUISITIONS AND DISPOSITIONS - GAS Acquisitions and Dispositions Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jul. 01, 2021 USD ($) | Jul. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2020 USD ($) payment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 07, 2022 USD ($) storageFacility | May 31, 2022 USD ($) | Apr. 22, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Gain (loss) on dispositions | $ 42 | $ 176 | $ 66 | ||||||||||
Southern Company Gas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain (loss) on dispositions | 4 | $ 127 | $ 22 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sequent | Southern Company Gas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration for sale | $ 159 | ||||||||||||
Gain (loss) on dispositions | 121 | 121 | |||||||||||
Gain (loss) on dispositions, after tax | $ 92 | 92 | |||||||||||
Deferred tax expense, increase from change in appointment rate | $ 85 | $ 85 | $ 85 | $ 85 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pivotal LNG | Southern Company Gas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash proceeds from sale of business | $ 178 | ||||||||||||
Number of contingent milestone payments | payment | 2 | ||||||||||||
Contingent milestone payment, amount | $ 5 | $ 5 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Jefferson Island | Southern Company Gas | Natural Gas Storage Facility | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain (loss) on dispositions | $ 22 | ||||||||||||
Gain (loss) on dispositions, after tax | 16 | ||||||||||||
Cash proceeds from sale of business | $ 33 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Natural Gas Storage Facilities | Southern Company Gas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration for sale | $ 186 | ||||||||||||
Gain (loss) on dispositions | $ (131) | ||||||||||||
Gain (loss) on dispositions, after tax | $ (99) | ||||||||||||
Number of natural gas storage facilities sold | storageFacility | 2 |
SEGMENT AND RELATED INFORMATI_3
SEGMENT AND RELATED INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) state segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 25,941 | $ 23,463 | $ 21,097 | |
Southern Power | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 2,805 | 1,605 | 1,119 | |
Southern Company Gas | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 5,905 | 6,293 | 5,039 | |
Number of reportable segments | segment | 3 | |||
Number of states in which entity operates | state | 4 | |||
Southern Company Gas | Southern Power | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 18 | 26 | ||
Southern Natural Gas Company, LLC | Southern Company Gas | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 50% | |||
Dalton Pipeline | Southern Company Gas | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 50% | |||
PennEast Pipeline | Southern Company Gas | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 20% | 20% | ||
Atlantic Coast Pipeline | Southern Company Gas | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage, equity method investment | 5% | |||
Wholesale revenues, affiliates | Southern Power | Traditional Electric Operating Companies | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 875 | $ 515 | $ 364 |
SEGMENT AND RELATED INFORMATI_4
SEGMENT AND RELATED INFORMATION - Financial Data for Business Segments (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jul. 01, 2021 USD ($) | Dec. 31, 2021 USD ($) project | Jul. 31, 2021 USD ($) | Jan. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) project | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 | |||||||||||
Depreciation and amortization | 3,663 | 3,565 | 3,518 | |||||||||||
Operating income (loss) | 5,370 | 3,698 | 4,885 | |||||||||||
Interest income | 59 | 22 | 37 | |||||||||||
Earnings from equity method investments | 151 | 76 | 153 | |||||||||||
Interest expense | 2,022 | 1,837 | 1,821 | |||||||||||
Income taxes (benefit) | 795 | 267 | 393 | |||||||||||
Segment net income (loss) | 3,524 | 2,393 | 3,119 | |||||||||||
Goodwill | $ 5,280 | $ 5,161 | $ 5,280 | $ 5,280 | $ 5,280 | 5,161 | 5,280 | 5,280 | ||||||
Total assets | 127,534 | 134,891 | 122,935 | 127,534 | 127,534 | 134,891 | 127,534 | 122,935 | ||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 | |||||||||||
Gain (loss) on dispositions | 42 | 176 | 66 | |||||||||||
Impairment charges | $ 251 | 2 | 0 | |||||||||||
Gain (loss) on termination of leveraged leases | 93 | |||||||||||||
Gain (loss) on termination of leveraged leases, after tax | $ 99 | |||||||||||||
Number of international projects subject to leveraged lease terminated | project | 2 | 2 | ||||||||||||
Lease, impairment loss | $ 154 | $ 0 | 7 | 206 | ||||||||||
Lease, impairment loss, after tax | $ 74 | |||||||||||||
Southern Company Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||||||
All Other | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Lease, impairment loss | $ 7 | 18 | 7 | 206 | ||||||||||
Lease, impairment loss, after tax | 6 | 14 | 6 | 105 | ||||||||||
Operating Segments | Electric Utilities | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 22,873 | 18,300 | 16,497 | |||||||||||
