Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 1-3526 |
Entity Registrant Name | The Southern Company |
Entity Tax Identification Number | 58-0690070 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 30 Ivan Allen Jr. Boulevard, N.W. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-5000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,055,955,711 |
Entity Central Index Key | 0000092122 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
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 2015A 6.25% Junior Subordinated Notes due 2075 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2015A 6.25% Junior Subordinated Notes due 2075 |
Trading Symbol | SOJA |
Security Exchange Name | NYSE |
Series 2016A 5.25% Junior Subordinated Notes due 2076 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016A 5.25% Junior Subordinated Notes due 2076 |
Trading Symbol | SOJB |
Security Exchange Name | NYSE |
Series 2017B 5.25% Junior Subordinated Notes due 2077 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2017B 5.25% Junior Subordinated Notes due 2077 |
Trading Symbol | SOJC |
Security Exchange Name | NYSE |
2019 Series A Corporate Units | |
Document Information [Line Items] | |
Title of 12(b) Security | 2019 Series A Corporate Units |
Trading Symbol | SOLN |
Security Exchange Name | NYSE |
Series 2020A 4.95% Junior Subordinated Notes due 2080 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2020A 4.95% Junior Subordinated Notes due 2080 |
Trading Symbol | SOJD |
Security Exchange Name | NYSE |
ALABAMA POWER CO | |
Document Information [Line Items] | |
Entity File Number | 1-3164 |
Entity Registrant Name | Alabama Power Company |
Entity Tax Identification Number | 63-0004250 |
Entity Incorporation, State or Country Code | AL |
Entity Address, Address Line One | 600 North 18th Street |
Entity Address, City or Town | Birmingham |
Entity Address, State or Province | AL |
Entity Address, Postal Zip Code | 35203 |
City Area Code | 205 |
Local Phone Number | 257-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 30,537,500 |
Entity Central Index Key | 0000003153 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
ALABAMA POWER CO | 5.00% Series Class A Preferred Stock | |
Document Information [Line Items] | |
Title of 12(b) Security | 5.00% Series Class A Preferred Stock |
Trading Symbol | ALP PR Q |
Security Exchange Name | NYSE |
GEORGIA POWER CO | |
Document Information [Line Items] | |
Entity File Number | 1-6468 |
Entity Registrant Name | Georgia Power Company |
Entity Tax Identification Number | 58-0257110 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | 241 Ralph McGill Boulevard, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-6526 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 9,261,500 |
Entity Central Index Key | 0000041091 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
GEORGIA POWER CO | Series 2017A 5.00% Junior Subordinated Notes due 2077 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2017A 5.00% Junior Subordinated Notes due 2077 |
Trading Symbol | GPJA |
Security Exchange Name | NYSE |
MISSISSIPPI POWER CO | |
Document Information [Line Items] | |
Entity File Number | 001-11229 |
Entity Registrant Name | Mississippi Power Company |
Entity Tax Identification Number | 64-0205820 |
Entity Incorporation, State or Country Code | MS |
Entity Address, Address Line One | 2992 West Beach Boulevard |
Entity Address, City or Town | Gulfport |
Entity Address, State or Province | MS |
Entity Address, Postal Zip Code | 39501 |
City Area Code | 228 |
Local Phone Number | 864-1211 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,121,000 |
Entity Central Index Key | 0000066904 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
SOUTHERN POWER CO | |
Document Information [Line Items] | |
Entity File Number | 001-37803 |
Entity Registrant Name | Southern Power Company |
Entity Tax Identification Number | 58-2598670 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 30 Ivan Allen Jr. Boulevard, N.W. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30308 |
City Area Code | 404 |
Local Phone Number | 506-5000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 1,000 |
Entity Central Index Key | 0001160661 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
SOUTHERN POWER CO | Series 2016A 1.000% Senior Notes due 2022 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016A 1.000% Senior Notes due 2022 |
Trading Symbol | SO/22B |
Security Exchange Name | NYSE |
SOUTHERN POWER CO | Series 2016B 1.850% Senior Notes due 2026 | |
Document Information [Line Items] | |
Title of 12(b) Security | Series 2016B 1.850% Senior Notes due 2026 |
Trading Symbol | SO/26A |
Security Exchange Name | NYSE |
SOUTHERN Co GAS | |
Document Information [Line Items] | |
Entity File Number | 1-14174 |
Entity Registrant Name | Southern Company Gas |
Entity Tax Identification Number | 58-2210952 |
Entity Incorporation, State or Country Code | GA |
Entity Address, Address Line One | Ten Peachtree Place, N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 404 |
Local Phone Number | 584-4000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 100 |
Entity Central Index Key | 0001004155 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Revenues: | ||
Total operating revenues | $ 5,018 | $ 5,412 |
Operating Expenses: | ||
Total cost of natural gas | 439 | 686 |
Other operations and maintenance | 1,296 | 1,314 |
Depreciation and amortization | 857 | 751 |
Taxes other than income taxes | 330 | 329 |
(Gain) loss on dispositions, net | (39) | (2,497) |
Total operating expenses | 3,755 | 1,721 |
Operating Income | 1,263 | 3,691 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 34 | 32 |
Earnings from equity method investments | 42 | 48 |
Interest expense, net of amounts capitalized | (456) | (430) |
Other income (expense), net | 103 | 78 |
Total other income and (expense) | (277) | (272) |
Earnings Before Income Taxes | 986 | 3,419 |
Income taxes | 145 | 1,360 |
Consolidated Net Income | 841 | 2,059 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net loss attributable to noncontrolling interests | (31) | (29) |
Net Income (Loss) | $ 868 | $ 2,084 |
Earnings per share - | ||
Basic (in dollars per share) | $ 0.82 | $ 2.01 |
Diluted (in dollars per share) | $ 0.81 | $ 1.99 |
Average number of shares of common stock outstanding (in millions) | ||
Basic (in shares) | 1,057 | 1,038 |
Diluted (in shares) | 1,067 | 1,045 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | $ 3,078 | $ 3,084 |
Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 418 | 499 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 151 | 168 |
Natural gas | ||
Operating Revenues: | ||
Total operating revenues | 1,249 | 1,474 |
Operating Expenses: | ||
Total cost of natural gas | 439 | 686 |
Other | ||
Operating Revenues: | ||
Total operating revenues | 122 | 187 |
Operating Expenses: | ||
Total cost of natural gas | 55 | 118 |
Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 636 | 850 |
Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 181 | 170 |
Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | 9 | (2) |
ALABAMA POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 1,351 | 1,408 |
Operating Expenses: | ||
Other operations and maintenance | 350 | 409 |
Depreciation and amortization | 200 | 199 |
Taxes other than income taxes | 106 | 103 |
Total operating expenses | 929 | 1,070 |
Operating Income | 422 | 338 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 10 | 14 |
Interest expense, net of amounts capitalized | (88) | (83) |
Other income (expense), net | 24 | 14 |
Total other income and (expense) | (54) | (55) |
Earnings Before Income Taxes | 368 | 283 |
Income taxes | 84 | 62 |
Consolidated Net Income | 284 | 221 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net Income (Loss) | 280 | 217 |
ALABAMA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 1,205 | 1,213 |
ALABAMA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 56 | 61 |
ALABAMA POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 19 | 60 |
ALABAMA POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 71 | 74 |
ALABAMA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 215 | 301 |
ALABAMA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 40 | 37 |
ALABAMA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of natural gas | 18 | 21 |
GEORGIA POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 1,825 | 1,833 |
Operating Expenses: | ||
Other operations and maintenance | 465 | 446 |
Depreciation and amortization | 352 | 240 |
Taxes other than income taxes | 113 | 106 |
Total operating expenses | 1,419 | 1,385 |
Operating Income | 406 | 448 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (111) | (96) |
Other income (expense), net | 52 | 40 |
Total other income and (expense) | (59) | (56) |
Earnings Before Income Taxes | 347 | 392 |
Income taxes | 16 | 81 |
Consolidated Net Income | 331 | 311 |
Net Income (Loss) | 331 | 311 |
GEORGIA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 1,675 | 1,668 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 26 | 32 |
GEORGIA POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 124 | 133 |
GEORGIA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 231 | 299 |
GEORGIA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 129 | 118 |
GEORGIA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of natural gas | 129 | 176 |
MISSISSIPPI POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 277 | 287 |
Operating Expenses: | ||
Other operations and maintenance | 76 | 61 |
Depreciation and amortization | 42 | 48 |
Taxes other than income taxes | 29 | 26 |
Total operating expenses | 231 | 231 |
Operating Income | 46 | 56 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (16) | (17) |
Other income (expense), net | 8 | 5 |
Total other income and (expense) | (8) | (12) |
Earnings Before Income Taxes | 38 | 44 |
Income taxes | 6 | 7 |
Consolidated Net Income | 32 | 37 |
Net Income (Loss) | 32 | 37 |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 199 | 203 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 51 | 57 |
MISSISSIPPI POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 21 | 22 |
MISSISSIPPI POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 6 | 5 |
MISSISSIPPI POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 79 | 93 |
MISSISSIPPI POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 5 | 3 |
SOUTHERN POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 375 | 443 |
Operating Expenses: | ||
Other operations and maintenance | 79 | 83 |
Depreciation and amortization | 117 | 119 |
Taxes other than income taxes | 9 | 11 |
(Gain) loss on dispositions, net | (39) | 1 |
Total operating expenses | 287 | 383 |
Operating Income | 88 | 60 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (39) | (44) |
Other income (expense), net | 2 | 2 |
Total other income and (expense) | (37) | (42) |
Earnings Before Income Taxes | 51 | 18 |
Income taxes | 7 | (9) |
Consolidated Net Income | 44 | 27 |
Net loss attributable to noncontrolling interests | (31) | (29) |
Net Income (Loss) | 75 | 56 |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 286 | 352 |
SOUTHERN POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 3 | 4 |
SOUTHERN POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 107 | 145 |
SOUTHERN POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 14 | 24 |
SOUTHERN Co GAS | ||
Operating Revenues: | ||
Total operating revenues | 1,249 | 1,474 |
Operating Expenses: | ||
Other operations and maintenance | 258 | 235 |
Depreciation and amortization | 120 | 118 |
Taxes other than income taxes | 72 | 82 |
Total operating expenses | 889 | 1,121 |
Operating Income | 360 | 353 |
Other Income and (Expense): | ||
Earnings from equity method investments | 43 | 48 |
Interest expense, net of amounts capitalized | (58) | (59) |
Other income (expense), net | 9 | 5 |
Total other income and (expense) | (6) | (6) |
Earnings Before Income Taxes | 354 | 347 |
Income taxes | 79 | 77 |
Consolidated Net Income | 275 | 270 |
Net Income (Loss) | 275 | 270 |
SOUTHERN Co GAS | Natural gas | ||
Operating Revenues: | ||
Total operating revenues | 1,240 | 1,476 |
Operating Expenses: | ||
Total cost of natural gas | 439 | 686 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | $ 9 | $ (2) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating revenues | $ 5,018 | $ 5,412 |
Alternative revenue programs | ||
Operating revenues | 9 | (2) |
SOUTHERN Co GAS | ||
Operating revenues | 1,249 | 1,474 |
Excise taxes collected | 47 | 55 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating revenues | $ 9 | $ (2) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 841 | $ 2,059 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (86) | (28) |
Reclassification adjustment for amounts included in net income, net of tax | 38 | 28 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 0 |
Total other comprehensive income (loss) | (47) | 0 |
Comprehensive Income | 794 | 2,059 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Comprehensive loss attributable to noncontrolling interests | (31) | (29) |
Comprehensive Income (Loss) Attributable to Parent | 821 | 2,084 |
ALABAMA POWER CO | ||
Net income | 284 | 221 |
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | 1 |
Comprehensive Income | 285 | 222 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
GEORGIA POWER CO | ||
Net income | 331 | 311 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (2) | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | (1) | 1 |
Comprehensive Income | 330 | 312 |
MISSISSIPPI POWER CO | ||
Net income | 32 | 37 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 0 | 0 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | 0 |
Comprehensive Income | 32 | 37 |
SOUTHERN POWER CO | ||
Net income | 44 | 27 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (62) | (29) |
Reclassification adjustment for amounts included in net income, net of tax | 28 | 25 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 0 |
Total other comprehensive income (loss) | (33) | (4) |
Comprehensive Income | 11 | 23 |
Comprehensive loss attributable to noncontrolling interests | (31) | (29) |
Comprehensive Income (Loss) Attributable to Parent | 42 | 52 |
SOUTHERN Co GAS | ||
Net income | 275 | 270 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (20) | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 5 | 0 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 0 | (1) |
Total other comprehensive income (loss) | (15) | (1) |
Comprehensive Income | $ 260 | $ 269 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Qualifying hedges: | ||
Changes in fair value, tax | $ (30) | $ (9) |
Reclassification adjustment for amounts included in net income, tax | 13 | 9 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | 2 | 0 |
ALABAMA POWER CO | ||
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
GEORGIA POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | (1) | 0 |
Reclassification adjustment for amounts included in net income, tax | 1 | 0 |
MISSISSIPPI POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | 0 | 0 |
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
SOUTHERN POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | (21) | (10) |
Reclassification adjustment for amounts included in net income, tax | 10 | 8 |
Pension and other postretirement benefit plans: | ||
Benefit plan net gain (loss), tax | 0 | 0 |
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
SOUTHERN Co GAS | ||
Qualifying hedges: | ||
Changes in fair value, tax | (7) | 0 |
Reclassification adjustment for amounts included in net income, tax | 2 | 0 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | $ 1 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities: | ||
Net income | $ 841 | $ 2,059 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 949 | 851 |
Deferred income taxes | (58) | 191 |
Allowance for equity funds used during construction | (34) | (32) |
Pension, postretirement, and other employee benefits | (67) | (53) |
Settlement of asset retirement obligations | (86) | (62) |
Stock based compensation expense | 72 | 64 |
(Gain) loss on dispositions, net | (38) | (2,503) |
Other, net | 111 | 71 |
Changes in certain current assets and liabilities — | ||
-Receivables | 317 | 378 |
-Prepayments | (110) | (129) |
-Natural gas for sale | 246 | 363 |
-Other current assets | (67) | 17 |
-Accounts payable | (504) | (783) |
-Accrued taxes | (102) | 928 |
-Accrued compensation | (473) | (489) |
-Other current liabilities | (103) | (127) |
Net cash provided from operating activities | 894 | 744 |
Investing Activities: | ||
Property additions | (1,560) | (1,678) |
Nuclear decommissioning trust fund purchases | (254) | (197) |
Nuclear decommissioning trust fund sales | 249 | 192 |
Proceeds from dispositions and asset sales | 982 | 4,427 |
Cost of removal, net of salvage | (69) | (89) |
Change in construction payables, net | (141) | (146) |
Investment in unconsolidated subsidiaries | (77) | (10) |
Payments pursuant to LTSAs | (26) | (28) |
Other investing activities | 7 | (17) |
Net cash provided from (used for) investing activities | (889) | 2,454 |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 86 | |
Increase (decrease) in notes payable, net | (685) | |
Proceeds — | ||
Long-term debt | 2,653 | 1,220 |
Common stock | 52 | 224 |
Short-term borrowings | 565 | 0 |
Redemptions and repurchases — | ||
Long-term debt | (1,481) | (2,429) |
Redemptions — Short-term borrowings | (100) | (1,750) |
Distributions to noncontrolling interests | (48) | (36) |
Payment of common stock dividends | (655) | (623) |
Other financing activities | (116) | (45) |
Net cash provided from (used for) financing activities | 185 | (3,353) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 190 | (155) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,978 | 1,519 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 2,168 | 1,364 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 490 | 462 |
Income taxes, net | (16) | 0 |
Accrued property additions at end of period | 733 | 899 |
Right-of-use assets obtained under operating leases | 24 | 15 |
Right-of-use assets obtained under finance leases | 4 | 29 |
ALABAMA POWER CO | ||
Operating Activities: | ||
Net income | 284 | 221 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 241 | 244 |
Deferred income taxes | 10 | 0 |
Allowance for equity funds used during construction | (10) | (14) |
Pension, postretirement, and other employee benefits | (25) | (18) |
Settlement of asset retirement obligations | (46) | (18) |
Other, net | 20 | 26 |
Changes in certain current assets and liabilities — | ||
-Receivables | 93 | 105 |
-Prepayments | (80) | (78) |
-Other current assets | (29) | 19 |
-Accounts payable | (305) | (286) |
-Accrued taxes | 100 | 80 |
-Accrued compensation | (111) | (122) |
-Retail fuel cost over recovery | 47 | 2 |
-Other current liabilities | (12) | (11) |
-Materials and supplies | (22) | (4) |
Net cash provided from operating activities | 155 | 146 |
Investing Activities: | ||
Property additions | (340) | (390) |
Nuclear decommissioning trust fund purchases | (81) | (68) |
Nuclear decommissioning trust fund sales | 81 | 68 |
Cost of removal, net of salvage | (15) | (16) |
Change in construction payables, net | (65) | (95) |
Other investing activities | (4) | (10) |
Net cash provided from (used for) investing activities | (424) | (511) |
Proceeds — | ||
Capital contributions from parent company | 610 | 1,232 |
Redemptions and repurchases — | ||
Senior notes | 0 | (200) |
Pollution control revenue bonds | (87) | 0 |
Payment of common stock dividends | (239) | (211) |
Other financing activities | (11) | (10) |
Net cash provided from (used for) financing activities | 273 | 811 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 4 | 446 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 894 | 313 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 898 | 759 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 92 | 89 |
Accrued property additions at end of period | 135 | 176 |
Right-of-use assets obtained under operating leases | 2 | 2 |
Right-of-use assets obtained under finance leases | 1 | 0 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Net income | 331 | 311 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 396 | 287 |
Deferred income taxes | (73) | 127 |
Pension, postretirement, and other employee benefits | (40) | (35) |
Settlement of asset retirement obligations | (33) | (34) |
Storm damage reserve accruals | 53 | 7 |
Retail fuel cost over recovery – long-term | 90 | 0 |
Other, net | (52) | (25) |
Changes in certain current assets and liabilities — | ||
-Receivables | 22 | 91 |
-Other current assets | (15) | 33 |
-Accounts payable | (69) | (166) |
-Accrued taxes | (156) | (245) |
-Accrued compensation | (87) | (67) |
-Other current liabilities | (5) | 10 |
-Customer refunds | (107) | 32 |
-Fossil fuel stock | (42) | (41) |
-Prepaid income taxes | 0 | (73) |
Net cash provided from operating activities | 213 | 212 |
Investing Activities: | ||
Property additions | (849) | (875) |
Nuclear decommissioning trust fund purchases | (173) | (129) |
Nuclear decommissioning trust fund sales | 167 | 124 |
Proceeds from dispositions and asset sales | 142 | 7 |
Cost of removal, net of salvage | (34) | (58) |
Other investing activities | (2) | (11) |
Change in construction payables, net of joint owner portion | (46) | (38) |
Net cash provided from (used for) investing activities | (795) | (980) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 11 | |
Increase (decrease) in notes payable, net | (19) | |
Proceeds — | ||
Short-term borrowings | 200 | 0 |
Senior notes | 1,500 | 0 |
Capital contributions from parent company | 500 | 27 |
FFB loan | 0 | 835 |
Pollution control revenue bonds | 53 | 343 |
Redemptions and repurchases — | ||
FFB loan | (16) | 0 |
Senior notes | (950) | 0 |
Pollution control revenue bonds | (148) | (108) |
Payment of common stock dividends | (385) | (394) |
Other financing activities | (23) | (19) |
Net cash provided from (used for) financing activities | 742 | 665 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 160 | (103) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 52 | 112 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 212 | 9 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 122 | 92 |
Accrued property additions at end of period | 472 | 607 |
Right-of-use assets obtained under operating leases | 10 | 4 |
Right-of-use assets obtained under finance leases | 0 | 28 |
MISSISSIPPI POWER CO | ||
Operating Activities: | ||
Net income | 32 | 37 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 44 | 50 |
Deferred income taxes | (4) | (8) |
Settlement of asset retirement obligations | (3) | (8) |
Other, net | 4 | 4 |
Changes in certain current assets and liabilities — | ||
-Receivables | 14 | 11 |
-Other current assets | (10) | 7 |
-Accounts payable | (24) | (38) |
-Accrued taxes | (54) | (62) |
-Accrued compensation | (19) | (22) |
-Other current liabilities | 3 | 6 |
Net cash provided from operating activities | (17) | (23) |
Investing Activities: | ||
Property additions | (50) | (45) |
Change in construction payables, net | (10) | (8) |
Payments pursuant to LTSAs | (5) | (5) |
Other investing activities | (6) | (5) |
Net cash provided from (used for) investing activities | (71) | (63) |
Proceeds — | ||
Short-term borrowings | 40 | 0 |
Capital contributions from parent company | 75 | 0 |
Pollution control revenue bonds | 0 | 43 |
Other long-term debt | 100 | 0 |
Redemptions and repurchases — | ||
Senior notes | (275) | 0 |
Other financing activities | (1) | 0 |
Return of capital to parent company | (37) | (38) |
Net cash provided from (used for) financing activities | (98) | 5 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (186) | (81) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 286 | 293 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 100 | 212 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 18 | 13 |
Accrued property additions at end of period | 25 | 27 |
SOUTHERN POWER CO | ||
Operating Activities: | ||
Net income | 44 | 27 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 123 | 125 |
Deferred income taxes | (36) | 17 |
(Gain) loss on dispositions, net | (39) | 0 |
Other, net | (10) | (7) |
Amortization of investment tax credits | (14) | (14) |
Changes in certain current assets and liabilities — | ||
-Receivables | 5 | 10 |
-Other current assets | (2) | 3 |
-Accounts payable | (34) | (32) |
-Accrued taxes | 8 | 5 |
-Other current liabilities | (13) | (15) |
-Prepaid income taxes | 51 | (9) |
Net cash provided from operating activities | 83 | 110 |
Investing Activities: | ||
Property additions | (47) | (66) |
Proceeds from dispositions and asset sales | 660 | 0 |
Change in construction payables, net | (15) | (7) |
Payments pursuant to LTSAs | (15) | (15) |
Other investing activities | 17 | 9 |
Net cash provided from (used for) investing activities | 600 | (79) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 5 | |
Increase (decrease) in notes payable, net | (449) | |
Redemptions and repurchases — | ||
Redemptions — Short-term borrowings | (100) | 0 |
Distributions to noncontrolling interests | (48) | (36) |
Capital contributions from noncontrolling interests | 16 | 3 |
Payment of common stock dividends | (50) | (51) |
Other financing activities | (1) | 0 |
Net cash provided from (used for) financing activities | (632) | (79) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 51 | (48) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 279 | 181 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 330 | 133 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 28 | 28 |
Income taxes, net | (5) | 1 |
Accrued property additions at end of period | 27 | 19 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Net income | 275 | 270 |
Adjustments to reconcile net income to net cash provided from operating activities — | ||
Depreciation and amortization, total | 120 | 118 |
Deferred income taxes | 22 | 42 |
Mark-to-market adjustments | 13 | 45 |
Other, net | (19) | (20) |
Changes in certain current assets and liabilities — | ||
-Receivables | 112 | 238 |
-Natural gas for sale | 246 | 363 |
-Other current assets | 33 | 59 |
-Accounts payable | (185) | (353) |
-Accrued taxes | 27 | 21 |
-Accrued compensation | (42) | (50) |
-Other current liabilities | 41 | (50) |
Net cash provided from operating activities | 643 | 683 |
Investing Activities: | ||
Property additions | (261) | (256) |
Proceeds from dispositions and asset sales | 178 | 0 |
Cost of removal, net of salvage | (15) | (12) |
Change in construction payables, net | (18) | 1 |
Investment in unconsolidated subsidiaries | (77) | (10) |
Other investing activities | 0 | (13) |
Net cash provided from (used for) investing activities | (193) | (290) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (39) | (289) |
Redemptions and repurchases — | ||
Payment of common stock dividends | (133) | (118) |
Other financing activities | (13) | 5 |
Net cash provided from (used for) financing activities | (185) | (402) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 265 | (9) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 49 | 70 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 314 | 61 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 49 | 55 |
Income taxes, net | (12) | (1) |
Accrued property additions at end of period | $ 104 | $ 98 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest capitalized | $ 20 | $ 18 |
ALABAMA POWER CO | ||
Interest capitalized | 3 | 5 |
GEORGIA POWER CO | ||
Interest capitalized | 11 | 8 |
MISSISSIPPI POWER CO | ||
Interest received | 0 | 0 |
SOUTHERN POWER CO | ||
Interest capitalized | 4 | 4 |
SOUTHERN Co GAS | ||
Interest capitalized | $ 2 | $ 2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 2,164 | $ 1,975 |
Receivables — | ||
Customer accounts receivable | 1,603 | 1,614 |
Energy marketing receivables | 291 | 428 |
Unbilled revenues | 522 | 599 |
Other accounts and notes receivable | 560 | 817 |
Accumulated provision for uncollectible accounts | (53) | (49) |
Materials and supplies | 1,405 | 1,388 |
Fossil fuel for generation | 577 | 521 |
Natural gas for sale | 233 | 479 |
Prepaid expenses | 667 | 314 |
Assets from risk management activities, net of collateral | 134 | 183 |
Regulatory assets – asset retirement obligations | 272 | 287 |
Other regulatory assets | 876 | 885 |
Assets held for sale | 0 | 188 |
Other current assets | 179 | 188 |
Total current assets | 9,430 | 9,817 |
Property, Plant, and Equipment: | ||
In service | 105,931 | 105,114 |
Less: Accumulated depreciation | 31,180 | 30,765 |
Plant in service, net of depreciation | 74,751 | 74,349 |
Nuclear fuel, at amortized cost | 854 | 851 |
Construction work in progress | 8,360 | 7,880 |
Total property, plant, and equipment | 83,965 | 83,080 |
Other Property and Investments: | ||
Goodwill | 5,280 | 5,280 |
Equity investments in unconsolidated subsidiaries | 1,386 | 1,303 |
Other intangible assets, net of amortization | 523 | 536 |
Nuclear decommissioning trusts, at fair value | 1,787 | 2,036 |
Leveraged leases | 795 | 788 |
Miscellaneous property and investments | 407 | 391 |
Total other property and investments | 10,178 | 10,334 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,770 | 1,800 |
Deferred charges related to income taxes | 798 | 798 |
Unamortized loss on reacquired debt | 297 | 300 |
Regulatory assets – asset retirement obligations, deferred | 4,384 | 4,094 |
Other regulatory assets, deferred | 6,763 | 6,805 |
Assets held for sale, deferred | 0 | 601 |
Other deferred charges and assets | 1,267 | 1,071 |
Total deferred charges and other assets | 15,279 | 15,469 |
Total Assets | 118,852 | 118,700 |
Current Liabilities: | ||
Securities due within one year | 1,809 | 2,989 |
Notes payable | 1,710 | 2,055 |
Energy marketing trade payables | 298 | 442 |
Accounts payable — | ||
Accounts payable | 1,653 | 2,115 |
Customer deposits | 491 | 496 |
Accrued taxes — | ||
Accrued income taxes | 25 | 0 |
Other accrued taxes | 338 | 659 |
Accrued interest | 414 | 474 |
Accrued compensation | 502 | 992 |
Asset retirement obligations | 514 | 504 |
Other regulatory liabilities | 701 | 756 |
Liabilities held for sale | 0 | 5 |
Operating lease obligations | 230 | 229 |
Other current liabilities | 868 | 830 |
Total current liabilities | 9,553 | 12,546 |
Long-term Debt | 44,235 | 41,798 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 8,398 | 7,888 |
Deferred credits related to income taxes | 5,954 | 6,078 |
Accumulated deferred ITCs | 2,271 | 2,291 |
Employee benefit obligations | 1,778 | 1,814 |
Operating lease obligations, deferred | 1,610 | 1,615 |
Asset retirement obligations, deferred | 9,296 | 9,282 |
Accrued environmental remediation | 230 | 234 |
Other cost of removal obligations | 2,251 | 2,239 |
Other regulatory liabilities, deferred | 368 | 256 |
Other deferred credits and liabilities | 701 | 609 |
Total deferred credits and other liabilities | 32,857 | 32,306 |
Total Liabilities | 86,645 | 86,650 |
Redeemable Preferred Stock of Subsidiaries | 291 | 291 |
Total stockholders' equity | 31,916 | 31,759 |
Total Liabilities and Stockholders' Equity | 118,852 | 118,700 |
ALABAMA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 898 | 894 |
Receivables — | ||
Customer accounts receivable | 377 | 425 |
Unbilled revenues | 117 | 134 |
Other accounts and notes receivable | 41 | 72 |
Accumulated provision for uncollectible accounts | (19) | (22) |
Affiliated | 40 | 37 |
Materials and supplies | 531 | 512 |
Fossil fuel for generation | 227 | 212 |
Prepaid expenses | 119 | 50 |
Other regulatory assets | 242 | 242 |
Other current assets | 37 | 30 |
Total current assets | 2,610 | 2,586 |
Property, Plant, and Equipment: | ||
In service | 30,348 | 30,023 |
Less: Accumulated depreciation | 9,608 | 9,540 |
Plant in service, net of depreciation | 20,740 | 20,483 |
Nuclear fuel, at amortized cost | 290 | 296 |
Construction work in progress | 777 | 890 |
