Commission File Number | Registrant, State of Incorporation, Address and Telephone Number | I.R.S. Employer Identification No. |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||
The Southern Company | |||||||||||
(NYSE) | |||||||||||
The Southern Company | |||||||||||
The Southern Company | |||||||||||
The Southern Company | |||||||||||
The Southern Company | |||||||||||
Georgia Power Company | |||||||||||
Southern Power Company |
Registrant | Accelerated Filer | Smaller Reporting Company | Emerging Growth Company | ||||||||||||||
The Southern Company | X | ||||||||||||||||
Alabama Power Company | X | ||||||||||||||||
Georgia Power Company | X | ||||||||||||||||
Mississippi Power Company | X | ||||||||||||||||
Southern Power Company | X | ||||||||||||||||
Southern Company Gas | X |
Registrant | Description of Common Stock | Shares Outstanding at March 31, 2023 | ||||||
The Southern Company | Par Value $5 Per Share | |||||||
Alabama Power Company | Par Value $40 Per Share | |||||||
Georgia Power Company | Without Par Value | |||||||
Mississippi Power Company | Without Par Value | |||||||
Southern Power Company | Par Value $0.01 Per Share | |||||||
Southern Company Gas | Par Value $0.01 Per Share |
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II—OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | Inapplicable | ||||||
Item 3. | Defaults Upon Senior Securities | Inapplicable | ||||||
Item 4. | Mine Safety Disclosures | Inapplicable | ||||||
Item 5. | Other Information | Inapplicable | ||||||
Item 6. | ||||||||
Term | Meaning | ||||
2022 ARP | Alternate Rate Plan approved by the Georgia PSC in 2022 for Georgia Power for the years 2023 through 2025 | ||||
AFUDC | Allowance for funds used during construction | ||||
Alabama Power | Alabama Power Company | ||||
Amended and Restated Loan Guarantee Agreement | Loan guarantee agreement entered into by Georgia Power with the DOE in 2014, as amended and restated in March 2019, under which the proceeds of borrowings may be used to reimburse Georgia Power for Eligible Project Costs incurred in connection with its construction of Plant Vogtle Units 3 and 4 | ||||
ARO | Asset retirement obligation | ||||
Atlanta Gas Light | Atlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas | ||||
Bechtel | Bechtel Power Corporation, the primary contractor for the remaining construction activities for Plant Vogtle Units 3 and 4 | ||||
Bechtel Agreement | The 2017 construction completion agreement between the Vogtle Owners and Bechtel | ||||
CCR | Coal combustion residuals | ||||
CCR Rule | Disposal of Coal Combustion Residuals from Electric Utilities final rule published by the EPA in 2015 | ||||
Chattanooga Gas | Chattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas | ||||
Clean Air Act | Clean Air Act Amendments of 1990 | ||||
Contractor Settlement Agreement | The December 31, 2015 agreement between Westinghouse and the Vogtle Owners resolving disputes between the Vogtle Owners and the EPC Contractor under the Vogtle 3 and 4 Agreement | ||||
COVID-19 | The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020 | ||||
CWIP | Construction work in progress | ||||
Dalton | City of Dalton, Georgia, an incorporated municipality in the State of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners | ||||
Dalton Pipeline | A pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest | ||||
DOE | U.S. Department of Energy | ||||
ECO Plan | Mississippi Power's environmental compliance overview plan | ||||
ELG | Effluent limitations guidelines | ||||
Eligible Project Costs | Certain costs of construction relating to Plant Vogtle Units 3 and 4 that are eligible for financing under the loan guarantee program established under Title XVII of the Energy Policy Act of 2005 | ||||
EPA | U.S. Environmental Protection Agency | ||||
EPC Contractor | Westinghouse and its affiliate, WECTEC Global Project Services Inc.; the former engineering, procurement, and construction contractor for Plant Vogtle Units 3 and 4 | ||||
FCC | Federal Communications Commission | ||||
FERC | Federal Energy Regulatory Commission | ||||
FFB | Federal Financing Bank | ||||
Fitch | Fitch Ratings, Inc. | ||||
Form 10-K | Annual Report on Form 10-K of Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas for the year ended December 31, 2022, as applicable | ||||
GAAP | U.S. generally accepted accounting principles | ||||
Georgia Power | Georgia Power Company | ||||
Guarantee Settlement Agreement | The June 9, 2017 settlement agreement between the Vogtle Owners and Toshiba related to certain payment obligations of the EPC Contractor guaranteed by Toshiba | ||||
Heating Degree Days | A measure of weather, calculated when the average daily temperatures are less than 65 degrees Fahrenheit |
Term | Meaning | ||||
Heating Season | The period from November through March when Southern Company Gas' natural gas usage and operating revenues are generally higher | ||||
HLBV | Hypothetical liquidation at book value | ||||
IGCC | Integrated coal gasification combined cycle, the technology originally approved for Mississippi Power's Kemper County energy facility | ||||
IIC | Intercompany Interchange Contract | ||||
IRP | Integrated resource plan | ||||
ITAAC | Inspections, Tests, Analyses, and Acceptance Criteria, standards established by the NRC | ||||
ITC | Investment tax credit | ||||
JEA | Jacksonville Electric Authority | ||||
KWH | Kilowatt-hour | ||||
LIBOR | London Interbank Offered Rate | ||||
LIFO | Last-in, first-out | ||||
LTSA | Long-term service agreement | ||||
MEAG Power | Municipal Electric Authority of Georgia | ||||
Mississippi Power | Mississippi Power Company | ||||
mmBtu | Million British thermal units | ||||
Moody's | Moody's Investors Service, Inc. | ||||
MW | Megawatt | ||||
natural gas distribution utilities | Southern Company Gas' natural gas distribution utilities (Nicor Gas, Atlanta Gas Light, Virginia Natural Gas, and Chattanooga Gas) | ||||
NCCR | Georgia Power's Nuclear Construction Cost Recovery tariff | ||||
NDR | Alabama Power's Natural Disaster Reserve | ||||
Nicor Gas | Northern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas | ||||
N/M | Not meaningful | ||||
NRC | U.S. Nuclear Regulatory Commission | ||||
OCI | Other comprehensive income | ||||
OPC | Oglethorpe Power Corporation (an electric membership corporation) | ||||
PEP | Mississippi Power's Performance Evaluation Plan | ||||
PowerSecure | PowerSecure, Inc., a wholly-owned subsidiary of Southern Company | ||||
PPA | Power purchase agreements, as well as, for Southern Power, contracts for differences that provide the owner of a renewable facility a certain fixed price for the electricity sold to the grid | ||||
PSC | Public Service Commission | ||||
PTC | Production tax credit | ||||
Rate CNP | Alabama Power's Rate Certificated New Plant, consisting of Rate CNP New Plant, Rate CNP Compliance, Rate CNP PPA, and Rate CNP Depreciation | ||||
Rate ECR | Alabama Power's Rate Energy Cost Recovery | ||||
Rate RSE | Alabama Power's Rate Stabilization and Equalization | ||||
Registrants | Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power Company, and Southern Company Gas | ||||
ROE | Return on equity | ||||
S&P | S&P Global Ratings, a division of S&P Global Inc. | ||||
SAVE | Steps to Advance Virginia's Energy, an infrastructure replacement program at Virginia Natural Gas | ||||
SCS | Southern Company Services, Inc., the Southern Company system service company and a wholly-owned subsidiary of Southern Company | ||||
SEC | U.S. Securities and Exchange Commission |
Term | Meaning | ||||
SEGCO | Southern Electric Generating Company, 50% owned by each of Alabama Power and Georgia Power | ||||
SNG | Southern Natural Gas Company, L.L.C., a pipeline system in which Southern Company Gas has a 50% ownership interest | ||||
SOFR | Secured Overnight Financing Rate | ||||
Southern Company | The Southern Company | ||||
Southern Company Gas | Southern Company Gas and its subsidiaries | ||||
Southern Company Gas Capital | Southern Company Gas Capital Corporation, a 100%-owned subsidiary of Southern Company Gas | ||||
Southern Company power pool | The operating arrangement whereby the integrated generating resources of the traditional electric operating companies and Southern Power (excluding subsidiaries) are subject to joint commitment and dispatch in order to serve their combined load obligations | ||||
Southern Company system | Southern Company, the traditional electric operating companies, Southern Power, Southern Company Gas, SEGCO, Southern Nuclear, SCS, Southern Communications Services, Inc., PowerSecure, and other subsidiaries | ||||
Southern Holdings | Southern Company Holdings, Inc., a wholly-owned subsidiary of Southern Company | ||||
Southern Nuclear | Southern Nuclear Operating Company, Inc., a wholly-owned subsidiary of Southern Company | ||||
Southern Power | Southern Power Company and its subsidiaries | ||||
SouthStar | SouthStar Energy Services, LLC (a Marketer), a wholly-owned subsidiary of Southern Company Gas | ||||
SP Solar | SP Solar Holdings I, LP, a limited partnership indirectly owning substantially all of Southern Power's solar and battery energy storage facilities, in which Southern Power has a 67% ownership interest | ||||
SP Wind | SP Wind Holdings II, LLC, a holding company owning a portfolio of eight operating wind facilities, in which Southern Power is the controlling partner in a tax equity arrangement | ||||
SRR | Mississippi Power's System Restoration Rider, a tariff for retail property damage cost recovery and reserve | ||||
Subsidiary Registrants | Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas | ||||
Toshiba | Toshiba Corporation, the parent company of Westinghouse | ||||
traditional electric operating companies | Alabama Power, Georgia Power, and Mississippi Power | ||||
VCM | Vogtle Construction Monitoring | ||||
VIE | Variable interest entity | ||||
Virginia Natural Gas | Virginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company Gas | ||||
Vogtle 3 and 4 Agreement | Agreement entered into with the EPC Contractor in 2008 by Georgia Power, acting for itself and as agent for the Vogtle Owners, and rejected in bankruptcy in July 2017, pursuant to which the EPC Contractor agreed to design, engineer, procure, construct, and test Plant Vogtle Units 3 and 4 | ||||
Vogtle Owners | Georgia Power, OPC, MEAG Power, and Dalton | ||||
Vogtle Services Agreement | The June 2017 services agreement between the Vogtle Owners and the EPC Contractor, as amended and restated in July 2017, for the EPC Contractor to transition construction management of Plant Vogtle Units 3 and 4 to Southern Nuclear and to provide ongoing design, engineering, and procurement services to Southern Nuclear | ||||
WACOG | Weighted average cost of gas | ||||
Westinghouse | Westinghouse Electric Company LLC |
Page | |||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Retail electric revenues | $ | $ | ||||||||||||
Wholesale electric revenues | ||||||||||||||
Other electric revenues | ||||||||||||||
Natural gas revenues (includes alternative revenue programs of $ | ||||||||||||||
Other revenues | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Fuel | ||||||||||||||
Purchased power | ||||||||||||||
Cost of natural gas | ||||||||||||||
Cost of other sales | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Gain on dispositions, net | ( | ( | ||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Allowance for equity funds used during construction | ||||||||||||||
Earnings from equity method investments | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes | ||||||||||||||
Consolidated Net Income | ||||||||||||||
Dividends on preferred stock of subsidiaries | ||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ||||||||||||
Consolidated Net Income Attributable to Southern Company | $ | $ | ||||||||||||
Common Stock Data: | ||||||||||||||
Earnings per share - | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ | ||||||||||||
Average number of shares of common stock outstanding (in millions) | ||||||||||||||
Basic | ||||||||||||||
Diluted |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Consolidated Net Income | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Qualifying hedges: | ||||||||||||||
Changes in fair value, net of tax of $( | ( | |||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ||||||||||||||
Pension and other postretirement benefit plans: | ||||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
Comprehensive Income | ||||||||||||||
Dividends on preferred stock of subsidiaries | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | ( | ( | ||||||||||||
Consolidated Comprehensive Income Attributable to Southern Company | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Consolidated net income | $ | $ | |||||||||
Adjustments to reconcile consolidated net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Pension, postretirement, and other employee benefits | ( | ( | |||||||||
Settlement of asset retirement obligations | ( | ( | |||||||||
Stock based compensation expense | |||||||||||
Natural gas cost under recovery – long-term | |||||||||||
Retail fuel cost under recovery – long-term | ( | ||||||||||
Other, net | |||||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | ( | ||||||||||
-Prepayments | ( | ( | |||||||||
-Fossil fuel for generation | ( | ||||||||||
-Materials and supplies | ( | ( | |||||||||
-Natural gas for sale, net of temporary LIFO liquidation | |||||||||||
-Other current assets | |||||||||||
-Accounts payable | ( | ||||||||||
-Accrued taxes | ( | ( | |||||||||
-Accrued compensation | ( | ( | |||||||||
-Accrued interest | ( | ( | |||||||||
-Natural gas cost over recovery | |||||||||||
-Other current liabilities | ( | ||||||||||
Net cash provided from operating activities | |||||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Nuclear decommissioning trust fund purchases | ( | ( | |||||||||
Nuclear decommissioning trust fund sales | |||||||||||
Proceeds from dispositions | |||||||||||
Cost of removal, net of salvage | ( | ( | |||||||||
Change in construction payables, net | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Increase in notes payable, net | |||||||||||
Proceeds — | |||||||||||
Long-term debt | |||||||||||
Short-term borrowings | |||||||||||
Common stock | |||||||||||
Redemptions and repurchases — | |||||||||||
Long-term debt | ( | ( | |||||||||
Short-term borrowings | ( | ( | |||||||||
Capital contributions from noncontrolling interests | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided from (used for) financing activities | ( | ||||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ( | |||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid (received) during the period for — | |||||||||||
Interest (net of $ | $ | $ | |||||||||
Income taxes, net | ( | ( | |||||||||
Noncash transactions — | |||||||||||
Accrued property additions at end of period | |||||||||||
Right-of-use assets obtained under operating leases | |||||||||||
Right-of-use assets obtained under finance leases | |||||||||||
Reassessment of right-of-use assets under operating leases | |||||||||||
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts | ||||||||||||||
Unbilled revenues | ||||||||||||||
Under recovered fuel clause revenues | ||||||||||||||
Other accounts and notes | ||||||||||||||
Accumulated provision for uncollectible accounts | ( | ( | ||||||||||||
Materials and supplies | ||||||||||||||
Fossil fuel for generation | ||||||||||||||
Natural gas for sale | ||||||||||||||
Prepaid expenses | ||||||||||||||
Assets from risk management activities, net of collateral | ||||||||||||||
Regulatory assets – asset retirement obligations | ||||||||||||||
Natural gas cost under recovery | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Other utility plant, net | ||||||||||||||
Nuclear fuel, at amortized cost | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments: | ||||||||||||||
Goodwill | ||||||||||||||
Nuclear decommissioning trusts, at fair value | ||||||||||||||
Equity investments in unconsolidated subsidiaries | ||||||||||||||
Other intangible assets, net of amortization of $ | ||||||||||||||
Miscellaneous property and investments | ||||||||||||||
Total other property and investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Operating lease right-of-use assets, net of amortization | ||||||||||||||
Deferred charges related to income taxes | ||||||||||||||
Prepaid pension costs | ||||||||||||||
Unamortized loss on reacquired debt | ||||||||||||||
Deferred under recovered fuel clause revenues | ||||||||||||||
Regulatory assets – asset retirement obligations, deferred | ||||||||||||||
Other regulatory assets, deferred | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholders' Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable | ||||||||||||||
Customer deposits | ||||||||||||||
Accrued taxes — | ||||||||||||||
Accrued income taxes | ||||||||||||||
Other accrued taxes | ||||||||||||||
Accrued interest | ||||||||||||||
Accrued compensation | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Liabilities from risk management activities, net of collateral | ||||||||||||||
Operating lease obligations | ||||||||||||||
Natural gas cost over recovery | ||||||||||||||
Other regulatory liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Deferred credits related to income taxes | ||||||||||||||
Accumulated deferred ITCs | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Operating lease obligations, deferred | ||||||||||||||
Asset retirement obligations, deferred | ||||||||||||||
Other cost of removal obligations | ||||||||||||||
Other regulatory liabilities, deferred | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Total Stockholders' Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Southern Company Common Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issued | Treasury | Par Value | Paid-In Capital | Treasury | Retained Earnings | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock issued | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock issued | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of $ | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Retail revenues | $ | $ | ||||||||||||
Wholesale revenues, non-affiliates | ||||||||||||||
Wholesale revenues, affiliates | ||||||||||||||
Other revenues | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Fuel | ||||||||||||||
Purchased power, non-affiliates | ||||||||||||||
Purchased power, affiliates | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Allowance for equity funds used during construction | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes (benefit) | ( | |||||||||||||
Net Income | ||||||||||||||
Dividends on Preferred Stock | ||||||||||||||
Net Income After Dividends on Preferred Stock | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other comprehensive income: | ||||||||||||||
Qualifying hedges: | ||||||||||||||
Changes in fair value, net of tax of $ | ( | |||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ||||||||||||||
Total other comprehensive income | ||||||||||||||
Comprehensive Income | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Deferred income taxes | ( | ||||||||||
Pension, postretirement, and other employee benefits | ( | ( | |||||||||
Settlement of asset retirement obligations | ( | ( | |||||||||
Retail fuel cost under recovery – long-term | ( | ||||||||||
Other, net | ( | ( | |||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | ( | ||||||||||
-Fossil fuel stock | ( | ||||||||||
-Prepayments | ( | ( | |||||||||
-Other current assets | ( | ( | |||||||||
-Accounts payable | ( | ( | |||||||||
-Accrued taxes | |||||||||||
-Accrued compensation | ( | ( | |||||||||
-Other current liabilities | ( | ( | |||||||||
Net cash provided from operating activities | |||||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Nuclear decommissioning trust fund purchases | ( | ( | |||||||||
Nuclear decommissioning trust fund sales | |||||||||||
Cost of removal, net of salvage | ( | ( | |||||||||
Change in construction payables | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Increase in notes payable, net | |||||||||||
Proceeds — | |||||||||||
Senior notes | |||||||||||
Other long-term debt | |||||||||||
Redemptions — Senior notes | ( | ||||||||||
Capital contributions from parent company | |||||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided from financing activities | |||||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for — | |||||||||||
Interest (net of $ | $ | $ | |||||||||
Noncash transactions — | |||||||||||
Accrued property additions at end of period | |||||||||||
Right-of-use assets obtained under operating leases | |||||||||||
Right-of-use assets obtained under finance leases |
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts | ||||||||||||||
Unbilled revenues | ||||||||||||||
Affiliated | ||||||||||||||
Other accounts and notes | ||||||||||||||
Accumulated provision for uncollectible accounts | ( | ( | ||||||||||||
Fossil fuel stock | ||||||||||||||
Materials and supplies | ||||||||||||||
Prepaid expenses | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated provision for depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Other utility plant, net | ||||||||||||||