Depreciation and amortization | 3,029 | 2,953 | 2,941 | |||||||||||
Interest income | 47 | 21 | 30 | |||||||||||
Earnings from equity method investments | 0 | 1 | 0 | |||||||||||
Interest expense | 1,067 | 968 | 976 | |||||||||||
Income taxes (benefit) | 848 | 219 | 517 | |||||||||||
Segment net income (loss) | 3,672 | 2,247 | 3,115 | |||||||||||
Goodwill | $ 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||
Total assets | 101,774 | 108,283 | 98,041 | 101,774 | 101,774 | 108,283 | 101,774 | 98,041 | ||||||
Operating Segments | Traditional Electric Operating Companies | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 20,408 | 16,614 | 15,135 | |||||||||||
Depreciation and amortization | 2,513 | 2,436 | 2,447 | |||||||||||
Interest income | 44 | 20 | 26 | |||||||||||
Earnings from equity method investments | 0 | 1 | 0 | |||||||||||
Interest expense | 929 | 821 | 825 | |||||||||||
Income taxes (benefit) | 828 | 232 | 514 | |||||||||||
Segment net income (loss) | 3,318 | 1,981 | 2,877 | |||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | 89,051 | 95,861 | 85,486 | 89,051 | 89,051 | 95,861 | 89,051 | 85,486 | ||||||
Operating Segments | Southern Power | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 3,369 | 2,216 | 1,733 | |||||||||||
Depreciation and amortization | 516 | 517 | 494 | |||||||||||
Interest income | 3 | 1 | 4 | |||||||||||
Earnings from equity method investments | 0 | 0 | 0 | |||||||||||
Interest expense | 138 | 147 | 151 | |||||||||||
Income taxes (benefit) | 20 | (13) | 3 | |||||||||||
Segment net income (loss) | 354 | 266 | 238 | |||||||||||
Goodwill | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||
Total assets | 13,390 | 13,081 | 13,235 | 13,390 | 13,390 | 13,081 | 13,390 | 13,235 | ||||||
Operating Segments | Southern Company Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||||||
Depreciation and amortization | 559 | 536 | 500 | |||||||||||
Interest income | 3 | 0 | 5 | |||||||||||
Earnings from equity method investments | 148 | 50 | 141 | |||||||||||
Interest expense | 263 | 238 | 231 | |||||||||||
Income taxes (benefit) | 180 | 275 | 173 | |||||||||||
Segment net income (loss) | 572 | 539 | 590 | |||||||||||
Goodwill | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | ||||||
Total assets | 23,560 | 24,621 | 22,630 | 23,560 | 23,560 | 24,621 | 23,560 | 22,630 | ||||||
Operating Segments | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 593 | 582 | 596 | |||||||||||
Depreciation and amortization | 75 | 76 | 77 | |||||||||||
Interest income | 16 | 4 | 6 | |||||||||||
Earnings from equity method investments | 3 | 24 | 12 | |||||||||||
Interest expense | 694 | 631 | 614 | |||||||||||
Income taxes (benefit) | (233) | (227) | (297) | |||||||||||
Segment net income (loss) | (711) | (384) | (592) | |||||||||||
Goodwill | 263 | 144 | 263 | 263 | 263 | 144 | 263 | 263 | ||||||
Total assets | 2,975 | 2,665 | 3,168 | 2,975 | 2,975 | 2,665 | 2,975 | 3,168 | ||||||
Intersegment Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | (149) | (149) | (152) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Interest income | (7) | (3) | (4) | |||||||||||
Earnings from equity method investments | 0 | 1 | 0 | |||||||||||
Interest expense | (2) | 0 | 0 | |||||||||||
Income taxes (benefit) | 0 | 0 | 0 | |||||||||||
Segment net income (loss) | (9) | (9) | 6 | |||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | (775) | (678) | (904) | (775) | (775) | (678) | (775) | (904) | ||||||
Intersegment Eliminations | Electric Utilities | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | (904) | (530) | (371) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Interest income | 0 | 0 | 0 | |||||||||||
Earnings from equity method investments | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Income taxes (benefit) | 0 | 0 | 0 | |||||||||||
Segment net income (loss) | 0 | 0 | 0 | |||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | (667) | (659) | (680) | (667) | (667) | (659) | (667) | (680) | ||||||
Georgia Power | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 11,584 | 9,260 | 8,309 | |||||||||||
Depreciation and amortization | 1,430 | 1,371 | 1,425 | |||||||||||
Operating income (loss) | 2,352 | 568 | 1,972 | |||||||||||
Interest expense | 485 | 421 | 425 | |||||||||||
Income taxes (benefit) | 370 | (168) | 152 | |||||||||||
Total assets | 48,461 | 53,163 | 48,461 | 48,461 | 53,163 | 48,461 | ||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,692 | 325 | |||||||||||
Georgia Power | Traditional Electric Operating Companies | Plant Vogtle Units 3 and 4 | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Estimated loss on Plant Vogtle Units 3 and 4 | 183 | 1,700 | ||||||||||||
Estimated loss on Plant Vogtle Units 3 and 4, net of tax | 137 | 1,300 | 242 | |||||||||||
Southern Power | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 3,369 | 2,216 | 1,733 | |||||||||||
Depreciation and amortization | 516 | 517 | 494 | |||||||||||
Operating income (loss) | 398 | 291 | 342 | |||||||||||
Interest expense | 138 | 147 | 151 | |||||||||||