Total property, plant, and equipment | 21,807 | 21,669 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 64 | 66 |
Nuclear decommissioning trusts, at fair value | 855 | 1,023 |
Miscellaneous property and investments | 129 | 128 |
Total other property and investments | 1,048 | 1,217 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 124 | 132 |
Deferred charges related to income taxes | 243 | 244 |
Regulatory assets – asset retirement obligations, deferred | 1,224 | 1,019 |
Other regulatory assets, deferred | 1,968 | 1,976 |
Other deferred charges and assets | 307 | 269 |
Deferred under recovered regulatory clause revenues | 37 | 40 |
Total deferred charges and other assets | 3,903 | 3,680 |
Total Assets | 29,368 | 29,152 |
Current Liabilities: | ||
Securities due within one year | 296 | 251 |
Accounts payable — | ||
Affiliated | 212 | 316 |
Other | 271 | 514 |
Customer deposits | 101 | 100 |
Accrued taxes — | ||
Other accrued taxes | 168 | 78 |
Accrued interest | 82 | 92 |
Accrued compensation | 105 | 216 |
Asset retirement obligations | 201 | 195 |
Other regulatory liabilities | 155 | 193 |
Other current liabilities | 109 | 105 |
Total current liabilities | 1,700 | 2,060 |
Long-term Debt | 8,141 | 8,270 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,283 | 3,260 |
Deferred credits related to income taxes | 1,946 | 1,960 |
Accumulated deferred ITCs | 99 | 100 |
Employee benefit obligations | 198 | 206 |
Operating lease obligations, deferred | 103 | 107 |
Asset retirement obligations, deferred | 3,330 | 3,345 |
Other cost of removal obligations | 402 | 412 |
Other regulatory liabilities, deferred | 225 | 146 |
Other deferred credits and liabilities | 41 | 40 |
Total deferred credits and other liabilities | 9,627 | 9,576 |
Total Liabilities | 19,468 | 19,906 |
Redeemable Preferred Stock | 291 | 291 |
Total stockholders' equity | 9,609 | 8,955 |
Total Liabilities and Stockholders' Equity | 29,368 | 29,152 |
GEORGIA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 212 | 52 |
Receivables — | ||
Customer accounts receivable | 545 | 533 |
Unbilled revenues | 195 | 203 |
Other accounts and notes receivable | 44 | 209 |
Accumulated provision for uncollectible accounts | (2) | (2) |
Affiliated | 24 | 21 |
Joint owner accounts receivable | 129 | 136 |
Materials and supplies | 513 | 501 |
Fossil fuel for generation | 315 | 272 |
Prepaid expenses | 38 | 63 |
Regulatory assets – storm damage reserves | 213 | 213 |
Regulatory assets – asset retirement obligations | 235 | 254 |
Other regulatory assets | 295 | 263 |
Other current assets | 69 | 77 |
Total current assets | 2,825 | 2,795 |
Property, Plant, and Equipment: | ||
In service | 38,436 | 38,137 |
Less: Accumulated depreciation | 11,929 | 11,753 |
Plant in service, net of depreciation | 26,507 | 26,384 |
Nuclear fuel, at amortized cost | 563 | 555 |
Construction work in progress | 6,187 | 5,650 |
Total property, plant, and equipment | 33,257 | 32,589 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 52 | 52 |
Nuclear decommissioning trusts, at fair value | 932 | 1,013 |
Miscellaneous property and investments | 65 | 64 |
Total other property and investments | 1,049 | 1,129 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,401 | 1,428 |
Deferred charges related to income taxes | 519 | 519 |
Regulatory assets – asset retirement obligations, deferred | 2,970 | 2,865 |
Other regulatory assets, deferred | 2,677 | 2,716 |
Other deferred charges and assets | 481 | 500 |
Total deferred charges and other assets | 8,048 | 8,028 |
Total Assets | 45,179 | 44,541 |
Current Liabilities: | ||
Securities due within one year | 74 | 1,025 |
Notes payable | 451 | 365 |
Accounts payable — | ||
Affiliated | 389 | 512 |
Other | 723 | 711 |
Customer deposits | 284 | 283 |
Accrued taxes — | ||
Other accrued taxes | 239 | 407 |
Accrued interest | 97 | 118 |
Accrued compensation | 120 | 233 |
Asset retirement obligations | 272 | 265 |
Other regulatory liabilities | 342 | 447 |
Operating lease obligations | 147 | 144 |
Other current liabilities | 233 | 187 |
Total current liabilities | 3,371 | 4,697 |
Long-term Debt | 12,297 | 10,791 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,255 | 3,257 |
Deferred credits related to income taxes | 2,792 | 2,862 |
Accumulated deferred ITCs | 253 | 255 |
Employee benefit obligations | 497 | 540 |
Operating lease obligations, deferred | 1,280 | 1,282 |
Asset retirement obligations, deferred | 5,547 | 5,519 |
Other deferred credits and liabilities | 375 | 273 |
Total deferred credits and other liabilities | 13,999 | 13,988 |
Total Liabilities | 29,667 | 29,476 |
Total stockholders' equity | 15,512 | 15,065 |
Total Liabilities and Stockholders' Equity | 45,179 | 44,541 |
MISSISSIPPI POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 100 | 286 |
Receivables — | ||
Customer accounts receivable | 32 | 35 |
Unbilled revenues | 33 | 39 |
Other accounts and notes receivable | 23 | 26 |
Affiliated | 25 | 27 |
Materials and supplies | 59 | 61 |
Fossil fuel for generation | 24 | 26 |
Other regulatory assets | 85 | 99 |
Other current assets | 10 | 10 |
Total current assets | 391 | 609 |
Property, Plant, and Equipment: | ||
In service | 4,900 | 4,857 |
Less: Accumulated depreciation | 1,489 | 1,463 |
Plant in service, net of depreciation | 3,411 | 3,394 |
Construction work in progress | 127 | 126 |
Total property, plant, and equipment | 3,538 | 3,520 |
Other Property and Investments: | ||
Total other property and investments | 131 | 131 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 32 | 32 |
Regulatory assets – asset retirement obligations, deferred | 197 | 210 |
Other regulatory assets, deferred | 386 | 360 |
Other deferred charges and assets | 48 | 34 |
Accumulated deferred income taxes | 137 | 139 |
Total deferred charges and other assets | 800 | 775 |
Total Assets | 4,860 | 5,035 |
Current Liabilities: | ||
Securities due within one year | 7 | 281 |
Notes payable | 40 | 0 |
Accounts payable — | ||
Affiliated | 62 | 76 |
Other | 56 | 75 |
Accrued taxes — | ||
Other accrued taxes | 51 | 105 |
Accrued interest | 14 | 15 |
Accrued compensation | 16 | 35 |
Asset retirement obligations | 28 | 33 |
Other regulatory liabilities | 54 | 21 |
Other current liabilities | 69 | 64 |
Over recovered regulatory clause liabilities | 32 | 29 |
Total current liabilities | 429 | 734 |
Long-term Debt | 1,406 | 1,308 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 422 | 424 |
Deferred credits related to income taxes | 320 | 352 |
Employee benefit obligations | 98 | 99 |
Asset retirement obligations, deferred | 158 | 157 |
Other cost of removal obligations | 192 | 189 |
Other regulatory liabilities, deferred | 71 | 76 |
Other deferred credits and liabilities | 42 | 44 |
Total deferred credits and other liabilities | 1,303 | 1,341 |
Total Liabilities | 3,138 | 3,383 |
Total stockholders' equity | 1,722 | 1,652 |
Total Liabilities and Stockholders' Equity | 4,860 | 5,035 |
SOUTHERN POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 330 | 279 |
Receivables — | ||
Customer accounts receivable | 109 | 107 |
Other accounts and notes receivable | 54 | 73 |
Affiliated | 26 | 30 |
Materials and supplies | 198 | 191 |
Other current assets | 24 | 43 |
Prepaid income taxes | 452 | 36 |
Total current assets | 1,193 | 759 |
Property, Plant, and Equipment: | ||
In service | 13,282 | 13,270 |
Less: Accumulated depreciation | 2,580 | 2,464 |
Plant in service, net of depreciation | 10,702 | 10,806 |
Construction work in progress | 534 | 515 |
Total property, plant, and equipment | 11,236 | 11,321 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 45 | 28 |
Miscellaneous property and investments | 45 | 28 |
Intangible assets, net of amortization | 317 | 322 |
Total other property and investments | 362 | 350 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 368 | 369 |
Assets held for sale, deferred | 0 | 601 |
Other deferred charges and assets | 216 | 216 |
Prepaid LTSAs | 134 | 128 |
Accumulated deferred income taxes | 129 | 551 |
Income taxes receivable, non-current | 8 | 5 |
Total deferred charges and other assets | 855 | 1,870 |
Total Assets | 13,646 | 14,300 |
Current Liabilities: | ||
Securities due within one year | 824 | 824 |
Notes payable | 0 | 549 |
Accounts payable — | ||
Affiliated | 43 | 56 |
Other | 59 | 85 |
Accrued taxes — | ||
Accrued income taxes | 9 | 0 |
Other accrued taxes | 20 | 26 |
Accrued interest | 36 | 32 |
Other current liabilities | 119 | 132 |
Total current liabilities | 1,110 | 1,704 |
Long-term Debt | 3,545 | 3,574 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 114 | 115 |
Accumulated deferred ITCs | 1,717 | 1,731 |
Operating lease obligations, deferred | 375 | 376 |
Other deferred credits and liabilities | 234 | 178 |
Total deferred credits and other liabilities | 2,440 | 2,400 |
Total Liabilities | 7,095 | 7,678 |
Total stockholders' equity | 6,551 | 6,622 |
Total Liabilities and Stockholders' Equity | 13,646 | 14,300 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 311 | 46 |
Receivables — | ||
Customer accounts receivable | 407 | 323 |
Energy marketing receivables | 291 | 428 |
Unbilled revenues | 136 | 183 |
Other accounts and notes receivable | 102 | 114 |
Accumulated provision for uncollectible accounts | (25) | (18) |
Affiliated | 3 | 5 |
Natural gas for sale | 233 | 479 |
Prepaid expenses | 53 | 65 |
Assets from risk management activities, net of collateral | 119 | 177 |
Other regulatory assets | 69 | 92 |
Assets held for sale | 0 | 171 |
Other current assets | 43 | 41 |
Total current assets | 1,742 | 2,106 |
Property, Plant, and Equipment: | ||
In service | 16,456 | 16,344 |
Less: Accumulated depreciation | 4,651 | 4,650 |
Plant in service, net of depreciation | 11,805 | 11,694 |
Construction work in progress | 680 | 613 |
Total property, plant, and equipment | 12,485 | 12,307 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,333 | 1,251 |
Other intangible assets, net of amortization | 65 | 70 |
Miscellaneous property and investments | 20 | 20 |
Total other property and investments | 6,433 | 6,356 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 91 | 93 |
Other regulatory assets, deferred | 605 | 618 |
Other deferred charges and assets | 261 | 207 |
Total deferred charges and other assets | 957 | 918 |
Total Assets | 21,617 | 21,687 |
Current Liabilities: | ||
Notes payable | 611 | 650 |
Energy marketing trade payables | 298 | 442 |
Accounts payable — | ||
Affiliated | 39 | 41 |
Other | 258 | 315 |
Customer deposits | 89 | 96 |
Accrued taxes — | ||
Accrued income taxes | 37 | 0 |
Other accrued taxes | 61 | 71 |
Accrued interest | 64 | 52 |
Accrued compensation | 58 | 100 |
Other regulatory liabilities | 149 | 94 |
Other current liabilities | 121 | 128 |
Liabilities from risk management activities, net of collateral | 41 | 21 |
Total current liabilities | 1,826 | 2,010 |
Long-term Debt | 5,836 | 5,845 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,235 | 1,219 |
Deferred credits related to income taxes | 867 | 874 |
Employee benefit obligations | 252 | 265 |
Operating lease obligations, deferred | 76 | 78 |
Accrued environmental remediation | 230 | 233 |
Other cost of removal obligations | 1,625 | 1,606 |
Other deferred credits and liabilities | 39 | 51 |
Total deferred credits and other liabilities | 4,324 | 4,326 |
Total Liabilities | 11,986 | 12,181 |
Total stockholders' equity | 9,631 | 9,506 |
Total Liabilities and Stockholders' Equity | $ 21,617 | $ 21,687 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other intangible assets, amortization | $ 292 | $ 280 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | 74 | 69 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 181 | $ 176 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ALABAMA POWER CO | ALABAMA POWER COCommon Stock | ALABAMA POWER COPaid-In Capital | ALABAMA POWER CORetained Earnings (Accumulated Deficit) | ALABAMA POWER COAccumulated Other Comprehensive Income (Loss) | GEORGIA POWER CO | GEORGIA POWER COCommon Stock | GEORGIA POWER COPaid-In Capital | GEORGIA POWER CORetained Earnings (Accumulated Deficit) | GEORGIA POWER COAccumulated Other Comprehensive Income (Loss) | MISSISSIPPI POWER CO | MISSISSIPPI POWER COCommon Stock | MISSISSIPPI POWER COPaid-In Capital | MISSISSIPPI POWER CORetained Earnings (Accumulated Deficit) | MISSISSIPPI POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER CO | SOUTHERN POWER COPaid-In Capital | SOUTHERN POWER CORetained Earnings (Accumulated Deficit) | SOUTHERN POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER COTotal Common Stockholders' Equity | SOUTHERN POWER CONoncontrolling Interests | SOUTHERN Co GAS | SOUTHERN Co GASPaid-In Capital | SOUTHERN Co GASRetained Earnings (Accumulated Deficit) | SOUTHERN Co GASAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2018 | 1,035 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | $ 29,039 | $ 5,164 | $ (38) | $ 11,094 | $ 8,706 | $ (203) | $ 4,316 | $ 7,477 | $ 1,222 | $ 3,508 | $ 2,775 | $ (28) | $ 14,323 | $ 398 | $ 10,322 | $ 3,612 | $ (9) | $ 1,609 | $ 38 | $ 4,546 | $ (2,971) | $ (4) | $ 7,284 | $ 1,600 | $ 1,352 | $ 16 | $ 2,968 | $ 4,316 | $ 8,570 | $ 8,856 | $ (312) | $ 26 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income (loss) | 2,084 | 2,084 | 217 | 217 | 311 | 311 | 37 | 37 | 56 | 56 | 56 | 270 | 270 | |||||||||||||||||||
Stock issued (in shares) | 6 | |||||||||||||||||||||||||||||||
Stock issued | 224 | $ 28 | 196 | |||||||||||||||||||||||||||||
Stock-based compensation | 24 | 24 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (622) | (622) | (211) | (211) | (394) | (394) | (51) | (51) | (51) | (118) | (118) | |||||||||||||||||||||
Contributions from noncontrolling interests | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (41) | (41) | (41) | (41) | ||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (29) | (29) | (29) | (29) | ||||||||||||||||||||||||||||
Other | 5 | $ (2) | 7 | (1) | 0 | 1 | (1) | (1) | 0 | (1) | (1) | (1) | 0 | (2) | 1 | |||||||||||||||||
Capital contributions from parent company | 1,236 | 1,236 | 29 | 29 | 2 | 2 | 1 | 1 | 1 | 17 | 17 | |||||||||||||||||||||
Other comprehensive income (loss) | 1 | 1 | 1 | 1 | (4) | (4) | (4) | (1) | (1) | |||||||||||||||||||||||
Return of capital to parent company | (38) | (38) | ||||||||||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 1,041 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2019 | 30,687 | $ 5,192 | $ (40) | 11,321 | 10,167 | (203) | 4,250 | 8,720 | $ 1,222 | 4,744 | 2,781 | (27) | 14,269 | $ 398 | 10,350 | 3,529 | (8) | 1,610 | $ 38 | 4,510 | (2,934) | (4) | 7,218 | 1,600 | 1,356 | 12 | 2,968 | 4,250 | 8,738 | 8,873 | (160) | 25 |
Beginning balance (in shares) at Dec. 31, 2019 | 1,054 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 31,759 | $ 5,257 | $ (42) | 11,734 | 10,877 | (321) | 4,254 | 8,955 | $ 1,222 | 4,755 | 3,001 | (23) | 15,065 | $ 398 | 10,962 | 3,756 | (51) | 1,652 | $ 38 | 4,449 | (2,832) | (3) | 6,622 | 909 | 1,485 | (26) | 2,368 | 4,254 | 9,506 | 9,697 | (198) | 7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income (loss) | 868 | 868 | 280 | 280 | 331 | 331 | 32 | 32 | 75 | 75 | 75 | 275 | 275 | |||||||||||||||||||
Stock issued (in shares) | 3 | |||||||||||||||||||||||||||||||
Stock issued | 52 | $ 9 | 43 | |||||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (655) | (655) | (239) | (239) | (385) | (385) | (50) | (50) | (50) | (133) | (133) | |||||||||||||||||||||
Contributions from noncontrolling interests | 16 | 16 | 16 | 16 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (48) | (48) | (48) | (48) | ||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (31) | (31) | (31) | (31) | ||||||||||||||||||||||||||||
Other | (3) | $ 0 | $ (2) | 0 | (2) | 1 | 0 | (1) | (1) | |||||||||||||||||||||||
Capital contributions from parent company | 612 | 612 | 502 | 502 | 76 | 76 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (47) | (47) | 1 | 1 | (1) | (1) | (33) | (33) | (33) | (15) | (15) | |||||||||||||||||||||
Return of capital to parent company | (37) | (37) | (2) | (2) | ||||||||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 1,057 | 1 | 31 | 9 | 1 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | $ 31,916 | $ 5,266 | $ (44) | $ 11,782 | $ 11,088 | $ (367) | $ 4,191 | $ 9,609 | $ 1,222 | $ 5,367 | $ 3,042 | $ (22) | $ 15,512 | $ 398 | $ 11,464 | $ 3,702 | $ (52) | $ 1,722 | $ 38 | $ 4,487 | $ (2,800) | $ (3) | $ 6,551 | $ 909 | $ 1,510 | $ (59) | $ 2,360 | $ 4,191 | $ 9,631 | $ 9,695 | $ (56) | $ (8) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.62 | $ 0.60 |
INTRODUCTION
INTRODUCTION | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION | INTRODUCTION The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2019 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2020 and 2019 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant. Goodwill and Other Intangible Assets Goodwill at March 31, 2020 and December 31, 2019 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 Goodwill is not amortized but is subject to an annual impairment test in the fourth quarter of the year and on an interim basis as events and changes in circumstances occur, including, but not limited to, a significant change in operating performance, the business climate, legal or regulatory factors, or a planned sale or disposition of a significant portion of the business. The continued COVID-19 pandemic and related responses could continue to disrupt supply chains and capital markets, reduce labor availability and productivity, and reduce economic activity. These effects could have a variety of adverse impacts on Southern Company and its subsidiaries, including the $263 million of goodwill recorded at PowerSecure. If the impact of the COVID-19 pandemic becomes significant to the operating results of PowerSecure and its businesses, a portion of the associated goodwill may become impaired. The ultimate outcome of this matter cannot be determined at this time. Other intangible assets were as follows: At March 31, 2020 At December 31, 2019 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (121 ) $ 91 $ 212 $ (116 ) $ 96 Trade names 64 (26 ) 38 64 (25 ) 39 Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 PPA fair value adjustments 390 (74 ) 316 390 (69 ) 321 Other 10 (8 ) 2 11 (8 ) 3 Total other intangible assets subject to amortization $ 740 $ (292 ) $ 448 $ 741 $ (280 ) $ 461 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 815 $ (292 ) $ 523 $ 816 $ (280 ) $ 536 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (74 ) $ 316 $ 390 $ (69 ) $ 321 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (108 ) $ 48 $ 156 $ (104 ) $ 52 Trade names 26 (10 ) 16 26 (10 ) 16 Wholesale gas services Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 Total other intangible assets subject to amortization $ 246 $ (181 ) $ 65 $ 246 $ (176 ) $ 70 Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2020 (in millions) Southern Company (a) $ 12 Southern Power (b) $ 5 Southern Company Gas Gas marketing services $ 4 Wholesale gas services (b) 1 Southern Company Gas total $ 5 (a) Includes $6 million for the three months ended March 31, 2020 , recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2020 and/or December 31, 2019 : Southern Company Southern Company Gas At March 31, 2020 At December 31, 2019 At March 31, 2020 At December 31, 2019 (in millions) (in millions) Cash and cash equivalents $ 2,164 $ 1,975 $ 311 $ 46 Restricted cash (a) : Other accounts and notes receivable — 3 — 3 Other current assets 3 — 3 — Total cash, cash equivalents, and restricted cash $ 2,168 (b) $ 1,978 $ 314 $ 49 (a) Represents restricted cash held by Southern Company Gas as collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total does not add due to rounding. Natural Gas for Sale Southern Company Gas, with the exception of Nicor Gas, carries natural gas inventory on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Southern Company Gas had no material adjustments for any period presented. 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. Nicor Gas' inventory decrement at March 31, 2020 is expected to be restored prior to year end. Depreciation and Amortization See Note 5 to the financial statements under "Depreciation and Amortization – Southern Power" in Item 8 of the Form 10-K for additional information. Effective January 1, 2020, Southern Power revised the depreciable lives of its natural gas generating facilities from up to 45 years to up to 50 years . This revision resulted in an immaterial decrease in depreciation for the three months ended March 31, 2020 and is expected to result in an immaterial decrease in annual depreciation for 2020. |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters. The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2020 and December 31, 2019 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, current $ 35 $ 55 Other regulatory liabilities, deferred 17 7 Rate CNP PPA Deferred under recovered regulatory clause revenues 37 40 Retail Energy Cost Recovery Other regulatory liabilities, current 74 32 Other regulatory liabilities, deferred 22 17 Natural Disaster Reserve Other regulatory liabilities, current 27 37 Other regulatory liabilities, deferred 104 113 Georgia Power Fuel Cost Recovery Other current liabilities $ 6 $ — Other deferred credits and liabilities 163 73 Mississippi Power Fuel Cost Recovery Over recovered regulatory clause liabilities $ 25 $ 23 Ad Valorem Tax Other regulatory assets 11 47 Other regulatory assets, deferred 38 — Property Damage Reserve Other regulatory liabilities, deferred 53 54 Southern Company Gas Natural Gas Cost Recovery Other regulatory liabilities $ 84 $ 74 Alabama Power Petition for Certificate of Convenience and Necessity During March 2020, a hearing was held before the Alabama PSC regarding Alabama Power's petition for a certificate of convenience and necessity (CCN) to procure additional capacity, including the Autauga Combined Cycle Acquisition. On April 22, 2020, the FERC approved the Autauga Combined Cycle Acquisition. The Autauga Combined Cycle Acquisition, as well as procurement of the other resources identified in Alabama Power's CCN petition, remain subject to approval by the Alabama PSC. The ultimate outcome of this matter cannot be determined at this time. Georgia Power Deferral of Incremental COVID-19 Costs On April 7, 2020, in response to the COVID-19 pandemic, the Georgia PSC approved an order directing Georgia Power to continue its previous, voluntary suspension of customer disconnections and to defer the resulting incremental bad debt and other incremental costs as a regulatory asset. Georgia Power and the staff of the Georgia PSC will work collaboratively to establish a methodology for identifying these incremental costs. The period over which such costs will be recovered is expected to be determined in Georgia Power's next base rate case. At March 31, 2020, the incremental costs deferred were immaterial. The ultimate outcome of this matter cannot be determined at this time. Integrated Resource Plan On March 5, 2020, the Sierra Club filed a petition for judicial review in the Superior Court of Fulton County to appeal the Georgia PSC's decision in the 2019 ARP allowing Georgia Power to recover compliance costs for CCR AROs. The ultimate outcome of this matter cannot be determined at this time. Fuel Cost Recovery On March 9, 2020, Georgia Power filed a request with the Georgia PSC to decrease fuel rates by 16% effective June 1, 2020, which is expected to reduce annual billings by approximately $329 million . Georgia Power expects the Georgia PSC to make a final decision on this matter on May 28, 2020. The ultimate outcome of this matter cannot be determined at this time. Nuclear Construction In 2009, the Georgia PSC certified construction of Plant Vogtle Units 3 and 4. Georgia Power holds a 45.7% ownership interest in Plant Vogtle Units 3 and 4. In 2012, the NRC issued the related combined construction and operating licenses, which allowed full construction of the two AP1000 nuclear units (with electric generating capacity of approximately 1,100 MWs each) and related facilities to begin. Until March 2017, construction on Plant Vogtle Units 3 and 4 continued under the Vogtle 3 and 4 Agreement, which was a substantially fixed price agreement. In March 2017, the EPC Contractor filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. In connection with the EPC Contractor's bankruptcy filing, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into several transitional arrangements to allow construction to continue. In July 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into the Vogtle Services Agreement, whereby Westinghouse provides facility design and engineering services, procurement and technical support, and staff augmentation on a time and materials cost basis. The Vogtle Services Agreement provides that it will continue until the start-up and testing of Plant Vogtle Units 3 and 4 are complete and electricity is generated and sold from both units. The Vogtle Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. In October 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, executed the Bechtel Agreement, a cost reimbursable plus fee arrangement, whereby Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, which is subject to adjustment based on Bechtel's performance against cost and schedule targets. Each Vogtle Owner is severally (not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to Bechtel under the Bechtel Agreement. The Vogtle Owners may terminate the Bechtel Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay amounts related to work performed prior to the termination (including the applicable portion of the base fee), certain termination-related costs, and, at certain stages of the work, the applicable portion of the at-risk fee. Bechtel may terminate the Bechtel Agreement under certain circumstances, including certain Vogtle Owner suspensions of work, certain breaches of the Bechtel Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for information on the Amended and Restated Loan Guarantee Agreement, including applicable covenants, events of default, mandatory prepayment events, and conditions to borrowing. Cost and Schedule Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by the expected in-service dates of November 2021 and November 2022, respectively, is as follows: (in billions) Base project capital cost forecast (a)(b) $ 8.2 Construction contingency estimate 0.2 Total project capital cost forecast (a)(b) 8.4 Net investment as of March 31, 2020 (b) (6.2 ) Remaining estimate to complete (a) $ 2.2 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $270 million , of which $36 million had been accrued through March 31, 2020 . (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. Georgia Power estimates that its financing costs for construction of Plant Vogtle Units 3 and 4 will total approximately $3.1 billion , of which $2.3 billion had been incurred through March 31, 2020 . As part of its ongoing processes, Southern Nuclear continues to evaluate cost and schedule forecasts on a regular basis to incorporate current information available, particularly in the areas of commodity installation, system turnovers, and workforce statistics. During the first quarter 2020, approximately $66 million of the $366 million construction contingency estimate established in the second quarter 2018 was allocated to the base capital cost forecast for cost risks including, among other things, construction productivity, field support, subcontracts, and procurement, as well as the impacts of the April 2020 reduction in workforce described below. Through March 31, 2020 , a total of approximately $206 million of the $366 million construction contingency estimate established in the second quarter 2018 has been allocated to the base capital cost forecast for cost risks including, among other factors, construction productivity, including the April 2020 reduction in workforce described below; craft labor incentives; adding resources for supervision, field support, project management, initial test program, start-up, and operations and engineering support; subcontracts; and procurement. As and when construction contingency is spent, Georgia Power may request the Georgia PSC to evaluate those expenditures for rate recovery. In April 2019, Southern Nuclear established aggressive target values for monthly construction production and system turnover activities as part of a strategy to maintain and, where possible, build margin to the regulatory-approved in-service dates of November 2021 for Unit 3 and November 2022 for Unit 4. Through early 2020, the project faced challenges with the April 2019 aggressive strategy targets including, but not limited to, electrical and pipefitting labor productivity and closure rates for work packages, which resulted in a backlog of activities and completion percentages below the April 2019 aggressive strategy targets. In February 2020, Southern Nuclear updated its cost and schedule forecast, which did not change the total project capital cost forecast and confirmed the expected in-service dates of November 2021 for Unit 3 and November 2022 for Unit 4. This update included initiatives to improve productivity while refining and extending system turnover plans and certain near-term milestone dates. Other milestone dates did not change. Achievement of the aggressive site work plan relies on meeting increased monthly production and activity target values during 2020. Through March 2020, Unit 3 mechanical, electrical, and subcontract activities started to build a backlog; however, overall production was generally consistent with the updated aggressive site work plan. In mid-March 2020, Southern Nuclear began implementing policies and procedures designed to mitigate the risk of transmission of COVID-19 at the construction site, including worker distancing measures, isolating individuals who have tested positive for COVID-19, are showing symptoms consistent with COVID-19, are being tested for COVID-19, or have been in close contact with such persons, requiring self-quarantine, and adopting additional precautionary measures. Multiple members of the workforce have tested positive for COVID-19. The COVID-19 pandemic has impacted productivity levels and pace of activity completion. On April 15, 2020, Georgia Power, acting for itself and as agent for the other Vogtle Owners, announced a reduction in workforce at Plant Vogtle Units 3 and 4 expected to total approximately 20% of the existing workforce. This reduction in workforce was a mitigation action intended to address the impact of the COVID-19 pandemic on the Plant Vogtle Units 3 and 4 workforce and construction site, including ongoing challenges with labor productivity that have been exacerbated by the impact of the COVID-19 pandemic. It is expected to provide operational efficiencies by increasing productivity of the remaining workforce and reducing workforce fatigue and absenteeism. It is also expected to allow for increased social distancing by the workforce and facilitate compliance with the latest recommendations from the Centers for Disease Control and Prevention. To meet the 2020 targets in the aggressive site work plan for both Unit 3 and Unit 4, construction productivity, including subcontractors, must improve and be sustained above historical average levels. In addition, appropriate levels of craft laborers, particularly electrical and pipefitter craft labor, must be maintained. The workforce levels resulting from the April 2020 reduction are expected to last at least through the summer as Georgia Power continues to monitor the impacts of the COVID-19 pandemic on the construction site. Georgia Power's proportionate share of the estimated incremental cost of this mitigation action, which is currently estimated to total approximately $20 million and is included in the first quarter 2020 contingency allocation, assumes absenteeism rates normalize and the intended productivity efficiencies are realized in the coming months. Based on these assumptions, while this mitigation action has