Nuclear fuel, at amortized cost | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments: | ||||||||||||||
Nuclear decommissioning trusts, at fair value | ||||||||||||||
Equity investments in unconsolidated subsidiaries | ||||||||||||||
Miscellaneous property and investments | ||||||||||||||
Total other property and investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Operating lease right-of-use assets, net of amortization | ||||||||||||||
Deferred charges related to income taxes | ||||||||||||||
Prepaid pension and other postretirement benefit costs | ||||||||||||||
Regulatory assets – asset retirement obligations | ||||||||||||||
Other regulatory assets, deferred | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholder's Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable — | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Customer deposits | ||||||||||||||
Accrued taxes | ||||||||||||||
Accrued interest | ||||||||||||||
Accrued compensation | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Other regulatory liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Deferred credits related to income taxes | ||||||||||||||
Accumulated deferred ITCs | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Operating lease obligations | ||||||||||||||
Asset retirement obligations, deferred | ||||||||||||||
Other regulatory liabilities, deferred | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Common Stockholder's Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholder's Equity | $ | $ |
Number of Common Shares Issued | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income after dividends on preferred stock | — | — | — | — | |||||||||||||||||||||||||||||||
Capital contributions from parent company | — | — | — | — | |||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income after dividends on preferred stock | — | — | — | — | |||||||||||||||||||||||||||||||
Capital contributions from parent company | — | — | — | — | |||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Retail revenues | $ | $ | ||||||||||||
Wholesale revenues | ||||||||||||||
Other revenues | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Fuel | ||||||||||||||
Purchased power, non-affiliates | ||||||||||||||
Purchased power, affiliates | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Allowance for equity funds used during construction | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes | ||||||||||||||
Net Income | $ | $ | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other comprehensive income: | ||||||||||||||
Qualifying hedges: | ||||||||||||||
Changes in fair value, net of tax of $ | ( | |||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ||||||||||||||
Total other comprehensive income | ||||||||||||||
Comprehensive Income | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Deferred income taxes | ( | ||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Pension, postretirement, and other employee benefits | ( | ( | |||||||||
Settlement of asset retirement obligations | ( | ( | |||||||||
Storm damage accruals | |||||||||||
Retail fuel cost under recovery – long-term | ( | ||||||||||
Other, net | ( | ( | |||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | ( | ||||||||||
-Fossil fuel stock | ( | ||||||||||
-Materials and supplies | ( | ( | |||||||||
-Other current assets | ( | ||||||||||
-Accounts payable | ( | ||||||||||
-Accrued taxes | ( | ( | |||||||||
-Accrued compensation | ( | ( | |||||||||
-Customer refunds | ( | ||||||||||
-Accrued interest | ( | ( | |||||||||
-Other current liabilities | ( | ||||||||||
Net cash provided from (used for) operating activities | ( | ||||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Nuclear decommissioning trust fund purchases | ( | ( | |||||||||
Nuclear decommissioning trust fund sales | |||||||||||
Cost of removal, net of salvage | ( | ( | |||||||||
Change in construction payables, net of joint owner portion | ( | ||||||||||
Proceeds from dispositions | |||||||||||
Other investing activities | ( | ||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Increase in notes payable, net | |||||||||||
Proceeds — | |||||||||||
Revenue bonds | |||||||||||
Short-term borrowings | |||||||||||
Redemptions and repurchases — | |||||||||||
Senior notes | ( | ||||||||||
FFB loan | ( | ( | |||||||||
Short-term borrowings | ( | ||||||||||
Capital contributions from parent company | |||||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided from financing activities | |||||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ( | |||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for — | |||||||||||
Interest (net of $ | $ | $ | |||||||||
Noncash transactions — | |||||||||||
Accrued property additions at end of period | |||||||||||
Right-of-use assets obtained under operating leases | |||||||||||
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts, net | ||||||||||||||
Unbilled revenues | ||||||||||||||
Under recovered fuel clause revenues | ||||||||||||||
Joint owner accounts | ||||||||||||||
Affiliated | ||||||||||||||
Other accounts and notes | ||||||||||||||
Fossil fuel stock | ||||||||||||||
Materials and supplies | ||||||||||||||
Regulatory assets – asset retirement obligations | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated provision for depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Nuclear fuel, at amortized cost | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments: | ||||||||||||||
Nuclear decommissioning trusts, at fair value | ||||||||||||||
Equity investments in unconsolidated subsidiaries | ||||||||||||||
Miscellaneous property and investments | ||||||||||||||
Total other property and investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Operating lease right-of-use assets, net of amortization | ||||||||||||||
Deferred charges related to income taxes | ||||||||||||||
Prepaid pension costs | ||||||||||||||
Deferred under recovered fuel clause revenues | ||||||||||||||
Regulatory assets – asset retirement obligations, deferred | ||||||||||||||
Other regulatory assets, deferred | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholder's Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable — | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Customer deposits | ||||||||||||||
Accrued taxes | ||||||||||||||
Accrued interest | ||||||||||||||
Accrued compensation | ||||||||||||||
Operating lease obligations | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Other regulatory liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Deferred credits related to income taxes | ||||||||||||||
Accumulated deferred ITCs | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Operating lease obligations, deferred | ||||||||||||||
Asset retirement obligations, deferred | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Common Stockholder's Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholder's Equity | $ | $ |
Number of Common Shares Issued | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Capital contributions from parent company | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Capital contributions from parent company | — | — | — | — | |||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Retail revenues | $ | $ | ||||||||||||
Wholesale revenues, non-affiliates | ||||||||||||||
Wholesale revenues, affiliates | ||||||||||||||
Other revenues | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Fuel and purchased power | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes | ||||||||||||||
Net Income and Comprehensive Income | $ | $ | ||||||||||||
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Settlement of asset retirement obligations | ( | ( | |||||||||
Other, net | ( | ||||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | ( | ||||||||||
-Retail fuel cost under recovery | ( | ( | |||||||||
-Other current assets | ( | ( | |||||||||
-Accounts payable | ( | ( | |||||||||
-Accrued taxes | ( | ( | |||||||||
-Accrued compensation | ( | ( | |||||||||
-Other current liabilities | ( | ( | |||||||||
Net cash used for operating activities | ( | ( | |||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Construction payables | ( | ( | |||||||||
Payments pursuant to LTSAs | ( | ( | |||||||||
Other investing activities | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Increase in notes payable, net | |||||||||||
Capital contributions from parent company | |||||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | ( | ||||||||||
Net cash provided from financing activities | |||||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ( | |||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for — | |||||||||||
Interest | $ | $ | |||||||||
Noncash transactions — | |||||||||||
Accrued property additions at end of period | |||||||||||
Right-of-use assets obtained under operating leases | |||||||||||
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts, net | ||||||||||||||
Unbilled revenues | ||||||||||||||
Affiliated | ||||||||||||||
Other accounts and notes | ||||||||||||||
Fossil fuel stock | ||||||||||||||
Materials and supplies | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated provision for depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Deferred charges related to income taxes | ||||||||||||||
Prepaid pension costs | ||||||||||||||
Regulatory assets – asset retirement obligations | ||||||||||||||
Other regulatory assets, deferred | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholder's Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable — | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Accrued taxes | ||||||||||||||
Accrued compensation | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Other regulatory liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Deferred credits related to income taxes | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Asset retirement obligations, deferred | ||||||||||||||
Other cost of removal obligations | ||||||||||||||
Other regulatory liabilities, deferred | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Common Stockholder's Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholder's Equity | $ | $ |
Number of Common Shares Issued | Common Stock | Paid-In Capital | Retained Earnings (Accumulated Deficit) | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Capital contributions from parent company | — | — | — | |||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Wholesale revenues, non-affiliates | $ | $ | ||||||||||||
Wholesale revenues, affiliates | ||||||||||||||
Other revenues | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Fuel | ||||||||||||||
Purchased power | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Gain on dispositions, net | ( | ( | ||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes (benefit) | ( | ( | ||||||||||||
Net Income | ||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ||||||||||||
Net Income Attributable to Southern Power | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Qualifying hedges: | ||||||||||||||
Changes in fair value, net of tax of $( | ( | ( | ||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
Comprehensive Income | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | ( | ( | ||||||||||||
Comprehensive Income Attributable to Southern Power | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Deferred income taxes | |||||||||||
Amortization of investment tax credits | ( | ( | |||||||||
Gain on dispositions, net | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | |||||||||||
-Prepaid income taxes | ( | ||||||||||
-Other current assets | ( | ||||||||||
-Accounts payable | ( | ( | |||||||||
-Accrued compensation | ( | ( | |||||||||
-Other current liabilities | ( | ||||||||||
Net cash provided from operating activities | |||||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Proceeds from dispositions | |||||||||||
Change in construction payables | ( | ( | |||||||||
Payments pursuant to LTSAs | ( | ( | |||||||||
Other investing activities | ( | ||||||||||
Net cash provided from (used for) investing activities | ( | ||||||||||
Financing Activities: | |||||||||||
Decrease in notes payable, net | ( | ( | |||||||||
Capital contributions from noncontrolling interests | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | |||||||||||
Net cash used for financing activities | ( | ( | |||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid (received) during the period for — | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net | ( | ( | |||||||||
Noncash transactions — | |||||||||||
Accrued property additions at end of period | |||||||||||
Reassessment of right-of-use assets under operating leases | |||||||||||
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts, net | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Materials and supplies | ||||||||||||||
Prepaid income taxes | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated provision for depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments: | ||||||||||||||
Intangible assets, net of amortization of $ | ||||||||||||||
Equity investments in unconsolidated subsidiaries | ||||||||||||||
Net investment in sales-type leases | ||||||||||||||
Total other property and investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Operating lease right-of-use assets, net of amortization | ||||||||||||||
Prepaid LTSAs | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholders' Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable — | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Accrued taxes | ||||||||||||||
Accrued interest | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Accumulated deferred ITCs | ||||||||||||||
Operating lease obligations | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Total Stockholders' Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Common Stockholders' Equity | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Cash dividends on common stock | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Cash dividends on common stock | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating Revenues: | ||||||||||||||
Natural gas revenues (includes revenue taxes of $ | $ | $ | ||||||||||||
Total operating revenues | ||||||||||||||
Operating Expenses: | ||||||||||||||
Other operations and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating Income | ||||||||||||||
Other Income and (Expense): | ||||||||||||||
Earnings from equity method investments | ||||||||||||||
Interest expense, net of amounts capitalized | ( | ( | ||||||||||||
Other income (expense), net | ||||||||||||||
Total other income and (expense) | ( | ( | ||||||||||||
Earnings Before Income Taxes | ||||||||||||||
Income taxes | ||||||||||||||
Net Income | $ | $ | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Qualifying hedges: | ||||||||||||||
Changes in fair value, net of tax of $( | ( | |||||||||||||
Reclassification adjustment for amounts included in net income, net of tax of $ | ( | |||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
Comprehensive Income | $ | $ | ||||||||||||
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — | |||||||||||
Depreciation and amortization, total | |||||||||||
Deferred income taxes | |||||||||||
Mark-to-market adjustments | ( | ||||||||||
Natural gas cost under recovery – long-term | |||||||||||
Other, net | ( | ||||||||||
Changes in certain current assets and liabilities — | |||||||||||
-Receivables | ( | ||||||||||
-Natural gas for sale, net of temporary LIFO liquidation | |||||||||||
-Prepaid income taxes | |||||||||||
-Other current assets | ( | ||||||||||
-Accounts payable | ( | ( | |||||||||
-Accrued taxes | |||||||||||
-Natural gas cost over recovery | |||||||||||
-Other current liabilities | ( | ( | |||||||||
Net cash provided from operating activities | |||||||||||
Investing Activities: | |||||||||||
Property additions | ( | ( | |||||||||
Cost of removal, net of salvage | ( | ( | |||||||||
Change in construction payables, net | ( | ( | |||||||||
Other investing activities | ( | ||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Decrease in notes payable, net | ( | ( | |||||||||
Redemptions — Short-term borrowings | ( | ( | |||||||||
Capital contributions from parent company | |||||||||||
Payment of common stock dividends | ( | ( | |||||||||
Other financing activities | |||||||||||
Net cash used for financing activities | ( | ( | |||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for — | |||||||||||
Interest (net of $ | $ | $ | |||||||||
Noncash transactions — Accrued property additions at end of period | |||||||||||
Assets | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables — | ||||||||||||||
Customer accounts | ||||||||||||||
Unbilled revenues | ||||||||||||||
Other accounts and notes | ||||||||||||||
Accumulated provision for uncollectible accounts | ( | ( | ||||||||||||
Natural gas for sale | ||||||||||||||
Prepaid expenses | ||||||||||||||
Natural gas cost under recovery | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, Plant, and Equipment: | ||||||||||||||
In service | ||||||||||||||
Less: Accumulated depreciation | ||||||||||||||
Plant in service, net of depreciation | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Other Property and Investments: | ||||||||||||||
Goodwill | ||||||||||||||
Equity investments in unconsolidated subsidiaries | ||||||||||||||
Other intangible assets, net of amortization of $ | ||||||||||||||
Miscellaneous property and investments | ||||||||||||||
Total other property and investments | ||||||||||||||
Deferred Charges and Other Assets: | ||||||||||||||
Operating lease right-of-use assets, net of amortization | ||||||||||||||
Prepaid pension costs | ||||||||||||||
Other regulatory assets, deferred | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total deferred charges and other assets | ||||||||||||||
Total Assets | $ | $ |
Liabilities and Stockholder's Equity | At March 31, 2023 | At December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Securities due within one year | $ | $ | ||||||||||||
Notes payable | ||||||||||||||
Accounts payable — | ||||||||||||||
Affiliated | ||||||||||||||
Other | ||||||||||||||
Customer deposits | ||||||||||||||
Accrued taxes | ||||||||||||||
Accrued interest | ||||||||||||||
Accrued compensation | ||||||||||||||
Temporary LIFO liquidation | ||||||||||||||
Natural gas cost over recovery | ||||||||||||||
Other regulatory liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term Debt | ||||||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated deferred income taxes | ||||||||||||||
Deferred credits related to income taxes | ||||||||||||||
Employee benefit obligations | ||||||||||||||
Operating lease obligations | ||||||||||||||
Other cost of removal obligations | ||||||||||||||
Accrued environmental remediation | ||||||||||||||
Other deferred credits and liabilities | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Common Stockholder's Equity (See accompanying statements) | ||||||||||||||
Total Liabilities and Stockholder's Equity | $ | $ |
Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Capital contributions from parent company | — | — | |||||||||||||||||||||
Other comprehensive income | — | — | |||||||||||||||||||||
Cash dividends on common stock | — | ( | — | ( | |||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Balance at December 31, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Capital contributions from parent company | — | — | |||||||||||||||||||||
Other comprehensive income (loss) | — | — | ( | ( | |||||||||||||||||||
Cash dividends on common stock | — | ( | — | ( | |||||||||||||||||||
Other | ( | — | |||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Note | Page | |||||||
A | ||||||||
B | ||||||||
C | ||||||||
D | ||||||||
E | ||||||||
F | ||||||||
G | ||||||||
H | ||||||||
I | ||||||||
J | ||||||||
K |
Registrant | Applicable Notes | ||||
Southern Company | A, B, C, D, E, F, G, H, I, J, K | ||||
Alabama Power | A, B, C, D, F, G, H, I, J | ||||
Georgia Power | A, B, C, D, F, G, H, I, J | ||||
Mississippi Power | A, B, C, D, F, G, H, I, J | ||||
Southern Power | A, C, D, E, F, G, H, I, J | ||||
Southern Company Gas | A, B, C, D, E, F, G, H, I, J, K |
Goodwill | |||||
(in millions) | |||||
Southern Company | $ | ||||
Southern Company Gas: | |||||
Gas distribution operations | $ | ||||
Gas marketing services | |||||
Southern Company Gas total | $ |
At March 31, 2023 | At December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net | Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net | ||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||
Southern Company | |||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||
PPA fair value adjustments | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total subject to amortization | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Not subject to amortization: | |||||||||||||||||||||||
FCC licenses | — | — | |||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Southern Power(*) | |||||||||||||||||||||||
PPA fair value adjustments | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Southern Company Gas(*) | |||||||||||||||||||||||
