Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
As of June 30, 2011:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Southern Company
Assets:
Energy-related derivatives	$	—	$	7	$	—	$	7
Interest rate derivatives		—		12		—		12
Foreign currency derivatives		—		4		—		4
Nuclear decommissioning trusts(a)		566		755		—		1,321
Cash equivalents and restricted cash		254		—		—		254
Other investments		11		49		17		77
Total	$	831	$	827	$	17	$	1,675
Liabilities:
Energy-related derivatives	$	—	$	143	$	—	$	143
Interest rate derivatives		—		1		—		1
Total	$	—	$	144	$	—	$	144
Alabama Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Nuclear decommissioning trusts:(b)
Domestic equity		274		62		—		336
Foreign equity		29		29		—		58
U.S. Treasury and government agency securities		18		8		—		26
Corporate bonds		—		114		—		114
Mortgage and asset backed securities		—		29		—		29
Other		—		7		—		7
Cash equivalents and restricted cash		41		—		—		41
Total	$	362	$	250	$	—	$	612
Liabilities:
Energy-related derivatives	$	—	$	25	$	—	$	25

	Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
As of June 30, 2011:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Georgia Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Nuclear decommissioning trusts:(c)
Domestic equity		245		1		—		246
U.S. Treasury and government agency securities		—		106		—		106
Municipal bonds		—		61		—		61
Corporate bonds		—		180		—		180
Mortgage and asset backed securities		—		118		—		118
Other		—		40		—		40
Cash equivalents		8		—		—		8
Total	$	253	$	507	$	—	$	760
Liabilities:
Energy-related derivatives	$	—	$	68	$	—	$	68
Gulf Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Cash equivalents		14		—		—		14
Total	$	14	$	1	$	—	$	15
Liabilities:
Energy-related derivatives	$	—	$	10	$	—	$	10
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Foreign currency derivatives		—		4		—		4
Cash equivalents		48		—		—		48
Total	$	48	$	5	$	—	$	53
Liabilities:
Energy-related derivatives	$	—	$	34	$	—	$	34
Southern Power
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Liabilities:
Energy-related derivatives	$	—	$	6	$	—	$	6

(a)	For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table.
(b)	Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases.
(c)	Includes the investment securities pledged to creditors and cash collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the securities lending program. As of June 30, 2011, approximately $119 million of the fair market value of Georgia Power’s nuclear decommissioning trust funds’ securities were on loan and pledged to creditors under the funds’ managers’ securities lending program.

Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments

	Fair		Unfunded	Redemption	Redemption
As of June 30, 2011:	Value		Commitments	Frequency	Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	82	None	Daily		1 to 3 days
Other — commingled funds		40	None	Daily	Not applicable
Trust owned life insurance		90	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		254	None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Trust owned life insurance	$	90	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		41	None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	82	None	Daily		1 to 3 days
Other — commingled funds		40	None	Daily	Not applicable
Cash equivalents:
Money market funds		8	None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	$	14	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	$	48	None	Daily	Not applicable

Changes in the fair value measurement of the Level 3 items

	Level 3
	Other
	Three Months Ended		Six Months Ended
	June 30, 2011		June 30, 2011
	(in millions)
Beginning balance	$	12	$	19
Purchases		—		1
Total gains (losses) — realized/unrealized:
Included in earnings		—		(5	)
Included in OCI		5		2
Ending balance at June 30, 2011	$	17	$	17

Financial instruments not having carrying amount equal to fair value

	Carrying Amount		Fair Value
	(in millions)
Long-term debt:
Southern Company	$	19,812	$	20,757
Alabama Power	$	6,236	$	6,602
Georgia Power	$	8,740	$	9,088
Gulf Power	$	1,235	$	1,300
Mississippi Power	$	661	$	693
Southern Power	$	1,300	$	1,390