extended and may further extend certain milestone dates in the updated aggressive site work plan, Georgia Power does not expect it to affect either the total project capital cost forecast or the ability to achieve the regulatory-approved in-service dates of November 2021 and November 2022 for Plant Vogtle Units 3 and 4, respectively. Southern Nuclear and Georgia Power continue to believe that pursuit of an aggressive site work plan is an appropriate strategy to achieve completion of the units by their regulatory-approved in-service dates. As construction, including subcontract work, continues and testing and system turnover activities increase, challenges with management of contractors and vendors; subcontractor performance; supervision of craft labor and related productivity, particularly in the installation of electrical and mechanical commodities, ability to attract and retain craft labor, and/or related cost escalation; procurement, fabrication, delivery, assembly, installation, system turnover, and the initial testing and start-up, including any required engineering changes or any remediation related thereto, of plant systems, structures, or components (some of which are based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale), any of which may require additional labor and/or materials; regional transmission upgrades; or other issues could arise and change the projected schedule and estimated cost. In addition, the continuing effects of the COVID-19 pandemic could further disrupt or delay construction, testing, supervisory, and support activities at Plant Vogtle Units 3 and 4. The ultimate impact of the COVID-19 pandemic on the construction schedule and budget for Plant Vogtle Units 3 and 4 cannot be determined at this time. There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4 at the federal and state level and additional challenges may arise. Processes are in place that are designed to assure compliance with the requirements specified in the Westinghouse Design Control Document and the combined construction and operating licenses, including inspections by Southern Nuclear and the NRC that occur throughout construction. As a result of such compliance processes, certain license amendment requests have been filed and approved or are pending before the NRC. Various design and other licensing-based compliance matters, including the timely submittal by Southern Nuclear of the ITAAC documentation for each unit and the related reviews and approvals by the NRC necessary to support NRC authorization to load fuel, may arise, which may result in additional license amendments or require other resolution. As part of the aggressive site work plan, in January 2020, Southern Nuclear notified the NRC of its intent to load fuel in 2020. On April 20, 2020, Nuclear Watch South filed a request for hearing and contention with the NRC that challenges the closure of certain ITAAC. If any license amendment requests or other licensing-based compliance issues are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs. The ultimate outcome of these matters cannot be determined at this time. However, any extension of the regulatory-approved project schedule is currently estimated to result in additional base capital costs of approximately $50 million per month, based on Georgia Power's ownership interests, and AFUDC of approximately $10 million per month. While Georgia Power is not precluded from seeking recovery of any future capital cost forecast increase, management will ultimately determine whether or not to seek recovery. Any further changes to the capital cost forecast that are not expected to be recoverable through regulated rates will be required to be charged to income and such charges could be material. Joint Owner Contracts In November 2017, the Vogtle Owners entered into an amendment to their joint ownership agreements for Plant Vogtle Units 3 and 4 to provide for, among other conditions, additional Vogtle Owner approval requirements. Effective in August 2018, the Vogtle Owners further amended the joint ownership agreements to clarify and provide procedures for certain provisions of the joint ownership agreements related to adverse events that require the vote of the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 to continue construction (as amended, and together with the November 2017 amendment, the Vogtle Joint Ownership Agreements). The Vogtle Joint Ownership Agreements also confirm that the Vogtle Owners' sole recourse against Georgia Power or Southern Nuclear for any action or inaction in connection with their performance as agent for the Vogtle Owners is limited to removal of Georgia Power and/or Southern Nuclear as agent, except in cases of willful misconduct. As a result of an increase in the total project capital cost forecast and Georgia Power's decision not to seek rate recovery of the increase in the base capital costs in conjunction with the nineteenth VCM report in 2018, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 were required to vote to continue construction. In September 2018, the Vogtle Owners unanimously voted to continue construction of Plant Vogtle Units 3 and 4. Amendments to the Vogtle Joint Ownership Agreements In connection with the vote to continue construction, Georgia Power entered into (i) a binding term sheet (Vogtle Owner Term Sheet) with the other Vogtle Owners and MEAG Power's wholly-owned subsidiaries MEAG Power SPVJ, LLC (MEAG SPVJ), MEAG Power SPVM, LLC (MEAG SPVM), and MEAG Power SPVP, LLC (MEAG SPVP) to take certain actions which partially mitigate potential financial exposure for the other Vogtle Owners, including additional amendments to the Vogtle Joint Ownership Agreements and the purchase of PTCs from the other Vogtle Owners at pre-established prices, and (ii) a term sheet (MEAG Term Sheet) with MEAG Power and MEAG SPVJ to provide up to $300 million of funding with respect to MEAG SPVJ's ownership interest in Plant Vogtle Units 3 and 4 under certain circumstances. In January 2019, Georgia Power, MEAG Power, and MEAG SPVJ entered into an agreement to implement the provisions of the MEAG Term Sheet. In February 2019, Georgia Power, the other Vogtle Owners, and MEAG Power's wholly-owned subsidiaries MEAG SPVJ, MEAG SPVM, and MEAG SPVP entered into certain amendments to the Vogtle Joint Ownership Agreements to implement the provisions of the Vogtle Owner Term Sheet (Global Amendments). As previously disclosed, pursuant to the Global Amendments: (i) each Vogtle Owner must pay its proportionate share of qualifying construction costs for Plant Vogtle Units 3 and 4 based on its ownership percentage up to the estimated cost at completion (EAC) for Plant Vogtle Units 3 and 4 which formed the basis of Georgia Power's forecast of $8.4 billion in the nineteenth VCM plus $800 million ; (ii) Georgia Power will be responsible for 55.7% of actual qualifying construction costs between $800 million and $1.6 billion over the EAC in the nineteenth VCM (resulting in $80 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 44.3% of such costs pro rata in accordance with their respective ownership interests; and (iii) Georgia Power will be responsible for 65.7% of qualifying construction costs between $1.6 billion and $2.1 billion over the EAC in the nineteenth VCM (resulting in a further $100 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 34.3% of such costs pro rata in accordance with their respective ownership interests. If the EAC is revised and exceeds the EAC in the nineteenth VCM by more than $2.1 billion , each of the other Vogtle Owners will have a one-time option at the time the project budget forecast is so revised to tender a portion of its ownership interest to Georgia Power in exchange for Georgia Power's agreement to pay 100% of such Vogtle Owner's remaining share of total construction costs in excess of the EAC in the nineteenth VCM plus $2.1 billion . In addition, pursuant to the Global Amendments, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 must vote to continue construction if certain adverse events occur, including, among other events: (i) the bankruptcy of Toshiba; (ii) the termination or rejection in bankruptcy of certain agreements, including the Vogtle Services Agreement, the Bechtel Agreement, or the agency agreement with Southern Nuclear; (iii) Georgia Power's public announcement of its intention not to submit for rate recovery any portion of its investment in Plant Vogtle Units 3 and 4 or the Georgia PSC determines that any of Georgia Power's costs relating to the construction of Plant Vogtle Units 3 and 4 will not be recovered in retail rates, excluding any additional amounts paid by Georgia Power on behalf of the other Vogtle Owners pursuant to the Global Amendments described above and the first 6% of costs during any six -month VCM reporting period that are disallowed by the Georgia PSC for recovery, or for which Georgia Power elects not to seek cost recovery, through retail rates; and (iv) an incremental extension of one year or more over the most recently approved schedule. The ultimate outcome of these matters cannot be determined at this time. Regulatory Matters In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4 with a certified capital cost of $4.418 billion . In addition, in 2009 the Georgia PSC approved inclusion of the Plant Vogtle Units 3 and 4 related CWIP accounts in rate base, and the State of Georgia enacted the Georgia Nuclear Energy Financing Act, which allows Georgia Power to recover financing costs for Plant Vogtle Units 3 and 4. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff up to the certified capital cost of $4.418 billion . At March 31, 2020 , Georgia Power had recovered approximately $2.3 billion of financing costs. Financing costs related to capital costs above $4.418 billion are being recognized through AFUDC and are expected to be recovered through retail rates over the life of Plant Vogtle Units 3 and 4; however, Georgia Power will not record AFUDC related to any capital costs in excess of the total deemed reasonable by the Georgia PSC (currently $7.3 billion ) and not requested for rate recovery. In December 2019, the Georgia PSC approved Georgia Power's request to decrease the NCCR tariff by $62 million annually, effective January 1, 2020. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 of each year. In 2013, in connection with the eighth VCM report, the Georgia PSC approved a stipulation between Georgia Power and the staff of the Georgia PSC to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate in accordance with the 2009 certification order until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. In 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving certain prudency matters in connection with the fifteenth VCM report. In December 2017, the Georgia PSC voted to approve (and issued its related order on January 11, 2018) Georgia Power's seventeenth VCM report and modified the Vogtle Cost Settlement Agreement. The Vogtle Cost Settlement Agreement, as modified by the January 11, 2018 order, resolved the following regulatory matters related to Plant Vogtle Units 3 and 4: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report should be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement was reasonable and prudent and none of the amounts paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) (a) capital costs incurred up to $5.68 billion would be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, (b) Georgia Power would have the burden to show that any capital costs above $5.68 billion were prudent, and (c) a revised capital cost forecast of $7.3 billion (after reflecting the impact of payments received under the Guarantee Settlement Agreement and related customer refunds) was found reasonable; (iv) construction of Plant Vogtle Units 3 and 4 should be completed, with Southern Nuclear serving as project manager and Bechtel as primary contractor; (v) approved and deemed reasonable Georgia Power's revised schedule placing Plant Vogtle Units 3 and 4 in service in November 2021 and November 2022, respectively; (vi) confirmed that the revised cost forecast does not represent a cost cap and that prudence decisions on cost recovery will be made at a later date, consistent with applicable Georgia law; (vii) reduced the ROE used to calculate the NCCR tariff (a) from 10.95% (the ROE rate setting point authorized by the Georgia PSC in the 2013 ARP) to 10.00% effective January 1, 2016, (b) from 10.00% to 8.30% , effective January 1, 2020, and (c) from 8.30% to 5.30% , effective January 1, 2021 (provided that the ROE in no case will be less than Georgia Power's average cost of long-term debt); (viii) reduced the ROE used for AFUDC equity for Plant Vogtle Units 3 and 4 from 10.00% to Georgia Power's average cost of long-term debt, effective January 1, 2018; and (ix) agreed that upon Unit 3 reaching commercial operation, retail base rates would be adjusted to include carrying costs on those capital costs deemed prudent in the Vogtle Cost Settlement Agreement. The January 11, 2018 order also stated that if Plant Vogtle Units 3 and 4 are not commercially operational by June 1, 2021 and June 1, 2022, respectively, the ROE used to calculate the NCCR tariff will be further reduced by 10 basis points each month (but not lower than Georgia Power's average cost of long-term debt) until the respective Unit is commercially operational. The ROE reductions negatively impacted earnings by approximately $75 million in 2019 and are estimated to have negative earnings impacts of approximately $145 million , $255 million , and $200 million in 2020, 2021, and 2022, respectively. In its January 11, 2018 order, the Georgia PSC also stated if other conditions change and assumptions upon which Georgia Power's seventeenth VCM report are based do not materialize, the Georgia PSC reserved the right to reconsider the decision to continue construction. In February 2018, Georgia Interfaith Power & Light, Inc. (GIPL) and Partnership for Southern Equity, Inc. (PSE) filed a petition appealing the Georgia PSC's January 11, 2018 order with the Fulton County Superior Court. In March 2018, Georgia Watch filed a similar appeal to the Fulton County Superior Court for judicial review of the Georgia PSC's decision and denial of Georgia Watch's motion for reconsideration. In December 2018, the Fulton County Superior Court granted Georgia Power's motion to dismiss the two appeals. In January 2019, GIPL, PSE, and Georgia Watch filed an appeal of this decision with the Georgia Court of Appeals. In October 2019, the Georgia Court of Appeals issued an opinion affirming the Fulton County Superior Court's ruling that the Georgia PSC's January 11, 2018 order was not a final, appealable decision. In addition, the Georgia Court of Appeals remanded the case to the Fulton County Superior Court to clarify its ruling as to whether the petitioners showed that review of the Georgia PSC's final order would not provide them an adequate remedy. On April 21, 2020, the Fulton County Superior Court entered an appealable order granting Georgia Power's motion to dismiss the two appeals. Georgia Power believes the petitions have no merit; however, an adverse outcome in the litigation combined with subsequent adverse action by the Georgia PSC could have a material impact on Southern Company's and Georgia Power's results of operations, financial condition, and liquidity. The Georgia PSC has approved 21 VCM reports covering the periods through June 30, 2019, including total construction capital costs incurred through that date of $6.7 billion (before $1.7 billion of payments received under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds). On February 19, 2020, Georgia Power filed its twenty-second VCM report with the Georgia PSC covering the period from July 1, 2019 through December 31, 2019, requesting approval of $674 million of construction capital costs incurred during that period. The ultimate outcome of these matters cannot be determined at this time. Mississippi Power 2019 Base Rate Case On March 17, 2020, the Mississippi PSC approved a settlement agreement between Mississippi Power and the Mississippi Public Utilities Staff related to Mississippi Power's base rate case filed in November 2019 (Mississippi Power Rate Case Settlement Agreement). Under the terms of the Mississippi Power Rate Case Settlement Agreement, annual retail rates decreased approximately $16.7 million , or 1.85% , effective for the first billing cycle of April 2020, based on a test year period of January 1, 2020 through December 31, 2020, a 53% average equity ratio, an allowed maximum actual equity ratio of 55% by the end of 2020, and a 7.57% return on investment. Additionally, the approved Mississippi Power Rate Case Settlement Agreement: (i) established common amortization periods of four years for regulatory assets and three years for regulatory liabilities included in the approved revenue requirement, including those related to unprotected deferred income taxes; (ii) established new depreciation rates reflecting an annual increase in depreciation of approximately $10 million ; and (iii) excluded certain compensation costs totaling approximately $3.9 million . It also eliminated separate rates for costs associated with Plant Ratcliffe and energy efficiency initiatives and includes such costs in the PEP, ECO Plan, and ad valorem tax adjustment factor, as applicable. In accordance with the previous order of the Mississippi PSC suspending the operation of PEP and the ECO Plan for 2018 through 2020, Mississippi Power plans to resume PEP proceedings and ECO Plan filings for 2021. Performance Evaluation Plan Under the Mississippi Power Rate Case Settlement Agreement, Mississippi Power is required to file with the Mississippi PSC PEP compliance rate clauses to incorporate Mississippi Power's and the Mississippi Public Utilities Staff's recommended revisions to PEP by May 18, 2020. These revisions include, but are not limited to, changing the filing date for the annual PEP rate filing from November of the immediately preceding year to March of the current year, utilizing a historic test year adjusted for "known and measurable" changes, using discounted cash flow and regression formulas to determine base return on equity, and moving all embedded ad valorem property taxes currently collected in PEP to the ad valorem tax adjustment clause. These revisions are subject to the approval of the Mississippi PSC. The ultimate outcome of this matter cannot be determined at this time. Deferral of Incremental COVID-19 Costs On April 14, 2020, in order to mitigate the economic impact of the COVID-19 pandemic on customers, the Mississippi PSC approved an order directing Mississippi Power to continue its previous, voluntary suspension of customer disconnections and to defer as a regulatory asset all necessary and reasonable incremental costs or expenses to plan, prepare, stage, or react to protect and keep safe its employees and customers, and to reliably operate its utility system during the COVID-19 pandemic. The period over which such costs will be recovered is expected to be determined in Mississippi Power's next PEP filing. At March 31, 2020, the incremental costs deferred were immaterial. The ultimate outcome of this matter cannot be determi |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES See Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters The Registrants are involved in various other matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements. The Registrants believe the pending legal challenges discussed below have no merit; however, the ultimate outcome of these matters cannot be determined at this time. Southern Company In January 2017, a securities class action complaint was filed against Southern Company, certain of its officers, and certain former Mississippi Power officers in the U.S. District Court for the Northern District of Georgia by Monroe County Employees' Retirement System on behalf of all persons who purchased shares of Southern Company's common stock between April 25, 2012 and October 29, 2013. The complaint alleges that Southern Company, certain of its officers, and certain former Mississippi Power officers made materially false and misleading statements regarding the Kemper County energy facility in violation of certain provisions under the Securities Exchange Act of 1934, as amended. The complaint seeks, among other things, compensatory damages and litigation costs and attorneys' fees. In 2017, the plaintiffs filed an amended complaint that provided additional detail about their claims, increased the purported class period by one day, and added certain other former Mississippi Power officers as defendants. Also in 2017, the defendants filed a motion to dismiss the plaintiffs' amended complaint with prejudice, to which the plaintiffs filed an opposition. In 2018, the court issued an order dismissing certain claims against certain officers of Southern Company and Mississippi Power and dismissing the allegations related to a number of the statements that plaintiffs challenged as being false or misleading. In 2018, the court denied the defendants' motion for reconsideration and also denied a motion to certify the issue for interlocutory appeal. In the third quarter 2019, the court certified the plaintiffs' proposed class and the defendants filed a petition for interlocutory appeal of the class certification order with the U.S. Court of Appeals for the Eleventh Circuit. In December 2019, the U.S. District Court for the Northern District of Georgia entered an order staying all deadlines in the case pending mediation. The stay automatically expired on March 31, 2020; however, in light of the COVID-19 pandemic, the U.S. District Court for the Northern District of Georgia vacated all existing discovery deadlines until at least June 15, 2020. In February 2017, Jean Vineyard and Judy Mesirov each filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of Georgia. Each of these lawsuits names as defendants Southern Company, certain of its directors, certain of its officers, and certain former Mississippi Power officers. In 2017, these two shareholder derivative lawsuits were consolidated in the U.S. District Court for the Northern District of Georgia. The complaints allege that the defendants caused Southern Company to make false or misleading statements regarding the Kemper County energy facility cost and schedule. Further, the complaints allege that the defendants were unjustly enriched and caused the waste of corporate assets and also allege that the individual defendants violated their fiduciary duties. Each plaintiff seeks to recover, on behalf of Southern Company, unspecified actual damages and, on each plaintiff's own behalf, attorneys' fees and costs in bringing the lawsuit. Each plaintiff also seeks certain changes to Southern Company's corporate governance and internal processes. In 2018, the court entered an order staying this lawsuit until 30 days after the resolution of any dispositive motions or any settlement, whichever is earlier, in the securities class action. In May 2017, Helen E. Piper Survivor's Trust filed a shareholder derivative lawsuit in the Superior Court of Gwinnett County, Georgia that names as defendants Southern Company, certain of its directors, certain of its officers, and certain former Mississippi Power officers. The complaint alleges that the individual defendants, among other things, breached their fiduciary duties in connection with schedule delays and cost overruns associated with the construction of the Kemper County energy facility. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper County energy facility schedule and cost and failed to implement necessary internal controls to prevent harm to Southern Company. The plaintiff seeks to recover, on behalf of Southern Company, unspecified actual damages and disgorgement of profits and, on its behalf, attorneys' fees and costs in bringing the lawsuit. The plaintiff also seeks certain unspecified changes to Southern Company's corporate governance and internal processes. In 2018, the court entered an order staying this lawsuit until 30 days after the resolution of any dispositive motions or any settlement, whichever is earlier, in the securities class action. In August 2019, the court granted a motion filed by the plaintiff in July 2019 to substitute a new named plaintiff, Martin J. Kobuck, in place of Helen E. Piper Survivor's Trust. Georgia Power In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state tort law claims. In 2016, the Georgia Court of Appeals reversed the trial court's previous dismissal of the case and remanded the case to the trial court. Georgia Power filed a petition for writ of certiorari with the Georgia Supreme Court, which was granted in 2017. In 2018, the Georgia Supreme Court affirmed the judgment of the Georgia Court of Appeals and remanded the case to the trial court for further proceedings. Following a motion by Georgia Power, in February 2019, the Superior Court of Fulton County ordered the parties to submit petitions to the Georgia PSC for a declaratory ruling to address certain terms the court previously held were ambiguous as used in the Georgia PSC's orders. The order entered by the Superior Court of Fulton County also conditionally certified the proposed class. In March 2019, Georgia Power and the plaintiffs filed petitions with the Georgia PSC seeking confirmation of the proper application of the municipal franchise fee schedule pursuant to the Georgia PSC's orders. In October 2019, the Georgia PSC issued an order that found and concluded that Georgia Power has appropriately implemented the municipal franchise fee schedule. On March 11, 2020, the Georgia Court of Appeals vacated the Superior Court of Fulton County's February 2019 order granting conditional class certification. The Court of Appeals remanded the case to the Superior Court of Fulton County for the entry of a detailed order addressing each class certification factor. The amount of any possible losses cannot be calculated at this time because, among other factors, it is unknown whether a class will be certified, the ultimate composition of any class, and whether any losses would be subject to recovery from any municipalities. Mississippi Power In May 2018, Southern Company and Mississippi Power received a notice of dispute and arbitration demand filed by Martin Product Sales, LLC (Martin) based on two agreements, both related to Kemper IGCC byproducts for which Mississippi Power provided termination notices in 2017. Martin alleges breach of contract, breach of good faith and fair dealing, fraud and misrepresentation, and civil conspiracy and makes a claim for damages in the amount of approximately $143 million , as well as additional unspecified damages, attorney's fees, costs, and interest. A portion of the claim for damages was on behalf of Martin Transport, Inc. (Martin Transport), an affiliate of Martin. In May 2019, the arbitration panel denied Mississippi Power's and Southern Company's motions to dismiss. In September 2019, Martin Transport filed a separate complaint against Mississippi Power in the Circuit Court of Kemper County, Mississippi alleging claims of fraud, negligent misrepresentation, promissory estoppel, and equitable estoppel, each arising out of the same alleged facts and circumstances that underlie Martin's arbitration demand. Martin Transport seeks compensatory damages of $5 million and punitive damages of $50 million . In November 2019, Martin Transport's claim was combined with the Martin arbitration case and the separate court case was dismissed. In December 2019, Southern Company and Mississippi Power each filed motions for summary judgment on all claims. On February 17, 2020, the arbitration panel granted Southern Company's motion and dismissed Southern Company from the arbitration. On March 12, 2020, the arbitration panel denied Mississippi Power's motions for summary judgment. An adverse outcome in this proceeding could have a material impact on Southern Company's and Mississippi Power's financial statements. In November 2018, Ray C. Turnage and 10 other individual plaintiffs filed a putative class action complaint against Mississippi Power and three members of the Mississippi PSC in the U.S. District Court for the Southern District of Mississippi. Mississippi Power received Mississippi PSC approval in 2013 to charge a mirror CWIP rate premised upon including in its rate base pre-construction and construction costs for the Kemper IGCC prior to placing the Kemper IGCC into service. The Mississippi Supreme Court reversed that approval and ordered Mississippi Power to refund the amounts paid by customers under the previously-approved mirror CWIP rate. The plaintiffs allege that the initial approval process, and the amount approved, were improper. They also allege that Mississippi Power underpaid customers by up to $23.5 million in the refund process by applying an incorrect interest rate. The plaintiffs seek to recover, on behalf of themselves and their putative class, actual damages, punitive damages, pre-judgment interest, post-judgment interest, attorney's fees, and costs. In response to Mississippi Power and the Mississippi PSC each filing a motion to dismiss, the plaintiffs filed an amended complaint in March 2019. The amended complaint included four additional plaintiffs and additional claims for gross negligence, reckless conduct, and intentional wrongdoing. Mississippi Power and the Mississippi PSC have each filed a motion to dismiss the amended complaint. On March 27, 2020, the Mississippi PSC's motion to dismiss was granted. Also on March 27, 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 under a cause of action based on a dormant commerce clause theory under the U.S. Constitution. On April 9, 2020 and April 10, 2020, Mississippi Power and the Mississippi PSC, respectively, filed responses opposing the motion for leave to file a second amended complaint. Mississippi Power's motion to dismiss the first amended complaint filed in 2019 remains pending before the court. An adverse outcome in this proceeding could have a material impact on Mississippi Power's financial statements. See Note 2 to the financial statements under "Mississippi Power – Kemper County Energy Facility" in Item 8 of the Form 10-K for additional information. Environmental Remediation The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental compliance costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. Georgia Power's environmental remediation liability was $15 million at both March 31, 2020 and December 31, 2019 . 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. In December 2019, Mississippi Power entered into an agreement with the Mississippi Commission on Environmental Quality related to groundwater conditions arising from the closed ash pond at Plant Watson. Mississippi Power will complete an assessment and remediation consistent with the requirements of the agreement and the CCR Rule. Potential remediation activities and related cost estimates are pending the result of further site assessment and cannot be determined at this time. Mississippi Power expects to recover the retail portion of remedial costs through the ECO Plan and the wholesale portion through MRA rates. Southern Company Gas' environmental remediation liability was $262 million and $269 million as of March 31, 2020 and December 31, 2019 , respectively, based on the estimated cost of environmental investigation and remediation associated with known current and former manufactured gas plant operating sites. These environmental remediation expenditures are generally recoverable from customers through rate mechanisms approved by the applicable state regulatory agencies of the natural gas distribution utilities. The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of the applicable Registrants. Other Matters See Note 2 to the financial statements under "Mississippi Power – Kemper County Energy Facility" in Item 8 of the Form 10-K for additional information. As the mining permit holder, Liberty Fuels Company, LLC has a legal obligation to perform mine reclamation and Mississippi Power has a contractual obligation to fund all reclamation activities related to the lignite mine and equipment and mineral reserves 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 is expected to be substantially completed in 2020, with monitoring expected to continue through 2027. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. D ismantlement of the abandoned gasifier-related assets and site restoration activities are expected to be completed in 2024. The additional pre-tax period costs associated with dismantlement and site restoration activities, including related costs for compliance and safety, ARO accretion, and property taxes, are estimated to total $17 million for the remainder of 2020, $15 million to $17 million annually in 2021 through 2023, and $5 million in 2024. In addition, closure costs for the mine and gasifier-related assets, currently estimated at up to $10 million pre-tax (excluding dismantlement costs, net of salvage), may be incurred during the remainder of 2020. In 2018, Mississippi Power filed with the DOE its request for property closeout certification under the contract related to the $387 million of grants received for the Kemper County energy facility. Mississippi Power expects to close out the DOE contract in 2020. In connection with the DOE closeout discussions, in April 2019, the Civil Division of the Department of Justice informed Southern Company and Mississippi Power of an investigation related to the Kemper County energy facility. 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 sale of Gulf Power, Mississippi Power and Gulf Power agreed to seek a restructuring of their 50% undivided ownership interests in Plant Daniel such that each of them would, after the restructuring, own 100% of a generating unit. On April 24, 2020, Mississippi Power and Gulf Power amended the terms of the agreement to extend the deadline from May 1, 2020 to August 1, 2020 for Mississippi Power to notify Gulf Power of which generating unit it has selected for 100% ownership. The impacts of operating the units on an individual basis continue to be evaluated by Mississippi Power and any transfer of ownership would be subject to approval by the FERC and the Mississippi PSC. The ultimate outcome of this matter cannot be determined at this time. Southern Company Gas See Notes 3 and 7 to the financial statements in Item 8 of the Form 10-K under "Other Matters – Southern Company Gas" and "Southern Company Gas," respectively, and Note (E) under " Southern Company Gas " for additional information. On March 24, 2020, Southern Company Gas completed the sale of its interest in Atlantic Coast Pipeline. See Note (K) under "Southern Company Gas" for additional information. On February 20, 2020, the FERC approved a two-year extension for PennEast Pipeline to complete the project by January 19, 2022. Expected project costs related to the PennEast Pipeline for Southern Company Gas total approximately $300 million , excluding financing costs. The ultimate outcome of the PennEast construction project cannot be determined at this time; however, any work delays, whether caused by judicial or regulatory action, abnormal weather, or other conditions, may result in additional cost or schedule modifications or, ultimately, in project cancellation, any of which could result in impairment of Southern Company Gas' investment and could have a significant impact on Southern Company's financial statements and a material impact on Southern Company Gas' financial statements. Alabama Power On April 22, 2020, the FERC approved the Autauga Combined Cycle Acquisition. The Autauga Combined Cycle Acquisition remains subject to approval by the Alabama PSC. See Note (B) under "Alabama Power" for additional information. The ultimate outcome of this matter cannot be determined at this time. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME | REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME Revenue from Contracts with Customers The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. See Note 1 to the financial statements under "Revenues" in Item 8 of the Form 10-K for additional information on the revenue policies of the Registrants. See " Lease Income " herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following tables disaggregate revenue from contracts with customers for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating revenues Retail electric revenues Residential $ 1,370 $ 553 $ 760 $ 57 $ — $ — Commercial 1,146 364 720 62 — — Industrial 680 321 281 78 — — Other 23 5 16 2 — — Total retail electric revenues 3,219 1,243 1,777 199 — — Natural gas distribution revenues Residential 496 — — — — 496 Commercial 130 — — — — 130 Transportation 264 — — — — 264 Industrial 12 — — — — 12 Other 97 — — — — 97 Total natural gas distribution revenues 999 — — — — 999 Wholesale electric revenues PPA energy revenues 159 27 9 2 125 — PPA capacity revenues 105 27 12 1 66 — Non-PPA revenues 51 19 2 69 58 — Total wholesale electric revenues 315 73 23 72 249 — Other natural gas revenues Wholesale gas services 396 — — — — 396 Gas marketing services 163 — — — — 163 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 566 — — — — 566 Other revenues 192 37 95 5 3 — Total revenue from contracts with customers 5,291 1,353 1,895 276 252 1,565 Other revenue sources (a) 868 (2 ) (70 ) 1 123 825 Other adjustments (b) (1,141 ) — — — — (1,141 ) Total operating revenues $ 5,018 $ 1,351 $ 1,825 $ 277 $ 375 $ 1,249 (a) Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under " Southern Company Gas " for additional information on the components of wholesale gas services' operating revenues. Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating revenues Retail electric revenues Residential $ 1,327 $ 559 $ 708 $ 60 $ — $ — Commercial 1,125 368 692 65 — — Industrial 708 338 296 74 — — Other 21 6 11 4 — — Total retail electric revenues 3,181 1,271 1,707 203 — — Natural gas distribution revenues Residential 601 — — — — 601 Commercial 170 — — — — 170 Transportation 256 — — — — 256 Industrial 17 — — — — 17 Other 116 — — — — 116 Total natural gas distribution revenues 1,160 — — — — 1,160 Wholesale electric revenues PPA energy revenues 190 31 12 3 151 — PPA capacity revenues 107 27 13 1 81 — Non-PPA revenues 55 60 2 74 41 — Total wholesale electric revenues 352 118 27 78 273 — Other natural gas revenues Wholesale gas services 721 — — — — 721 Gas marketing services 221 — — — — 221 Other natural gas revenues 10 — — — — 10 Total natural gas revenues 952 — — — — 952 Other revenues 266 46 92 5 4 — Total revenue from contracts with customers 5,911 1,435 1,826 286 277 2,112 Other revenue sources (a) 1,361 (27 ) 7 1 166 1,222 Other adjustments (b) (1,860 ) — — — — (1,860 ) Total operating revenues $ 5,412 $ 1,408 $ 1,833 $ 287 $ 443 $ 1,474 (a) Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under " Southern Company Gas Contract Balances The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2020 and December 31, 2019 : Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivables As of March 31, 2020 $ 2,224 $ 518 $ 697 $ 70 $ 86 $ 696 As of December 31, 2019 2,413 586 688 79 97 749 Contract Assets As of March 31, 2020 $ 100 $ — $ 53 $ 3 $ — $ — As of December 31, 2019 117 — 69 — — — Contract Liabilities As of March 31, 2020 $ 49 $ 7 $ 11 $ — $ 1 $ 1 As of December 31, 2019 52 10 13 — 1 1 As of March 31, 2020 and December 31, 2019 , Georgia Power had contract assets primarily related to unregulated service agreements, where payment is contingent on project completion, and fixed retail customer bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over the one-year contract term. Alabama Power had contract liabilities for outstanding performance obligations primarily related to extended service agreements. Contract liabilities for Georgia Power and Southern Power relate to cash collections recognized in advance of revenue for certain unregulated service agreements and certain levelized PPAs, respectively. Southern Company's unregulated distributed generation business had $36 million and $40 million of contract assets and $29 million and $28 million of contract liabilities at March 31, 2020 and December 31, 2019 , respectively, for outstanding performance obligations. Revenues recognized in the three months ended March 31, 2020 , which were included in contract liabilities at December 31, 2019 , were immaterial for the applicable Registrants. Remaining Performance Obligations The traditional electric operating companies and Southern Power have long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. These contracts primarily relate to PPAs whereby the traditional electric operating companies and Southern Power provide electricity and generation capacity to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related to certain fixed price contracts. Revenue from contracts with customers related to these performance obligations remaining at March 31, 2020 are expected to be recognized as follows: 2020 (remaining) 2021 2022 2023 2024 2025 and Thereafter (in millions) Southern Company $ 367 $ 416 $ 354 $ 334 $ 314 $ 2,164 Alabama Power 23 33 31 24 7 5 Georgia Power 52 66 36 34 23 61 Southern Power 224 285 287 277 285 2,116 Revenue expected to be recognized for performance obligations remaining at March 31, 2020 was immaterial for Mississippi Power. Lease Income Lease income for the three months ended March 31, 2020 and 2019 is as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2020 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 51 6 16 — 24 9 Variable lease income 74 — — — 80 — Total lease income $ 128 $ 6 $ 16 $ 3 $ 104 $ 9 For the Three Months Ended March 31, 2019 Lease income - interest income on sales-type leases $ 2 $ — $ — $ 2 $ — $ — Lease income - operating leases 71 7 19 — 46 9 Variable lease income 66 — — — 75 — Total lease income $ 139 $ 7 $ 19 $ 2 $ 121 $ 9 Lease income for Southern Power is included in wholesale revenues. 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. |
CONSOLIDATED ENTITIES AND EQUIT
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Power Variable Interest Entities Southern Power has certain subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests. SP Solar and SP Wind At March 31, 2020 and December 31, 2019 , SP Solar had total assets of $6.3 billion and $6.4 billion , respectively, and total liabilities of $382 million and $381 million , respectively. Noncontrolling interests totaled $1.1 billion at both March 31, 2020 and December 31, 2019 . Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to Global Atlantic in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. At March 31, 2020 and December 31, 2019 , SP Wind had total assets of $2.5 billion and total liabilities of $123 million and $128 million , respectively. Noncontrolling interests totaled $45 million at both March 31, 2020 and December 31, 2019 . Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. Other Variable Interest Entities Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax-equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights. At March 31, 2020 and December 31, 2019 , the other VIEs had total assets of $1.1 billion , total liabilities of $109 million and $104 million , respectively, and noncontrolling interests of $396 million and $409 million , respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent. Equity Method Investments At March 31, 2020 and December 31, 2019 , Southern Power had equity method investments in several wind and battery storage projects totaling $45 million and $28 million , respectively. Southern Company Gas Equity Method Investments On March 24, 2020, Southern Company Gas completed the sale of its interests in Pivotal LNG and Atlantic Coast Pipeline. See Note (K) under "Southern Company Gas" for additional information. The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2020 and December 31, 2019 and related income from those investments for the three -month periods ended March 31, 2020 and 2019 were as follows: Investment Balance March 31, 2020 December 31, 2019 (a) (in millions) SNG (b) $ 1,216 $ 1,137 PennEast Pipeline (c) 85 82 Other 32 32 Total $ 1,333 $ 1,251 (a) Excludes investments in Atlantic Coast Pipeline and Pivotal JAX LNG classified as held for sale at December 31, 2019. See Note 15 to the financial statements under "Assets Held for Sale" in Item 8 of the Form 10-K for additional information. (b) Increase primarily relates to a capital contribution, partially offset by the continued amortization of deferred tax assets established upon acquisition. (c) See Note (C) under "Other Matters – Southern Company Gas" for additional information on the PennEast Pipeline. Earnings from Equity Method Investments Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) SNG $ 37 $ 42 Atlantic Coast Pipeline (*) 3 3 PennEast Pipeline (*) 2 2 Other 1 1 Total $ 43 $ 48 (*) Amounts primarily result from AFUDC equity recorded by the project entity . SNG Selected financial information of SNG for the three months ended March 31, 2020 and 2019 is as follows: Income Statement Information Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Revenues $ 158 $ 166 Operating income 98 106 Net income 75 84 |
FINANCING
FINANCING | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
FINANCING | FINANCING Bank Credit Arrangements See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. At March 31, 2020 , committed credit arrangements with banks were as follows: Expires Company 2020 2022 2023 2024 Total Unused Due within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,999 $ — Alabama Power 3 525 — 800 1,328 1,328 3 Georgia Power — — — 1,750 1,750 1,733 — Mississippi Power — 150 125 — 275 210 — Southern Power (a) — — — 600 600 591 — Southern Company Gas (b) — — — 1,750 1,750 1,745 — SEGCO 30 — — — 30 30 30 Southern Company $ 33 $ 675 $ 125 $ 6,900 $ 7,733 $ 7,636 $ 33 (a) Does not include Southern Power Company's $120 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2021 and 2023, respectively, of which $25 million and $60 million , respectively, was unused at March 31, 2020 . Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.25 billion of this arrangement. Southern Company Gas' committed credit arrangement also includes $500 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to this multi-year credit arrangement, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. As reflected in the table above, in March 2020, Mississippi Power entered into a $125 million revolving credit facility that matures in March 2023. 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 and SEGCO, contain covenants that limit debt levels and contain cross-acceleration or, in the case of Southern Power, cross-default provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. Such cross-default provisions to other indebtedness would trigger an event of default if Southern Power defaulted on indebtedness or guarantee obligations over a specified threshold. Such cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At March 31, 2020 , 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 March 31, 2020 was approximately $1.4 billion (comprised of approximately $854 million at Alabama Power, $550 million at Georgia Power, and $40 million at Mississippi Power). Subsequent to March 31, 2020, Mississippi Power purchased and held or redeemed all $40 million of its variable rate revenue bonds. In addition, at March 31, 2020 , Georgia Power had approximately $188 million of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Earnings per Share For Southern Company, the only differences in computing basic and diluted earnings per share are attributable to awards outstanding under stock-based compensation plans and, as a result of stock price volatility in the first quarter 2020, the equity units issued in August 2019. Earnings per share dilution resulting from stock-based compensation plans and the equity units issuance is determined using the treasury stock method. See Note 8 to the financial statements under "Equity Units" in Item 8 of the Form 10-K for information on the August 2019 equity units issuance and Note 12 to the financial statements in Item 8 of the Form 10-K for information on stock-based compensation plans. Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) As reported shares 1,057 1,038 Effect of stock-based compensation 7 7 Effect of equity units 3 — Diluted shares 1,067 1,045 An immaterial number of stock-based compensation awards was not included in the diluted earnings per share calculation because the awards were anti-dilutive for the three months ended March 31, 2020 . There were no such amounts for the three months ended March 31, 2019 . |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Current and Deferred Income Taxes Tax Credit and Net Operating Loss Carryforwards The utilization of each Registrants' estimated tax credit and net operating loss carryforwards and related valuation allowances could be impacted by numerous factors, including the acquisition of additional renewable projects, the purchase of rights to additional PTCs of Plant Vogtle Units 3 and 4 pursuant to certain joint ownership agreements, potential impacts of the COVID-19 pandemic, and changes in taxable income projections. See Note (B) and Note 2 to the financial statements in Item 8 of the Form 10-K under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. Effective Tax Rate Details of significant changes in the effective tax rate for the applicable Registrants are provided herein. Southern Company Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity 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. Southern Company's effective tax rate was 14.7% for the three months ended March 31, 2020 compared to 39.8% for the corresponding period in 2019 . The effective tax rate decrease was primarily due to the tax impact from the sale of Gulf Power in 2019. See Note 15 to the financial statements under "Southern Company" in Item 8 of the Form 10-K for additional information. Georgia Power Georgia Power's effective tax rate was 4.6% for the three months ended March 31, 2020 compared to 20.8% for the corresponding period in 2019 . The effective tax rate decrease was primarily due to an increase in the flowback of excess deferred income taxes in 2020 as authorized in the 2019 ARP. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information. Southern Power Southern Power's effective tax rate was 13.5% for the three months ended March 31, 2020 compared to a benefit rate of (49.8)% for the corresponding period in 2019 . The effective tax rate increase was primarily due to the tax impact from the sale of Plant Mankato in 2020. See Note (K) under "Southern Power" for additional information. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2020 . The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. Effective January 1, 2020, Southern Company adopted a change in method of calculating the market-related value of the liability-hedging securities included in its pension plan assets. The market-related value is used to determine the expected return on plan assets component of net periodic pension cost. Southern Company previously used the calculated value approach for all plan assets, which smoothed asset returns and deferred gains and losses by amortizing them into the calculation of the market-related value over five years. Southern Company changed to the fair value approach for liability-hedging securities, which includes measuring the market-related value of that portion of the plan assets at fair value for purposes of determining the expected return on plan assets. The remaining asset classes of plan assets will continue to use the calculated value approach in determining the market-related value. Southern Company considers the fair value approach to be preferable because it results in a current reflection of changes in the value of plan assets in the measurement of net periodic pension cost. Southern Company evaluated the effect of this change in accounting method and deemed it immaterial to the historical and current financial statements of all Registrants and therefore did not account for the change retrospectively. The change in accounting principle was recorded through earnings as a prior period adjustment for the amounts related to the unregulated businesses of Southern Company and Southern Power. Amounts related to the traditional electric operating companies and the natural gas distribution utilities have been reflected as adjustments to regulatory assets as appropriate, consistent with the expected regulatory treatment. On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three months ended March 31, 2020 and 2019 are presented in the following tables. Three Months Ended March 31, 2020 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 94 $ 22 $ 24 $ 4 $ 2 $ 8 Interest cost 108 25 33 5 1 8 Expected return on plan assets (275 ) (66 ) (87 ) (13 ) (3 ) (19 ) Amortization: Prior service costs 1 — — — — (1 ) Regulatory asset — — — — — 4 Net (gain)/loss 67 18 22 3 1 2 Net periodic pension cost (income) $ (5 ) $ (1 ) $ (8 ) $ (1 ) $ 1 $ 2 Postretirement Benefits Service cost $ 5 $ 2 $ 1 $ — $ — $ — Interest cost 13 3 5 — — 2 Expected return on plan assets (18 ) (7 ) (7 ) — — (2 ) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1 ) Net periodic postretirement benefit cost $ 1 $ (2 ) $ — $ — $ — $ 1 Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 73 $ 17 $ 19 $ 3 $ 2 $ 6 Interest cost 123 28 39 6 1 9 Expected return on plan assets (221 ) (51 ) (73 ) (10 ) (2 ) (15 ) Amortization: Prior service costs — — — — — (1 ) Regulatory asset — — — — — 3 Net (gain)/loss 30 9 11 1 — 1 Net periodic pension cost (income) $ 5 $ 3 $ (4 ) $ — $ 1 $ 3 Postretirement Benefits Service cost $ 5 $ 1 $ 1 $ — $ — $ 1 Interest cost 17 4 7 1 — 2 Expected return on plan assets (16 ) (6 ) (6 ) — — (2 ) Amortization: Prior service costs 1 1 — — — — Regulatory asset — — — — — 2 Net (gain)/loss (1 ) — — — — (1 ) Net periodic postretirement benefit cost $ 6 $ — $ 2 $ 1 $ — $ 2 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS As of March 31, 2020 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 328 $ 164 $ 87 $ — $ 579 Interest rate derivatives — 22 — — 22 Investments in trusts: (b)(c) Domestic equity 578 108 — — 686 Foreign equity 52 171 — — 223 U.S. Treasury and government agency securities — 289 — — 289 Municipal bonds — 103 — — 103 Pooled funds – fixed income — 16 — — 16 Corporate bonds 23 297 — — 320 Mortgage and asset backed securities — 85 — — 85 Private equity — — — 60 60 Other 24 5 — — 29 Cash equivalents 1,686 11 — — 1,697 Other investments 9 29 — — 38 Total $ 2,700 $ 1,300 $ 87 $ 60 $ 4,147 Liabilities: Energy-related derivatives (a) $ 426 $ 212 $ 11 $ — $ 649 Interest rate derivatives — 22 — — 22 Foreign currency derivatives — 90 — — 90 Contingent consideration — — 19 — 19 Total $ 426 $ 324 $ 30 $ — $ 780 Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Nuclear decommissioning trusts: (b) Domestic equity 368 99 — — 467 Foreign equity 52 50 — — 102 U.S. Treasury and government agency securities — 22 — — 22 Municipal bonds — 1 — — 1 Corporate bonds 23 141 — — 164 Mortgage and asset backed securities — 30 — — 30 Private equity — — — 60 60 Other 7 — — — 7 Cash equivalents 694 11 — — 705 Other investments — 29 — — 29 Total $ 1,144 $ 388 $ — $ 60 $ 1,592 Liabilities: Energy-related derivatives $ — $ 27 $ — $ — $ 27 Georgia Power Assets: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Nuclear decommissioning trusts: (b)(c) Domestic equity 210 1 — — 211 Foreign equity — 119 — — 119 U.S. Treasury and government agency securities — 267 — — 267 Municipal bonds — 102 — — 102 Corporate bonds — 156 — — 156 Mortgage and asset backed securities — 56 — — 56 Other 16 5 — — 21 Cash equivalents 212 — — — 212 Total $ 438 $ 712 $ — $ — $ 1,150 Liabilities: Energy-related derivatives $ — $ 61 $ — $ — $ 61 Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Cash equivalents 79 — — — 79 Total $ 79 $ 3 $ — $ — $ 82 Liabilities: Energy-related derivatives $ — $ 33 $ — $ — $ 33 Southern Power Assets: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Cash equivalents 166 — — — 166 Total $ 166 $ 2 $ — $ — $ 168 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Foreign currency derivatives — 90 — — 90 Contingent consideration — — 19 — 19 Total $ — $ 93 $ 19 $ — $ 112 Southern Company Gas Assets: Energy-related derivatives (a) $ 328 $ 148 $ 87 $ — $ 563 Non-qualified deferred compensation trusts: Domestic equity — 9 — — 9 Foreign equity — 3 — — 3 Pooled funds – fixed income — 16 — — 16 Cash equivalents and restricted cash 270 — — — 270 Total $ 598 $ 176 $ 87 $ — $ 861 Liabilities: Energy-related derivatives (a) $ 426 $ 88 $ 11 $ — $ 525 Interest rate derivatives — 21 — — 21 Total $ 426 $ 109 $ 11 $ — $ 546 (a) Energy-related derivatives exclude cash collateral of $128 million and $16 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2020 , approximately $31 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2020 and 2019 . The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Southern Company $ (247 ) $ 152 Alabama Power (167 ) 87 Georgia Power (80 ) 65 Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby Southern Power 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 obligation is categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. "Other investments" include investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds. As of March 31, 2020 , 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 $60 million and unfunded commitments related to the private equity investments totaled $73 million . Private equity investments include high-quality private equity funds across several market sectors and funds that invest in real estate assets. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. As of March 31, 2020 , 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 millions) Long-term debt, including securities due within one year: Carrying amount $ 45,820 $ 8,432 $ 12,217 $ 1,413 $ 4,369 $ 5,836 Fair value 49,126 9,239 14,020 1,433 4,376 6,416 (*) 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 lives of the respective bonds. The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Registrants. Commodity Contracts with Level 3 Valuation Inputs As of March 31, 2020 , the fair value of Southern Company Gas' Level 3 physical natural gas forward contracts was $76 million . Since commodity contracts classified as Level 3 typically include a combination of observable and unobservable components, the changes in fair value may include amounts due in part to observable market factors, or changes to assumptions on the unobservable components. The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2020 (in millions) Beginning balance $ 14 Transfers to Level 3 70 Transfers from Level 3 (3 ) Instruments realized or otherwise settled during period (1 ) Changes in fair value (4 ) Ending balance $ 76 Changes in fair value of Level 3 instruments represent changes in gains and losses for the periods that are reported on Southern Company Gas' statements of income in natural gas revenues. The valuation of certain commodity contracts requires the use of certain unobservable inputs. All forward pricing used in the valuation of such contracts is directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices used for determining fair value, reflect the best available market information. Unobservable inputs are updated using industry standard techniques such as extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Level 3 physical natural gas forward contracts include unobservable forward price inputs (ranging from $(0.84) to $0.21 per mmBtu). Forward price increases (decreases) as of March 31, 2020 would have resulted in higher (lower) values on a net basis. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. • Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. • Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. At March 31, 2020 , 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 Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company (*) 945 2023 2031 Alabama Power 88 2023 — Georgia Power 168 2023 — Mississippi Power 100 2023 — Southern Power 4 2020 2020 Southern Company Gas (*) 585 2022 2031 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 4.6 billion mmBtu and short natural gas positions of 4.0 billion mmBtu as of March 31, 2020 , which is also included in Southern Company's total volume. At March 31, 2020 , the net volume of Southern Power's energy-related derivative contracts for power to be sold was 1 million MWHs, all of which expire in 2020. 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, 7 million mmBtu for Georgia Power, 3 million mmBtu for Mississippi Power, and 7 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to earnings for the 12 -month period ending March 31, 2021 are immaterial for all Registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. At March 31, 2020 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value Gain (Loss) at March 31, 2020 (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company Gas $ 200 3-month LIBOR 1.81% September 2030 $ (21 ) Cash Flow Hedges of Existing Debt Mississippi Power 60 1-month LIBOR 0.58% December 2021 — Fair Value Hedges of Existing Debt Southern Company parent 300 2.75% 3-month LIBOR + 0.92% June 2020 1 Southern Company parent 1,500 2.35% 1-month LIBOR + 0.87% July 2021 21 Southern Company $ 2,060 $ 1 The estimated pre-tax gains (losses) related to interest rate derivatives expected to be reclassified from accumulated OCI to interest expense for the 12 -month period ending March 31, 2021 total $(25) million for Southern Company and are immaterial for all other Registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2046 for the Southern Company parent entity, 2035 for Alabama Power, 2044 for Georgia Power, 2028 for Mississippi Power, and 2046 for Southern Company Gas. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. At March 31, 2020 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2020 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ (39 ) Southern Power 564 3.78% 500 1.85% June 2026 (51 ) Total $ 1,241 € 1,100 $ (90 ) The estimated pre-tax gains (losses) related to Southern Power's foreign currency derivatives expected to be reclassified from accumulated OCI to earnings for the 12 -month period ending March 31, 2021 are $(24) million . Derivative Financial Statement Presentation and Amounts Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheet are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 7 $ 100 $ 3 $ 70 Other deferred charges and assets/Other deferred credits and liabilities 8 40 6 44 Total derivatives designated as hedging instruments for regulatory purposes $ 15 $ 140 $ 9 $ 114 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 6 $ 1 $ 6 Interest rate derivatives: Other current assets/Other current liabilities 12 21 2 23 Other deferred charges and assets/Other deferred credits and liabilities 10 — — 1 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 24 Other deferred charges and assets/Other deferred credits and liabilities — 66 16 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 25 $ 117 $ 19 $ 54 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 300 $ 297 $ 461 $ 358 Other deferred charges and assets/Other deferred credits and liabilities 261 206 207 225 Total derivatives not designated as hedging instruments $ 561 $ 503 $ 668 $ 583 Gross amounts recognized $ 601 $ 760 $ 696 $ 751 Gross amounts offset (a) (383 ) (511 ) (463 ) (562 ) Net amounts recognized in the Balance Sheets (b) $ 218 $ 249 $ 233 $ 189 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 18 $ 2 $ 14 Other deferred charges and assets/Other deferred credits and liabilities 2 9 2 10 Total derivatives designated as hedging instruments for regulatory purposes $ 5 $ 27 $ 4 $ 24 Gross amounts recognized $ 5 $ 27 $ 4 $ 24 Gross amounts offset (4 ) (4 ) (2 ) (2 ) Net amounts recognized in the Balance Sheets $ 1 $ 23 $ 2 $ 22 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 42 $ 1 $ 32 Other deferred charges and assets/Other deferred credits and liabilities 3 19 3 21 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 61 $ 4 $ 53 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ — $ — $ — $ 17 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ — $ — $ 17 Gross amounts recognized $ 6 $ 61 $ 4 $ 70 Gross amounts offset (6 ) (6 ) (3 ) (3 ) Net amounts recognized in the Balance Sheets $ — $ 55 $ 1 $ 67 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 21 $ — $ 15 Other deferred charges and assets/Other deferred credits and liabilities 2 12 1 12 Total derivatives designated as hedging instruments for regulatory purposes $ 3 $ 33 $ 1 $ 27 Gross amounts recognized $ 3 $ 33 $ 1 $ 27 Gross amounts offset (3 ) (3 ) (1 ) (1 ) Net amounts recognized in the Balance Sheets $ — $ 30 $ — $ 26 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 2 $ 2 $ 1 $ 2 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 24 Other deferred charges and assets/Other deferred credits and liabilities — 66 16 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 2 $ 92 $ 17 $ 26 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ — $ 1 $ 2 $ 1 Total derivatives not designated as hedging instruments $ — $ 1 $ 2 $ 1 Gross amounts recognized $ 2 $ 93 $ 19 $ 27 Gross amounts offset — — — — Net amounts recognized in the Balance Sheets $ 2 $ 93 $ 19 $ 27 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ — $ 19 $ — $ 9 Other deferred charges and assets/Other deferred credits and liabilities 1 — — 1 Total derivatives designated as hedging instruments for regulatory purposes $ 1 $ 19 $ — $ 10 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 1 $ 4 $ — $ 4 Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities-current — 21 2 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 25 $ 2 $ 4 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 300 $ 296 $ 459 $ 357 Other deferred charges and assets/Other deferred credits and liabilities 261 206 207 225 Total derivatives not designated as hedging instruments $ 561 $ 502 $ 666 $ 582 Gross amounts of recognized $ 563 $ 546 $ 668 $ 596 Gross amounts offset (a) (370 ) (498 ) (456 ) (555 ) Net amounts recognized in the Balance Sheets (b) $ 193 $ 48 $ 212 $ 41 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $128 million and $99 million as of March 31, 2020 and December 31, 2019 , respectively. (b) Net amounts of derivative instruments outstanding exclude premium and intrinsic value associated with weather derivatives of $16 million and $4 million as of March 31, 2020 and December 31, 2019 , respectively. Energy-related derivatives not designated as hedging instruments were immaterial for the traditional electric operating companies at March 31, 2020 and December 31, 2019 . At March 31, 2020 and December 31, 2019 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at March 31, 2020 Derivative Category and Balance Sheet Location Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Company Gas (*) (in millions) Energy-related derivatives: Other regulatory assets, current $ (79 ) $ (17 ) $ (39 ) $ (19 ) $ (4 ) Other regulatory assets, deferred (33 ) (7 ) (16 ) (10 ) — Other regulatory liabilities, current 5 1 — — 4 Total energy-related derivative gains (losses) $ (107 ) $ (23 ) $ (55 ) $ (29 ) $ — (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $19 million at March 31, 2020 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2019 Derivative Category and Balance Sheet Location Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Company Gas (*) (in millions) Energy-related derivatives: Other regulatory assets, current $ (63 ) $ (14 ) $ (31 ) $ (15 ) $ (3 ) Other regulatory assets, deferred (37 ) (8 ) (18 ) (11 ) — Other regulatory liabilities, current 6 2 — — 4 Total energy-related derivative gains (losses) $ (94 ) $ (20 ) $ (49 ) $ (26 ) $ 1 (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $11 million at December 31, 2019. For the three months ended March 31, 2020 and 2019 , the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2020 2019 (in millions) Southern Company Energy-related derivatives $ (4 ) $ — Interest rate derivatives (26 ) — Foreign currency derivatives (83 ) (39 ) Total $ (113 ) $ (39 ) Southern Power Foreign currency derivatives $ (83 ) $ (39 ) Southern Company Gas Energy-related derivatives $ (4 ) $ — Interest rate derivatives (23 ) — Total $ (27 ) $ — For the three months ended March 31, 2020 and 2019 , the pre-tax effects of energy-related derivatives and interest rate derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for the other Registrants. For the three months ended March 31, 2020 and 2019 , the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2020 2019 (in millions) Southern Company Total cost of natural gas $ 439 $ 686 Gain (loss) on energy-related cash flow hedges (a) (7 ) 1 Total depreciation and amortization 857 751 Gain (loss) on energy-related cash flow hedges (a) (1 ) (3 ) Total interest expense, net of amounts capitalized (456 ) (430 ) Gain (loss) on interest rate cash flow hedges (a) (6 ) (5 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (6 ) Gain (loss) on interest rate fair value hedges (b) 29 14 Total other income (expense), net 103 78 Gain (loss) on foreign currency cash flow hedges (a)(c) (31 ) (24 ) Southern Power Total depreciation and amortization $ 117 $ 119 Gain (loss) on energy-related cash flow hedges (a) (1 ) (3 ) Total interest expense, net of amounts capitalized (39 ) (44 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (6 ) Total other income (expense), net 2 2 Gain (loss) on foreign currency cash flow hedges (a)(c) (31 ) (24 ) (a) Reclassified from accumulated OCI into earnings. (b) For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c) The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. For the three months ended March 31, 2020 and 2019 , the pre-tax effects of cash flow and fair value hedge accounting on income for energy-related derivatives and interest rate derivatives were immaterial for the traditional electric operating companies and Southern Company Gas. As of March 31, 2020 and December 31, 2019 , the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items As of March 31, 2020 As of December 31, 2019 As of March 31, 2020 As of December 31, 2019 (in millions) (in millions) Southern Company Securities due within one year $ (600 ) $ (599 ) $ (1 ) $ — Long-term debt (1,519 ) (1,494 ) (22 ) 3 For the three months ended March 31, 2020 and 2019 , the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2020 2019 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 70 $ 33 Cost of natural gas 7 8 Total derivatives in non-designated hedging relationships $ 77 $ 41 (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. For the three months ended March 31, 2020 and 2019 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments were immaterial for all other Registrants. Contingent Features Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. At March 31, 2020 , the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For the Registrants with interest rate derivatives at March 31, 2020 , 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, was immaterial. At March 31, 2020 , the fair value of energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial for all Registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. Following the sale of Gulf Power to NextEra Energy, Gulf Power is continuing to participate in the Southern Company power pool for a defined transition period that, subject to certain potential adjustments, is scheduled to end on January 1, 2024. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivatives executed with the same counterparty. Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Alabama Power and Southern Power may be required to post collateral. At March 31, 2020 , cash collateral posted in these accounts was immaterial. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At March 31, 2020 , cash collateral held on deposit in broker margin accounts was $128 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. Prior to entering into a physical transaction, Southern Company Gas assigns physical wholesale 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. In addition, Southern Company Gas conducts credit evaluations and obtains appropriate internal approvals for the counterparty's line of credit before any transaction with the counterparty is executed. In most cases, the counterparty must have an investment grade rating, which includes a minimum long-term debt rating of Baa3 from Moody's and BBB- from S&P. Generally, Southern Company Gas requires credit enhancements by way of a guaranty, cash deposit, or letter of credit for transaction counterparties that do not have investment grade ratings. Southern Company Gas also utilizes master netting agreements whenever possible to mitigate exposure to counterparty credit risk. When Southern Company Gas is engaged in more than one outstanding derivative transaction with the same counterparty and it also has a legally enforceable netting agreement with that counterparty, the "net" mark-to-market exposure represents the netting of the positive and negative exposures with that counterparty and a reasonable measure of Southern Company Gas' credit risk. Southern Company Gas also uses other netting agreements with certain counterparties with whom it conducts significant transactions. Master netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty. Southern Company Gas also nets across product lines and against cash collateral provided the master netting and cash collateral agreements include such provisions. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information, including details of assets and liabilities held for sale at December 31, 2019 for Southern Company, Southern Power, and Southern Company Gas. No Registrant had assets or liabilities held for sale at March 31, 2020 . Southern Power Acquisitions In March 2020, Southern Power entered into an agreement to acquire a controlling membership interest in an approximately 300 -MW wind facility located in South Dakota. The acquisition is subject to FERC approval and certain other customary conditions to closing, including commercial operation of the facility, which is expected to occur in the fourth quarter 2020. The facility's output is contracted under two long-term PPAs. The ultimate outcome of this matter cannot be determined at this time. Construction Projects During the three months ended March 31, 2020 , Southern Power continued construction of the Reading and Skookumchuck wind facilities. Total aggregate construction costs, excluding acquisition costs, are expected to be between $490 million and $535 million for the two facilities under construction. At March 31, 2020 , total costs of construction incurred for these projects were $447 million and are included in CWIP . The ultimate outcome of these matters cannot be determined at this time. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Under Construction as of March 31, 2020 Reading (a) Wind 200 Osage and Lyon Counties, KS May 2020 12 years Skookumchuck (b) Wind 136 Lewis and Thurston Counties, WA Second half of 2020 20 years (a) In 2018, Southern Power purchased 100% of the membership interests of the Reading facility pursuant to a joint development arrangement. Southern Power may enter into a tax equity partnership, in which case it would then own 100% of the Class B membership interests. The ultimate outcome of this matter cannot be determined at this time. (b) In October 2019, Southern Power purchased 100% of the membership interests of the Skookumchuck facility pursuant to a joint development arrangement. In December 2019, Southern Power entered into a tax equity agreement as the Class B member with funding of the tax equity amounts expected to occur upon commercial operation. Shortly after com m ercial operation, Southern Power may sell a noncontrolling interest in these Class B membership interests to another partner. The ultimate outcome of this matter cannot be determined at this time. Development Projects Southern Power continues to evaluate and refine the deployment of the remaining wind turbine equipment purchased in 2016 and 2017 to development and construction projects. During the three months ended March 31, 2020, certain wind turbine equipment was sold, resulting in an immaterial gain. Sales of Natural Gas and Biomass Plants On January 17, 2020, Southern Power completed the sale of its equity interests in Plant Mankato (including the 385 -MW expansion unit completed in May 2019) to a subsidiary of Xcel 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). The assets and liabilities of Plant Mankato were classified as held for sale on Southern Company's and Southern Power's balance sheets at December 31, 2019. Plants Nacogdoches (sold in June 2019) and Mankato represented individually significant components of Southern Power; therefore, pre-tax income for these components for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, 2020 2019 (in millions) Southern Power's earnings before income taxes: (*) Plant Nacogdoches N/A $ 6 Plant Mankato $ 2 $ 1 (*) Earnings before income taxes for components reflect the cessation of depreciation and amortization on the long-lived assets being sold upon classification as held for sale in November 2018 and April 2019 for Plant Mankato and Plant Nacogdoches, respectively. Southern Company Gas On March 24, 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 estimated working capital adjustments. The preliminary loss associated with the transactions was immaterial. Southern Company Gas may also receive two future payments of $5 million each, contingent upon certain milestones related to Pivotal LNG being met by Dominion Modular LNG Holdings, Inc. The assets and liabilities of Pivotal LNG and the interest in Atlantic Coast Pipeline were classified as held for sale at December 31, 2019. See Notes 3 and 7 under "Other Matters – Southern Company Gas – Gas Pipeline Projects" and "Southern Company Gas – Equity Method Investments," respectively, in Item 8 of the Form 10-K and Notes (C) and (E) under " Other Matters – Southern Company Gas" and " Southern Company Gas ," respectively. |
SEGMENT AND RELATED INFORMATION
SEGMENT AND RELATED INFORMATION | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION Southern Company The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments, wholesale gas services, and gas marketing services. Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. Revenues from sales by Southern Power to the traditional electric operating companies were $86 million for the three months ended March 31, 2020 and $87 million for the three months ended March 31, 2019 . Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies were immaterial for the three months ended March 31, 2020 and 2019. Revenues from sales of natural gas from Southern Company Gas to Southern Power were $10 million for the three months ended March 31, 2020 and $17 million for the three months ended March 31, 2019 . The "All Other" column includes the Southern Company parent entity, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include providing energy solutions to electric utilities and their customers in the areas of distributed generation, energy storage and renewables, and energy efficiency, as well as investments in telecommunications and leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three months ended March 31, 2020 and 2019 was as follows: Electric Utilities Traditional Electric Operating Companies Southern Power Eliminations Total Southern Company Gas All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2020 Operating revenues $ 3,407 $ 375 $ (87 ) $ 3,695 $ 1,249 $ 114 $ (40 ) $ 5,018 Segment net income (loss) (a)(b) 642 75 — 717 275 (121 ) (3 ) 868 At March 31, 2020 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 81,765 13,646 (695 ) 94,716 21,617 3,467 (948 ) 118,852 Three Months Ended March 31, 2019 Operating revenues $ 3,445 $ 443 $ (93 ) $ 3,795 $ 1,474 $ 182 $ (39 ) $ 5,412 Segment net income (loss) (a)(c) 565 56 — 621 270 1,195 (2 ) 2,084 At December 31, 2019 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 81,063 14,300 (713 ) 94,650 21,687 3,511 (1,148 ) 118,700 (a) Attributable to Southern Company. (b) Segment net income (loss) for Southern Power includes a $39 million pre-tax gain ( $23 million gain after tax) on the sale of Plant Mankato for the three months ended March 31, 2020 . See Note (K) under " Southern Power " for additional information. (c) Segment net income (loss) for the "All Other" column includes the preliminary pre-tax gain associated with the sale of Gulf Power of $2.5 billion ( $1.3 billion after tax) for the three months ended March 31, 2019. See Note 15 to the financial statements in Item 8 of the Form 10-K under " Southern Company" for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2020 $ 3,078 $ 418 $ 199 $ 3,695 Three Months Ended March 31, 2019 3,084 499 212 3,795 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2020 $ 1,013 $ 51 $ 177 $ 8 $ 1,249 Three Months Ended March 31, 2019 1,161 86 229 (2 ) 1,474 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein for additional information. Southern Company Gas Southern Company Gas manages its business through four reportable segments – gas distribution operations, gas pipeline investments, wholesale gas services, and gas marketing services. The non-reportable segments are combined and presented as all other. Gas distribution operations is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states. Gas pipeline investments consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG, a 20% ownership interest in the PennEast Pipeline construction project, a 50% joint ownership interest in the Dalton Pipeline, and a 5% ownership interest in the Atlantic Coast Pipeline construction project through its sale on March 24, 2020. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. Wholesale gas services provides natural gas asset management and/or related logistics services for each of Southern Company Gas' utilities except Nicor Gas as well as for non-affiliated companies. Additionally, wholesale gas services engages 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 Energy Services, LLC. The all other column includes segments below the quantitative threshold for separate disclosure, including natural gas storage businesses, fuels operations through the sale of Southern Company Gas' interest in Pivotal LNG on March 24, 2020, the investment in Triton through its sale on May 29, 2019, and other subsidiaries that fall below the quantitative threshold for separate disclosure. See Notes (E) and (K) under " Southern Company Gas " for additional information. Business segment financial data for the three months ended March 31, 2020 and 2019 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2020 Operating revenues $ 1,020 $ 8 $ 51 $ 177 $ 1,256 $ 8 $ (15 ) $ 1,249 Segment net income (loss) 164 30 23 57 274 1 — 275 Total assets at March 31, 2020 18,166 1,652 643 1,517 21,978 11,094 (11,455 ) 21,617 Three Months Ended March 31, 2019 Operating revenues $ 1,172 $ 8 $ 86 $ 229 $ 1,495 $ 11 $ (32 ) $ 1,474 Segment net income (loss) 133 32 47 61 273 (3 ) — 270 Total assets at December 31, 2019 18,204 1,678 850 1,496 22,228 10,759 (11,300 ) 21,687 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2020 $ 1,185 $ 29 $ 1,214 $ 1,163 $ 51 Three Months Ended March 31, 2019 1,926 88 2,014 1,928 86 |
INTRODUCTION (Policies)
INTRODUCTION (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2019 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2020 and 2019 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. |
Reclassifications | Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant. |
Goodwill and Other Intangible Assets | Goodwill is not amortized but is subject to an annual impairment test in the fourth quarter of the year and on an interim basis as events and changes in circumstances occur, including, but not limited to, a significant change in operating performance, the business climate, legal or regulatory factors, or a planned sale or disposition of a significant portion of the business. The continued COVID-19 pandemic and related responses could continue to disrupt supply chains and capital markets, reduce labor availability and productivity, and reduce economic activity. These effects could have a variety of adverse impacts on Southern Company and its subsidiaries, including the $263 million of goodwill recorded at PowerSecure. If the impact of the COVID-19 pandemic becomes significant to the operating results of PowerSecure and its businesses, a portion of the associated goodwill may become impaired. The ultimate outcome of this matter cannot be determined at this time. |
Natural Gas For Sale | Southern Company Gas, with the exception of Nicor Gas, carries natural gas inventory on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Southern Company Gas had no material adjustments for any period presented. |
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. |
Derivatives | Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. • Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. • Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow 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. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. |
INTRODUCTION (Tables)
INTRODUCTION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Goodwill at March 31, 2020 and December 31, 2019 was as follows: Goodwill (in millions) Southern Company $ 5,280 Southern Company Gas: Gas distribution operations $ 4,034 Gas marketing services 981 Southern Company Gas total $ 5,015 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows: At March 31, 2020 At December 31, 2019 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (121 ) $ 91 $ 212 $ (116 ) $ 96 Trade names 64 (26 ) 38 64 (25 ) 39 Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 PPA fair value adjustments 390 (74 ) 316 390 (69 ) 321 Other 10 (8 ) 2 11 (8 ) 3 Total other intangible assets subject to amortization $ 740 $ (292 ) $ 448 $ 741 $ (280 ) $ 461 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 815 $ (292 ) $ 523 $ 816 $ (280 ) $ 536 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (74 ) $ 316 $ 390 $ (69 ) $ 321 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (108 ) $ 48 $ 156 $ (104 ) $ 52 Trade names 26 (10 ) 16 26 (10 ) 16 Wholesale gas services Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 Total other intangible assets subject to amortization $ 246 $ (181 ) $ 65 $ 246 $ (176 ) $ 70 |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows: At March 31, 2020 At December 31, 2019 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 212 $ (121 ) $ 91 $ 212 $ (116 ) $ 96 Trade names 64 (26 ) 38 64 (25 ) 39 Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 PPA fair value adjustments 390 (74 ) 316 390 (69 ) 321 Other 10 (8 ) 2 11 (8 ) 3 Total other intangible assets subject to amortization $ 740 $ (292 ) $ 448 $ 741 $ (280 ) $ 461 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 815 $ (292 ) $ 523 $ 816 $ (280 ) $ 536 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 390 $ (74 ) $ 316 $ 390 $ (69 ) $ 321 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (108 ) $ 48 $ 156 $ (104 ) $ 52 Trade names 26 (10 ) 16 26 (10 ) 16 Wholesale gas services Storage and transportation contracts 64 (63 ) 1 64 (62 ) 2 Total other intangible assets subject to amortization $ 246 $ (181 ) $ 65 $ 246 $ (176 ) $ 70 |
Finite-lived Intangible Assets Amortization Expense | Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2020 (in millions) Southern Company (a) $ 12 Southern Power (b) $ 5 Southern Company Gas Gas marketing services $ 4 Wholesale gas services (b) 1 Southern Company Gas total $ 5 (a) Includes $6 million for the three months ended March 31, 2020 , recorded as a reduction to operating revenues. (b) Recorded as a reduction to operating revenues. |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2020 and/or December 31, 2019 : Southern Company Southern Company Gas At March 31, 2020 At December 31, 2019 At March 31, 2020 At December 31, 2019 (in millions) (in millions) Cash and cash equivalents $ 2,164 $ 1,975 $ 311 $ 46 Restricted cash (a) : Other accounts and notes receivable — 3 — 3 Other current assets 3 — 3 — Total cash, cash equivalents, and restricted cash $ 2,168 (b) $ 1,978 $ 314 $ 49 (a) Represents restricted cash held by Southern Company Gas as collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total does not add due to rounding. |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the Registrants that had restricted cash at March 31, 2020 and/or December 31, 2019 : Southern Company Southern Company Gas At March 31, 2020 At December 31, 2019 At March 31, 2020 At December 31, 2019 (in millions) (in millions) Cash and cash equivalents $ 2,164 $ 1,975 $ 311 $ 46 Restricted cash (a) : Other accounts and notes receivable — 3 — 3 Other current assets 3 — 3 — Total cash, cash equivalents, and restricted cash $ 2,168 (b) $ 1,978 $ 314 $ 49 (a) Represents restricted cash held by Southern Company Gas as collateral for workers' compensation, life insurance, and long-term disability insurance. (b) Total does not add due to rounding. |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
Cost Recovery Clauses | The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2020 and December 31, 2019 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, (in millions) Alabama Power Rate CNP Compliance Other regulatory liabilities, current $ 35 $ 55 Other regulatory liabilities, deferred 17 7 Rate CNP PPA Deferred under recovered regulatory clause revenues 37 40 Retail Energy Cost Recovery Other regulatory liabilities, current 74 32 Other regulatory liabilities, deferred 22 17 Natural Disaster Reserve Other regulatory liabilities, current 27 37 Other regulatory liabilities, deferred 104 113 Georgia Power Fuel Cost Recovery Other current liabilities $ 6 $ — Other deferred credits and liabilities 163 73 Mississippi Power Fuel Cost Recovery Over recovered regulatory clause liabilities $ 25 $ 23 Ad Valorem Tax Other regulatory assets 11 47 Other regulatory assets, deferred 38 — Property Damage Reserve Other regulatory liabilities, deferred 53 54 Southern Company Gas Natural Gas Cost Recovery Other regulatory liabilities $ 84 $ 74 |
Cost and Schedule | Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by the expected in-service dates of November 2021 and November 2022, respectively, is as follows: (in billions) Base project capital cost forecast (a)(b) $ 8.2 Construction contingency estimate 0.2 Total project capital cost forecast (a)(b) 8.4 Net investment as of March 31, 2020 (b) (6.2 ) Remaining estimate to complete (a) $ 2.2 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $270 million , of which $36 million had been accrued through March 31, 2020 . (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate revenue from contracts with customers for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating revenues Retail electric revenues Residential $ 1,370 $ 553 $ 760 $ 57 $ — $ — Commercial 1,146 364 720 62 — — Industrial 680 321 281 78 — — Other 23 5 16 2 — — Total retail electric revenues 3,219 1,243 1,777 199 — — Natural gas distribution revenues Residential 496 — — — — 496 Commercial 130 — — — — 130 Transportation 264 — — — — 264 Industrial 12 — — — — 12 Other 97 — — — — 97 Total natural gas distribution revenues 999 — — — — 999 Wholesale electric revenues PPA energy revenues 159 27 9 2 125 — PPA capacity revenues 105 27 12 1 66 — Non-PPA revenues 51 19 2 69 58 — Total wholesale electric revenues 315 73 23 72 249 — Other natural gas revenues Wholesale gas services 396 — — — — 396 Gas marketing services 163 — — — — 163 Other natural gas revenues 7 — — — — 7 Total natural gas revenues 566 — — — — 566 Other revenues 192 37 95 5 3 — Total revenue from contracts with customers 5,291 1,353 1,895 276 252 1,565 Other revenue sources (a) 868 (2 ) (70 ) 1 123 825 Other adjustments (b) (1,141 ) — — — — (1,141 ) Total operating revenues $ 5,018 $ 1,351 $ 1,825 $ 277 $ 375 $ 1,249 (a) Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under " Southern Company Gas " for additional information on the components of wholesale gas services' operating revenues. Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating revenues Retail electric revenues Residential $ 1,327 $ 559 $ 708 $ 60 $ — $ — Commercial 1,125 368 692 65 — — Industrial 708 338 296 74 — — Other 21 6 11 4 — — Total retail electric revenues 3,181 1,271 1,707 203 — — Natural gas distribution revenues Residential 601 — — — — 601 Commercial 170 — — — — 170 Transportation 256 — — — — 256 Industrial 17 — — — — 17 Other 116 — — — — 116 Total natural gas distribution revenues 1,160 — — — — 1,160 Wholesale electric revenues PPA energy revenues 190 31 12 3 151 — PPA capacity revenues 107 27 13 1 81 — Non-PPA revenues 55 60 2 74 41 — Total wholesale electric revenues 352 118 27 78 273 — Other natural gas revenues Wholesale gas services 721 — — — — 721 Gas marketing services 221 — — — — 221 Other natural gas revenues 10 — — — — 10 Total natural gas revenues 952 — — — — 952 Other revenues 266 46 92 5 4 — Total revenue from contracts with customers 5,911 1,435 1,826 286 277 2,112 Other revenue sources (a) 1,361 (27 ) 7 1 166 1,222 Other adjustments (b) (1,860 ) — — — — (1,860 ) Total operating revenues $ 5,412 $ 1,408 $ 1,833 $ 287 $ 443 $ 1,474 (a) Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies. (b) Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under " Southern Company Gas " for additional information on the components of wholesale gas services' operating revenues. |
Contract with Customer, Asset and Liability and Revenue Recognized | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2020 and December 31, 2019 : Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Accounts Receivables As of March 31, 2020 $ 2,224 $ 518 $ 697 $ 70 $ 86 $ 696 As of December 31, 2019 2,413 586 688 79 97 749 Contract Assets As of March 31, 2020 $ 100 $ — $ 53 $ 3 $ — $ — As of December 31, 2019 117 — 69 — — — Contract Liabilities As of March 31, 2020 $ 49 $ 7 $ 11 $ — $ 1 $ 1 As of December 31, 2019 52 10 13 — 1 1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Revenue from contracts with customers related to these performance obligations remaining at March 31, 2020 are expected to be recognized as follows: 2020 (remaining) 2021 2022 2023 2024 2025 and Thereafter (in millions) Southern Company $ 367 $ 416 $ 354 $ 334 $ 314 $ 2,164 Alabama Power 23 33 31 24 7 5 Georgia Power 52 66 36 34 23 61 Southern Power 224 285 287 277 285 2,116 |
Summary of Lease Income | Lease income for the three months ended March 31, 2020 and 2019 is as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) For the Three Months Ended March 31, 2020 Lease income - interest income on sales-type leases $ 3 $ — $ — $ 3 $ — $ — Lease income - operating leases 51 6 16 — 24 9 Variable lease income 74 — — — 80 — Total lease income $ 128 $ 6 $ 16 $ 3 $ 104 $ 9 For the Three Months Ended March 31, 2019 Lease income - interest income on sales-type leases $ 2 $ — $ — $ 2 $ — $ — Lease income - operating leases 71 7 19 — 46 9 Variable lease income 66 — — — 75 — Total lease income $ 139 $ 7 $ 19 $ 2 $ 121 $ 9 |
CONSOLIDATED ENTITIES AND EQU_2
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