Gas marketing services | |||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | ||||||||
March 31, 2023 | March 31, 2022 | |||||||
(in millions) | ||||||||
Southern Company(a) | $ | $ | ||||||
Southern Power(b) | ||||||||
Southern Company Gas |
Southern Company | Georgia Power | Southern Power | Southern Company Gas | |||||||||||
(in millions) | ||||||||||||||
At March 31, 2023 | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||
Restricted cash(a): | ||||||||||||||
Other current assets | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total cash, cash equivalents, and restricted cash(b) | $ | $ | $ | $ | ||||||||||
At December 31, 2022 | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||
Restricted cash(a): | ||||||||||||||
Other current assets | ||||||||||||||
Other deferred charges and assets | ||||||||||||||
Total cash, cash equivalents, and restricted cash(b) | $ | $ | $ | $ |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | |||||||||||
(in millions) | ||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ||||||||||
Accrual | ||||||||||||||
Weather-related damages | ( | ( | ( | |||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ |
Regulatory Clause | Balance Sheet Line Item | March 31, 2023 | December 31, 2022 | ||||||||
(in millions) | |||||||||||
Alabama Power | |||||||||||
Rate CNP Compliance | Other regulatory assets, current | $ | $ | ||||||||
Other regulatory assets, deferred | |||||||||||
Rate CNP PPA | Other regulatory assets, current | ||||||||||
Other regulatory assets, deferred | |||||||||||
Retail Energy Cost Recovery | Other regulatory assets, current | ||||||||||
Other regulatory assets, deferred | |||||||||||
Georgia Power | |||||||||||
Fuel Cost Recovery(*) | Receivables – under recovered fuel clause revenues | $ | $ | ||||||||
Deferred under recovered fuel clause revenues | |||||||||||
Mississippi Power | |||||||||||
Fuel Cost Recovery | Receivables – customer accounts, net | $ | $ | ||||||||
Ad Valorem Tax | Other regulatory assets, current | ||||||||||
Other regulatory assets, deferred | |||||||||||
Southern Company Gas | |||||||||||
Natural Gas Cost Recovery | Natural gas cost under recovery | $ | $ | ||||||||
Natural gas cost over recovery | |||||||||||
(in millions) | |||||
Base project capital cost forecast(a)(b) | $ | ||||
Construction contingency estimate | |||||
Total project capital cost forecast(a)(b) | |||||
Net investment at March 31, 2023(b) | ( | ||||
Remaining estimate to complete | $ |
Utility | Program | Three Months Ended March 31, 2023 | ||||||
(in millions) | ||||||||
Nicor Gas | Investing in Illinois | $ | ||||||
Virginia Natural Gas | SAVE | |||||||
Atlanta Gas Light | System Reinforcement Rider | |||||||
Chattanooga Gas | Pipeline Replacement Program | |||||||
Total | $ |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | |||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Retail electric revenues | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||
Commercial | ||||||||||||||||||||
Industrial | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail electric revenues | ||||||||||||||||||||
Natural gas distribution revenues | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Transportation | ||||||||||||||||||||
Industrial | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total natural gas distribution revenues | ||||||||||||||||||||
Wholesale electric revenues | ||||||||||||||||||||
PPA energy revenues | ||||||||||||||||||||
PPA capacity revenues | ||||||||||||||||||||
Non-PPA revenues | ||||||||||||||||||||
Total wholesale electric revenues | ||||||||||||||||||||
Other natural gas revenues | ||||||||||||||||||||
Gas marketing services | ||||||||||||||||||||
Other natural gas revenues | ||||||||||||||||||||
Total natural gas revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Other revenue sources(*) | ( | |||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | ||||||||||||||
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | |||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Retail electric revenues | ||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||
Commercial | ||||||||||||||||||||
Industrial | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail electric revenues | ||||||||||||||||||||
Natural gas distribution revenues | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Transportation | ||||||||||||||||||||
Industrial | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total natural gas distribution revenues | ||||||||||||||||||||
Wholesale electric revenues | ||||||||||||||||||||
PPA energy revenues | ||||||||||||||||||||
PPA capacity revenues | ||||||||||||||||||||
Non-PPA revenues | ||||||||||||||||||||
Total wholesale electric revenues | ||||||||||||||||||||
Other natural gas revenues | ||||||||||||||||||||
Gas marketing services | ||||||||||||||||||||
Other natural gas revenues | ||||||||||||||||||||
Total natural gas revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Other revenue sources(*) | ||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | |||||||||||||||
(in millions) | ||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||
At March 31, 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Contract Assets | ||||||||||||||||||||
At March 31, 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Contract Liabilities | ||||||||||||||||||||
At March 31, 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||
At December 31, 2022 |
2023 (remaining) | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||
(in millions) | ||||||||||||||||||||
Southern Company | $ | $ | $ | $ | $ | $ | ||||||||||||||
Alabama Power | ||||||||||||||||||||
Georgia Power | ||||||||||||||||||||
Southern Power | ||||||||||||||||||||
Southern Company Gas |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | |||||||||||||||
(in millions) | ||||||||||||||||||||
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||
Lease income - interest income on sales-type leases | $ | $ | $ | $ | $ | $ | ||||||||||||||
Lease income - operating leases | ||||||||||||||||||||
Variable lease income | ||||||||||||||||||||
Total lease income | $ | $ | $ | $ | $ | $ | ||||||||||||||
For the Three Months Ended March 31, 2022 | ||||||||||||||||||||
Lease income - interest income on sales-type leases | $ | $ | $ | $ | $ | $ | ||||||||||||||
Lease income - operating leases | ||||||||||||||||||||
Variable lease income | ||||||||||||||||||||
Total lease income | $ | $ | $ | $ | $ | $ |
Investment Balance | March 31, 2023 | December 31, 2022 | ||||||
(in millions) | ||||||||
SNG | $ | $ | ||||||
Other | ||||||||
Total | $ | $ |
Three Months Ended March 31, | ||||||||
Earnings from Equity Method Investments | 2023 | 2022 | ||||||
(in millions) | ||||||||
SNG | $ | $ | ||||||
Other | ||||||||
Total | $ | $ |
Expires | |||||||||||||||||||||||||||||
Company | 2023 | 2024 | 2025 | 2026 | Total | Unused | Expires within One Year | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Southern Company parent | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Alabama Power | |||||||||||||||||||||||||||||
Georgia Power | |||||||||||||||||||||||||||||
Mississippi Power | |||||||||||||||||||||||||||||
Southern Power(a) | |||||||||||||||||||||||||||||
Southern Company Gas(b) | |||||||||||||||||||||||||||||
SEGCO | |||||||||||||||||||||||||||||
Southern Company | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
(in millions) | ||||||||
As reported shares | ||||||||
Effect of stock-based compensation | ||||||||
Diluted shares |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Prior service costs | ( | ||||||||||||||||||||||||||||||||||
Regulatory asset | |||||||||||||||||||||||||||||||||||
Net (gain) loss | ( | ||||||||||||||||||||||||||||||||||
Net periodic pension income | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Regulatory asset | |||||||||||||||||||||||||||||||||||
Net gain | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost (income) | $ | ( | $ | ( | $ | ( | $ | $ | $ |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Prior service costs | ( | ||||||||||||||||||||||||||||||||||
Regulatory asset | |||||||||||||||||||||||||||||||||||
Net loss | |||||||||||||||||||||||||||||||||||
Net periodic pension cost (income) | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Regulatory asset | |||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost (income) | $ | ( | $ | ( | $ | ( | $ | $ | $ |
Fair Value Measurements Using: | |||||||||||||||||||||||||||||
At March 31, 2023 | 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) | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate derivatives | — | ||||||||||||||||||||||||||||
Investments in trusts:(b)(c) | |||||||||||||||||||||||||||||
Domestic equity | — | ||||||||||||||||||||||||||||
Foreign equity | — | ||||||||||||||||||||||||||||
U.S. Treasury and government agency securities | — | ||||||||||||||||||||||||||||
Municipal bonds | — | ||||||||||||||||||||||||||||
Pooled funds – fixed income | — | ||||||||||||||||||||||||||||
Corporate bonds | — | ||||||||||||||||||||||||||||
Mortgage and asset backed securities | — | ||||||||||||||||||||||||||||
Private equity | |||||||||||||||||||||||||||||
Cash and cash equivalents | — | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Cash equivalents | — | ||||||||||||||||||||||||||||
Other investments | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives(a) | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate derivatives | — | ||||||||||||||||||||||||||||
Foreign currency derivatives | — | ||||||||||||||||||||||||||||
Contingent consideration | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||||||
At March 31, 2023 | 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 | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Nuclear decommissioning trusts:(b) | |||||||||||||||||||||||||||||
Domestic equity | — | ||||||||||||||||||||||||||||
Foreign equity | — | ||||||||||||||||||||||||||||
U.S. Treasury and government agency securities | — | ||||||||||||||||||||||||||||
Municipal bonds | — | ||||||||||||||||||||||||||||
Corporate bonds | — | ||||||||||||||||||||||||||||
Mortgage and asset backed securities | — | ||||||||||||||||||||||||||||
Private equity | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Cash equivalents | — | ||||||||||||||||||||||||||||
Other investments | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Georgia Power | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Nuclear decommissioning trusts:(b)(c) | |||||||||||||||||||||||||||||
Domestic equity | — | ||||||||||||||||||||||||||||
Foreign equity | — | ||||||||||||||||||||||||||||
U.S. Treasury and government agency securities | — | ||||||||||||||||||||||||||||
Municipal bonds | — | ||||||||||||||||||||||||||||
Corporate bonds | — | ||||||||||||||||||||||||||||
Mortgage and asset backed securities | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate derivatives | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||||||
At March 31, 2023 | 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 | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Cash equivalents | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Southern Power | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Cash equivalents | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Foreign currency derivatives | — | ||||||||||||||||||||||||||||
Contingent consideration | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Southern Company Gas | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Energy-related derivatives(a) | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate derivatives | — | ||||||||||||||||||||||||||||
Non-qualified deferred compensation trusts: | |||||||||||||||||||||||||||||
Domestic equity | — | ||||||||||||||||||||||||||||
Foreign equity | — | ||||||||||||||||||||||||||||
Pooled funds – fixed income | — | ||||||||||||||||||||||||||||
Cash equivalents | — | ||||||||||||||||||||||||||||
Cash equivalents and restricted cash | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Energy-related derivatives(a) | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate derivatives | — | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | — | $ |
Three Months Ended | ||||||||
Fair value increases (decreases) | March 31, 2023 | March 31, 2022 | ||||||
(in millions) | ||||||||
Southern Company | $ | $ | ( | |||||
Alabama Power | ( | |||||||
Georgia Power | ( |
Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas(*) | |||||||||||||||
(in billions) | ||||||||||||||||||||
Long-term debt, including securities due within one year: | ||||||||||||||||||||
Carrying amount | $ | $ | $ | $ | $ | $ | ||||||||||||||
Fair value |
Net Purchased mmBtu | Longest Hedge Date | Longest Non-Hedge Date | |||||||||||||||
(in millions) | |||||||||||||||||
Southern Company(*) | 2030 | 2028 | |||||||||||||||
Alabama Power | 2026 | 2023 | |||||||||||||||
Georgia Power | 2026 | 2023 | |||||||||||||||
Mississippi Power | 2027 | 2023 | |||||||||||||||
Southern Power | 2030 | 2023 | |||||||||||||||
Southern Company Gas(*) | 2028 | 2028 |
Notional Amount | Weighted Average Interest Rate Paid | Interest Rate Received | Hedge Maturity Date | Fair Value Gain (Loss) at March 31, 2023 | ||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||
Cash Flow Hedges of Forecasted Debt | ||||||||||||||||||||
Georgia Power | $ | N/A | February 2033 | $ | ( | |||||||||||||||
Southern Company parent | N/A | June 2033 | ||||||||||||||||||
Southern Company Gas | N/A | August 2033 | ||||||||||||||||||
Fair Value Hedges of Existing Debt | ||||||||||||||||||||
Southern Company parent | 1-month LIBOR + | March 2028 | ( | |||||||||||||||||
Southern Company parent | 1-month LIBOR + | April 2030 | ( | |||||||||||||||||
Southern Company Gas | 1-month LIBOR + | January 2031 | ( | |||||||||||||||||
Southern Company | $ | $ | ( |
Pay Notional | Pay Rate | Receive Notional | Receive Rate | Hedge Maturity Date | Fair Value Gain (Loss) at March 31, 2023 | |||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||
Cash Flow Hedges of Existing Debt | ||||||||||||||||||||
Southern Power | $ | € | June 2026 | $ | ( | |||||||||||||||
Fair Value Hedges of Existing Debt | ||||||||||||||||||||
Southern Company parent | September 2027 | ( | ||||||||||||||||||
Southern Company | $ | € | $ | ( |
At March 31, 2023 | At December 31, 2022 | |||||||||||||
Derivative Category and Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||
(in millions) | (in millions) | |||||||||||||
Southern Company | ||||||||||||||
Energy-related derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Assets from risk management activities/Liabilities from risk management activities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
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 | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Interest rate derivatives: | ||||||||||||||
Assets from risk management activities/Liabilities from risk management activities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Foreign currency derivatives: | ||||||||||||||
Assets from risk management activities/Liabilities from risk management activities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Energy-related derivatives not designated as hedging instruments | ||||||||||||||
Assets from risk management activities/Liabilities from risk management activities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||
Gross amounts recognized | ||||||||||||||
Gross amounts offset(a) | ( | ( | ( | ( | ||||||||||
Net amounts recognized in the Balance Sheets(b) | $ | $ | $ | $ | ||||||||||
At March 31, 2023 | At December 31, 2022 | |||||||||||||
Derivative Category and Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||
(in millions) | (in millions) | |||||||||||||
Alabama Power(c) | ||||||||||||||
Energy-related derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Other current assets/Other current liabilities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Gross amounts offset | ( | ( | ( | ( | ||||||||||
Net amounts recognized in the Balance Sheets | $ | $ | $ | $ | ||||||||||
Georgia Power | ||||||||||||||
Energy-related derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Assets from risk management activities/Other current liabilities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Interest rate derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Assets from risk management activities/Other current liabilities | ||||||||||||||
Energy-related derivatives not designated as hedging instruments | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Gross amounts recognized | ||||||||||||||
Gross amounts offset | ( | ( | ( | ( | ||||||||||
Net amounts recognized in the Balance Sheets | $ | $ | $ | $ | ||||||||||
Mississippi Power(c) | ||||||||||||||
Energy-related derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Assets from risk management activities/Other current liabilities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Gross amounts offset | ( | ( | ( | ( | ||||||||||
Net amounts recognized in the Balance Sheets | $ | $ | $ | $ | ||||||||||
At March 31, 2023 | At December 31, 2022 | |||||||||||||
Derivative Category and Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||
(in millions) | (in millions) | |||||||||||||
Southern Power | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Energy-related derivatives: | ||||||||||||||
Other current assets/Other current liabilities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Foreign currency derivatives: | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Energy-related derivatives not designated as hedging instruments | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||
Gross amounts recognized | ||||||||||||||
Net amounts recognized in the Balance Sheets | $ | $ | $ | $ | ||||||||||
At March 31, 2023 | At December 31, 2022 | |||||||||||||
Derivative Category and Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||
(in millions) | (in millions) | |||||||||||||
Southern Company Gas | ||||||||||||||
Energy-related derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Other current assets/Other current liabilities | $ | $ | $ | $ | ||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Energy-related derivatives: | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Interest rate derivatives: | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | ||||||||||||||
Energy-related derivatives not designated as hedging instruments | ||||||||||||||
Other current assets/Other current liabilities | ||||||||||||||
Other deferred charges and assets/Other deferred credits and liabilities | ||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||
Gross amounts recognized | ||||||||||||||
Gross amounts offset(a) | ( | ( | ||||||||||||
Net amounts recognized in the Balance Sheets(b) | $ | $ | $ | $ |
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet | |||||||||||||||||
Derivative Category and Balance Sheet Location | Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Company Gas | ||||||||||||
(in millions) | |||||||||||||||||
At March 31, 2023: | |||||||||||||||||
Energy-related derivatives: | |||||||||||||||||
Other regulatory assets, current | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
Other regulatory assets, deferred | ( | ( | ( | ( | |||||||||||||
Other regulatory liabilities, current | |||||||||||||||||
Other regulatory liabilities, deferred | |||||||||||||||||
Total energy-related derivative gains (losses) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
At December 31, 2022: | |||||||||||||||||
Energy-related derivatives: | |||||||||||||||||
Other regulatory assets, current | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
Other regulatory assets, deferred | ( | ( | ( | ( | |||||||||||||
Other regulatory liabilities, current | |||||||||||||||||
Other regulatory liabilities, deferred | |||||||||||||||||
Total energy-related derivative gains (losses) | $ | $ | $ | ( | $ | $ | ( |
Gain (Loss) Recognized in OCI on Derivatives | For the Three Months Ended March 31, | |||||||
2023 | 2022 | |||||||
(in millions) | ||||||||
Southern Company | ||||||||
Cash flow hedges: | ||||||||
Energy-related derivatives | $ | ( | $ | |||||
Interest rate derivatives | ( | |||||||
Foreign currency derivatives | ( | |||||||
Fair value hedges(*): | ||||||||
Foreign currency derivatives | ( | |||||||
Total | $ | ( | $ | |||||
Georgia Power | ||||||||
Cash flow hedges: | ||||||||
Interest rate derivatives | $ | ( | $ | |||||
Southern Power | ||||||||
Cash flow hedges: | ||||||||
Energy-related derivatives | $ | ( | $ | |||||
Foreign currency derivatives | ( | |||||||
Total | $ | ( | $ | ( | ||||
Southern Company Gas | ||||||||
Cash flow hedges: | ||||||||
Energy-related derivatives | $ | ( | $ | |||||
Interest rate derivatives | ||||||||
Total | $ | ( | $ |
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships | For the Three Months Ended March 31, | |||||||
2023 | 2022 | |||||||
(in millions) | ||||||||
Southern Company | ||||||||
Total cost of natural gas | $ | $ | ||||||
Gain (loss) on energy-related cash flow hedges(a) | ( | |||||||
Total depreciation and amortization | ||||||||
Gain (loss) on energy-related cash flow hedges(a) | ( | |||||||
Total interest expense, net of amounts capitalized | ( | ( | ||||||