Income taxes (benefit) | 20 | (13) | 3 | |||||||||||
Total assets | 13,390 | 13,081 | 13,390 | 13,390 | 13,081 | 13,390 | ||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | 2 | 41 | 39 | |||||||||||
Southern Power | Wind Generating Facility | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | 37 | |||||||||||||
Gain (loss) on dispositions, after tax | 28 | |||||||||||||
Southern Company Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||||||
Depreciation and amortization | 559 | 536 | 500 | |||||||||||
Operating income (loss) | 814 | 1,055 | 812 | |||||||||||
Earnings from equity method investments | 148 | 50 | 141 | |||||||||||
Interest expense | 263 | 238 | 231 | |||||||||||
Income taxes (benefit) | 180 | 275 | 173 | |||||||||||
Segment net income (loss) | 572 | 539 | 590 | |||||||||||
Goodwill | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | 5,015 | ||||||||
Total assets | 23,560 | 24,621 | 22,630 | 23,560 | 23,560 | 24,621 | 23,560 | 22,630 | ||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | 4 | 127 | 22 | |||||||||||
Impairment charges | 131 | 0 | 0 | |||||||||||
Southern Company Gas | PennEast Pipeline | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Earnings from equity method investments | 0 | (81) | 7 | |||||||||||
Income taxes (benefit) | 7 | |||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Impairment charges | $ 2 | 82 | 84 | 84 | ||||||||||
Impairment charges, after tax | $ 2 | $ 58 | 67 | 67 | ||||||||||
Southern Company Gas | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 5,937 | 4,374 | 3,466 | |||||||||||
Depreciation and amortization | 537 | 505 | 470 | |||||||||||
Operating income (loss) | 957 | 1,095 | 814 | |||||||||||
Earnings from equity method investments | 148 | 50 | 141 | |||||||||||
Interest expense | 259 | 237 | 228 | |||||||||||
Income taxes (benefit) | 217 | 213 | 178 | |||||||||||
Segment net income (loss) | 671 | 626 | 592 | |||||||||||
Total assets | 23,971 | 25,233 | 23,040 | 23,971 | 23,971 | 25,233 | 23,971 | 23,040 | ||||||
Southern Company Gas | Operating Segments | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 55 | 38 | 36 | |||||||||||
Depreciation and amortization | 22 | 31 | 30 | |||||||||||
Operating income (loss) | (135) | (40) | (7) | |||||||||||
Earnings from equity method investments | 0 | 0 | 0 | |||||||||||
Interest expense | 4 | 1 | 3 | |||||||||||
Income taxes (benefit) | (37) | 62 | (5) | |||||||||||
Segment net income (loss) | (99) | (87) | (2) | |||||||||||
Total assets | 12,114 | 8,943 | 11,336 | 12,114 | 12,114 | 8,943 | 12,114 | 11,336 | ||||||
Southern Company Gas | Intersegment Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | (30) | (32) | (68) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Operating income (loss) | (8) | 0 | 5 | |||||||||||
Earnings from equity method investments | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Income taxes (benefit) | 0 | 0 | 0 | |||||||||||
Segment net income (loss) | 0 | 0 | 0 | |||||||||||
Total assets | $ (12,525) | (9,555) | $ (11,746) | (12,525) | (12,525) | (9,555) | $ (12,525) | (11,746) | ||||||
Sequent | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Southern Company Gas | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | $ 121 | 121 | ||||||||||||
Gain (loss) on dispositions, after tax | $ 92 | 92 | ||||||||||||
Deferred tax expense, increase from change in appointment rate | $ 85 | $ 85 | $ 85 | $ 85 | ||||||||||
Mankato | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Southern Power | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | $ 39 | |||||||||||||
Gain (loss) on dispositions, after tax | $ 23 | |||||||||||||
Gain on sale | 39 | |||||||||||||
Gain on sale, after tax | $ 23 | |||||||||||||
Natural Gas Storage Facilities | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Southern Company Gas | ||||||||||||||
Segment and Related Information (Textual) [Abstract] | ||||||||||||||
Gain (loss) on dispositions | (131) | |||||||||||||
Gain (loss) on dispositions, after tax | $ (99) |
SEGMENT AND RELATED INFORMATI_5
SEGMENT AND RELATED INFORMATION - Electric Utilities' Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | |||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 |
Wholesale electric revenues | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | 3,641 | 2,455 | 1,945 |
Electric Utilities | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | 22,873 | 18,300 | 16,497 |
Electric Utilities | Retail electric revenues | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | 18,197 | 14,852 | 13,643 |
Electric Utilities | Wholesale electric revenues | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | 3,641 | 2,455 | 1,945 |
Electric Utilities | Other | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | $ 1,035 | $ 993 | $ 909 |
SEGMENT AND RELATED INFORMATI_6
SEGMENT AND RELATED INFORMATION - Gas Revenues (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jul. 01, 2021 | Jul. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | $ 29,279 | $ 23,113 | $ 20,375 | |||||||
Impairment charges | 251 | 2 | 0 | |||||||
Gain on dispositions, net | 42 | 176 | 66 | |||||||
Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||
Impairment charges | 131 | 0 | 0 | |||||||
Gain on dispositions, net | 4 | 127 | 22 | |||||||
Southern Company Gas | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sequent | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Gain on dispositions, net | $ 121 | 121 | ||||||||
Gain (loss) on dispositions, after tax | $ 92 | 92 | ||||||||
Deferred tax expense, increase from change in appointment rate | $ 85 | $ 85 | $ 85 | 85 | ||||||
Southern Company Gas | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Jefferson Island | Natural Gas Storage Facility | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Gain on dispositions, net | $ 22 | |||||||||
Gain (loss) on dispositions, after tax | $ 16 | |||||||||
Southern Company Gas | PennEast Pipeline | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Impairment charges | $ 2 | $ 82 | 84 | 84 | ||||||
Impairment charges, after tax | $ 2 | $ 58 | 67 | 67 | ||||||
Operating Segments | Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 5,937 | 4,374 | 3,466 | |||||||
Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||
Southern Company Gas | Gas distribution operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 5,240 | 3,656 | 2,902 | |||||||
Southern Company Gas | Gas marketing services | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 638 | 475 | 408 | |||||||
Southern Company Gas | Other Gas Revenue | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 84 | 249 | 124 | |||||||
Southern Company Gas | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 5,962 | 4,380 | 3,434 | |||||||
Wholesale gas services | Operating Segments | Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | $ 0 | 188 | 74 | |||||||
Less Gross Gas Costs | 3,783 | 4,585 | ||||||||
Wholesale gas services | Operating Segments | Third Party Gross Revenues | Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 3,881 | 4,544 | ||||||||
Wholesale gas services | Operating Segments | Intercompany Revenues | Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | 90 | 115 | ||||||||
Wholesale gas services | Operating Segments | Total Gross Revenues | Southern Company Gas | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total operating revenues | $ 3,971 | $ 4,659 |
VALUATION AND QUALIFYING ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision for uncollectible accounts: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 78 | $ 118 | $ 49 |
Charged to Income | 71 | 51 | 78 |
Charged to Other Accounts | (1) | (23) | 27 |
Deductions | 77 | 68 | 36 |
Balance at End of Period | 71 | 78 | 118 |
Provision for uncollectible accounts: | Alabama Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 14 | 43 | 22 |
Charged to Income | 10 | (7) | 25 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 10 | 22 | 4 |
Balance at End of Period | 14 | 14 | 43 |
Provision for uncollectible accounts: | Georgia Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2 | 26 | 2 |
Charged to Income | 21 | 16 | 14 |
Charged to Other Accounts | 0 | (23) | 23 |
Deductions | 20 | 17 | 13 |
Balance at End of Period | 3 | 2 | 26 |
Provision for uncollectible accounts: | Mississippi Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 1 | 1 | 1 |
Charged to Income | 1 | 1 | 1 |
Charged to Other Accounts | 1 | 0 | 0 |
Deductions | 2 | 1 | 1 |
Balance at End of Period | 1 | 1 | 1 |
Provision for uncollectible accounts: | Southern Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5 | 0 | 0 |
Charged to Income | (2) | 5 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 2 | 0 | 0 |
Balance at End of Period | 1 | 5 | 0 |
Provision for uncollectible accounts: | Southern Company Gas | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 39 | 40 | 18 |
Charged to Income | 55 | 26 | 35 |
Charged to Other Accounts | 0 | 0 | 4 |
Deductions | 44 | 27 | 17 |
Balance at End of Period | 50 | 39 | 40 |
Tax valuation allowance (net state) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 169 | 112 | 113 |
Charged to Income | 68 | 57 | 0 |
Charged to Other Accounts | (30) | 0 | 0 |
Deductions | 0 | 0 | 1 |
Balance at End of Period | 207 | 169 | 112 |
Tax valuation allowance (net state) | Georgia Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 58 | 28 | 28 |
Charged to Income | 70 | 30 | 0 |
Charged to Other Accounts | (30) | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 98 | 58 | 28 |
Tax valuation allowance (net state) | Mississippi Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 32 | 32 | 32 |
Charged to Income | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 32 | 32 | 32 |
Tax valuation allowance (net state) | Southern Power | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 21 | 27 | 29 |
Charged to Income | 0 | (6) | (1) |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 1 |
Balance at End of Period | 21 | 21 | 27 |
Tax valuation allowance (net state) | Southern Company Gas | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7 | 4 | 4 |
Charged to Income | 0 | 3 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $ 7 | $ 7 | $ 4 |