Equity Method Investments | Selected financial information of SNG for the three months ended March 31, 2020 and 2019 is as follows: Income Statement Information Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Revenues $ 158 $ 166 Operating income 98 106 Net income 75 84 The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2020 and December 31, 2019 and related income from those investments for the three -month periods ended March 31, 2020 and 2019 were as follows: Investment Balance March 31, 2020 December 31, 2019 (a) (in millions) SNG (b) $ 1,216 $ 1,137 PennEast Pipeline (c) 85 82 Other 32 32 Total $ 1,333 $ 1,251 (a) Excludes investments in Atlantic Coast Pipeline and Pivotal JAX LNG classified as held for sale at December 31, 2019. See Note 15 to the financial statements under "Assets Held for Sale" in Item 8 of the Form 10-K for additional information. (b) Increase primarily relates to a capital contribution, partially offset by the continued amortization of deferred tax assets established upon acquisition. (c) See Note (C) under "Other Matters – Southern Company Gas" for additional information on the PennEast Pipeline. |
Schedule of Other Nonoperating Income, by Component | Earnings from Equity Method Investments Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) SNG $ 37 $ 42 Atlantic Coast Pipeline (*) 3 3 PennEast Pipeline (*) 2 2 Other 1 1 Total $ 43 $ 48 |
FINANCING (Tables)
FINANCING (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Credit Arrangements by Company | At March 31, 2020 , committed credit arrangements with banks were as follows: Expires Company 2020 2022 2023 2024 Total Unused Due within One Year (in millions) Southern Company parent $ — $ — $ — $ 2,000 $ 2,000 $ 1,999 $ — Alabama Power 3 525 — 800 1,328 1,328 3 Georgia Power — — — 1,750 1,750 1,733 — Mississippi Power — 150 125 — 275 210 — Southern Power (a) — — — 600 600 591 — Southern Company Gas (b) — — — 1,750 1,750 1,745 — SEGCO 30 — — — 30 30 30 Southern Company $ 33 $ 675 $ 125 $ 6,900 $ 7,733 $ 7,636 $ 33 (a) Does not include Southern Power Company's $120 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2021 and 2023, respectively, of which $25 million and $60 million , respectively, was unused at March 31, 2020 . Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.25 billion of this arrangement. Southern Company Gas' committed credit arrangement also includes $500 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to this multi-year credit arrangement, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. |
Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) As reported shares 1,057 1,038 Effect of stock-based compensation 7 7 Effect of equity units 3 — Diluted shares 1,067 1,045 |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2020 and 2019 are presented in the following tables. Three Months Ended March 31, 2020 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 94 $ 22 $ 24 $ 4 $ 2 $ 8 Interest cost 108 25 33 5 1 8 Expected return on plan assets (275 ) (66 ) (87 ) (13 ) (3 ) (19 ) Amortization: Prior service costs 1 — — — — (1 ) Regulatory asset — — — — — 4 Net (gain)/loss 67 18 22 3 1 2 Net periodic pension cost (income) $ (5 ) $ (1 ) $ (8 ) $ (1 ) $ 1 $ 2 Postretirement Benefits Service cost $ 5 $ 2 $ 1 $ — $ — $ — Interest cost 13 3 5 — — 2 Expected return on plan assets (18 ) (7 ) (7 ) — — (2 ) Amortization: Regulatory asset — — — — — 2 Net (gain)/loss 1 — 1 — — (1 ) Net periodic postretirement benefit cost $ 1 $ (2 ) $ — $ — $ — $ 1 Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 73 $ 17 $ 19 $ 3 $ 2 $ 6 Interest cost 123 28 39 6 1 9 Expected return on plan assets (221 ) (51 ) (73 ) (10 ) (2 ) (15 ) Amortization: Prior service costs — — — — — (1 ) Regulatory asset — — — — — 3 Net (gain)/loss 30 9 11 1 — 1 Net periodic pension cost (income) $ 5 $ 3 $ (4 ) $ — $ 1 $ 3 Postretirement Benefits Service cost $ 5 $ 1 $ 1 $ — $ — $ 1 Interest cost 17 4 7 1 — 2 Expected return on plan assets (16 ) (6 ) (6 ) — — (2 ) Amortization: Prior service costs 1 1 — — — — Regulatory asset — — — — — 2 Net (gain)/loss (1 ) — — — — (1 ) Net periodic postretirement benefit cost $ 6 $ — $ 2 $ 1 $ — $ 2 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of March 31, 2020 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 328 $ 164 $ 87 $ — $ 579 Interest rate derivatives — 22 — — 22 Investments in trusts: (b)(c) Domestic equity 578 108 — — 686 Foreign equity 52 171 — — 223 U.S. Treasury and government agency securities — 289 — — 289 Municipal bonds — 103 — — 103 Pooled funds – fixed income — 16 — — 16 Corporate bonds 23 297 — — 320 Mortgage and asset backed securities — 85 — — 85 Private equity — — — 60 60 Other 24 5 — — 29 Cash equivalents 1,686 11 — — 1,697 Other investments 9 29 — — 38 Total $ 2,700 $ 1,300 $ 87 $ 60 $ 4,147 Liabilities: Energy-related derivatives (a) $ 426 $ 212 $ 11 $ — $ 649 Interest rate derivatives — 22 — — 22 Foreign currency derivatives — 90 — — 90 Contingent consideration — — 19 — 19 Total $ 426 $ 324 $ 30 $ — $ 780 Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Alabama Power Assets: Energy-related derivatives $ — $ 5 $ — $ — $ 5 Nuclear decommissioning trusts: (b) Domestic equity 368 99 — — 467 Foreign equity 52 50 — — 102 U.S. Treasury and government agency securities — 22 — — 22 Municipal bonds — 1 — — 1 Corporate bonds 23 141 — — 164 Mortgage and asset backed securities — 30 — — 30 Private equity — — — 60 60 Other 7 — — — 7 Cash equivalents 694 11 — — 705 Other investments — 29 — — 29 Total $ 1,144 $ 388 $ — $ 60 $ 1,592 Liabilities: Energy-related derivatives $ — $ 27 $ — $ — $ 27 Georgia Power Assets: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Nuclear decommissioning trusts: (b)(c) Domestic equity 210 1 — — 211 Foreign equity — 119 — — 119 U.S. Treasury and government agency securities — 267 — — 267 Municipal bonds — 102 — — 102 Corporate bonds — 156 — — 156 Mortgage and asset backed securities — 56 — — 56 Other 16 5 — — 21 Cash equivalents 212 — — — 212 Total $ 438 $ 712 $ — $ — $ 1,150 Liabilities: Energy-related derivatives $ — $ 61 $ — $ — $ 61 Fair Value Measurements Using: As of March 31, 2020: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Mississippi Power Assets: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Cash equivalents 79 — — — 79 Total $ 79 $ 3 $ — $ — $ 82 Liabilities: Energy-related derivatives $ — $ 33 $ — $ — $ 33 Southern Power Assets: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Cash equivalents 166 — — — 166 Total $ 166 $ 2 $ — $ — $ 168 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Foreign currency derivatives — 90 — — 90 Contingent consideration — — 19 — 19 Total $ — $ 93 $ 19 $ — $ 112 Southern Company Gas Assets: Energy-related derivatives (a) $ 328 $ 148 $ 87 $ — $ 563 Non-qualified deferred compensation trusts: Domestic equity — 9 — — 9 Foreign equity — 3 — — 3 Pooled funds – fixed income — 16 — — 16 Cash equivalents and restricted cash 270 — — — 270 Total $ 598 $ 176 $ 87 $ — $ 861 Liabilities: Energy-related derivatives (a) $ 426 $ 88 $ 11 $ — $ 525 Interest rate derivatives — 21 — — 21 Total $ 426 $ 109 $ 11 $ — $ 546 (a) Energy-related derivatives exclude cash collateral of $128 million and $16 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2020 , approximately $31 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. |
Schedule of Increase (Decrease) In Fair Value Of Funds | The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for the three months ended March 31, 2020 and 2019 . The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Fair value increases (decreases) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Southern Company $ (247 ) $ 152 Alabama Power (167 ) 87 Georgia Power (80 ) 65 |
Financial Instruments for Which Carrying Amount Did Not Equal Fair Value | As of March 31, 2020 , 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 millions) Long-term debt, including securities due within one year: Carrying amount $ 45,820 $ 8,432 $ 12,217 $ 1,413 $ 4,369 $ 5,836 Fair value 49,126 9,239 14,020 1,433 4,376 6,416 (*) 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 lives of the respective bonds. |
Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component | The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2020 (in millions) Beginning balance $ 14 Transfers to Level 3 70 Transfers from Level 3 (3 ) Instruments realized or otherwise settled during period (1 ) Changes in fair value (4 ) Ending balance $ 76 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Energy-Related Derivatives | At March 31, 2020 , 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 Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company (*) 945 2023 2031 Alabama Power 88 2023 — Georgia Power 168 2023 — Mississippi Power 100 2023 — Southern Power 4 2020 2020 Southern Company Gas (*) 585 2022 2031 (*) Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 4.6 billion mmBtu and short natural gas positions of 4.0 billion mmBtu as of March 31, 2020 , which is also included in Southern Company's total volume. |
Schedule of Interest Rate Derivatives | At March 31, 2020 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value Gain (Loss) at March 31, 2020 (in millions) (in millions) Cash Flow Hedges of Forecasted Debt Southern Company Gas $ 200 3-month LIBOR 1.81% September 2030 $ (21 ) Cash Flow Hedges of Existing Debt Mississippi Power 60 1-month LIBOR 0.58% December 2021 — Fair Value Hedges of Existing Debt Southern Company parent 300 2.75% 3-month LIBOR + 0.92% June 2020 1 Southern Company parent 1,500 2.35% 1-month LIBOR + 0.87% July 2021 21 Southern Company $ 2,060 $ 1 |
Schedule of Foreign Currency Derivatives | At March 31, 2020 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2020 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ (39 ) Southern Power 564 3.78% 500 1.85% June 2026 (51 ) Total $ 1,241 € 1,100 $ (90 ) |
Fair Value of Energy-Related Derivatives and Interest Rate Derivatives | The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 7 $ 100 $ 3 $ 70 Other deferred charges and assets/Other deferred credits and liabilities 8 40 6 44 Total derivatives designated as hedging instruments for regulatory purposes $ 15 $ 140 $ 9 $ 114 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 6 $ 1 $ 6 Interest rate derivatives: Other current assets/Other current liabilities 12 21 2 23 Other deferred charges and assets/Other deferred credits and liabilities 10 — — 1 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 24 Other deferred charges and assets/Other deferred credits and liabilities — 66 16 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 25 $ 117 $ 19 $ 54 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 300 $ 297 $ 461 $ 358 Other deferred charges and assets/Other deferred credits and liabilities 261 206 207 225 Total derivatives not designated as hedging instruments $ 561 $ 503 $ 668 $ 583 Gross amounts recognized $ 601 $ 760 $ 696 $ 751 Gross amounts offset (a) (383 ) (511 ) (463 ) (562 ) Net amounts recognized in the Balance Sheets (b) $ 218 $ 249 $ 233 $ 189 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Alabama Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 18 $ 2 $ 14 Other deferred charges and assets/Other deferred credits and liabilities 2 9 2 10 Total derivatives designated as hedging instruments for regulatory purposes $ 5 $ 27 $ 4 $ 24 Gross amounts recognized $ 5 $ 27 $ 4 $ 24 Gross amounts offset (4 ) (4 ) (2 ) (2 ) Net amounts recognized in the Balance Sheets $ 1 $ 23 $ 2 $ 22 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 3 $ 42 $ 1 $ 32 Other deferred charges and assets/Other deferred credits and liabilities 3 19 3 21 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 61 $ 4 $ 53 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ — $ — $ — $ 17 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ — $ — $ 17 Gross amounts recognized $ 6 $ 61 $ 4 $ 70 Gross amounts offset (6 ) (6 ) (3 ) (3 ) Net amounts recognized in the Balance Sheets $ — $ 55 $ 1 $ 67 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 21 $ — $ 15 Other deferred charges and assets/Other deferred credits and liabilities 2 12 1 12 Total derivatives designated as hedging instruments for regulatory purposes $ 3 $ 33 $ 1 $ 27 Gross amounts recognized $ 3 $ 33 $ 1 $ 27 Gross amounts offset (3 ) (3 ) (1 ) (1 ) Net amounts recognized in the Balance Sheets $ — $ 30 $ — $ 26 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 2 $ 2 $ 1 $ 2 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 24 Other deferred charges and assets/Other deferred credits and liabilities — 66 16 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 2 $ 92 $ 17 $ 26 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ — $ 1 $ 2 $ 1 Total derivatives not designated as hedging instruments $ — $ 1 $ 2 $ 1 Gross amounts recognized $ 2 $ 93 $ 19 $ 27 Gross amounts offset — — — — Net amounts recognized in the Balance Sheets $ 2 $ 93 $ 19 $ 27 As of March 31, 2020 As of December 31, 2019 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ — $ 19 $ — $ 9 Other deferred charges and assets/Other deferred credits and liabilities 1 — — 1 Total derivatives designated as hedging instruments for regulatory purposes $ 1 $ 19 $ — $ 10 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 1 $ 4 $ — $ 4 Interest rate derivatives: Assets from risk management activities/Liabilities from risk management activities-current — 21 2 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 25 $ 2 $ 4 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 300 $ 296 $ 459 $ 357 Other deferred charges and assets/Other deferred credits and liabilities 261 206 207 225 Total derivatives not designated as hedging instruments $ 561 $ 502 $ 666 $ 582 Gross amounts of recognized $ 563 $ 546 $ 668 $ 596 Gross amounts offset (a) (370 ) (498 ) (456 ) (555 ) Net amounts recognized in the Balance Sheets (b) $ 193 $ 48 $ 212 $ 41 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $128 million and $99 million as of March 31, 2020 and December 31, 2019 , respectively. (b) Net amounts of derivative instruments outstanding exclude premium and intrinsic value associated with weather derivatives of $16 million and $4 million as of March 31, 2020 and December 31, 2019 , respectively. |
Pre-tax Effects of Unrealized Derivative Gains (Losses) Arising from Energy-Related Derivative Instruments | At March 31, 2020 and December 31, 2019 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at March 31, 2020 Derivative Category and Balance Sheet Location Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Company Gas (*) (in millions) Energy-related derivatives: Other regulatory assets, current $ (79 ) $ (17 ) $ (39 ) $ (19 ) $ (4 ) Other regulatory assets, deferred (33 ) (7 ) (16 ) (10 ) — Other regulatory liabilities, current 5 1 — — 4 Total energy-related derivative gains (losses) $ (107 ) $ (23 ) $ (55 ) $ (29 ) $ — (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $19 million at March 31, 2020 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2019 Derivative Category and Balance Sheet Location Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Company Gas (*) (in millions) Energy-related derivatives: Other regulatory assets, current $ (63 ) $ (14 ) $ (31 ) $ (15 ) $ (3 ) Other regulatory assets, deferred (37 ) (8 ) (18 ) (11 ) — Other regulatory liabilities, current 6 2 — — 4 Total energy-related derivative gains (losses) $ (94 ) $ (20 ) $ (49 ) $ (26 ) $ 1 (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $11 million at December 31, 2019. |
Pre-tax Effects of Interest Rate Derivatives, Designated as Cash Flow Hedging Instruments | For the three months ended March 31, 2020 and 2019 , the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months Ended March 31, 2020 2019 (in millions) Southern Company Energy-related derivatives $ (4 ) $ — Interest rate derivatives (26 ) — Foreign currency derivatives (83 ) (39 ) Total $ (113 ) $ (39 ) Southern Power Foreign currency derivatives $ (83 ) $ (39 ) Southern Company Gas Energy-related derivatives $ (4 ) $ — Interest rate derivatives (23 ) — Total $ (27 ) $ — |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | For the three months ended March 31, 2020 and 2019 , the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months Ended March 31, 2020 2019 (in millions) Southern Company Total cost of natural gas $ 439 $ 686 Gain (loss) on energy-related cash flow hedges (a) (7 ) 1 Total depreciation and amortization 857 751 Gain (loss) on energy-related cash flow hedges (a) (1 ) (3 ) Total interest expense, net of amounts capitalized (456 ) (430 ) Gain (loss) on interest rate cash flow hedges (a) (6 ) (5 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (6 ) Gain (loss) on interest rate fair value hedges (b) 29 14 Total other income (expense), net 103 78 Gain (loss) on foreign currency cash flow hedges (a)(c) (31 ) (24 ) Southern Power Total depreciation and amortization $ 117 $ 119 Gain (loss) on energy-related cash flow hedges (a) (1 ) (3 ) Total interest expense, net of amounts capitalized (39 ) (44 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (6 ) Total other income (expense), net 2 2 Gain (loss) on foreign currency cash flow hedges (a)(c) (31 ) (24 ) (a) Reclassified from accumulated OCI into earnings. (b) For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c) The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | As of March 31, 2020 and December 31, 2019 , the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item Balance Sheet Location of Hedged Items As of March 31, 2020 As of December 31, 2019 As of March 31, 2020 As of December 31, 2019 (in millions) (in millions) Southern Company Securities due within one year $ (600 ) $ (599 ) $ (1 ) $ — Long-term debt (1,519 ) (1,494 ) (22 ) 3 |
Pre-tax Effect of Interest Rate and Energy Related Derivatives | For the three months ended March 31, 2020 and 2019 , the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2020 2019 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 70 $ 33 Cost of natural gas 7 8 Total derivatives in non-designated hedging relationships $ 77 $ 41 (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Construction Projects | Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Under Construction as of March 31, 2020 Reading (a) Wind 200 Osage and Lyon Counties, KS May 2020 12 years Skookumchuck (b) Wind 136 Lewis and Thurston Counties, WA Second half of 2020 20 years (a) In 2018, Southern Power purchased 100% of the membership interests of the Reading facility pursuant to a joint development arrangement. Southern Power may enter into a tax equity partnership, in which case it would then own 100% of the Class B membership interests. The ultimate outcome of this matter cannot be determined at this time. |
Disposal Groups, Including Discontinued Operations | Plants Nacogdoches (sold in June 2019) and Mankato represented individually significant components of Southern Power; therefore, pre-tax income for these components for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, 2020 2019 (in millions) Southern Power's earnings before income taxes: (*) Plant Nacogdoches N/A $ 6 Plant Mankato $ 2 $ 1 (*) Earnings before income taxes for components reflect the cessation of depreciation and amortization on the long-lived assets being sold upon classification as held for sale in November 2018 and April 2019 for Plant Mankato and Plant Nacogdoches, respectively. |
SEGMENT AND RELATED INFORMATI_2
SEGMENT AND RELATED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | Financial data for business segments and products and services for the three months ended March 31, 2020 and 2019 was as follows: Electric Utilities Traditional Electric Operating Companies Southern Power Eliminations Total Southern Company Gas All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2020 Operating revenues $ 3,407 $ 375 $ (87 ) $ 3,695 $ 1,249 $ 114 $ (40 ) $ 5,018 Segment net income (loss) (a)(b) 642 75 — 717 275 (121 ) (3 ) 868 At March 31, 2020 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 81,765 13,646 (695 ) 94,716 21,617 3,467 (948 ) 118,852 Three Months Ended March 31, 2019 Operating revenues $ 3,445 $ 443 $ (93 ) $ 3,795 $ 1,474 $ 182 $ (39 ) $ 5,412 Segment net income (loss) (a)(c) 565 56 — 621 270 1,195 (2 ) 2,084 At December 31, 2019 Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 263 $ — $ 5,280 Total assets 81,063 14,300 (713 ) 94,650 21,687 3,511 (1,148 ) 118,700 (a) Attributable to Southern Company. (b) Segment net income (loss) for Southern Power includes a $39 million pre-tax gain ( $23 million gain after tax) on the sale of Plant Mankato for the three months ended March 31, 2020 . See Note (K) under " Southern Power " for additional information. (c) Segment net income (loss) for the "All Other" column includes the preliminary pre-tax gain associated with the sale of Gulf Power of $2.5 billion ( $1.3 billion after tax) for the three months ended March 31, 2019. See Note 15 to the financial statements in Item 8 of the Form 10-K under " Southern Company" for additional information. Business segment financial data for the three months ended March 31, 2020 and 2019 was as follows: Gas Distribution Operations Gas Pipeline Investments Wholesale Gas Services (*) Gas Marketing Services Total All Other Eliminations Consolidated (in millions) Three Months Ended March 31, 2020 Operating revenues $ 1,020 $ 8 $ 51 $ 177 $ 1,256 $ 8 $ (15 ) $ 1,249 Segment net income (loss) 164 30 23 57 274 1 — 275 Total assets at March 31, 2020 18,166 1,652 643 1,517 21,978 11,094 (11,455 ) 21,617 Three Months Ended March 31, 2019 Operating revenues $ 1,172 $ 8 $ 86 $ 229 $ 1,495 $ 11 $ (32 ) $ 1,474 Segment net income (loss) 133 32 47 61 273 (3 ) — 270 Total assets at December 31, 2019 18,204 1,678 850 1,496 22,228 10,759 (11,300 ) 21,687 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table. Third Party Gross Revenues Intercompany Revenues Total Gross Revenues Less Gross Gas Costs Operating Revenues (in millions) Three Months Ended March 31, 2020 $ 1,185 $ 29 $ 1,214 $ 1,163 $ 51 Three Months Ended March 31, 2019 1,926 88 2,014 1,928 86 |
Financial Data for Products and Services | Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2020 $ 3,078 $ 418 $ 199 $ 3,695 Three Months Ended March 31, 2019 3,084 499 212 3,795 Southern Company Gas' Revenues Gas Wholesale Gas Services (*) Gas Other Total (in millions) Three Months Ended March 31, 2020 $ 1,013 $ 51 $ 177 $ 8 $ 1,249 Three Months Ended March 31, 2019 1,161 86 229 (2 ) 1,474 (*) The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein for additional information. |
INTRODUCTION - Narrative (Detai
INTRODUCTION - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill | $ 5,280,000,000 | $ 5,280,000,000 | ||
SOUTHERN Co GAS | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill | 5,015,000,000 | $ 5,015,000,000 | ||
Inventory decrement | 0 | $ 0 | ||
PowerSecure | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill | $ 263,000,000 | |||
Maximum | Natural Gas Generating Facility | SOUTHERN POWER CO | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 50 years | 45 years |
INTRODUCTION - Goodwill (Detail
INTRODUCTION - Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 5,280 | $ 5,280 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,015 | $ 5,015 |
SOUTHERN Co GAS | Gas Distribution Operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,034 | |
SOUTHERN Co GAS | Gas Marketing Services | ||
Goodwill [Line Items] | ||
Goodwill | $ 981 |
INTRODUCTION - Other Intangible
INTRODUCTION - Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | $ 740 | $ 741 |
Accumulated Amortization | (292) | (280) |
Other Intangible Assets, Net | 448 | 461 |
Other intangible assets not subject to amortization: | ||
Federal Communications Commission licenses | 75 | 75 |
Total other intangible assets | ||
Gross Carrying Amount | 815 | 816 |
Accumulated Amortization | (292) | (280) |
Other Intangible Assets, Net | 523 | 536 |
Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 212 | 212 |
Accumulated Amortization | (121) | (116) |
Other Intangible Assets, Net | 91 | 96 |
Total other intangible assets | ||
Accumulated Amortization | (121) | (116) |
Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (26) | (25) |
Other Intangible Assets, Net | 38 | 39 |
Total other intangible assets | ||
Accumulated Amortization | (26) | (25) |
Storage and transportation contracts | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (63) | (62) |
Other Intangible Assets, Net | 1 | 2 |
Total other intangible assets | ||
Accumulated Amortization | (63) | (62) |
PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (74) | (69) |
Other Intangible Assets, Net | 316 | 321 |
Total other intangible assets | ||
Accumulated Amortization | (74) | (69) |
Other | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 10 | 11 |
Accumulated Amortization | (8) | (8) |
Other Intangible Assets, Net | 2 | 3 |
Total other intangible assets | ||
Accumulated Amortization | (8) | (8) |
SOUTHERN POWER CO | ||
Other intangible assets subject to amortization: | ||
Accumulated Amortization | (74) | (69) |
Total other intangible assets | ||
Accumulated Amortization | (74) | (69) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 390 | 390 |
Accumulated Amortization | (74) | (69) |
Other Intangible Assets, Net | 316 | 321 |
Total other intangible assets | ||
Accumulated Amortization | (74) | (69) |
SOUTHERN Co GAS | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 246 | 246 |
Accumulated Amortization | (181) | (176) |
Other Intangible Assets, Net | 65 | 70 |
Total other intangible assets | ||
Accumulated Amortization | (181) | (176) |
Other Intangible Assets, Net | 65 | 70 |
SOUTHERN Co GAS | Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (108) | (104) |
Other Intangible Assets, Net | 48 | 52 |
Total other intangible assets | ||
Accumulated Amortization | (108) | (104) |
SOUTHERN Co GAS | Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (10) | (10) |
Other Intangible Assets, Net | 16 | 16 |
Total other intangible assets | ||
Accumulated Amortization | (10) | (10) |
SOUTHERN Co GAS | Storage and transportation contracts | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (63) | (62) |
Other Intangible Assets, Net | 1 | 2 |
Total other intangible assets | ||
Accumulated Amortization | $ (63) | $ (62) |
INTRODUCTION - Intangibles, Amo
INTRODUCTION - Intangibles, Amortization (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 12 |
Decrease in operating revenues | 6 |
SOUTHERN POWER CO | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 5 |
SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 5 |
Gas Marketing Services | SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 4 |
Wholesale Gas Services | SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 1 |
INTRODUCTION - Restricted Cash
INTRODUCTION - Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 2,164 | $ 1,975 | ||
Restricted cash(a): | ||||
Total cash, cash equivalents, and restricted cash | 2,168 | 1,978 | $ 1,364 | $ 1,519 |
Other accounts and notes receivable | ||||
Restricted cash(a): | ||||
Restricted cash | 0 | 3 | ||
Other current assets | ||||
Restricted cash(a): | ||||
Restricted cash | 3 | 0 | ||
SOUTHERN Co GAS | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 311 | 46 | ||
Restricted cash(a): | ||||
Total cash, cash equivalents, and restricted cash | 314 | 49 | $ 61 | $ 70 |
SOUTHERN Co GAS | Other accounts and notes receivable | ||||
Restricted cash(a): | ||||
Restricted cash | 0 | 3 | ||
SOUTHERN Co GAS | Other current assets | ||||
Restricted cash(a): | ||||
Restricted cash | $ 3 | $ 0 |
REGULATORY MATTERS - Cost Recov
REGULATORY MATTERS - Cost Recovery Clauses (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ALABAMA POWER CO | Other regulatory liabilities, current | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | $ 35 | $ 55 |
Retail Energy Cost Recovery | 74 | 32 |
Natural Disaster Reserve | 27 | 37 |
ALABAMA POWER CO | Other regulatory liabilities, deferred | ||
Loss Contingencies [Line Items] | ||
Rate CNP Compliance | 17 | 7 |
Retail Energy Cost Recovery | 22 | 17 |
Natural Disaster Reserve | 104 | 113 |
ALABAMA POWER CO | Deferred under recovered regulatory clause revenues | ||
Loss Contingencies [Line Items] | ||
Rate CNP PPA | 37 | 40 |
GEORGIA POWER CO | Other current liabilities | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 6 | 0 |
GEORGIA POWER CO | Other deferred credits and liabilities | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 163 | 73 |
MISSISSIPPI POWER CO | Other regulatory liabilities, deferred | ||
Loss Contingencies [Line Items] | ||
Property Damage Reserve | 53 | 54 |
MISSISSIPPI POWER CO | Over recovered regulatory clause liabilities | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 25 | 23 |
MISSISSIPPI POWER CO | Other regulatory assets | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 11 | 47 |
MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||
Loss Contingencies [Line Items] | ||
Ad Valorem Tax | 38 | 0 |
SOUTHERN Co GAS | Other regulatory liabilities | ||
Loss Contingencies [Line Items] | ||
Natural Gas Cost Recovery | $ 84 | $ 74 |
REGULATORY MATTERS - Georgia Po
REGULATORY MATTERS - Georgia Power (Details) - GEORGIA POWER CO $ in Millions | Mar. 09, 2020USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Requested decrease in fuel rates, percentage | 16.00% |
Requested decrease in fuel rates | $ 329 |
REGULATORY MATTERS - Nuclear Co
REGULATORY MATTERS - Nuclear Construction (Details) - GEORGIA POWER CO $ in Millions | Jan. 01, 2021 | Apr. 15, 2020 | Feb. 19, 2020USD ($) | Feb. 18, 2020USD ($) | Jan. 01, 2020 | Jan. 11, 2018USD ($) | Jan. 01, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018appeal | Mar. 31, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2012utilityMW | Dec. 31, 2009USD ($) | Jun. 30, 2019report | Aug. 31, 2018 | Jun. 30, 2018USD ($) | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||||||||||||||||||||
Number of construction units approved | utility | 2 | |||||||||||||||||||
Electric generating capacity in mega watts under consortium agreement | MW | 1,100 | |||||||||||||||||||
Estimated in-service capital cost | $ 4,418 | |||||||||||||||||||
Financing costs collected, net of tax | $ 2,300 | |||||||||||||||||||
Increase (decrease) in NCCR tariff | $ (62) | |||||||||||||||||||
Additional construction capital costs | $ 3,300 | |||||||||||||||||||
Amendment to estimated in-service capital cost | $ 5,680 | |||||||||||||||||||
Retail rate of return on common equity | 10.95% | |||||||||||||||||||
Number of appeals | appeal | 2 | |||||||||||||||||||
Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Proportionate ownership share | 45.70% | |||||||||||||||||||
Construction contingency estimate, subject to rate recovery evaluation | $ 66 | $ 366 | ||||||||||||||||||
Construction contingency estimate, subject to rate recovery evaluation, cumulative amount allocated to base capital cost forecast | 206 | |||||||||||||||||||
Construction financing costs | 2,300 | |||||||||||||||||||
Base project capital cost forecast, monthly | 50 | |||||||||||||||||||
Monthly AFUDC | $ 10 | |||||||||||||||||||
Percentage of ownership interest required for voting for continuing construction | 90.00% | |||||||||||||||||||
Percentage of costs, disallowed for recovery | 6.00% | |||||||||||||||||||
Costs disallowed for recovery, period | 6 months | |||||||||||||||||||
Public utilities, extension project schedule, term | 1 year | |||||||||||||||||||
Production tax credits, aggregate purchase price, maximum | $ 300 | |||||||||||||||||||
Remaining share of construction costs, agreement to pay, percentage | 100.00% | |||||||||||||||||||
Preliminary estimated cost to complete | $ 8,400 | |||||||||||||||||||
Cost settlement agreement revised forecast, net of payments | $ 7,300 | |||||||||||||||||||
Public utilities, approved return on equity percentage | 8.30% | 10.00% | ||||||||||||||||||
Public utilities, approved return on equity, monthly percentage decrease | 0.10% | |||||||||||||||||||
Return on equity reduction, negative impact on earnings | $ 75 | |||||||||||||||||||
Plant Vogtle Units 3 And 4 | Scenario, Forecast | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Construction financing costs | $ 3,100 | |||||||||||||||||||
Public utilities, approved return on equity percentage | 5.30% | |||||||||||||||||||
Return on equity reduction, negative impact on earnings | $ 200 | $ 255 | $ 145 | |||||||||||||||||