Gain (loss) on interest rate cash flow hedges(a) | ( | ( | ||||||
Gain (loss) on foreign currency cash flow hedges(a) | ( | ( | ||||||
Gain (loss) on interest rate fair value hedges(b) | ( | |||||||
Total other income (expense), net | ||||||||
Gain (loss) on foreign currency cash flow hedges(a)(c) | ( | |||||||
Gain (loss) on foreign currency fair value hedges | ( | ( | ||||||
Amount excluded from effectiveness testing recognized in earnings | ( | |||||||
Southern Power | ||||||||
Total depreciation and amortization | $ | $ | ||||||
Gain (loss) on energy-related cash flow hedges(a) | ( | |||||||
Total interest expense, net of amounts capitalized | ( | ( | ||||||
Gain (loss) on foreign currency cash flow hedges(a) | ( | ( | ||||||
Total other income (expense), net | ||||||||
Gain (loss) on foreign currency cash flow hedges(a)(c) | ( | |||||||
Southern Company Gas | ||||||||
Total cost of natural gas | $ | $ | ||||||
Gain (loss) on energy-related cash flow hedges(a) | ( | |||||||
Total interest expense, net of amounts capitalized | ( | ( | ||||||
Gain (loss) on interest rate cash flow hedges(a) | ( | ( | ||||||
Gain (loss) on interest rate fair value hedges(b) | ( |
Carrying Amount of the Hedged Item | Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | ||||||||||||||||
Balance Sheet Location of Hedged Items | At March 31, 2023 | At December 31, 2022 | At March 31, 2023 | At December 31, 2022 | |||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Southern Company | |||||||||||||||||
Long-term debt | $ | ( | $ | ( | $ | $ | |||||||||||
Southern Company Gas | |||||||||||||||||
Long-term debt | $ | ( | $ | ( | $ | $ |
Gain (Loss) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Derivatives in Non-Designated Hedging Relationships | Statements of Income Location | 2023 | 2022 | |||||||||||
(in millions) | ||||||||||||||
Energy-related derivatives: | Natural gas revenues(*) | $ | $ | |||||||||||
Cost of natural gas | ||||||||||||||
Total derivatives in non-designated hedging relationships | $ | $ | ||||||||||||
Electric Utilities | ||||||||||||||||||||||||||
Traditional Electric Operating Companies | Southern Power | Eliminations | Total | Southern Company Gas | All Other | Eliminations | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||
Segment net income (loss)(a)(b) | ( | ( | ||||||||||||||||||||||||
At March 31, 2023 | ||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total assets | ( | ( | ||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||
Segment net income (loss)(a) | ( | ( | ||||||||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total assets | ( | ( |
Electric Utilities' Revenues | ||||||||||||||
Retail | Wholesale | Other | Total | |||||||||||
(in millions) | ||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | ||||||||||
Three Months Ended March 31, 2022 |
Southern Company Gas' Revenues | ||||||||||||||
Gas Distribution Operations | Gas Marketing Services | Other | Total | |||||||||||
(in millions) | ||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | ||||||||||
Three Months Ended March 31, 2022 |
Gas Distribution Operations | Gas Pipeline Investments | Gas Marketing Services | Total | All Other | Eliminations | Consolidated | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Segment net income | |||||||||||||||||||||||
Total assets at March 31, 2023 | ( | ||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Segment net income | |||||||||||||||||||||||
Total assets at December 31, 2022 | ( |
Page | |||||
Combined Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(170) | (16.5) |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Rates and pricing | $ | 97 | 2.7 | % | |||||||
Sales growth | 7 | 0.2 | |||||||||
Weather | (152) | (4.2) | |||||||||
Fuel and other cost recovery | 34 | 0.9 | |||||||||
Retail electric revenues | $ | (14) | (0.4) | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(65) | (9.8) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$13 | 7.3 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Infrastructure replacement programs and rate changes | $ | 50 | 2.4 | % | |||||||
Gas costs and other cost recovery | (199) | (9.7) | |||||||||
Gas marketing services | (21) | (1.0) | |||||||||
Other | (13) | (0.6) | |||||||||
Natural gas revenues | $ | (183) | (8.9) | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$81 | 59.6 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Fuel | $ | (61) | (5.5) | ||||||||
Purchased power | 10 | 4.3 | |||||||||
Total fuel and purchased power expenses | $ | (51) |
First Quarter 2023 | First Quarter 2022 | |||||||
Total generation (in billions of KWHs)(a) | 44 | 46 | ||||||
Total purchased power (in billions of KWHs) | 5 | 4 | ||||||
Sources of generation (percent)(a) — | ||||||||
Gas | 54 | 46 | ||||||
Coal | 15 | 23 | ||||||
Nuclear | 17 | 17 | ||||||
Hydro | 5 | 6 | ||||||
Wind, Solar, and Other | 9 | 8 | ||||||
Cost of fuel, generated (in cents per net KWH)— | ||||||||
Gas(a) | 3.13 | 3.53 | ||||||
Coal | 4.02 | 3.11 | ||||||
Nuclear | 0.71 | 0.72 | ||||||
Average cost of fuel, generated (in cents per net KWH)(a) | 2.80 | 2.86 | ||||||
Average cost of purchased power (in cents per net KWH)(b) | 5.50 | 5.58 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(197) | (18.0) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$58 | 84.1 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(34) | (2.2) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$219 | 24.6 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$22 | 5.9 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$19 | 82.6 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$14 | 27.5 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$120 | 26.0 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(76) | (43.9) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(18) | (40.0) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(92) | (26.5) |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Rates and pricing | $ | 58 | 4.2 | % | |||||||
Sales decline | (17) | (1.3) | |||||||||
Weather | (61) | (4.4) | |||||||||
Fuel and other cost recovery | 22 | 1.6 | |||||||||
Retail revenues | $ | 2 | 0.1 | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$27 | 23.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(46) | (70.8) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$15 | 16.5 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Fuel | $ | (25) | (7.5) | ||||||||
Purchased power – non-affiliates | 34 | 50.7 | |||||||||
Purchased power – affiliates | 33 | 126.9 | |||||||||
Total fuel and purchased power expenses | $ | 42 |
First Quarter 2023 | First Quarter 2022 | ||||||||||
Total generation (in billions of KWHs)(a) | 14 | 15 | |||||||||
Total purchased power (in billions of KWHs) | 3 | 2 | |||||||||
Sources of generation (percent)(a) — | |||||||||||
Coal | 30 | 42 | |||||||||
Nuclear | 28 | 25 | |||||||||
Gas | 29 | 19 | |||||||||
Hydro | 13 | 14 | |||||||||
Cost of fuel, generated (in cents per net KWH) — | |||||||||||
Coal | 3.33 | 2.90 | |||||||||
Nuclear | 0.67 | 0.67 | |||||||||
Gas(a) | 3.37 | 3.45 | |||||||||
Average cost of fuel, generated (in cents per net KWH)(a) | 2.49 | 2.36 | |||||||||
Average cost of purchased power (in cents per net KWH)(b) | 6.35 | 6.82 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$15 | 3.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$130 | 60.5 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$11 | 10.6 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$14 | 15.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(109) | N/M |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(89) | (23.1) |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Rates and pricing | $ | 34 | 1.7 | % | |||||||
Sales growth | 23 | 1.1 | |||||||||
Weather | (85) | (4.2) | |||||||||
Fuel cost recovery | (8) | (0.4) | |||||||||
Retail revenues | $ | (36) | (1.8) | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(35) | (53.0) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$39 | 31.2 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Fuel | $ | (17) | (4.1) | ||||||||
Purchased power – non-affiliates | (27) | (18.0) | |||||||||
Purchased power – affiliates | — | — | |||||||||
Total fuel and purchased power expenses | $ | (44) |
First Quarter 2023 | First Quarter 2022 | ||||||||||
Total generation (in billions of KWHs) | 13 | 15 | |||||||||
Total purchased power (in billions of KWHs) | 8 | 8 | |||||||||
Sources of generation (percent) — | |||||||||||
Gas | 55 | 46 | |||||||||
Nuclear | 26 | 24 | |||||||||
Coal | 14 | 25 | |||||||||
Hydro and other | 5 | 5 | |||||||||
Cost of fuel, generated (in cents per net KWH) — | |||||||||||
Gas | 3.57 | 3.58 | |||||||||
Nuclear | 0.75 | 0.77 | |||||||||
Coal | 5.24 | 3.41 | |||||||||
Average cost of fuel, generated (in cents per net KWH) | 3.05 | 2.83 | |||||||||
Average cost of purchased power (in cents per net KWH)(*) | 4.52 | 4.81 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(21) | (4.1) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$57 | 16.2 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$8 | 25.0 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$39 | 36.4 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$23 | 76.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$16 | 38.1 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Rates and pricing | $ | 4 | 1.8 | % | |||||||
Sales growth | 2 | 1.0 | |||||||||
Weather | (6) | (2.8) | |||||||||
Fuel and other cost recovery | 19 | 8.8 | |||||||||
Retail revenues | $ | 19 | 8.8 | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$33 | 78.6 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$3 | 37.5 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Fuel | $ | 21 | 16.7 | ||||||||
Purchased power | (2) | (31.0) | |||||||||
Total fuel and purchased power expenses | $ | 19 |
First Quarter 2023 | First Quarter 2022 | ||||||||||
Total generation (in millions of KWHs) | 4,443 | 4,074 | |||||||||
Total purchased power (in millions of KWHs) | 100 | 120 | |||||||||
Sources of generation (percent) – | |||||||||||
Gas | 94 | 92 | |||||||||
Coal | 6 | 8 | |||||||||
Cost of fuel, generated (in cents per net KWH) – | |||||||||||
Gas | 3.34 | 3.30 | |||||||||
Coal | 5.78 | 3.74 | |||||||||
Average cost of fuel, generated (in cents per net KWH) | 3.51 | 3.34 | |||||||||
Average cost of purchased power (in cents per net KWH) | 4.10 | 4.54 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$6 | 7.9 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$5 | 62.5 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$30 | 41.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(31) | (5.8) |
First Quarter 2023 | First Quarter 2022 | ||||||||||
(in millions) | |||||||||||
PPA capacity revenues | $ | 112 | $ | 102 | |||||||
PPA energy revenues | 277 | 345 | |||||||||
Total PPA revenues | 389 | 447 | |||||||||
Non-PPA revenues | 108 | 84 | |||||||||
Other revenues | 11 | 8 | |||||||||
Total operating revenues | $ | 508 | $ | 539 |
First Quarter 2023 | First Quarter 2022 | |||||||
(in billions of KWHs) | ||||||||
Generation | 12.3 | 11.0 | ||||||
Purchased power | 0.7 | 0.5 | ||||||
Total generation and purchased power | 13.0 | 11.5 | ||||||
Total generation and purchased power (excluding solar, wind, fuel cells, and tolling agreements) | 8.4 | 6.9 |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Fuel | $ | (41) | (17.7) | ||||||||
Purchased power | 5 | 23.8 | |||||||||
Total fuel and purchased power expenses | $ | (36) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$8 | 6.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$18 | N/M |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(4) | (10.8) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$5 | 41.7 |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(18) | (40.0) |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(10) | (3.1) |
First Quarter 2023 vs. First Quarter 2022 | |||||||||||
(change in millions) | (% change) | ||||||||||
Infrastructure replacement programs and rate changes | $ | 50 | 2.4 | % | |||||||
Gas costs and other cost recovery | (199) | (9.7) | |||||||||
Gas marketing services | (21) | (1.0) | |||||||||
Other | (13) | (0.6) | |||||||||
Natural gas revenues | $ | (183) | (8.9) | % |
First Quarter | 2023 vs. normal | 2023 vs. 2022 | ||||||||||||||||||
Normal(*) | 2023 | 2022 | warmer | warmer | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Illinois | 3,064 | 2,661 | 3,007 | (13.2) | % | (11.5) | % | |||||||||||||
Georgia | 1,329 | 908 | 1,251 | (31.7) | % | (27.4) | % |
March 31, | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
(in thousands, except market share %) | (% change) | ||||||||||||||||
Gas distribution operations | 4,375 | 4,358 | 0.4 | % | |||||||||||||
Gas marketing services | |||||||||||||||||
Energy customers(*) | 635 | 598 | 6.2 | % | |||||||||||||
Market share of energy customers in Georgia | 29.8 | % | 28.7 | % | |||||||||||||
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$(197) | (18.0) |
First Quarter | 2023 vs. 2022 | ||||||||||
2023 | 2022 | ||||||||||
Gas distribution operations (mmBtu in millions) | |||||||||||
Firm | 258 | 304 | (15.1) | % | |||||||
Interruptible | 25 | 25 | — | ||||||||
Total | 283 | 329 | (14.0) | % | |||||||
Gas marketing services (mmBtu in millions) | |||||||||||
Firm: | |||||||||||
Georgia | 13 | 16 | (18.8) | % | |||||||
Illinois | 3 | 3 | — | ||||||||
Other | 5 | 4 | 25.0 | ||||||||
Interruptible large commercial and industrial | 4 | 4 | — | ||||||||
Total | 25 | 27 | (7.4) | % |
First Quarter 2023 vs. First Quarter 2022 | ||||||||
(change in millions) | (% change) | |||||||
$15 | 24.6 |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Operating Revenues | Operating Expenses | Net Income | Operating Revenues | Operating Expenses | Net Income | ||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||
First Quarter | |||||||||||||||||||||||||||||||||||
Gas distribution operations | $ | 1,618 | $ | 1,264 | $ | 221 | $ | 1,803 | $ | 1,475 | $ | 214 | |||||||||||||||||||||||
Gas pipeline investments | 8 | 3 | 31 | 8 | 3 | 29 | |||||||||||||||||||||||||||||
Gas marketing services | 246 | 175 | 50 | 243 | 150 | 66 | |||||||||||||||||||||||||||||
All other | 12 | 9 | 7 | 16 | 21 | 10 | |||||||||||||||||||||||||||||
Intercompany eliminations | (9) | (5) | — | (12) | (12) | — | |||||||||||||||||||||||||||||
Consolidated | $ | 1,875 | $ | 1,446 | $ | 309 | $ | 2,058 | $ | 1,637 | $ | 319 |
At March 31, 2023 | Southern Company | Georgia Power | Mississippi Power | Southern Company Gas | ||||||||||
(in millions) | ||||||||||||||
Current liabilities in excess of current assets | $ | 4,338 | $ | 2,820 | $ | 91 | $ | 355 |
At March 31, 2023 | Southern Company parent | Alabama Power | Georgia Power | Mississippi Power | Southern Power(a) | Southern Company Gas(b) | SEGCO | Southern Company | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Unused committed credit | $ | 1,998 | $ | 1,250 | $ | 1,726 | $ | 225 | $ | 587 | $ | 1,748 | $ | 30 | $ | 7,564 |
Short-term Debt at March 31, 2023 | Short-term Debt During the Period(*) | ||||||||||||||||||||||||||||
Amount Outstanding | Weighted Average Interest Rate | Average Amount Outstanding | Weighted Average Interest Rate | Maximum Amount Outstanding | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||
Southern Company | $ | 2,554 | 5.5 | % | $ | 2,753 | 5.2 | % | $ | 3,270 | |||||||||||||||||||
Alabama Power | 170 | 5.1 | 83 | 4.8 | 230 | ||||||||||||||||||||||||
Georgia Power | 1,965 | 5.5 | 1,671 | 5.3 | 2,025 | ||||||||||||||||||||||||
Mississippi Power | 126 | 5.6 | 49 | 5.1 | 136 | ||||||||||||||||||||||||
Southern Power | 165 | 5.6 | 179 | 5.1 | 267 | ||||||||||||||||||||||||
Southern Company Gas: | |||||||||||||||||||||||||||||
Southern Company Gas Capital | $ | 120 | 5.6 | % | $ | 215 | 4.9 | % | $ | 297 | |||||||||||||||||||
Nicor Gas | — | — | 239 | 4.8 | 483 | ||||||||||||||||||||||||
Southern Company Gas Total | $ | 120 | 5.6 | % | $ | 454 | 4.9 | % |
Net cash provided from (used for): | Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | ||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
Operating activities | $ | 844 | $ | 30 | $ | (53) | $ | (3) | $ | 135 | $ | 978 | ||||||||
Investing activities | (2,118) | (509) | (1,117) | (117) | 4 | (379) | ||||||||||||||
Financing activities | 454 | 219 | 850 | 79 | (146) | (593) | ||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Operating activities | $ | 1,592 | $ | 154 | $ | 361 | $ | (16) | $ | 117 | $ | 1,024 | ||||||||
Investing activities | (1,555) | (365) | (809) | (68) | (37) | (271) | ||||||||||||||
Financing activities | (193) | 504 | 441 | 32 | (76) | (768) |
Issuances/Reofferings | Maturities and Redemptions | ||||||||||||||||
Company | Senior Notes | Revenue Bonds | Other Long-Term Debt | Other Long- Term Debt(*) | |||||||||||||
(in millions) | |||||||||||||||||
Southern Company parent | $ | 1,725 | $ | — | $ | — | $ | 550 | |||||||||
Alabama Power | — | — | 16 | — | |||||||||||||
Georgia Power | — | 229 | — | 22 | |||||||||||||
Southern Company Gas | — | — | 8 | — | |||||||||||||
Other | — | — | — | 3 | |||||||||||||
Southern Company | $ | 1,725 | $ | 229 | $ | 24 | $ | 575 |
Credit Ratings | Southern Company(*) | Alabama Power | Georgia Power | Mississippi Power | Southern Power(*) | Southern Company Gas | ||||||||||||||
(in millions) | ||||||||||||||||||||
At BBB and/or Baa2 | $ | 33 | $ | 1 | $ | — | $ | — | $ | 32 | $ | — | ||||||||
At BBB- and/or Baa3 | 407 | 2 | 60 | 1 | 345 | — | ||||||||||||||
At BB+ and/or Ba1 or below | 2,086 | 422 | 937 | 320 | 1,233 | 69 |
(4) Instruments Describing Rights of Security Holders, Including Indentures | ||||||||||||||
Southern Company | ||||||||||||||
(a) | - | Twenty-Seventh Supplemental Indenture to Senior Note Indenture dated as of February 28, 2023, providing for the issuance of the Series 2023A Convertible Senior Notes due December 15, 2025. (Designated in Form 8-K dated February 28, 2023, File No. 1-3526, as Exhibit 4.2.) | ||||||||||||
(24) Power of Attorney and Resolutions | ||||||||||||||
Southern Company | ||||||||||||||
(a) | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 1-3526 as Exhibit 24(a)1.) | ||||||||||||
Alabama Power | ||||||||||||||
(b)1 | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 1-3164 as Exhibit 24(b)1.) | ||||||||||||
* | (b)2 | - | ||||||||||||
Georgia Power | ||||||||||||||
(c)1 | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 1-6468 as Exhibit 24(c)1.) | ||||||||||||
* | (c)2 | - | ||||||||||||
Mississippi Power | ||||||||||||||
(d) | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 001-11229 as Exhibit 24(d)1.) | ||||||||||||
Southern Power | ||||||||||||||
(e) | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 001-37803 as Exhibit 24(e)1.) | ||||||||||||
Southern Company Gas | ||||||||||||||
(f)1 | - | Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2022, File No. 1-14174 as Exhibit 24(f)1.) | ||||||||||||
* | (f)2 | - | ||||||||||||
(31) Section 302 Certifications | ||||||||||||||
Southern Company | ||||||||||||||
* | (a)1 | - | ||||||||||||
* | (a)2 | - | ||||||||||||
Alabama Power | ||||||||||||||
* | (b)1 | - | ||||||||||||
* | (b)2 | - | ||||||||||||
Georgia Power | ||||||||||||||
* | (c)1 | - | ||||||||||||
* | (c)2 | - | ||||||||||||
Mississippi Power | ||||||||||||||
* | (d)1 | - | ||||||||||||
* | (d)2 | - | ||||||||||||
Southern Power | ||||||||||||||
* | (e)1 | - | ||||||||||||
* | (e)2 | - | ||||||||||||
Southern Company Gas | ||||||||||||||
* | (f)1 | - | ||||||||||||
* | (f)2 | - | ||||||||||||
(32) Section 906 Certifications | ||||||||||||||
Southern Company | ||||||||||||||
* | (a) | - | ||||||||||||
Alabama Power | ||||||||||||||
* | (b) | - | ||||||||||||
Georgia Power | ||||||||||||||
* | (c) | - | ||||||||||||
Mississippi Power | ||||||||||||||
* | (d) | - | ||||||||||||
Southern Power | ||||||||||||||
* | (e) | - | ||||||||||||
Southern Company Gas | ||||||||||||||
* | (f) | - | ||||||||||||
(101) Interactive Data Files | ||||||||||||||
* | INS | - | Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||||||
* | SCH | - | Inline XBRL Taxonomy Extension Schema Document | |||||||||||
* | CAL | - | Inline XBRL Taxonomy Calculation Linkbase Document | |||||||||||
* | DEF | - | Inline XBRL Definition Linkbase Document | |||||||||||
* | LAB | - | Inline XBRL Taxonomy Label Linkbase Document | |||||||||||
* | PRE | - | Inline XBRL Taxonomy Presentation Linkbase Document | |||||||||||
(104) Cover Page Interactive Data File | ||||||||||||||
* | Formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101. |
THE SOUTHERN COMPANY | |||||||||||
By | Thomas A. Fanning | ||||||||||
Chairman and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Daniel S. Tucker | ||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
ALABAMA POWER COMPANY | |||||||||||
By | J. Jeffrey Peoples | ||||||||||
Chairman, President, and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Moses H. Feagin | ||||||||||
Executive Vice President, Chief Financial Officer, and Treasurer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
GEORGIA POWER COMPANY | |||||||||||
By | Kimberly S. Greene | ||||||||||