Uncategorized Items - so-202212
Label | Element | Value |
Operating Segments [Member] | Southern Company Gas [Member] | Gas Distribution Operations [Member] | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | $ 120,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 145,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 114,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 655,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 708,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 803,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 482,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 442,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 516,000,000 |
Assets | us-gaap_Assets | 22,040,000,000 |
Assets | us-gaap_Assets | 20,917,000,000 |
Assets | us-gaap_Assets | 19,090,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 412,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 390,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 470,000,000 |
Revenues | us-gaap_Revenues | 3,679,000,000 |
Revenues | us-gaap_Revenues | 2,952,000,000 |
Revenues | us-gaap_Revenues | 5,267,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 207,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 229,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 192,000,000 |
Operating Segments [Member] | Southern Company Gas [Member] | Gas Marketing Services [Member] | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 34,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 37,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 28,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 133,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 119,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 125,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 18,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 22,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 16,000,000 |
Assets | us-gaap_Assets | 1,556,000,000 |
Assets | us-gaap_Assets | 1,503,000,000 |
Assets | us-gaap_Assets | 1,616,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 88,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 89,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 94,000,000 |
Revenues | us-gaap_Revenues | 638,000,000 |
Revenues | us-gaap_Revenues | 475,000,000 |
Revenues | us-gaap_Revenues | 408,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 3,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 3,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 3,000,000 |
Operating Segments [Member] | Southern Company Gas [Member] | Wholesale Gas Services [Member] | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 32,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 0 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 3,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 20,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 241,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 0 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 0 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 1,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 0 |
Assets | us-gaap_Assets | 850,000,000 |
Assets | us-gaap_Assets | 0 |
Assets | us-gaap_Assets | 31,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 107,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 14,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 0 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 2,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 0 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 4,000,000 |
Operating Segments [Member] | Southern Company Gas [Member] | Gas Pipeline Investments [Member] | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 27,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 35,000,000 |
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 33,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 20,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 21,000,000 |
Operating Income (Loss) | us-gaap_OperatingIncomeLoss | 21,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 5,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 5,000,000 |
Depreciation and Amortization Excluding Nuclear Fuel | so_DepreciationAndAmortizationExcludingNuclearFuel | 5,000,000 |
Assets | us-gaap_Assets | 1,577,000,000 |
Assets | us-gaap_Assets | 1,467,000,000 |
Assets | us-gaap_Assets | 1,597,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 148,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 141,000,000 |
Income (Loss) from Equity Method Investments | us-gaap_IncomeLossFromEquityMethodInvestments | 50,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 19,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 99,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 107,000,000 |
Revenues | us-gaap_Revenues | 32,000,000 |
Revenues | us-gaap_Revenues | 32,000,000 |
Revenues | us-gaap_Revenues | 32,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 25,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | 27,000,000 |
Interest and Debt Expense | us-gaap_InterestAndDebtExpense | $ 29,000,000 |