Plant Vogtle Units 3 And 4 | Vogtle Owners | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Period of notice required in the event letters of credit are not renewed | 30 days | |||||||||||||||||||
Twenty First Vogtle Construction Monitoring Report | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Number of approved VCM reports | report | 21 | |||||||||||||||||||
Requested capital construction costs | $ 6,700 | |||||||||||||||||||
Guarantor obligations | 1,700 | |||||||||||||||||||
Customer refund | $ 188 | |||||||||||||||||||
Twenty Second Vogtle Construction Monitoring Report | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Requested capital construction costs | $ 674 | |||||||||||||||||||
Maximum | COVID-19 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Estimate of possible loss | $ 20 | |||||||||||||||||||
Subsequent Event | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Expected percentage of positions eliminated | 20.00% | |||||||||||||||||||
Category I | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Additional construction capital costs, threshold | 800 | |||||||||||||||||||
Preliminary estimated cost to complete | $ 8,400 | |||||||||||||||||||
Category II | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Percentage of construction costs, responsibility to pay | 55.70% | |||||||||||||||||||
Additional construction capital costs | $ 80 | |||||||||||||||||||
Category II | Plant Vogtle Units 3 And 4 | Vogtle Owners | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Percentage of construction costs, responsibility to pay | 44.30% | |||||||||||||||||||
Category II | Minimum | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Additional construction capital costs, threshold | $ 800 | |||||||||||||||||||
Category II | Maximum | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Additional construction capital costs, threshold | $ 1,600 | |||||||||||||||||||
Category III | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Percentage of construction costs, responsibility to pay | 65.70% | |||||||||||||||||||
Additional construction capital costs | $ 100 | |||||||||||||||||||
Category III | Plant Vogtle Units 3 And 4 | Vogtle Owners | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Percentage of construction costs, responsibility to pay | 34.30% | |||||||||||||||||||
Category III | Maximum | Plant Vogtle Units 3 And 4 | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Additional construction capital costs, threshold | $ 2,100 |
REGULATORY MATTERS - Nuclear _2
REGULATORY MATTERS - Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO - Plant Vogtle Units 3 And 4 $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Base project capital cost forecast | $ 8,200 |
Construction contingency estimate | 200 |
Total project capital cost forecast | 8,400 |
Net investment as of September 30, 2019 | (6,200) |
Remaining estimate to complete | 2,200 |
Expected capitalized costs | 270 |
Capitalized interest accrued | $ 36 |
REGULATORY MATTERS - Mississipp
REGULATORY MATTERS - Mississippi Power (Details) - MISSISSIPPI POWER CO - USD ($) $ in Millions | Apr. 27, 2020 | Mar. 17, 2020 |
Loss Contingencies [Line Items] | ||
Decrease in retail rates | $ 16.7 | |
Decrease in retail rates, percentage | 1.85% | |
Base rate case filing, measurement input, average equity ratio | 53.00% | |
Base rate case filing, measurement input, maximum equity ratio | 55.00% | |
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 | |
Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Decrease in retail rates | $ 2 |
CONTINGENCIES - General Litigat
CONTINGENCIES - General Litigation Matters (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Mar. 31, 2019plaintiff | Nov. 30, 2018USD ($)defendantplaintiff | May 31, 2018USD ($)agreement | Dec. 31, 2018 | Dec. 31, 2017claim | |
Pending Litigation | Putative Securities Class Action | ||||||
Loss Contingencies [Line Items] | ||||||
Increase in the purported class period | 1 day | |||||
Pending Litigation | Shareholder Derivative Lawsuits | ||||||
Loss Contingencies [Line Items] | ||||||
Pending number of claims | claim | 2 | |||||
Stay period | 30 days | |||||
MISSISSIPPI POWER CO | Pending Litigation | Martin Product Sales, LLC Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Number of agreements | agreement | 2 | |||||
MISSISSIPPI POWER CO | Pending Litigation | Purported Violations Of Mississippi Consumer Protection Act | ||||||
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | plaintiff | 4 | 10 | ||||
Number of defendants | defendant | 3 | |||||
Underpayment of refunds | $ 23.5 | |||||
Martin Product Sales, LLC Litigation | Martin Product Sales, LLC Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought by litigation | $ 143 | |||||
Compensatory damages sought by litigation | $ 5 | |||||
Punitive damages sought by litigation | $ 50 |
CONTINGENCIES - Environmental R
CONTINGENCIES - Environmental Remediation (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
GEORGIA POWER CO | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 15 | $ 15 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 262 | $ 269 |
CONTINGENCIES - Other Matters (
CONTINGENCIES - Other Matters (Details) - USD ($) $ in Millions | Feb. 20, 2020 | Dec. 31, 2018 | Dec. 31, 2024 | Dec. 31, 2020 | Dec. 31, 2023 | Jan. 15, 2024 | Mar. 31, 2020 |
MISSISSIPPI POWER CO | Kemper IGCC | |||||||
Loss Contingencies [Line Items] | |||||||
Government grants received | $ 387 | ||||||
MISSISSIPPI POWER CO | Scenario, Forecast | Kemper IGCC | |||||||
Loss Contingencies [Line Items] | |||||||
Asset retirement obligation, expected cost | $ 10 | ||||||
Liabilities incurred | $ 5 | $ 17 | |||||
GULF POWER CO | Scenario, Forecast | Plant Daniel Units 1 And 2 | |||||||
Loss Contingencies [Line Items] | |||||||
Undivided ownership interest to be sold | 50.00% | ||||||
Undivided ownership interest, ownership interest in individual unit | 100.00% | ||||||
Minimum | MISSISSIPPI POWER CO | Scenario, Forecast | Kemper IGCC | |||||||
Loss Contingencies [Line Items] | |||||||
Liabilities incurred | $ 15 | ||||||
Maximum | MISSISSIPPI POWER CO | Scenario, Forecast | Kemper IGCC | |||||||
Loss Contingencies [Line Items] | |||||||
Liabilities incurred | $ 17 | ||||||
PennEast Pipelines | |||||||
Loss Contingencies [Line Items] | |||||||
Construction contingency, extension request, term | 2 years | ||||||
PennEast Pipelines | SOUTHERN Co GAS | |||||||
Loss Contingencies [Line Items] | |||||||
Construction contingency estimate | $ 300 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME - Disaggregate Revenue Sources (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenues | $ 5,018 | $ 5,412 |
Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 3,219 | 3,181 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,370 | 1,327 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,146 | 1,125 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 680 | 708 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 23 | 21 |
Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 999 | 1,160 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 496 | 601 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 130 | 170 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 264 | 256 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 12 | 17 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 97 | 116 |
Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 315 | 352 |
PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 159 | 190 |
PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 105 | 107 |
Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 51 | 55 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 566 | 952 |
Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 396 | 721 |
Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 163 | 221 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 7 | 10 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 192 | 266 |
Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 5,291 | 5,911 |
Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 868 | 1,361 |
Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | (1,141) | (1,860) |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,351 | 1,408 |
ALABAMA POWER CO | Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,243 | 1,271 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 553 | 559 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 364 | 368 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 321 | 338 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 5 | 6 |
ALABAMA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 73 | 118 |
ALABAMA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 27 | 31 |
ALABAMA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 27 | 27 |
ALABAMA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 19 | 60 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
ALABAMA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 37 | 46 |
ALABAMA POWER CO | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,353 | 1,435 |
ALABAMA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | (2) | (27) |
ALABAMA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,825 | 1,833 |
GEORGIA POWER CO | Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,777 | 1,707 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 760 | 708 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 720 | 692 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 281 | 296 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 16 | 11 |
GEORGIA POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 23 | 27 |
GEORGIA POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 9 | 12 |
GEORGIA POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 12 | 13 |
GEORGIA POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 2 | 2 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
GEORGIA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 95 | 92 |
GEORGIA POWER CO | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,895 | 1,826 |
GEORGIA POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | (70) | 7 |
GEORGIA POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 277 | 287 |
MISSISSIPPI POWER CO | Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 199 | 203 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 57 | 60 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 62 | 65 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 78 | 74 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 2 | 4 |
MISSISSIPPI POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 72 | 78 |
MISSISSIPPI POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 2 | 3 |
MISSISSIPPI POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1 | 1 |
MISSISSIPPI POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 69 | 74 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
MISSISSIPPI POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 5 | 5 |
MISSISSIPPI POWER CO | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 276 | 286 |
MISSISSIPPI POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1 | 1 |
MISSISSIPPI POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 375 | 443 |
SOUTHERN POWER CO | Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 249 | 273 |
SOUTHERN POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 125 | 151 |
SOUTHERN POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 66 | 81 |
SOUTHERN POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 58 | 41 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 3 | 4 |
SOUTHERN POWER CO | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 252 | 277 |
SOUTHERN POWER CO | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 123 | 166 |
SOUTHERN POWER CO | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,249 | 1,474 |
SOUTHERN Co GAS | Total retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 999 | 1,160 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 496 | 601 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 130 | 170 |
SOUTHERN Co GAS | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 264 | 256 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 12 | 17 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 97 | 116 |
SOUTHERN Co GAS | Wholesale electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 566 | 952 |
SOUTHERN Co GAS | Wholesale gas services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 396 | 721 |
SOUTHERN Co GAS | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 163 | 221 |
SOUTHERN Co GAS | Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 7 | 10 |
SOUTHERN Co GAS | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
SOUTHERN Co GAS | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 1,565 | 2,112 |
SOUTHERN Co GAS | Other revenue sources | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | 825 | 1,222 |
SOUTHERN Co GAS | Other adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues | $ (1,141) | $ (1,860) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME - Contract Balances (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 2,224 | $ 2,413 |
Contract Assets | 100 | 117 |
Contract Liabilities | 49 | 52 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 518 | 586 |
Contract Assets | 0 | 0 |
Contract Liabilities | 7 | 10 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 697 | 688 |
Contract Assets | 53 | 69 |
Contract Liabilities | 11 | 13 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 70 | 79 |
Contract Assets | 3 | 0 |
Contract Liabilities | 0 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 86 | 97 |
Contract Assets | 0 | 0 |
Contract Liabilities | 1 | 1 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 696 | 749 |
Contract Assets | 0 | 0 |
Contract Liabilities | $ 1 | $ 1 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 100 | $ 117 |
Contract liabilities | 49 | 52 |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 36 | 40 |
Contract liabilities | 29 | 28 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 0 | 0 |
Contract liabilities | $ 7 | 10 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, performance obligation, description of timing | Georgia Power had contract assets primarily related to unregulated service agreements, where payment is contingent on project completion, and fixed retail customer bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over the one-year contract term. Alabama Power had contract liabilities for outstanding performance obligations primarily related to extended service agreements. Contract liabilities for Georgia Power and Southern Power relate to cash collections recognized in advance of revenue for certain unregulated service agreements and certain levelized PPAs, respectively. | |
Contract assets | $ 53 | 69 |
Contract liabilities | 11 | 13 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 0 | 0 |
Contract liabilities | 1 | 1 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 3 | 0 |
Contract liabilities | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME - Performance Obligations (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 367 |
Performance obligation, expected timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 416 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 354 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 334 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 314 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,164 |
Performance obligation, expected timing of satisfaction | |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 23 |
Performance obligation, expected timing of satisfaction | 9 months |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 33 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 31 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 7 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 5 |
Performance obligation, expected timing of satisfaction | |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 52 |
Performance obligation, expected timing of satisfaction | 9 months |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 66 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 36 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 34 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 23 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 61 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 224 |
Performance obligation, expected timing of satisfaction | 9 months |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 285 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 287 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 277 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 285 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,116 |
Performance obligation, expected timing of satisfaction |
REVENUE FROM CONTRACTS WITH C_7
REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME - Summary of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | $ 3 | $ 2 |
Lease income - operating leases | 51 | 71 |
Variable lease income | 74 | 66 |
Total lease income | 128 | 139 |
ALABAMA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 6 | 7 |
Variable lease income | 0 | 0 |
Total lease income | 6 | 7 |
GEORGIA POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 16 | 19 |
Variable lease income | 0 | 0 |
Total lease income | 16 | 19 |
MISSISSIPPI POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 3 | 2 |
Lease income - operating leases | 0 | 0 |
Variable lease income | 0 | 0 |
Total lease income | 3 | 2 |
SOUTHERN POWER CO | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 24 | 46 |
Variable lease income | 80 | 75 |
Total lease income | 104 | 121 |
SOUTHERN Co GAS | ||
Lessor, Lease, Description [Line Items] | ||
Lease income - interest income on sales-type leases | 0 | 0 |
Lease income - operating leases | 9 | 9 |
Variable lease income | 0 | 0 |
Total lease income | $ 9 | $ 9 |
CONSOLIDATED ENTITIES AND EQU_3
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)investor | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 118,852 | $ 118,700 |
Liabilities | 86,645 | 86,650 |
Equity method investments | 407 | 391 |
SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 13,646 | 14,300 |
Liabilities | 7,095 | 7,678 |
Equity method investments | 45 | 28 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 21,617 | 21,687 |
Liabilities | 11,986 | 12,181 |
Equity method investments | $ 20 | 20 |
SP Solar Holdings I, LP | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 67.00% | |
SP Solar Holdings I, LP | Global Atlantic | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 33.00% | |
Atlantic Coast Pipeline | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage, equity method investment | 5.00% | |
Variable Interest Entity, Primary Beneficiary | SP Solar Holdings I, LP | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 6,300 | 6,400 |
Liabilities | 382 | 381 |
Noncontrolling interests related to other partners' interests | 1,100 | 1,100 |
Variable Interest Entity, Primary Beneficiary | SP Wind | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2,500 | 2,500 |
Liabilities | 123 | 128 |
Noncontrolling interests related to other partners' interests | $ 45 | 45 |
Distribution made to limited partner, cash distributions paid, percentage | 60.00% | |
Number of financial investors | investor | 3 | |
Variable Interest Entity, Primary Beneficiary | SP Wind | Financial Investors | ||
Schedule of Equity Method Investments [Line Items] | ||
Distribution made to limited partner, cash distributions paid, percentage | 40.00% | |
Variable Interest Entity, Primary Beneficiary | Other Variable Interest Entities | SOUTHERN POWER CO | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 1,100 | 1,100 |
Liabilities | 109 | 104 |
Noncontrolling interests related to other partners' interests | $ 396 | $ 409 |
CONSOLIDATED ENTITIES AND EQU_4
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Balance Sheet Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,386 | $ 1,303 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,333 | 1,251 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,216 | 1,137 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 85 | 82 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 32 | $ 32 |
CONSOLIDATED ENTITIES AND EQU_5
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Income Statement Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 42 | $ 48 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 43 | 48 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 37 | 42 |
SOUTHERN Co GAS | Atlantic Coast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 3 | 3 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 2 | 2 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 1 | $ 1 |
CONSOLIDATED ENTITIES AND EQU_6
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS - Investment in SNG (Details) - SNG - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement Information | ||
Revenues | $ 158 | $ 166 |
Operating income | 98 | 106 |
Net income | $ 75 | $ 84 |
FINANCING - Schedule of Credit
FINANCING - Schedule of Credit Arrangements (Details) | Mar. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |
Expires, 2020 | $ 33,000,000 |
Expires, 2022 | 675,000,000 |
Expires, 2023 | 125,000,000 |
Expires, 2024 | 6,900,000,000 |
Total | 7,733,000,000 |
Unused | 7,636,000,000 |
Due within One Year | 33,000,000 |
Southern Company | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 2,000,000,000 |
Total | 2,000,000,000 |
Unused | 1,999,000,000 |
Due within One Year | 0 |
ALABAMA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 3,000,000 |
Expires, 2022 | 525,000,000 |
Expires, 2023 | 0 |
Expires, 2024 | 800,000,000 |
Total | 1,328,000,000 |
Unused | 1,328,000,000 |
Due within One Year | 3,000,000 |
GEORGIA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,733,000,000 |
Due within One Year | 0 |
MISSISSIPPI POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 0 |
Expires, 2022 | 150,000,000 |
Expires, 2023 | 125,000,000 |
Expires, 2024 | 0 |
Total | 275,000,000 |
Unused | 210,000,000 |
Due within One Year | 0 |
SOUTHERN POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 600,000,000 |
Total | 600,000,000 |
Unused | 591,000,000 |
Due within One Year | 0 |
SOUTHERN POWER CO | Standby Letters of Credit | |
Line of Credit Facility [Line Items] | |
Expires, 2023 | 60,000,000 |
Expires, 2021 | 120,000,000 |
Unused, 2021 | 25,000,000 |
Unused, 2022 | 60,000,000 |
SOUTHERN Co GAS | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,745,000,000 |
Due within One Year | 0 |
SEGCO | |
Line of Credit Facility [Line Items] | |
Expires, 2020 | 30,000,000 |
Expires, 2022 | 0 |
Expires, 2023 | 0 |
Expires, 2024 | 0 |
Total | 30,000,000 |
Unused | 30,000,000 |
Due within One Year | 30,000,000 |
Southern Company Gas Capital | |
Line of Credit Facility [Line Items] | |
Total | 1,250,000,000 |
Nicor Gas | |
Line of Credit Facility [Line Items] | |
Total | $ 500,000,000 |
FINANCING - Narrative (Details)
FINANCING - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | |
Apr. 29, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Expires, 2023 | $ 125 | |
Variable rate pollution control revenue bonds outstanding | 1,400 | |
MISSISSIPPI POWER CO | ||
Debt Instrument [Line Items] | ||
Expires, 2023 | 125 | |
Variable rate pollution control revenue bonds outstanding | 40 | |
ALABAMA POWER CO | ||
Debt Instrument [Line Items] | ||
Expires, 2023 | 0 | |
Variable rate pollution control revenue bonds outstanding | 854 | |
GEORGIA POWER CO | ||
Debt Instrument [Line Items] | ||
Expires, 2023 | 0 | |
Variable rate pollution control revenue bonds outstanding | 550 | |
Fixed rate pollution control revenue bonds outstanding | $ 188 | |
Subsequent Event | MISSISSIPPI POWER CO | ||
Debt Instrument [Line Items] | ||
Fixed rate pollution control revenue bonds purchased and held | $ 40 |
FINANCING - Shares Used to Comp
FINANCING - Shares Used to Compute Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Disclosure [Abstract] | ||
As reported shares (in shares) | 1,057,000,000 | 1,038,000,000 |
Effect of stock-based compensation (in shares) | 7,000,000 | 7,000,000 |
Effect of equity units (in shares) | 3,000,000 | 0 |
Diluted shares (in shares) | 1,067,000,000 | 1,045,000,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 14.70% | 39.80% |
GEORGIA POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 4.60% | 20.80% |
SOUTHERN POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 13.50% | (49.80%) |
RETIREMENT BENEFITS (Details)
RETIREMENT BENEFITS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization: | ||
Net (gain)/loss | ||
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | |
Pension Plans and Postretirement Plans | ||
Service cost | 94,000,000 | 73,000,000 |
Interest cost | 108,000,000 | 123,000,000 |
Expected return on plan assets | (275,000,000) | (221,000,000) |
Amortization: | ||
Prior service costs | 1,000,000 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 67,000,000 | 30,000,000 |
Net periodic pension cost (income) | (5,000,000) | 5,000,000 |
Pension Plans | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 22,000,000 | 17,000,000 |
Interest cost | 25,000,000 | 28,000,000 |
Expected return on plan assets | (66,000,000) | (51,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 18,000,000 | 9,000,000 |
Net periodic pension cost (income) | (1,000,000) | 3,000,000 |
Pension Plans | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 24,000,000 | 19,000,000 |
Interest cost | 33,000,000 | 39,000,000 |
Expected return on plan assets | (87,000,000) | (73,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 22,000,000 | 11,000,000 |
Net periodic pension cost (income) | (8,000,000) | (4,000,000) |
Pension Plans | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 4,000,000 | 3,000,000 |
Interest cost | 5,000,000 | 6,000,000 |
Expected return on plan assets | (13,000,000) | (10,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 3,000,000 | 1,000,000 |
Net periodic pension cost (income) | (1,000,000) | 0 |
Pension Plans | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 2,000,000 |
Interest cost | 1,000,000 | 1,000,000 |
Expected return on plan assets | (3,000,000) | (2,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 0 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 |
Pension Plans | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 8,000,000 | 6,000,000 |
Interest cost | 8,000,000 | 9,000,000 |
Expected return on plan assets | (19,000,000) | (15,000,000) |
Amortization: | ||
Prior service costs | (1,000,000) | (1,000,000) |
Regulatory asset | 4,000,000 | 3,000,000 |
Net (gain)/loss | 2,000,000 | 1,000,000 |
Net periodic pension cost (income) | 2,000,000 | 3,000,000 |
Postretirement Benefits | ||
Pension Plans and Postretirement Plans | ||
Service cost | 5,000,000 | 5,000,000 |
Interest cost | 13,000,000 | 17,000,000 |
Expected return on plan assets | (18,000,000) | (16,000,000) |
Amortization: | ||
Prior service costs | 1,000,000 | |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | (1,000,000) |
Net periodic pension cost (income) | 1,000,000 | 6,000,000 |
Postretirement Benefits | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 1,000,000 |
Interest cost | 3,000,000 | 4,000,000 |
Expected return on plan assets | (7,000,000) | (6,000,000) |
Amortization: | ||
Prior service costs | 1,000,000 | |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | (2,000,000) | 0 |
Postretirement Benefits | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 1,000,000 |
Interest cost | 5,000,000 | 7,000,000 |
Expected return on plan assets | (7,000,000) | (6,000,000) |
Amortization: | ||
Prior service costs | 0 | |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 0 |
Net periodic pension cost (income) | 0 | 2,000,000 |
Postretirement Benefits | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 1,000,000 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 1,000,000 |
Postretirement Benefits | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 1,000,000 |
Interest cost | 2,000,000 | 2,000,000 |
Expected return on plan assets | (2,000,000) | (2,000,000) |
Amortization: | ||
Prior service costs | 0 | |
Regulatory asset | 2,000,000 | 2,000,000 |
Net (gain)/loss | (1,000,000) | (1,000,000) |
Net periodic pension cost (income) | $ 1,000,000 | $ 2,000,000 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Derivatives | $ 218 | $ 233 |
Liabilities: | ||
Derivatives | 249 | 189 |
Collateral already posted, aggregate fair value | 128 | |
Weather derivative premium | 16 | |
ALABAMA POWER CO | ||
Assets: | ||
Derivatives | 1 | 2 |
Liabilities: | ||
Derivatives | 23 | 22 |
GEORGIA POWER CO | ||
Assets: | ||
Derivatives | 0 | 1 |
Investments in trusts | 31 | |
Liabilities: | ||
Derivatives | 55 | 67 |
MISSISSIPPI POWER CO | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 30 | 26 |
SOUTHERN POWER CO | ||
Assets: | ||
Derivatives | 2 | 19 |
Liabilities: | ||
Derivatives | 93 | 27 |
SOUTHERN Co GAS | ||
Assets: | ||
Derivatives | 193 | 212 |
Liabilities: | ||
Derivatives | 48 | 41 |
Total | ||
Collateral already posted, aggregate fair value | 128 | 99 |
Weather derivative premium | 16 | $ 4 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 1,697 | |
Other investments | 38 | |
Total | 4,147 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 780 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 1,686 | |
Other investments | 9 | |
Total | 2,700 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 426 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 11 | |
Other investments | 29 | |
Total | 1,300 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 324 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 87 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 30 | |
Fair Value, Measurements, Recurring | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 60 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | ||
Assets: | ||
Derivatives | 579 | |
Liabilities: | ||
Derivatives | 649 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 328 | |
Liabilities: | ||
Derivatives | 426 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 164 | |
Liabilities: | ||
Derivatives | 212 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 87 | |
Liabilities: | ||
Derivatives | 11 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | ||
Assets: | ||
Derivatives | 22 | |
Liabilities: | ||
Derivatives | 22 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 22 | |
Liabilities: | ||
Derivatives | 22 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Liabilities: | ||
Derivatives | 90 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 90 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Investments in trusts | 686 | |
Fair Value, Measurements, Recurring | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 578 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 108 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Foreign equity | ||
Assets: | ||
Investments in trusts | 223 | |
Fair Value, Measurements, Recurring | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 52 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 171 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 289 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 289 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Assets: | ||
Investments in trusts | 103 | |
Fair Value, Measurements, Recurring | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 103 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | ||
Assets: | ||
Investments in trusts | 16 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 16 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Investments in trusts | 320 | |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 23 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 297 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 85 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 85 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Investments in trusts | 29 | |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 24 | |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | ||