Chairman, President, and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Aaron P. Abramovitz | ||||||||||
Executive Vice President, Chief Financial Officer, and Treasurer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
MISSISSIPPI POWER COMPANY | |||||||||||
By | Anthony L. Wilson | ||||||||||
Chairman, President, and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Matthew P. Grice | ||||||||||
Vice President, Chief Financial Officer, and Treasurer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
SOUTHERN POWER COMPANY | |||||||||||
By | Christopher Cummiskey | ||||||||||
Chairman and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Gary Kerr | ||||||||||
Senior Vice President, Chief Financial Officer, and Treasurer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
SOUTHERN COMPANY GAS | |||||||||||
By | James Y. Kerr II | ||||||||||
Chairman, President, and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By | Grace A. Kolvereid | ||||||||||
Executive Vice President, Chief Financial Officer, and Treasurer | |||||||||||
(Principal Financial Officer) | |||||||||||
By | /s/ Melissa K. Caen | ||||||||||
(Melissa K. Caen, Attorney-in-fact) |
Moses H. Feagin Executive Vice President, Chief Financial Officer & Treasurer | 600 North 18th Street Post Office Box 2641 Birmingham, Alabama 35291 Tel 205 257 1000 |
/s/Thomas A. Fanning | ||||||||
Thomas A. Fanning | ||||||||
Chairman and Chief Executive Officer |
/s/Daniel S. Tucker | ||||||||
Daniel S. Tucker | ||||||||
Executive Vice President and Chief Financial Officer |
/s/J. Jeffrey Peoples | ||||||||
J. Jeffrey Peoples | ||||||||
Chairman, President and Chief Executive Officer |
/s/Moses H. Feagin | ||||||||
Moses H. Feagin | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/Kimberly S. Greene | ||||||||
Kimberly S. Greene | ||||||||
Chairman, President and Chief Executive Officer |
/s/Aaron P. Abramovitz | ||||||||
Aaron P. Abramovitz | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/Anthony L. Wilson | ||||||||
Anthony L. Wilson | ||||||||
Chairman, President and Chief Executive Officer |
/s/Matthew P. Grice | ||||||||
Matthew P. Grice | ||||||||
Vice President, Treasurer and Chief Financial Officer |
/s/Christopher Cummiskey | ||||||||
Christopher Cummiskey | ||||||||
Chairman and Chief Executive Officer |
/s/Gary Kerr | ||||||||
Gary Kerr | ||||||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/James Y. Kerr II | ||||||||
James Y. Kerr II | ||||||||
Chairman, President and Chief Executive Officer |
/s/Grace A. Kolvereid | ||||||||
Grace A. Kolvereid | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/Thomas A. Fanning | |||||
Thomas A. Fanning | |||||
Chairman and Chief Executive Officer | |||||
/s/Daniel S. Tucker | |||||
Daniel S. Tucker | |||||
Executive Vice President and Chief Financial Officer |
/s/J. Jeffrey Peoples | |||||
J. Jeffrey Peoples | |||||
Chairman, President and Chief Executive Officer | |||||
/s/Moses H. Feagin | |||||
Moses H. Feagin | |||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/Kimberly S. Greene | |||||
Kimberly S. Greene | |||||
Chairman, President and Chief Executive Officer | |||||
/s/Aaron P. Abramovitz | |||||
Aaron P. Abramovitz | |||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/Anthony L. Wilson | |||||
Anthony L. Wilson | |||||
Chairman, President and Chief Executive Officer | |||||
/s/Matthew P. Grice | |||||
Matthew P. Grice | |||||
Vice President, Treasurer and Chief Financial Officer |
/s/Christopher Cummiskey | |||||
Christopher Cummiskey | |||||
Chairman and Chief Executive Officer | |||||
/s/Gary Kerr | |||||
Gary Kerr | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/James Y. Kerr II | |||||
James Y. Kerr II | |||||
Chairman, President and Chief Executive Officer | |||||
/s/Grace A. Kolvereid | |||||
Grace A. Kolvereid | |||||
Executive Vice President, Chief Financial Officer and Treasurer |
D!\@'Z @,"# (4 AT")@(O C@"
M00)+ E0"70)G G$">@*$ HX"F *B JP"M@+! LL"U0+@ NL"]0, PL#%@,A
M RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@!"T$
M.P1(!%4$8P1Q!'X$C 2:!*@$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MGAK%&NP;%!L[&V,;BANR&]H< APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA
M?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82 A..%1X6KA@Z&
M
Condensed Consolidated Statements of Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Total operating revenues | $ 6,480 | $ 6,648 |
Natural Gas | ||
Total operating revenues | 1,875 | 2,058 |
Alternative revenue programs | ||
Total operating revenues | $ 12 | $ 0 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 799 | $ 991 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (63) | 19 |
Reclassification adjustment for amounts included in net income, net of tax | 19 | 20 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 3 |
Total other comprehensive income (loss) | (44) | 42 |
Comprehensive Income | 755 | 1,033 |
Dividends on preferred stock of subsidiaries | 0 | 4 |
Comprehensive loss attributable to noncontrolling interests | (63) | (45) |
Comprehensive Income | $ 818 | $ 1,074 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Changes in fair value, tax | $ (23) | $ 8 |
Qualifying hedges, reclassification adjustment, tax | 7 | 6 |
Reclassification adjustment for amounts included in net income, tax | $ 0 | $ 1 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Cash Flows [Abstract] | ||
Net cash paid for capitalized interest | $ 32 | $ 23 |
Condensed Consolidated Balance Sheets (Unaudited) - Southern (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Other intangible assets, amortization | $ 350 | $ 340 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Southern (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.68 | $ 0.66 |
Condensed Statements of Comprehensive Income (Unaudited) - APC - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net income | $ 799 | $ 991 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (63) | 19 |
Reclassification adjustment for amounts included in net income, net of tax | 19 | 20 |
Total other comprehensive income (loss) | (44) | 42 |
Comprehensive Income | 755 | 1,033 |
Alabama Power | ||
Net income | 255 | 351 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | (1) |
Reclassification adjustment for amounts included in net income, net of tax | 0 | 1 |
Total other comprehensive income (loss) | 0 | 0 |
Comprehensive Income | $ 255 | $ 351 |
Condensed Statements of Comprehensive Income (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Changes in fair value, tax | $ (23) | $ 8 |
Qualifying hedges, reclassification adjustment, tax | 7 | 6 |
Alabama Power | ||
Changes in fair value, tax | 0 | (1) |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 0 |
Condensed Statements of Cash Flows (Unaudited) - APC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net cash paid for capitalized interest | $ 32 | $ 23 |
Alabama Power | ||
Net cash paid for capitalized interest | $ 7 | $ 4 |
Condensed Statements of Common Stockholders' Equity (Unaudited) - APC - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Alabama Power |
Alabama Power
Common Stock
|
Alabama Power
Paid-In Capital
|
Alabama Power
Retained Earnings (Accumulated Deficit)
|
Alabama Power
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 31 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ (237) | $ 10,713 | $ 1,222 | $ 6,056 | $ 3,448 | $ (13) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income after dividends on preferred stock | 1,032 | 347 | 347 | |||||||
Capital contributions from parent company | 626 | 626 | ||||||||
Cash dividends on common stock | (702) | (702) | (254) | (254) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 31 | |||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 11,432 | $ 1,222 | 6,682 | 3,541 | (13) |
Beginning balance (in shares) at Dec. 31, 2022 | 31 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 11,687 | $ 1,222 | 6,710 | 3,764 | (9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income after dividends on preferred stock | 862 | 255 | 255 | |||||||
Capital contributions from parent company | 330 | 330 | ||||||||
Cash dividends on common stock | (742) | (742) | (285) | (285) | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 31 | |||||||||
Ending balance at Mar. 31, 2023 | $ 34,562 | $ 5,421 | $ 13,715 | $ 11,658 | $ (211) | $ 11,987 | $ 1,222 | $ 7,040 | $ 3,734 | $ (9) |
Condensed Statements of Comprehensive Income (Unaudited) - GPC - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net income | $ 799 | $ 991 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (63) | 19 |
Reclassification adjustment for amounts included in net income, net of tax | 19 | 20 |
Total other comprehensive income (loss) | (44) | 42 |
Comprehensive Income | 755 | 1,033 |
GEORGIA POWER CO | ||
Net income | 296 | 385 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (1) | 9 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Total other comprehensive income (loss) | 0 | 10 |
Comprehensive Income | $ 296 | $ 395 |
Condensed Statements of Comprehensive Income (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Changes in fair value, tax | $ (23) | $ 8 |
Qualifying hedges, reclassification adjustment, tax | 7 | 6 |
GEORGIA POWER CO | ||
Changes in fair value, tax | 0 | 3 |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 1 |
Condensed Statements of Cash Flows (Unaudited) - GPC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net cash paid for capitalized interest | $ 32 | $ 23 |
GEORGIA POWER CO | ||
Net cash paid for capitalized interest | $ 21 | $ 16 |
Condensed Statements of Common Stockholders' Equity (Unaudited) - GPC - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
GEORGIA POWER CO |
GEORGIA POWER CO
Common Stock
|
GEORGIA POWER CO
Paid-In Capital
|
GEORGIA POWER CO
Retained Earnings (Accumulated Deficit)
|
GEORGIA POWER CO
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 9 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ (237) | $ 17,234 | $ 398 | $ 14,153 | $ 2,724 | $ (41) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 991 | 385 | 385 | |||||||
Capital contributions from parent company | 443 | 443 | ||||||||
Other comprehensive income (loss) | 42 | 42 | 10 | 10 | ||||||
Cash dividends on common stock | (702) | (702) | (423) | (423) | ||||||
Other | (7) | (7) | (2) | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 9 | |||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 17,649 | $ 398 | 14,596 | 2,686 | (31) |
Beginning balance (in shares) at Dec. 31, 2022 | 9 | |||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 18,858 | $ 398 | 15,626 | 2,846 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 799 | 296 | 296 | |||||||
Capital contributions from parent company | 752 | 752 | ||||||||
Other comprehensive income (loss) | (44) | (44) | ||||||||
Cash dividends on common stock | (742) | (742) | (464) | (464) | ||||||
Other | 0 | (2) | (1) | (1) | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 9 | |||||||||
Ending balance at Mar. 31, 2023 | $ 34,562 | $ 5,421 | $ 13,715 | $ 11,658 | $ (211) | $ 19,443 | $ 398 | $ 16,378 | $ 2,679 | $ (12) |
Condensed Statements of Common Stockholders' Equity (Unaudited) - GPC (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.68 | $ 0.66 |
Condensed Statements of Common Stockholders' Equity (Unaudited) - MPC - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Mississippi Power |
Mississippi Power
Common Stock
|
Mississippi Power
Paid-In Capital
|
Mississippi Power
Retained Earnings (Accumulated Deficit)
|
---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 1 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 5,279 | $ 11,950 | $ 10,929 | $ (237) | $ 1,867 | $ 38 | $ 4,582 | $ (2,753) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,032 | 42 | 42 | ||||||
Capital contributions from parent company | 51 | 51 | |||||||
Cash dividends on common stock | (702) | (702) | (43) | (43) | |||||
Other | 7 | 7 | 2 | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 1 | ||||||||
Ending balance at Mar. 31, 2022 | 32,629 | 5,286 | 11,994 | 11,261 | (195) | 1,917 | $ 38 | 4,633 | (2,754) |
Beginning balance (in shares) at Dec. 31, 2022 | 1 | ||||||||
Beginning balance at Dec. 31, 2022 | 34,532 | 5,417 | 13,673 | 11,538 | (167) | 1,931 | $ 38 | 4,652 | (2,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 862 | 58 | 58 | ||||||
Cash dividends on common stock | (742) | (742) | (46) | (46) | |||||
Other | 0 | 2 | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 1 | ||||||||
Ending balance at Mar. 31, 2023 | $ 34,562 | $ 5,421 | $ 13,715 | $ 11,658 | $ (211) | $ 1,943 | $ 38 | $ 4,652 | $ (2,747) |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net income | $ 799 | $ 991 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (63) | 19 |
Reclassification adjustment for amounts included in net income, net of tax | 19 | 20 |
Total other comprehensive income (loss) | (44) | 42 |
Comprehensive Income | 755 | 1,033 |
Comprehensive loss attributable to noncontrolling interests | (63) | (45) |
Comprehensive Income | 818 | 1,074 |
SOUTHERN POWER CO | ||
Net income | 39 | 27 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (8) | (17) |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 22 |
Total other comprehensive income (loss) | (7) | 5 |
Comprehensive Income | 32 | 32 |
Comprehensive loss attributable to noncontrolling interests | (63) | (45) |
Comprehensive Income | $ 95 | $ 77 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Changes in fair value, tax | $ (23) | $ 8 |
Qualifying hedges, reclassification adjustment, tax | 7 | 6 |
SOUTHERN POWER CO | ||
Changes in fair value, tax | (3) | (6) |
Qualifying hedges, reclassification adjustment, tax | $ 0 | $ 7 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net cash paid for capitalized interest | $ 32 | $ 23 |
Condensed Consolidated Balance Sheets (Unaudited) - SPC (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other intangible assets, amortization | $ 350 | $ 340 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | $ 134 | $ 129 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - SPC - USD ($) $ in Millions |
Total |
Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
SOUTHERN POWER CO |
SOUTHERN POWER CO
Total Common Stockholders' Equity
|
SOUTHERN POWER CO
Paid-In Capital
|
SOUTHERN POWER CO
Retained Earnings (Accumulated Deficit)
|
SOUTHERN POWER CO
Accumulated Other Comprehensive Income (Loss)
|
SOUTHERN POWER CO
Noncontrolling Interests
|
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 11,950 | $ 10,929 | $ (237) | $ 4,402 | $ 6,598 | $ 2,196 | $ 638 | $ 1,585 | $ (27) | $ 4,402 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 991 | 27 | 72 | 72 | (45) | ||||||
Other comprehensive income (loss) | 42 | 42 | 5 | 5 | 5 | ||||||
Cash dividends on common stock | (702) | (702) | (49) | (49) | (49) | ||||||
Capital contributions from noncontrolling interests | 73 | 73 | 73 | 73 | |||||||
Distributions to noncontrolling interests | (98) | (98) | (98) | (98) | |||||||
Ending balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 4,332 | 6,556 | 2,224 | 638 | 1,608 | (22) | 4,332 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 4,124 | 6,916 | 2,792 | 1,069 | 1,741 | (18) | 4,124 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 799 | 39 | 102 | 102 | (63) | ||||||
Other comprehensive income (loss) | (44) | (44) | (7) | (7) | (7) | ||||||
Cash dividends on common stock | (742) | (742) | (63) | (63) | (63) | ||||||
Capital contributions from noncontrolling interests | 21 | 21 | 21 | 21 | |||||||
Distributions to noncontrolling interests | (48) | (48) | (48) | (48) | |||||||
Ending balance at Mar. 31, 2023 | $ 34,562 | $ 13,715 | $ 11,658 | $ (211) | $ 4,034 | $ 6,858 | $ 2,824 | $ 1,069 | $ 1,780 | $ (25) | $ 4,034 |
Condensed Consolidated Statements of Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
SOUTHERN Co GAS | ||
Revenue taxes collected | $ 66 | $ 71 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net income | $ 799 | $ 991 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (63) | 19 |
Reclassification adjustment for amounts included in net income, net of tax | 19 | 20 |
Total other comprehensive income (loss) | (44) | 42 |
Comprehensive Income | 755 | 1,033 |
SOUTHERN Co GAS | ||
Net income | 309 | 319 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (24) | 26 |
Reclassification adjustment for amounts included in net income, net of tax | 14 | (6) |
Total other comprehensive income (loss) | (10) | 20 |
Comprehensive Income | $ 299 | $ 339 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Changes in fair value, tax | $ (23) | $ 8 |
Qualifying hedges, reclassification adjustment, tax | 7 | 6 |
SOUTHERN Co GAS | ||
Changes in fair value, tax | (10) | 10 |
Qualifying hedges, reclassification adjustment, tax | $ 6 | $ (2) |
Condensed Consolidated Statements of Cash Flows (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net cash paid for capitalized interest | $ 32 | $ 23 |
SOUTHERN Co GAS | ||
Net cash paid for capitalized interest | $ 4 | $ 2 |
Condensed Consolidated Balance Sheets (Unaudited) - GAS (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other intangible assets, amortization | $ 350 | $ 340 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 159 | $ 156 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - GAS - USD ($) $ in Millions |
Total |
Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
SOUTHERN Co GAS |
SOUTHERN Co GAS
Paid-In Capital
|
SOUTHERN Co GAS
Retained Earnings (Accumulated Deficit)
|
SOUTHERN Co GAS
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 32,276 | $ 11,950 | $ 10,929 | $ (237) | $ 9,916 | $ 10,024 | $ (132) | $ 24 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 991 | 319 | 319 | |||||
Capital contributions from parent company | 50 | 50 | ||||||
Other comprehensive income (loss) | 42 | 42 | 20 | 20 | ||||
Cash dividends on common stock | (702) | (702) | (130) | (130) | ||||
Other | 7 | 7 | 2 | |||||
Ending balance at Mar. 31, 2022 | 32,629 | 11,994 | 11,261 | (195) | 10,175 | 10,074 | 57 | 44 |
Beginning balance at Dec. 31, 2022 | 34,532 | 13,673 | 11,538 | (167) | 10,397 | 10,445 | (79) | 31 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 799 | 309 | 309 | |||||
Capital contributions from parent company | 203 | 203 | ||||||
Other comprehensive income (loss) | (44) | (44) | (10) | (10) | ||||
Cash dividends on common stock | (742) | (742) | (146) | (146) | ||||
Other | 0 | 2 | 0 | 1 | (1) | |||
Ending balance at Mar. 31, 2023 | $ 34,562 | $ 13,715 | $ 11,658 | $ (211) | $ 10,753 | $ 10,649 | $ 83 | $ 21 |
Introduction |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Introduction | INTRODUCTION The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets at December 31, 2022 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2023 and 2022. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy and other factors, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant. Goodwill and Other Intangible Assets Goodwill at March 31, 2023 and December 31, 2022 was as follows:
Goodwill is not amortized, but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if impairment indicators arise. Other intangible assets were as follows:
(*) All subject to amortization. Amortization associated with other intangible assets was as follows:
(a)Includes $5 million recorded as a reduction to operating revenues for both periods presented. (b)Recorded as a reduction to operating revenues. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
(a)For Georgia Power, reflects $116 million at both March 31, 2023 and December 31, 2022 related to proceeds from the issuance of solid waste disposal facility revenue bonds in 2022 and $44 million at March 31, 2023 related to funds from a Georgia Housing and Finance Authority (GHFA) rental assistance program used to offset qualifying customers' past due balances, which expired on March 31, 2023 and will be returned to the GHFA. For Southern Power, reflects $3 million at both March 31, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b)Total may not add due to rounding. Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas records natural gas inventories on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year-end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year-end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated. Southern Company Gas recorded no material adjustments to natural gas inventories for either period presented. Nicor Gas' inventory decrement at March 31, 2023 is expected to be restored prior to year-end. Storm Damage Reserves See Note 1 to the financial statements in Item 8 of the Form 10-K under "Storm Damage and Reliability Reserves" for additional information. Storm damage reserve activity for the traditional electric operating companies during the three months ended March 31, 2023 was as follows:
Asset Retirement Obligations See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. Following initial criticality on March 6, 2023, Georgia Power recorded AROs of approximately $90 million related to Plant Vogtle Unit 3. See Note (B) under "Georgia Power – Nuclear Construction" for additional information on construction and start-up of Plant Vogtle Units 3 and 4.
|
Regulatory Matters |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | REGULATORY MATTERS See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters. The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2023 and December 31, 2022 were as follows:
(*)See "Georgia Power – Fuel Cost Recovery" herein for additional information. Alabama Power Certificates of Convenience and Necessity In 2020, the Alabama PSC approved a certificate of convenience and necessity authorizing Alabama Power's construction of Plant Barry Unit 8 and the recovery of estimated actual in-service costs of $652 million. At March 31, 2023, project expenditures associated with Plant Barry Unit 8 totaled approximately $541 million, of which $536 million and $5 million was included in CWIP and property, plant, and equipment in service, respectively. The unit is expected to be placed in service in November 2023. The ultimate outcome of this matter cannot be determined at this time. Rate CNP New Plant On March 24, 2023, Alabama Power filed Rate CNP New Plant with the Alabama PSC to recover costs associated with the acquisition of the Central Alabama Generating Station. The filing reflected an annual increase in retail revenues of $78 million effective with June 2023 billings. Through May 2023, Alabama Power expects to recover substantially all costs associated with the Central Alabama Generating Station through Rate RSE, offset by revenues from a power sales agreement. See Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information. Renewable Generation Certificate Through the issuance of a Renewable Generation Certificate (RGC), Alabama Power is authorized by the Alabama PSC to procure up to 500 MWs of renewable capacity and energy by September 16, 2027 and to market the related energy and environmental attributes to customers and other third parties. On April 4, 2023, the Alabama PSC approved two new solar PPAs totaling 160 MWs. Alabama Power has procured solar capacity totaling approximately 490 MWs under the RGC. Georgia Power Fuel Cost Recovery On February 28, 2023, Georgia Power filed a request with the Georgia PSC to increase fuel rates. On April 13, 2023, Georgia Power and the staff of the Georgia PSC reached a stipulated agreement that includes the following terms: (i) Georgia Power would update fuel rates from the original request for revised fuel costs and to reflect a three-year recovery period, starting June 1, 2023, for $2.2 billion of the under recovered fuel balance and (ii) Georgia Power would be required to file its next fuel case no later than February 28, 2026. On April 24, 2023, Georgia Power filed an updated request reflecting a 54% increase in fuel rates effective June 1, 2023, which is expected to increase annual billings by approximately $1.1 billion and includes recovery of the under recovered fuel balance described above. Changes in fuel rates have no significant effect on Georgia Power's net income but do impact the related operating cash flows. Georgia Power expects the Georgia PSC to make a final decision on this matter on May 16, 2023. The ultimate outcome of this matter cannot be determined at this time. Integrated Resource Plans In August 2022, Restore Chattooga Gorge Coalition (RCG) filed a petition in the Superior Court of Fulton County, Georgia against Georgia Power and the Georgia PSC. The petition challenges Georgia Power's plan to expend $115 million to modernize Plant Tugalo, as approved in the 2019 IRP, and seeks judicial review of the Georgia PSC's order in the 2022 IRP proceeding with respect to the denial of RCG's challenge to the modernization plan. In November 2022, Georgia Power and the Georgia PSC both filed motions to dismiss the RCG petition. 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, in which Georgia Power currently holds a 45.7% ownership interest. In 2012, the NRC issued the related combined construction and operating licenses, which allowed full construction of the two AP1000 nuclear units (with electric generating capacity of approximately 1,100 MWs each) and related facilities to begin. Until March 2017, construction on Plant Vogtle Units 3 and 4 continued under the Vogtle 3 and 4 Agreement, which was a substantially fixed price agreement. In connection with the EPC Contractor's bankruptcy filing in March 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into several transitional arrangements to allow construction to continue. In July 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into the Vogtle Services Agreement, whereby Westinghouse provides facility design and engineering services, procurement and technical support, and staff augmentation on a time and materials cost basis. The Vogtle Services Agreement provides that it will continue until the start-up and testing of Plant Vogtle Units 3 and 4 are complete and electricity is generated and sold from both units. The Vogtle Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. In October 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, executed the Bechtel Agreement, under which Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, subject to adjustment based on Bechtel's performance against cost and schedule targets. Each Vogtle Owner is severally (not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to Bechtel under the Bechtel Agreement. The Vogtle Owners may terminate the Bechtel Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay amounts related to work performed prior to the termination (including the applicable portion of the base fee), certain termination-related costs, and, at certain stages of the work, the applicable portion of the at-risk fee. Bechtel may terminate the Bechtel Agreement under certain circumstances, including certain Vogtle Owner suspensions of work, certain breaches of the Bechtel Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for information on the Amended and Restated Loan Guarantee Agreement, including applicable covenants, events of default, and mandatory prepayment events. Cost and Schedule Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4, including contingency, through the end of the second quarter 2023 and the first quarter 2024, respectively, is as follows:
(a)Includes approximately $610 million of costs that are not shared with the other Vogtle Owners, including $33 million of construction monitoring costs approved for recovery by the Georgia PSC in its nineteenth VCM order, and approximately $407 million of incremental costs under the cost-sharing and tender provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $418 million, of which $334 million had been accrued through March 31, 2023. (b)Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds. Georgia Power estimates that its financing costs for construction of Plant Vogtle Units 3 and 4 will total approximately $3.5 billion, of which $3.3 billion had been incurred through March 31, 2023. 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 start-up testing and related test results, engineering support, commodity installation, system turnovers, and workforce statistics. Southern Nuclear establishes aggressive target values for monthly construction production and system turnover activities, which are reflected in the site work plans. Since March 2020, the number of active COVID-19 cases at the site has fluctuated consistent with the surrounding area and impacted productivity levels and pace of activity completion, with the site experiencing peaks in the number of active cases in January 2021, August 2021, and January 2022. Georgia Power estimates the productivity impacts of the COVID-19 pandemic have consumed approximately to four months of schedule margin previously embedded in the site work plans. As of March 31, 2023, Georgia Power's proportionate share of the estimated incremental cost associated with COVID-19 mitigation actions and impacts on construction productivity is estimated to be between $160 million and $200 million and is included in the total project capital cost forecast. Future COVID-19 variants could further disrupt or delay construction and testing activities. On March 6, 2023, Unit 3 achieved self-sustaining nuclear fission, commonly referred to as initial criticality, and, on April 1, 2023, the generator successfully synchronized to the power grid and generated electricity for the first time. Operators continue to perform tests at various power levels to help ensure the reactor performs as designed, and Southern Nuclear continues to remediate various equipment and component issues as they are identified. Based on the expected duration of start-up testing, Unit 3 is projected to be placed in service during May or June 2023. Hot functional testing for Unit 4 commenced on March 20, 2023, with fuel load projected to occur in the third quarter 2023. Unit 4 is projected to be placed in service during late fourth quarter 2023 or the first quarter 2024. During the first quarter 2023, established construction contingency totaling $20 million was assigned to the base capital cost forecast for costs primarily associated with additional craft and support resources. The projected schedule for Unit 3 primarily depends on the progression of pre-operational testing and start-up, which may be impacted by further equipment, component, and/or other operational challenges. The projected schedule for Unit 4 primarily depends on potential impacts arising from Unit 4 testing activities overlapping with Unit 3 start-up and commissioning; maintaining overall construction productivity and production levels, particularly in subcontractor scopes of work; and maintaining appropriate levels of craft laborers. As Unit 4 completes construction and transitions further into testing, ongoing and potential future challenges include the duration of hot functional testing; the timeframe and duration of other testing; the pace and quality of remaining commodities installation; the completion of documentation to support ITAAC submittals; the pace of remaining work package closures and system turnovers; and the availability of craft, supervisory, and technical support resources. Ongoing or future challenges for both units also include management of contractors and vendors; subcontractor performance; and/or related cost escalation. New challenges also may continue to arise, as Unit 3 completes start-up and commissioning and Unit 4 moves further into testing and start-up, which may result in required engineering changes or remediation related to plant systems, structures, or components (some of which are based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale). These challenges may result in further schedule delays and/or cost increases. There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4 at the federal and state level and additional challenges may arise. Processes are in place that are designed to ensure compliance with the requirements specified in the Westinghouse Design Control Document and the combined construction and operating licenses, including inspections by Southern Nuclear and the NRC that occur throughout construction. With the receipt of the NRC's 103(g) finding in August 2022, Unit 3 is now subject to the NRC's operating reactor oversight process and must meet applicable technical and operational requirements contained in its operating license. Various design and other licensing-based compliance matters, including the timely submittal by Southern Nuclear of the ITAAC documentation and the related reviews and approvals by the NRC necessary to support NRC authorization to load fuel for Unit 4, may arise, which may result in additional license amendment requests or require other resolution. If any license amendment requests or other licensing-based compliance issues, including inspections and ITAACs for Unit 4, are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs. The ultimate outcome of these matters cannot be determined at this time. However, any extension of the in-service date beyond the second quarter 2023 for Unit 3 or the first quarter 2024 for Unit 4, including the joint owner cost sharing and tender impacts described below, is estimated to result in additional base capital costs for Georgia Power of up to $15 million per month for Unit 3 and $35 million per month for Unit 4, as well as the related AFUDC and any additional related construction, support resources, or testing costs. While Georgia Power is not precluded from seeking retail recovery of any future capital cost forecast increase other than the amounts related to the cost-sharing and tender provisions of the joint ownership agreements described below, management will ultimately determine whether or not to seek recovery. Any further changes to the capital cost forecast that are not expected to be recoverable through regulated rates will be required to be charged to income and such charges could be material. Joint Owner Contracts In November 2017, the Vogtle Owners entered into an amendment to their joint ownership agreements for Plant Vogtle Units 3 and 4 to provide for, among other conditions, additional Vogtle Owner approval requirements. Effective in August 2018, the Vogtle Owners further amended the joint ownership agreements to clarify and provide procedures for certain provisions of the joint ownership agreements related to adverse events that require the vote of the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 to continue construction (as amended, and together with the November 2017 amendment, the Vogtle Joint Ownership Agreements). The Vogtle Joint Ownership Agreements also confirm that the Vogtle Owners' sole recourse against Georgia Power or Southern Nuclear for any action or inaction in connection with their performance as agent for the Vogtle Owners is limited to removal of Georgia Power and/or Southern Nuclear as agent, except in cases of willful misconduct. Amendments to the Vogtle Joint Ownership Agreements In connection with a September 2018 vote by the Vogtle Owners to continue construction, Georgia Power entered into (i) a binding term sheet (Vogtle Owner Term Sheet) with the other Vogtle Owners and MEAG Power's wholly-owned subsidiaries MEAG Power SPVJ, LLC (MEAG SPVJ), MEAG Power SPVM, LLC (MEAG SPVM), and MEAG Power SPVP, LLC (MEAG SPVP) to take certain actions which partially mitigate potential financial exposure for the other Vogtle Owners, including additional amendments to the Vogtle Joint Ownership Agreements and the purchase of PTCs from the other Vogtle Owners at pre-established prices, and (ii) a term sheet (MEAG Term Sheet) with MEAG Power and MEAG SPVJ to provide up to $300 million of funding with respect to MEAG SPVJ's ownership interest in Plant Vogtle Units 3 and 4 under certain circumstances. In January 2019, Georgia Power, MEAG Power, and MEAG SPVJ entered into an agreement to implement the provisions of the MEAG Term Sheet. In February 2019, Georgia Power, the other Vogtle Owners, and MEAG Power's wholly-owned subsidiaries MEAG SPVJ, MEAG SPVM, and MEAG SPVP entered into certain amendments to the Vogtle Joint Ownership Agreements to implement the provisions of the Vogtle Owner Term Sheet (Global Amendments). Pursuant to the Global Amendments: (i) each Vogtle Owner must pay its proportionate share of qualifying construction costs for Plant Vogtle Units 3 and 4 based on its ownership percentage up to the estimated cost at completion (EAC) for Plant Vogtle Units 3 and 4, of which Georgia Power's share is $8.4 billion (VCM 19 Forecast Amount), 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 VCM 19 Forecast Amount (resulting in $80 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 44.3% of such costs pro rata in accordance with their respective ownership interests; and (iii) Georgia Power will be responsible for 65.7% of qualifying construction costs between $1.6 billion and $2.1 billion over the VCM 19 Forecast Amount (resulting in a further $100 million of potential additional costs to Georgia Power), with the remaining Vogtle Owners responsible for 34.3% of such costs pro rata in accordance with their respective ownership interests. The Global Amendments provide that if the EAC is revised and exceeds the VCM 19 Forecast Amount by more than $2.1 billion, each of the other Vogtle Owners will have a one-time option at the time the project budget cost forecast is so revised to tender a portion of its ownership interest to Georgia Power in exchange for Georgia Power's agreement to pay 100% of such Vogtle Owner's remaining share of total construction costs in excess of the VCM 19 Forecast Amount plus $2.1 billion. For purposes of the foregoing provisions, qualifying construction costs will not include costs (i) resulting from force majeure events, including epidemics and quarantines, governmental actions or inactions (or significant delays associated with issuance of such actions) that affect the licensing, completion, start-up, operations, or financing of Plant Vogtle Units 3 and 4, administrative proceedings or litigation regarding ITAAC or other regulatory challenges to commencement of operation of Plant Vogtle Units 3 and 4, and changes in laws or regulations governing Plant Vogtle Units 3 and 4, (ii) legal fees and legal expenses incurred due to litigation with contractors or subcontractors that are not subsidiaries or affiliates of Southern Company, and (iii) additional costs caused by requests from the Vogtle Owners other than Georgia Power, except for the exercise of a right to vote granted under the Vogtle Joint Ownership Agreements, that increase costs by $100,000 or more. In addition, pursuant to the Global Amendments, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 must vote to continue construction if certain adverse events (Project Adverse Events) occur, including, among other events: (i) the bankruptcy of Toshiba; (ii) the termination or rejection in bankruptcy of certain agreements, including the Vogtle Services Agreement, the Bechtel Agreement, or the agency agreement with Southern Nuclear; (iii) Georgia Power's public announcement of its intention not to submit for rate recovery any portion of its investment in Plant Vogtle Units 3 and 4 or the Georgia PSC determines that any of Georgia Power's costs relating to the construction of Plant Vogtle Units 3 and 4 will not be recovered in retail rates, excluding any additional amounts paid by Georgia Power on behalf of the other Vogtle Owners pursuant to the Global Amendments described above and the first 6% of costs during any six-month VCM reporting period that are disallowed by the Georgia PSC for recovery, or for which Georgia Power elects not to seek cost recovery, through retail rates; and (iv) an incremental extension of one year or more from the seventeenth VCM report estimated in-service dates of November 2021 and November 2022 for Units 3 and 4, respectively. The schedule extension announced in February 2022 triggered the requirement for a vote to continue construction and all the Vogtle Owners voted to continue construction. Georgia Power and the other Vogtle Owners do not agree on either the starting dollar amount for the determination of cost increases subject to the cost-sharing and tender provisions of the Global Amendments or the extent to which COVID-19-related costs impact those provisions. The other Vogtle Owners notified Georgia Power that they believe the project capital cost forecast approved by the Vogtle Owners in February 2022 triggered the tender provisions. In June 2022 and July 2022, OPC and Dalton, respectively, notified Georgia Power of their purported exercises of their tender options. Georgia Power did not accept these purported tender exercises. In June 2022, OPC and MEAG Power each filed a separate lawsuit against Georgia Power in the Superior Court of Fulton County, Georgia seeking a declaratory judgment that the starting dollar amount is $17.1 billion and that the cost-sharing and tender provisions had been triggered. The lawsuits also assert other claims, including breach of contract allegations, and seek, among other remedies, damages and injunctive relief requiring Georgia Power to track and allocate construction costs consistent with MEAG Power's and OPC's interpretations of the Global Amendments. In July 2022, Georgia Power filed its answers in the lawsuits filed by MEAG Power and OPC and included counterclaims seeking a declaratory judgment that the starting dollar amount is $18.38 billion and that costs related to force majeure events are excluded prior to calculating the cost-sharing and tender provisions and when calculating Georgia Power's related financial obligations. In September 2022, Dalton filed complaints in each of these lawsuits. Also in September 2022, Georgia Power and MEAG Power reached an agreement to resolve their dispute regarding the proper interpretation of the cost-sharing and tender provisions of the Global Amendments. Under the terms of the agreement, among other items, (i) MEAG Power will not exercise its tender option and will retain its full ownership interest in Plant Vogtle Units 3 and 4; (ii) Georgia Power will reimburse a portion of MEAG Power's costs of construction for Plant Vogtle Units 3 and 4 as such costs are incurred and with no further adjustment for force majeure costs, which payments will total approximately $92 million based on the current project capital cost forecast; and (iii) Georgia Power will reimburse 20% of MEAG Power's costs of construction with respect to any amounts over the current project capital cost forecast, with no further adjustment for force majeure costs. In addition, MEAG Power agreed to vote to continue construction upon occurrence of a Project Adverse Event unless the commercial operation date of either of Plant Vogtle Unit 3 or Unit 4 is not projected to occur by December 31, 2025. In October 2022, MEAG Power and Georgia Power filed a notice of settlement and voluntary dismissal of their pending litigation, including Georgia Power's counterclaim, and Dalton dismissed its related complaint. Georgia Power recorded pre-tax charges to income through the fourth quarter 2022 of $407 million ($304 million after tax) associated with the cost-sharing and tender provisions of the Global Amendments, including the settlement with MEAG Power. This total is included in the total project capital cost forecast and will not be recovered from retail customers. The settlement with MEAG Power does not resolve the separate pending litigation with OPC, including Dalton's associated complaint, described above. Georgia Power may be required to record further pre-tax charges to income of up to approximately $345 million associated with the cost-sharing and tender provisions of the Global Amendments for OPC and Dalton based on the current project capital cost forecast. Georgia Power's ownership interest in Plant Vogtle Units 3 and 4 continues to be 45.7%. Georgia Power believes the increases in the total project capital cost forecast through December 31, 2022 triggered the tender provisions, but Georgia Power disagrees with OPC and Dalton on the tender provisions trigger date. Valid notices of tender from OPC and Dalton would require Georgia Power to pay 100% of their respective remaining shares of the costs necessary to complete Plant Vogtle Units 3 and 4. Georgia Power's incremental ownership interest will be calculated and conveyed to Georgia Power after Plant Vogtle Units 3 and 4 are placed in service. The ultimate outcome of these matters cannot be determined at this time. Regulatory Matters In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4 with a certified capital cost of $4.418 billion. In addition, in 2009 the Georgia PSC approved inclusion of the Plant Vogtle Units 3 and 4 related CWIP accounts in rate base, and the State of Georgia enacted the Georgia Nuclear Energy Financing Act, which allows Georgia Power to recover financing costs for Plant Vogtle Units 3 and 4. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff up to the certified capital cost of $4.418 billion. At March 31, 2023, Georgia Power had recovered approximately $2.9 billion of financing costs. Financing costs related to capital costs above $4.418 billion are being recognized through AFUDC and are expected to be recovered through retail rates over the life of Plant Vogtle Units 3 and 4; however, Georgia Power is not recording AFUDC related to any capital costs in excess of the total deemed reasonable by the Georgia PSC (currently $7.3 billion) and not requested for rate recovery. In December 2022, the Georgia PSC approved Georgia Power's filing to increase the NCCR tariff by $36 million annually, effective January 1, 2023. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 of each year. In 2013, in connection with the eighth VCM report, the Georgia PSC approved a stipulation between Georgia Power and the staff of the Georgia PSC to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate in accordance with the 2009 certification order until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. In 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving certain prudency matters in connection with the fifteenth VCM report. In December 2017, the Georgia PSC voted to approve (and issued its related order on January 11, 2018) Georgia Power's seventeenth VCM report and modified the Vogtle Cost Settlement Agreement. The Vogtle Cost Settlement Agreement, as modified by the January 11, 2018 order, resolved the following regulatory matters related to Plant Vogtle Units 3 and 4: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report should be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement was reasonable and prudent and none of the $0.3 billion paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) (a) capital costs incurred up to $5.68 billion would be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, (b) Georgia Power would have the burden to show that any capital costs above $5.68 billion were prudent, and (c) a revised capital cost forecast of $7.3 billion (after reflecting the impact of payments received under the Guarantee Settlement Agreement and related customer refunds) was found reasonable; (iv) construction of Plant Vogtle Units 3 and 4 should be completed, with Southern Nuclear serving as project manager and Bechtel as primary contractor; (v) approved and deemed reasonable Georgia Power's revised schedule placing Plant Vogtle Units 3 and 4 in service in November 2021 and November 2022, respectively; (vi) confirmed that the revised cost forecast does not represent a cost cap and that a prudence proceeding on cost recovery will occur following Unit 4 fuel load, consistent with applicable Georgia law; (vii) reduced the ROE used to calculate the NCCR tariff (a) from 10.95% (the ROE rate setting point authorized by the Georgia PSC at that time) to 10.00% effective January 1, 2016, (b) from 10.00% to 8.30%, effective January 1, 2020, and (c) from 8.30% to 5.30%, effective January 1, 2021 (provided that the ROE in no case will be less than Georgia Power's average cost of long-term debt); (viii) reduced the ROE used for AFUDC equity for Plant Vogtle Units 3 and 4 from 10.00% to Georgia Power's average cost of long-term debt, effective January 1, 2018; and (ix) agreed that effective the first month after Unit 3 reaches commercial operation, retail base rates would be adjusted to include the costs related to Unit 3 and common facilities deemed prudent in the Vogtle Cost Settlement Agreement (see Note 2 to the financial statements under "Georgia Power – Plant Vogtle Unit 3 and Common Facilities Rate Proceeding" in Item 8 of the Form 10-K for additional information). The January 11, 2018 order also stated that if Plant Vogtle Units 3 and 4 are not commercially operational by June 1, 2021 and June 1, 2022, respectively, the ROE used to calculate the NCCR tariff will be further reduced by 10 basis points each month (but not lower than Georgia Power's average cost of long-term debt) until the respective Unit is commercially operational. The ROE reductions negatively impacted earnings by approximately $300 million in 2022 and are estimated to have negative earnings impacts of approximately $270 million in 2023 and $60 million in 2024. In its January 11, 2018 order, the Georgia PSC also stated if other conditions change and assumptions upon which Georgia Power's seventeenth VCM report are based do not materialize, the Georgia PSC reserved the right to reconsider the decision to continue construction. In the August 2021 order approving the twenty-fourth VCM report, the Georgia PSC approved a stipulation addressing the following matters: (i) beginning with its twenty-fifth VCM report, Georgia Power will continue to report to the Georgia PSC all costs incurred during the period for review and will request for approval costs up to the $7.3 billion determined to be reasonable in the Georgia PSC's seventeenth VCM order and (ii) Georgia Power will not seek rate recovery of the $0.7 billion increase to the base capital cost forecast included in the nineteenth VCM report and charged to income by Georgia Power in the second quarter 2018. In addition, the stipulation confirms Georgia Power may request verification and approval of costs above $7.3 billion for inclusion in rate base at a later time, but no earlier than the prudence review contemplated by the seventeenth VCM order described previously. The Georgia PSC has approved 25 VCM reports covering periods through June 30, 2021. These reports reflect total construction capital costs incurred of $7.9 billion (net of $1.7 billion of payments received under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds), of which the Georgia PSC has verified and approved $7.3 billion as described above. The Georgia PSC also has reviewed two additional VCM reports, which reflected $1.1 billion of additional construction capital costs incurred through June 30, 2022. Georgia Power filed its twenty-eighth VCM report with the Georgia PSC on February 16, 2023, which reflected the revised capital cost forecast described above and $461 million of construction capital costs incurred from July 1, 2022 through December 31, 2022. The ultimate outcome of these matters cannot be determined at this time. Mississippi Power Performance Evaluation Plan On March 15, 2023, Mississippi Power submitted its annual retail PEP filing for 2023 to the Mississippi PSC indicating no change in retail rates. The ultimate outcome of this matter cannot be determined at this time. Ad Valorem Tax Adjustment On March 31, 2023, Mississippi Power submitted its annual ad valorem tax adjustment filing for 2023, which requested a $7 million annual decrease in revenues. The ultimate outcome of this matter cannot be determined at this time. Environmental Compliance Overview Plan On April 4, 2023, the Mississippi PSC approved Mississippi Power's annual ECO Plan filing, resulting in a $3 million annual increase in revenues effective with the first billing cycle of May 2023. System Restoration Rider On April 4, 2023, the Mississippi PSC approved Mississippi Power's annual SRR filing, which indicated no change in retail rates. Mississippi Power's minimum annual SRR accrual was increased from $8 million to $12 million. Southern Company Gas Infrastructure Replacement Programs and Capital Projects Capital expenditures incurred under specific infrastructure replacement programs and capital projects during the first three months of 2023 were as follows:
|
Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIESSee Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements. The Registrants believe the pending legal challenges discussed below have no merit; however, the ultimate outcome of these matters cannot be determined at this time. Alabama Power In September 2022, Mobile Baykeeper filed a citizen suit in the U.S. District Court for the Southern District of Alabama alleging that Alabama Power's plan to close the Plant Barry ash pond utilizing a closure-in-place methodology violates the Resource Conservation and Recovery Act (RCRA) and regulations governing CCR. Among other relief requested, Mobile Baykeeper seeks a declaratory judgment that the RCRA and regulations governing CCR are being violated, preliminary and injunctive relief to prevent implementation of Alabama Power's closure plan and the development of a closure plan that satisfies regulations governing CCR requirements. On December 19, 2022, Alabama Power filed a motion to dismiss the case. On January 31, 2023, the EPA issued a Notice of Potential Violations associated with Alabama Power's plan to close the Plant Barry ash pond. Alabama Power submitted responses on March 20, 2023, March 24, 2023, and April 3, 2023 affirming its position that it is in compliance with CCR requirements. The ultimate outcome of these matters cannot be determined at this time but could have an impact on Alabama Power's ARO estimates. See Note 6 to the financial statements in Item 8 of the Form 10-K for a discussion of Alabama Power's ARO liabilities. Georgia Power Municipal Franchise Fees In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state law claims. This case has been ruled upon and appealed numerous times over the last several years. In 2019, the Georgia PSC issued an order that found Georgia Power has appropriately implemented the municipal franchise fee schedule. In March 2021, the Superior Court of Fulton County granted class certification and Georgia Power's motion for summary judgment and the plaintiffs filed a notice of appeal. In April 2021, Georgia Power filed a notice of cross appeal on the issue of class certification. In December 2021, the Georgia Court of Appeals affirmed the Superior Court's ruling that granted summary judgment to Georgia Power and dismissed Georgia Power's cross appeal on the issue of class certification as moot. Also in December 2021, the plaintiffs filed a petition for writ of certiorari to the Georgia Supreme Court, which was denied on January 27, 2023. On February 6, 2023, the plaintiffs filed a motion for reconsideration with the Georgia Supreme Court, which was denied on February 16, 2023. This matter is now concluded. Plant Scherer In July 2020, a group of individual plaintiffs filed a complaint, which was amended in December 2022, in the Superior Court of Fulton County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer has impacted groundwater and air, resulting in alleged personal injuries and property damage. The plaintiffs seek an unspecified amount of monetary damages including punitive damages, a medical monitoring fund, and injunctive relief. Georgia Power has filed multiple motions to dismiss the complaint. In December 2022, the Superior Court of Fulton County, Georgia granted Georgia Power's motion to transfer the case to the Superior Court of Monroe County, Georgia. In October 2021 and February 2022, a total of seven additional complaints were filed in the Superior Court of Monroe County, Georgia against Georgia Power alleging that releases from Plant Scherer have impacted groundwater and air, resulting in alleged personal injuries and property damage. The plaintiffs sought an unspecified amount of monetary damages including punitive damages. In November 2021 and March 2022, Georgia Power removed these cases to the U.S. District Court for the Middle District of Georgia. In November 2022, the plaintiffs voluntarily dismissed their complaints without prejudice. Georgia Power anticipates that these plaintiffs will refile their complaints. On January 9, 2023, an additional complaint was filed in the Superior Court of Monroe County, Georgia against Georgia Power alleging that the construction and operation of Plant Scherer have impacted groundwater and air, resulting in alleged personal injuries. The plaintiff sought an unspecified amount of monetary damages, including punitive damages. On January 19, 2023, Georgia Power filed a notice to remove the case to the U.S. District Court for the Middle District of Georgia. On February 21, 2023, the plaintiff voluntarily dismissed the complaint without prejudice. Georgia Power anticipates that this plaintiff will refile the complaint. The amount of any possible losses from these matters cannot be estimated at this time. Mississippi Power In 2018, Ray C. Turnage and 10 other individual plaintiffs filed a putative class action complaint against Mississippi Power and the three then-serving members of the Mississippi PSC in the U.S. District Court for the Southern District of Mississippi, which was amended in March 2019 to include four additional plaintiffs. Mississippi Power received Mississippi PSC approval in 2013 to charge a mirror CWIP rate premised upon including in its rate base pre-construction and construction costs for the Kemper IGCC prior to placing the Kemper IGCC into service. The Mississippi Supreme Court reversed that approval and ordered Mississippi Power to refund the amounts paid by customers under the previously-approved mirror CWIP rate. The plaintiffs allege that the initial approval process, and the amount approved, were improper and make claims for gross negligence, reckless conduct, and intentional wrongdoing. They also allege that Mississippi Power underpaid customers by up to $23.5 million in the refund process by applying an incorrect interest rate. The plaintiffs seek to recover, on behalf of themselves and their putative class, actual damages, punitive damages, pre-judgment interest, post-judgment interest, attorney's fees, and costs. The district court dismissed the amended complaint; however, in March 2020, the plaintiffs filed a motion seeking to name the new members of the Mississippi PSC, the Mississippi Development Authority, and Southern Company as additional defendants and add a cause of action against all defendants based on a dormant commerce clause theory under the U.S. Constitution. In July 2020, the plaintiffs filed a motion for leave to file a third amended complaint, which included the same federal claims as the proposed second amended complaint, as well as several additional state law claims based on the allegation that Mississippi Power failed to disclose the annual percentage rate of interest applicable to refunds. In November 2020, the district court denied each of the plaintiffs' pending motions and entered final judgment in favor of Mississippi Power. In January 2021, the district court denied further motions by the plaintiffs to vacate the judgment and to file a revised second amended complaint. In February 2021, the plaintiffs filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit. In March 2022, the U.S. Court of Appeals for the Fifth Circuit issued an opinion affirming the dismissal of the claims against the Mississippi PSC defendants but reversing the dismissal of the claims against Mississippi Power. In May 2022, the U.S. Court of Appeals for the Fifth Circuit denied a petition by Mississippi Power for a rehearing en banc and remanded the case to the U.S. District Court for the Southern District of Mississippi for further proceedings. In June 2022, Mississippi Power filed with the trial court a motion to dismiss the complaint with prejudice, which was granted on March 15, 2023. On March 28, 2023, the plaintiffs filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit. An adverse outcome in this proceeding could have a material impact on Mississippi Power's financial statements.Environmental Remediation The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental remediation costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. Georgia Power's environmental remediation liability was $15 million at both March 31, 2023 and December 31, 2022. Georgia Power has been designated or identified as a potentially responsible party at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act, and assessment and potential cleanup of such sites is expected. Southern Company Gas' environmental remediation liability was $243 million and $256 million at March 31, 2023 and December 31, 2022, respectively, based on the estimated cost of environmental investigation and remediation associated with known former manufactured gas plant operating sites. The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of the applicable Registrants. Other Matters Traditional Electric Operating Companies In April 2019, Bellsouth Telecommunications d/b/a AT&T Alabama (AT&T) filed a complaint against Alabama Power with the FCC alleging that the pole rental rate AT&T is required to pay pursuant to the parties' joint use agreement is unjust and unreasonable under federal law. The complaint sought a new rate and approximately $87 million in refunds of alleged overpayments for the preceding six years. In August 2019, the FCC stayed the case in favor of arbitration, which AT&T has not pursued. The ultimate outcome of this matter cannot be determined at this time, but an adverse outcome could have a material impact on the financial statements of Southern Company and Alabama Power. Georgia Power and Mississippi Power have joint use agreements with other AT&T affiliates. Mississippi PowerIn August 2022, the Mississippi Department of Revenue (Mississippi DOR) completed an audit of sales and use taxes paid by Mississippi Power from 2016 to 2019 and entered a final assessment, indicating a total amount due of $28 million, including associated penalties and interest. Additional interest of approximately $1 million was estimated through March 31, 2023. Mississippi Power does not agree with the audit findings and, in October 2022, filed an administrative appeal with the Mississippi DOR. See Note 3 to the financial statements in Item 8 of the Form 10-K under "Other Matters – Mississippi Power – Department of Revenue Audit" for information regarding a Mississippi PSC accounting order related to the tax audit proceeding. The ultimate outcome of this matter cannot be determined at this time
|
Revenue from Contracts with Customers and Lease Income |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers and Lease Income | REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME Revenue from Contracts with Customers The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. See Note 1 to the financial statements under "Revenues" in Item 8 of the Form 10-K for additional information on the revenue policies of the Registrants. See "Lease Income" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2023 and 2022:
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. 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, 2023 and December 31, 2022:
Contract assets for Georgia Power primarily relate to retail customer fixed bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over a one-year contract term, and unregulated service agreements, where payment is contingent on project completion. Contract liabilities for Georgia Power primarily relate to cash collections recognized in advance of revenue for unregulated service agreements. At March 31, 2023, Southern Company Gas' contract assets relate to work performed on an energy efficiency enhancement and upgrade contract with the U.S. General Services Administration. Southern Company Gas receives cash advances from a third-party financial institution to fund work performed, of which approximately $30 million had been received at March 31, 2023. These advances have been accounted for as long-term debt on the balance sheets. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information regarding the construction contract. At March 31, 2023 and December 31, 2022, Southern Company's unregulated distributed generation business had contract assets of $64 million and $65 million, respectively, and contract liabilities of $44 million and $32 million, respectively, for outstanding performance obligations. Revenues recognized in the three months ended March 31, 2023, which were included in contract liabilities at December 31, 2022, were $19 million for Southern Company and immaterial for the other Registrants. Remaining Performance Obligations The Subsidiary Registrants may enter into long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For Alabama Power, Georgia Power, and Southern Power, these contracts primarily relate to PPAs whereby electricity and generation capacity are provided to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. For Southern Company Gas, these contracts primarily relate to the U.S. General Services Administration contract described above. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at March 31, 2023 are expected to be recognized as follows:
Lease Income Lease income for the three months ended March 31, 2023 and 2022 is as follows:
Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income for Alabama Power and Southern Power is included in wholesale revenues.