Assets: | ||
Cash equivalents | 705 | |
Other investments | 29 | |
Total | 1,592 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 694 | |
Other investments | 0 | |
Total | 1,144 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 11 | |
Other investments | 29 | |
Total | 388 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 60 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 5 | |
Liabilities: | ||
Derivatives | 27 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 5 | |
Liabilities: | ||
Derivatives | 27 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 467 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 368 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 99 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 102 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 52 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 50 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 22 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 22 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 164 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 23 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 141 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 30 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 30 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 7 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 7 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | ||
Assets: | ||
Cash equivalents | 212 | |
Total | 1,150 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 212 | |
Total | 438 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 712 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 6 | |
Liabilities: | ||
Derivatives | 61 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 6 | |
Liabilities: | ||
Derivatives | 61 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 211 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 210 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 119 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 119 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 267 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 267 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 102 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 102 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 156 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 156 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 56 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 56 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 21 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 16 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | ||
Assets: | ||
Cash equivalents | 79 | |
Total | 82 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 79 | |
Total | 79 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 3 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 3 | |
Liabilities: | ||
Derivatives | 33 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 3 | |
Liabilities: | ||
Derivatives | 33 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | ||
Assets: | ||
Cash equivalents | 166 | |
Total | 168 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 112 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 166 | |
Total | 166 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 2 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 93 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Contingent consideration | 19 | |
Total | 19 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 2 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 2 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | ||
Liabilities: | ||
Derivatives | 90 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 90 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | ||
Assets: | ||
Cash equivalents | 270 | |
Total | 861 | |
Liabilities: | ||
Total | 546 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 270 | |
Total | 598 | |
Liabilities: | ||
Total | 426 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 176 | |
Liabilities: | ||
Total | 109 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 87 | |
Liabilities: | ||
Total | 11 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | ||
Assets: | ||
Derivatives | 563 | |
Liabilities: | ||
Derivatives | 525 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 328 | |
Liabilities: | ||
Derivatives | 426 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 148 | |
Liabilities: | ||
Derivatives | 88 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 87 | |
Liabilities: | ||
Derivatives | 11 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | ||
Liabilities: | ||
Derivatives | 21 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 21 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 9 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 9 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | ||
Assets: | ||
Non-qualified deferred compensation trusts | 16 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 16 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | $ 0 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Increase (Decrease) In Fair Value Of Funds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (247) | $ 152 |
ALABAMA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | (167) | 87 |
GEORGIA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ (80) | $ 65 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions | Mar. 31, 2020USD ($)$ / MMBTU |
ALABAMA POWER CO | Private equity | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 60 |
Unfunded commitments | 73 |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value of derivatives | $ 76 |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Minimum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Measurement input (usd per mmbtu) | $ / MMBTU | (0.84) |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Maximum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Measurement input (usd per mmbtu) | $ / MMBTU | 0.21 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Mar. 31, 2020USD ($) |
Long-term debt, including securities due within one year: | |
Carrying amount | $ 45,820 |
Fair value | 49,126 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 8,432 |
Fair value | 9,239 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 12,217 |
Fair value | 14,020 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1,413 |
Fair value | 1,433 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 4,369 |
Fair value | 4,376 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 5,836 |
Fair value | $ 6,416 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component (Details) - SOUTHERN Co GAS $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 14 |
Transfers to Level 3 | 70 |
Transfers from Level 3 | (3) |
Instruments realized or otherwise settled during period | (1) |
Changes in fair value | (4) |
Ending balance | $ 76 |
DERIVATIVES - Energy-Related De
DERIVATIVES - Energy-Related Derivatives (Details) - Energy-related, Natural Gas MMBTU in Millions | Mar. 31, 2020MMBTU |
Energy-related derivative contracts | |
Net Purchased mmBtu | 945 |
ALABAMA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 88 |
GEORGIA POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 168 |
MISSISSIPPI POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 100 |
SOUTHERN POWER CO | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 4 |
SOUTHERN Co GAS | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 585 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Long | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 4,600 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Short | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | 4,000 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) MWh in Millions, MMBTU in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)MMBTU | Dec. 31, 2019USD ($)MWh | |
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 23 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ | $ (25,000,000) | |
Collateral already posted, aggregate fair value | $ | $ 128,000,000 | |
ALABAMA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 6 | |
GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 7 | |
MISSISSIPPI POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 3 | |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 7 | |
Registrants | Derivative Counterparties | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | $ | $ 0 | |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | $ | 128,000,000 | $ 99,000,000 |
Parent Company and Southern Power | ||
Derivative [Line Items] | ||
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | $ | $ (24,000,000) | |
Public Utilities, Inventory, Power Position | SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Net Purchased mmBtu | MWh | 1 |
DERIVATIVES - Interest Rate Der
DERIVATIVES - Interest Rate Derivatives (Details) - Interest rate derivatives | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 2,060,000,000 |
Fair Value Gain (Loss) at March 31, 2020 | 1,000,000 |
September 2030 | SOUTHERN Co GAS | Cash Flow Hedges of Forecasted Debt | |
Derivative [Line Items] | |
Notional Amount | $ 200,000,000 |
Weighted Average Interest Rate Paid | 1.81% |
Fair Value Gain (Loss) at March 31, 2020 | $ (21,000,000) |
December 2021 | MISSISSIPPI POWER CO | Cash Flow Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 60,000,000 |
Weighted Average Interest Rate Paid | 0.58% |
Fair Value Gain (Loss) at March 31, 2020 | $ 0 |
June 2020 | Southern Company | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 300,000,000 |
Interest Rate Received | 2.75% |
Fair Value Gain (Loss) at March 31, 2020 | $ 1,000,000 |
July 2021 | Southern Company | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Notional Amount | $ 1,500,000,000 |
Interest Rate Received | 2.35% |
Fair Value Gain (Loss) at March 31, 2020 | $ 21,000,000 |
London Interbank Offered Rate (LIBOR) | June 2020 | Southern Company | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.92% |
London Interbank Offered Rate (LIBOR) | July 2021 | Southern Company | Fair Value Hedges of Existing Debt | |
Derivative [Line Items] | |
Weighted Average Interest Rate Paid | 0.87% |
DERIVATIVES - Foreign Currency
DERIVATIVES - Foreign Currency Derivatives (Details) - 3 months ended Mar. 31, 2020 - Cash Flow Hedges of Forecasted Debt - Foreign currency derivatives € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 1,241 | |
Receive Notional | € | € 1,100 | |
Fair Value Gain (Loss) at March 31, 2020 | (90) | |
SOUTHERN POWER CO | June 2022 | ||
Derivative [Line Items] | ||
Pay Notional | $ 677 | |
Pay Rate | 2.95% | |
Receive Notional | € | 600 | |
Receive Rate | 1.00% | |
Fair Value Gain (Loss) at March 31, 2020 | $ (39) | |
SOUTHERN POWER CO | June 2026 | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | € 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) at March 31, 2020 | $ (51) |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Statement Presentation and Amounts With Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | $ 601 | $ 696 |
Derivatives, liabilities | 760 | 751 |
Derivative asset, Gross amounts offset | (383) | (463) |
Derivative liability, Gross amounts offset | (511) | (562) |
Derivative asset | 218 | 233 |
Derivative liability | 249 | 189 |
Collateral already posted, aggregate fair value | 128 | |
Weather derivative premium | 16 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 561 | 668 |
Derivatives, liabilities | 503 | 583 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 300 | 461 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 297 | 358 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 261 | 207 |
Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 206 | 225 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 15 | 9 |
Derivatives, liabilities | 140 | 114 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 7 | 3 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 100 | 70 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 8 | 6 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 40 | 44 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 25 | 19 |
Derivatives, liabilities | 117 | 54 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 1 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 6 | 6 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 12 | 2 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 21 | 23 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 10 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 1 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 24 | 24 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 16 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 66 | 0 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | 4 |
Derivatives, liabilities | 27 | 24 |
Derivative asset, Gross amounts offset | (4) | (2) |
Derivative liability, Gross amounts offset | (4) | (2) |
Derivative asset | 1 | 2 |
Derivative liability | 23 | 22 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | 4 |
Derivatives, liabilities | 27 | 24 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 2 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 18 | 14 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 2 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 9 | 10 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 6 | 4 |
Derivatives, liabilities | 61 | 70 |
Derivative asset, Gross amounts offset | (6) | (3) |
Derivative liability, Gross amounts offset | (6) | (3) |
Derivative asset | 0 | 1 |
Derivative liability | 55 | 67 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 6 | 4 |
Derivatives, liabilities | 61 | 53 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 1 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 42 | 32 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 19 | 21 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 0 | 17 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 17 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 1 |
Derivatives, liabilities | 33 | 27 |
Derivative asset, Gross amounts offset | (3) | (1) |
Derivative liability, Gross amounts offset | (3) | (1) |
Derivative asset | 0 | 0 |
Derivative liability | 30 | 26 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 1 |
Derivatives, liabilities | 33 | 27 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 0 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 21 | 15 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 1 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 12 | 12 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 19 |
Derivatives, liabilities | 93 | 27 |
Derivative asset, Gross amounts offset | 0 | 0 |
Derivative liability, Gross amounts offset | 0 | 0 |
Derivative asset | 2 | 19 |
Derivative liability | 93 | 27 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 2 |
Derivatives, liabilities | 1 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 2 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 17 |
Derivatives, liabilities | 92 | 26 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 1 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 2 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 24 | 24 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 16 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 66 | 0 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 563 | 668 |
Derivatives, liabilities | 546 | 596 |
Derivative asset, Gross amounts offset | (370) | (456) |
Derivative liability, Gross amounts offset | (498) | (555) |
Derivative asset | 193 | 212 |
Derivative liability | 48 | 41 |
Collateral already posted, aggregate fair value | 128 | 99 |
Weather derivative premium | 16 | 4 |
SOUTHERN Co GAS | Energy-related derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | 19 | 11 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 561 | 666 |
Derivatives, liabilities | 502 | 582 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 261 | 207 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 206 | 225 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 300 | 459 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 296 | 357 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 0 |
Derivatives, liabilities | 19 | 10 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 19 | 9 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
Derivatives, liabilities | 25 | 4 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 4 | 4 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 2 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | $ 21 | $ 0 |
DERIVATIVES - Pre-tax Effects o
DERIVATIVES - Pre-tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral already posted, aggregate fair value | $ 128 | ||
Gain (Loss) Recognized in OCI on Derivative | (113) | $ (39) | |
SOUTHERN Co GAS | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral already posted, aggregate fair value | 128 | $ 99 | |
Gain (Loss) Recognized in OCI on Derivative | (27) | 0 | |
Energy-related derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (107) | (94) | |
Gain (Loss) Recognized in OCI on Derivative | (4) | 0 | |
Energy-related derivatives | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (79) | (63) | |
Energy-related derivatives | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (33) | (37) | |
Energy-related derivatives | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 5 | 6 | |
Energy-related derivatives | ALABAMA POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (23) | (20) | |
Energy-related derivatives | ALABAMA POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (17) | (14) | |
Energy-related derivatives | ALABAMA POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (7) | (8) | |
Energy-related derivatives | ALABAMA POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 1 | 2 | |
Energy-related derivatives | GEORGIA POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (55) | (49) | |
Energy-related derivatives | GEORGIA POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (39) | (31) | |
Energy-related derivatives | GEORGIA POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (16) | (18) | |
Energy-related derivatives | GEORGIA POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | 0 | |
Energy-related derivatives | MISSISSIPPI POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (29) | (26) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (19) | (15) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (10) | (11) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | 0 | |
Energy-related derivatives | SOUTHERN Co GAS | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | 1 | |
Collateral already posted, aggregate fair value | 19 | 11 | |
Gain (Loss) Recognized in OCI on Derivative | (4) | 0 | |
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (4) | (3) | |
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | 0 | |
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 4 | $ 4 | |
Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | (26) | 0 | |
Interest rate derivatives | SOUTHERN Co GAS | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | (23) | 0 | |
Foreign currency derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | (83) | (39) | |
Foreign currency derivatives | SOUTHERN POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | $ (83) | $ (39) |
DERIVATIVES - Location and Amou
DERIVATIVES - Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Total cost of natural gas | $ 439 | $ 686 |
Depreciation and amortization | 857 | 751 |
Total interest expense, net of amounts capitalized | (456) | (430) |
Total other income (expense), net | 103 | 78 |
Cash Flow Hedging | Energy-related derivatives | Cost of natural gas | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (7) | 1 |
Cash Flow Hedging | Energy-related derivatives | Total depreciation and amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (1) | (3) |
Cash Flow Hedging | Interest rate derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (6) | (5) |
Cash Flow Hedging | Foreign currency derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (6) | (6) |
Cash Flow Hedging | Foreign currency derivatives | Total other income (expense), net | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (31) | (24) |
Fair Value Hedging | Interest rate derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | 29 | 14 |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Depreciation and amortization | 117 | 119 |
Total interest expense, net of amounts capitalized | (39) | (44) |
Total other income (expense), net | 2 | 2 |
SOUTHERN POWER CO | Cash Flow Hedging | Energy-related derivatives | Total depreciation and amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (1) | (3) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (6) | (6) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Total other income (expense), net | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | $ (31) | $ (24) |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Securities due within one year | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (600) | $ (599) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | (1) | 0 |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (1,519) | (1,494) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ (22) | $ 3 |
DERIVATIVES - Pre-tax Effects_2
DERIVATIVES - Pre-tax Effects of Derivatives Not Designated as Hedging (Details) - Derivatives not designated as hedging instruments - Energy-related derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 77 | $ 41 |
Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 70 | 33 |
Cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 7 | $ 8 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Southern Power Narrative (Details) $ in Millions | Jan. 17, 2020USD ($) | Mar. 31, 2020USD ($)agreementfacilityMW | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | May 31, 2019MW |
Business Acquisition [Line Items] | |||||
Construction work in progress | $ 8,360 | $ 7,880 | |||
Preliminary gain | $ 38 | $ 2,503 | |||
SOUTHERN POWER CO | |||||
Business Acquisition [Line Items] | |||||
Approximate nameplate capacity (MW) | MW | 300 | ||||
Business acquisition, number of Power Purchase Agreements | agreement | 2 | ||||
Construction work in progress | $ 534 | $ 515 | |||
Preliminary gain | 39 | $ 0 | |||
SOUTHERN POWER CO | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mankato expansion | |||||
Business Acquisition [Line Items] | |||||
Approximate nameplate capacity (MW) | MW | 385 | ||||
Gain on sale | $ 39 | ||||
Nacogdoches biomass-fueled facility | $ 663 | ||||
Preliminary gain | 39 | ||||
After tax gain | $ 23 | ||||
SOUTHERN POWER CO | Series of Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of facilities under construction | facility | 2 | ||||
SOUTHERN POWER CO | Series of Construction Projects | |||||
Business Acquisition [Line Items] | |||||
Construction work in progress | $ 447 | ||||
SOUTHERN POWER CO | Series of Construction Projects | Minimum | |||||
Business Acquisition [Line Items] | |||||
Estimated future construction payments | 490 | ||||
SOUTHERN POWER CO | Series of Construction Projects | Maximum | |||||
Business Acquisition [Line Items] | |||||
Estimated future construction payments | $ 535 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Schedule of Construction Projects (Details) - SOUTHERN POWER CO - MW | 1 Months Ended | 6 Months Ended | |||
May 31, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Oct. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 300 | ||||
Reading | Reading | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Reading | Reading | Class B Membership Interest | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Skookumchuck | Skookumchuck | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Scenario, Forecast | Reading | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 200 | ||||
PPA Contract Period | 12 years | ||||
Scenario, Forecast | Skookumchuck | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 136 | ||||
PPA Contract Period | 20 years |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Southern Company Gas Narrative (Details) - SOUTHERN Co GAS $ in Millions | Mar. 24, 2020USD ($)payment |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pivotal Home Solutions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from divestiture of businesses, net of cash divested | $ 178 |
Pivotal LNG and Atlantic Coast Pipeline | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of contingent milestone payments | payment | 2 |
Contingent milestone payment, amount | $ 5 |
ACQUISITIONS AND DISPOSITIONS_4
ACQUISITIONS AND DISPOSITIONS - Pre-tax Profit (Details) - SOUTHERN POWER CO - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Plant Nacogdoches | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Earnings before income taxes | $ 6 | |
Plant Mankato | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Earnings before income taxes | $ 2 | $ 1 |
SEGMENT AND RELATED INFORMATI_3
SEGMENT AND RELATED INFORMATION - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)statesegment | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 3 | |
Total operating revenues | $ 5,018 | $ 5,412 |
Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 1,249 | 1,474 |
SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 375 | 443 |
SOUTHERN POWER CO | Traditional Electric Operating Companies | Wholesale revenues, affiliates | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 86 | 87 |
SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 4 | |
Total operating revenues | $ 1,249 | 1,474 |
Number of reportable segments | segment | 4 | |
SOUTHERN Co GAS | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 1,240 | 1,476 |
SOUTHERN Co GAS | SOUTHERN POWER CO | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 10 | $ 17 |
Southern Natural Gas Company, LLC | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
PennEast Pipelines | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 20.00% | |
Dalton Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
Atlantic Coast Pipeline | SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 5.00% |
SEGMENT AND RELATED INFORMATI_4
SEGMENT AND RELATED INFORMATION - Financial Data for Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 5,018 | $ 5,412 | |
Segment net income (loss) | 868 | 2,084 | |
Goodwill | 5,280 | $ 5,280 | |
Total assets | 118,852 | 118,700 | |
SOUTHERN POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 375 | 443 | |
Segment net income (loss) | 75 | 56 | |
Total assets | 13,646 | 14,300 | |
SOUTHERN POWER CO | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Plant Mankato | |||
Segment Reporting Information [Line Items] | |||
Gain on sale | 39 | ||
Gain on sale, net of tax | 23 | ||
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,249 | 1,474 | |
Segment net income (loss) | 275 | 270 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 21,617 | 21,687 | |
Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,695 | 3,795 | |
Segment net income (loss) | 717 | 621 | |
Goodwill | 2 | 2 | |
Total assets | 94,716 | 94,650 | |
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,249 | 1,474 | |
All Other | Disposal Group, Disposed of by Sale, Not Discontinued Operations | GULF POWER CO | |||
Segment Reporting Information [Line Items] | |||
Preliminary pre-tax gain | 2,500 | ||
Preliminary after-tax gain | 1,300 | ||
Gas Distribution Operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 4,034 | ||
Gas Marketing Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 981 | ||
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,256 | 1,495 | |
Segment net income (loss) | 274 | 273 | |
Total assets | 21,978 | 22,228 | |
Operating Segments | Traditional Electric Operating Companies | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,407 | 3,445 | |
Segment net income (loss) | 642 | 565 | |
Goodwill | 0 | 0 | |
Total assets | 81,765 | 81,063 | |
Operating Segments | SOUTHERN POWER CO | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 375 | 443 | |
Segment net income (loss) | 75 | 56 | |
Goodwill | 2 | 2 | |
Total assets | 13,646 | 14,300 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,249 | 1,474 | |
Segment net income (loss) | 275 | 270 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 21,617 | 21,687 | |
Operating Segments | All Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 114 | 182 | |
Segment net income (loss) | (121) | 1,195 | |
Goodwill | 263 | 263 | |
Total assets | 3,467 | 3,511 | |
Operating Segments | All Other | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 11 | |
Segment net income (loss) | 1 | (3) | |
Total assets | 11,094 | 10,759 | |
Operating Segments | Gas Distribution Operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,020 | 1,172 | |
Segment net income (loss) | 164 | 133 | |
Total assets | 18,166 | 18,204 | |
Operating Segments | Gas Pipeline Investments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 8 | |
Segment net income (loss) | 30 | 32 | |
Total assets | 1,652 | 1,678 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 51 | 86 | |
Segment net income (loss) | 23 | 47 | |
Total assets | 643 | 850 | |
Operating Segments | Gas Marketing Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 177 | 229 | |
Segment net income (loss) | 57 | 61 | |
Total assets | 1,517 | 1,496 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (40) | (39) | |
Segment net income (loss) | (3) | (2) | |
Goodwill | 0 | 0 | |
Total assets | (948) | (1,148) | |
Eliminations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (15) | (32) | |
Segment net income (loss) | 0 | 0 | |
Total assets | (11,455) | (11,300) | |
Eliminations | Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (87) | (93) | |
Segment net income (loss) | 0 | $ 0 | |
Goodwill | 0 | 0 | |
Total assets | $ (695) | $ (713) |
SEGMENT AND RELATED INFORMATI_5
SEGMENT AND RELATED INFORMATION - Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Concentration Risk [Line Items] | ||
Operating revenues | $ 5,018 | $ 5,412 |
Less Gross Gas Costs | 439 | 686 |
Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,078 | 3,084 |
Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 418 | 499 |
Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 151 | 168 |
Electric Utilities' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,695 | 3,795 |
Electric Utilities' Revenues | Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,078 | 3,084 |
Electric Utilities' Revenues | Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 418 | 499 |
Electric Utilities' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 199 | 212 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,249 | 1,474 |
Southern Company Gas' Revenues | Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,013 | 1,161 |
Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 51 | 86 |
Southern Company Gas' Revenues | Gas Marketing Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 177 | 229 |
Southern Company Gas' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 8 | (2) |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,249 | 1,474 |
Operating Segments | Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,249 | 1,474 |
Operating Segments | Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,256 | 1,495 |
Operating Segments | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 51 | 86 |
Less Gross Gas Costs | 1,163 | 1,928 |
Operating Segments | Third Party Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,185 | 1,926 |
Operating Segments | Intercompany Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 29 | 88 |
Operating Segments | Total Gross Revenues | Southern Company Gas' Revenues | Wholesale Gas Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | $ 1,214 | $ 2,014 |