|
Consolidated Entities and Equity Method Investments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Entities and Equity Method Investments | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTSSee Note 7 to the financial statements in Item 8 of the Form 10-K for additional information. Southern 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, 2023 and December 31, 2022, SP Solar had total assets of $5.8 billion and $5.9 billion, respectively, total liabilities of $0.4 billion, and noncontrolling interests of $1.0 billion and $1.1 billion, respectively. 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, 2023 and December 31, 2022, SP Wind had total assets of $2.2 billion, total liabilities of $172 million and $169 million, respectively, and noncontrolling interests of $39 million. Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. Other Variable Interest Entities Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights. At March 31, 2023 and December 31, 2022, the other VIEs had total assets of $1.8 billion, total liabilities of $0.2 billion, and noncontrolling interests of $0.8 billion. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent. Equity Method Investments At December 31, 2022, Southern Power had equity method investments in wind and battery energy storage projects totaling $49 million. During the first quarter 2023, Southern Power sold its remaining equity method investments in the projects and received proceeds of $50 million. Earnings (loss) from these investments, including the gains associated with the sales, were immaterial for the three months ended March 31, 2023 and 2022. Southern Company Gas Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments at March 31, 2023 and December 31, 2022 and related earnings from those investments for the three months ended March 31, 2023 and 2022 were as follows:
|
Financing and Leases |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing and Leases | FINANCING AND LEASES Bank Credit Arrangements See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. At March 31, 2023, committed credit arrangements with banks were as follows:
(a)Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2025 and 2026, respectively, of which $9 million and $16 million, respectively, was unused at March 31, 2023. In March 2023, Southern Power amended the $100 million letter of credit facility, which, among other things, extended the expiration date from 2025 to 2026 and increased the amount from $75 million. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2026. Southern Company Gas' committed credit arrangement expiring in 2026 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $250 million credit arrangement expiring in 2023. Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder. These bank credit arrangements, as well as the term loan arrangements of the Registrants, Nicor Gas, and SEGCO, contain covenants that limit debt levels and contain cross-acceleration or, in the case of Southern Power, cross-default provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. Such cross-default provisions to other indebtedness would trigger an event of default if Southern Power defaulted on indebtedness or guarantee obligations over a specified threshold. Such cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At March 31, 2023, the Registrants, Nicor Gas, and SEGCO were in compliance with all such covenants. None of the bank credit arrangements contain material adverse change clauses at the time of borrowings. A portion of the unused credit with banks is allocated to provide liquidity support to 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, 2023 was approximately $1.7 billion (comprised of approximately $789 million at Alabama Power, $819 million at Georgia Power, and $69 million at Mississippi Power). In addition, at March 31, 2023, Alabama Power and Georgia Power had approximately $120 million and $285 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Convertible Senior Notes In February 2023, Southern Company issued $1.5 billion aggregate principal amount of Series 2023A 3.875% Convertible Senior Notes due December 15, 2025 (Series 2023A Convertible Senior Notes). In March 2023, Southern Company issued an additional $225 million aggregate principal amount of the Series 2023A Convertible Senior Notes upon the exercise by the initial purchasers of their over-allotment option. Interest on the Series 2023A Convertible Senior Notes is payable semiannually, beginning June 15, 2023. The Series 2023A Convertible Senior Notes will mature on December 15, 2025, unless earlier converted or repurchased, but are not redeemable at the option of Southern Company. The Series 2023A Convertible Senior Notes are direct, unsecured, and unsubordinated obligations of Southern Company, ranking equally with all of Southern Company's other unsecured and unsubordinated indebtedness from time to time outstanding, and are effectively subordinated to all secured indebtedness of Southern Company. Holders may convert their Series 2023A Convertible Senior Notes at their option prior to the close of business on the business day preceding September 15, 2025, but only under the following circumstances: •during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Southern Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by Southern Company; •during the five business day period after any 10 consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of Series 2023A Convertible Senior Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or •upon the occurrence of certain corporate events specified in the indenture governing the Series 2023A Convertible Senior Notes. On or after September 15, 2025, a holder may convert all or any portion of its Series 2023A Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. Southern Company will settle conversions of the Series 2023A Convertible Senior Notes by paying cash up to the aggregate principal amount of the Series 2023A Convertible Senior Notes to be converted and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Series 2023A Convertible Senior Notes being converted. The Series 2023A Convertible Senior Notes are initially convertible at a rate of 11.8818 shares of common stock per $1,000 principal amount converted, which is approximately equal to $84.16 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Series 2023A Convertible Senior Notes), Southern Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change. Upon the occurrence of a fundamental change (as defined in the indenture governing the Series 2023A Convertible Senior Notes), holders of the Series 2023A Convertible Senior Notes may require Southern Company to purchase all or a portion of their Series 2023A Convertible Senior Notes, in principal amounts equal to $1,000 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the Series 2023A Convertible Senior Notes to be purchased plus any accrued and unpaid interest. Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share (EPS) is attributable to awards outstanding under stock-based compensation plans and the Series 2023A Convertible Senior Notes. EPS dilution resulting from stock-based compensation plans is determined using the treasury stock method and EPS dilution resulting from the Series 2023A Convertible Senior Notes is determined using the net share settlement method. See Note 12 to the financial statements in Item 8 of the Form 10-K and "Convertible Senior Notes" herein for additional information. Shares used to compute diluted EPS were as follows:
For the three months ended March 31, 2023, there were no anti-dilutive shares. For the three months ended March 31, 2022, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive. For both periods presented, there was no dilution resulting from the Series 2023A Convertible Senior Notes. Southern Company Leveraged Lease See Note 9 to the financial statements in Item 8 of the Form 10-K for information on a leveraged lease agreement related to energy generation. In June 2022, the Southern Holdings subsidiary operating the generating plant for the lessee provided notice to the lessee to terminate the related operating and maintenance agreement effective June 30, 2023. Subsequently, the lessee failed to make the semi-annual lease payment due in December 2022. As a result, the Southern Holdings subsidiary was unable to make its corresponding payment to the holders of the underlying non-recourse debt related to the generation assets. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time, but is not expected to have a material impact on Southern Company's financial statements. Southern Company will continue to monitor the operational performance of the underlying assets and evaluate the ability of the lessee to continue to make the required lease payments and meet its obligations associated with a future closure or retirement of the generation assets and associated properties, including the dry ash landfill.
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Current and Deferred Income Taxes Tax Credit and Net Operating Loss Carryforwards The utilization of each Registrant's estimated tax credit and state net operating loss carryforwards and related valuation allowances could be impacted by numerous factors, including the acquisition of additional renewable projects, the purchase of rights to additional PTCs of Plant Vogtle Units 3 and 4 pursuant to certain joint ownership agreements, an increase in Georgia Power's ownership interest in Plant Vogtle Units 3 and 4, changes in taxable income projections, and potential income tax rate changes. See Note (B) and Note 2 to the financial statements in Item 8 of the Form 10-K under "Georgia Power – Nuclear Construction" for additional information on Plant Vogtle Units 3 and 4. Effective Tax Rate Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs primarily at Southern Power. Details of significant changes in the effective tax rate for the applicable Registrants are provided herein. Southern Company Southern Company's effective tax rate was 10.8% for the three months ended March 31, 2023 compared to 14.9% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an increase in the flowback of certain excess deferred income taxes at Alabama Power in 2023, partially offset by the flowback of certain excess deferred income taxes ending in 2022 at Georgia Power. Alabama Power Alabama Power's effective tax benefit rate was (0.8)% for the three months ended March 31, 2023 compared to an effective tax rate of 23.3% for the corresponding period in 2022. The effective tax rate decrease was primarily due to an increase in the flowback of certain excess deferred income taxes in 2023. See Note 2 to the financial statements under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" in Item 8 of the Form 10-K for additional information. Georgia Power Georgia Power's effective tax rate was 15.1% for the three months ended March 31, 2023 compared to 7.3% for the corresponding period in 2022. The effective tax rate increase was primarily due to the flowback of certain excess deferred income taxes ending in 2022. Southern Power Southern Power's effective tax benefit rate was (20.7)% for the three months ended March 31, 2023 compared to (80.0)% for the corresponding period in 2022. The effective tax rate increase was primarily due to higher pre-tax earnings and the impacts of noncontrolling interests.
|
Retirement Benefits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits | RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2023. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three months ended March 31, 2023 and 2022 are presented in the following tables.
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS At March 31, 2023, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
(a)Excludes cash collateral of $60 million. (b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. At March 31, 2023, approximately $37 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, 2023 and 2022. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively.
Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby it is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligations are categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. Southern Power also has payment obligations through 2040 whereby it must reimburse the transmission owners for interconnection facilities and network upgrades constructed to support connection of a Southern Power generating facility to the transmission system. The obligations are categorized as Level 2 under Fair Value Measurements as the fair value is determined using observable inputs for the contracted amounts and reimbursement period, as well as a discount rate. The fair value of the obligations reflects the net present value of expected payments. "Other investments" primarily includes investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds. At March 31, 2023, the fair value measurements of private market investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $169 million and unfunded commitments related to the private market investments totaled $75 million. Private market investments include high-quality private equity funds across several market sectors, funds that invest in real estate assets, and a private credit fund. Private market funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. At March 31, 2023, other financial instruments for which the carrying amount did not equal fair value were as follows:
(*)The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043. The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Registrants.
|
Derivatives |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | DERIVATIVES The Registrants are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The Subsidiary Registrants enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: •Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through an approved cost recovery mechanism. •Cash Flow Hedges – Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. •Not Designated – Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. At March 31, 2023, the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows:
(*)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 113.6 million mmBtu and short natural gas positions of 6.6 million mmBtu at March 31, 2023, which is also included in Southern Company's total volume. In addition to the volumes discussed above, the traditional electric operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess natural gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 22 million mmBtu for Southern Company, which includes 6 million mmBtu for Alabama Power, 8 million mmBtu for Georgia Power, 3 million mmBtu for Mississippi Power, and 5 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, 2024 are $(42) million for Southern Company, $(12) million for Southern Power, $(30) million for Southern Company Gas, and immaterial for the other Registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. At March 31, 2023, the following interest rate derivatives were outstanding:
For cash flow hedges of interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending March 31, 2024 are $(15) million for Southern Company and immaterial for the other Registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2052 for Southern Company, Alabama Power, and Georgia Power, 2028 for Mississippi Power, and 2046 for Southern Company Gas. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI. At March 31, 2023, the following foreign currency derivatives were outstanding:
For cash flow hedges of foreign currency derivatives, the estimated pre-tax losses expected to be reclassified from accumulated OCI to earnings for the 12-month period ending March 31, 2024 are $11 million for Southern Power. Derivative Financial Statement Presentation and Amounts The Registrants enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows:
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $60 million and $41 million at March 31, 2023 and December 31, 2022, respectively. (b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. (c)Energy-related derivatives not designated as hedging instruments were immaterial for Alabama Power and Mississippi Power for both periods presented. At March 31, 2023 and December 31, 2022, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
For the three months ended March 31, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows:
(*)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI. For the three months ended March 31, 2023, the pre-tax effects of energy-related derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for Alabama Power and Mississippi Power. There were no such instruments for Alabama Power and Mississippi Power at March 31, 2022. For the three months ended March 31, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows:
(a)Reclassified from accumulated OCI into earnings. (b)For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c)The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes. The pre-tax effects of cash flow and fair value hedge accounting on income for energy-related derivatives and interest rate derivatives were immaterial for the traditional electric operating companies for both periods presented. At March 31, 2023 and December 31, 2022, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
For the three months ended March 31, 2023 and 2022, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows:
(*)Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for both periods presented. For the three months ended March 31, 2023 and 2022, the pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for the other Registrants. Contingent Features The Registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. At March 31, 2023, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For Southern Company and Southern Power, the fair value of interest rate derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were $73 million and $23 million, respectively, at March 31, 2023. For the traditional electric operating companies and Southern Power, energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial at March 31, 2023. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions and they may be required to post collateral based on the value of the positions in these accounts and the associated margin requirements. At March 31, 2023, cash collateral posted in these accounts was $15 million for Southern Power and immaterial for Alabama Power. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At March 31, 2023, cash collateral held on deposit in broker margin accounts was $60 million. The Registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The Registrants only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's and S&P or with counterparties who have posted collateral to cover potential credit exposure. The Registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk. Southern Company Gas uses established credit policies to determine and monitor the creditworthiness of counterparties, including requirements to post collateral or other credit security, as well as the quality of pledged collateral. Collateral or credit security is most often in the form of cash or letters of credit from an investment-grade financial institution, but may also include cash or U.S. government securities held by a trustee. Prior to entering a physical transaction, Southern Company Gas assigns its counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. Southern Company Gas utilizes netting agreements whenever possible to mitigate exposure to counterparty credit risk. Netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty across product lines and against cash collateral, provided the netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, counterparties are settled net, they are recorded on a gross basis on the balance sheet as energy marketing receivables and energy marketing payables. The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance.
|
Segment and Related Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information | SEGMENT AND RELATED INFORMATION Southern Company The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy and battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments and gas marketing services. Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. Revenues from sales by Southern Power to the traditional electric operating companies were $135 million and $105 million for the three months ended March 31, 2023 and 2022, respectively. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies and Southern Power were immaterial for both periods presented. The "All Other" column includes the Southern Company parent entity, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include providing distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications and, for the three months ended March 31, 2022, 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, 2023 and 2022 was as follows:
(a)Attributable to Southern Company. (b)For Southern Power, includes a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts. Products and Services
Southern Company Gas Southern Company Gas manages its business through three reportable segments – gas distribution operations, gas pipeline investments, and gas marketing services. The non-reportable segments are combined and presented as all other. Gas distribution operations is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states. Gas pipeline investments consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information. Gas marketing services provides natural gas marketing to end-use customers primarily in Georgia and Illinois through SouthStar. The all other column includes segments and subsidiaries that fall below the quantitative threshold for separate disclosure, including storage and fuels operations. The all other column included a natural gas storage facility in Texas through its sale in November 2022. See Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information, including the sale of a natural gas storage facility in California expected to be completed later in 2023. Business segment financial data for the three months ended March 31, 2023 and 2022 was as follows:
|
Introduction (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets at December 31, 2022 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2023 and 2022. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy and other factors, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. |
Reclassifications | Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant. |
Goodwill | Goodwill is not amortized, but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if impairment indicators arise. |
Natural Gas for Sale | Natural Gas for Sale With the exception of Nicor Gas, Southern Company Gas records natural gas inventories on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year-end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year-end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated.
|
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby it is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligations are categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial.
|
Derivatives | The Registrants are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The Subsidiary Registrants enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: •Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through an approved cost recovery mechanism. •Cash Flow Hedges – Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions. •Not Designated – Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered.Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI. Derivative Financial Statement Presentation and Amounts The Registrants enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties.
|
Introduction (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill at March 31, 2023 and December 31, 2022 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows:
(*) All subject to amortization.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows:
(*) All subject to amortization.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Other Intangible Assets | Amortization associated with other intangible assets was as follows:
(a)Includes $5 million recorded as a reduction to operating revenues for both periods presented. (b)Recorded as a reduction to operating revenues.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
(a)For Georgia Power, reflects $116 million at both March 31, 2023 and December 31, 2022 related to proceeds from the issuance of solid waste disposal facility revenue bonds in 2022 and $44 million at March 31, 2023 related to funds from a Georgia Housing and Finance Authority (GHFA) rental assistance program used to offset qualifying customers' past due balances, which expired on March 31, 2023 and will be returned to the GHFA. For Southern Power, reflects $3 million at both March 31, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b)Total may not add due to rounding.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
(a)For Georgia Power, reflects $116 million at both March 31, 2023 and December 31, 2022 related to proceeds from the issuance of solid waste disposal facility revenue bonds in 2022 and $44 million at March 31, 2023 related to funds from a Georgia Housing and Finance Authority (GHFA) rental assistance program used to offset qualifying customers' past due balances, which expired on March 31, 2023 and will be returned to the GHFA. For Southern Power, reflects $3 million at both March 31, 2023 and December 31, 2022 held to fund estimated construction completion costs at the Deuel Harvest wind facility. For Southern Company Gas, reflects collateral for workers' compensation, life insurance, and long-term disability insurance. (b)Total may not add due to rounding.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Storm Damage Reserve Activity | Storm damage reserve activity for the traditional electric operating companies during the three months ended March 31, 2023 was as follows:
|
Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cost Recovery Clauses | The recovery balances for certain retail regulatory clauses of the traditional electric operating companies and Southern Company Gas at March 31, 2023 and December 31, 2022 were as follows:
(*)See "Georgia Power – Fuel Cost Recovery" herein for additional information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear Construction Cost and Schedule | Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4, including contingency, through the end of the second quarter 2023 and the first quarter 2024, respectively, is as follows:
(a)Includes approximately $610 million of costs that are not shared with the other Vogtle Owners, including $33 million of construction monitoring costs approved for recovery by the Georgia PSC in its nineteenth VCM order, and approximately $407 million of incremental costs under the cost-sharing and tender provisions of the joint ownership agreements described below. Excludes financing costs expected to be capitalized through AFUDC of approximately $418 million, of which $334 million had been accrued through March 31, 2023. (b)Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Infrastructure Replacement Programs and Capital Projects | Capital expenditures incurred under specific infrastructure replacement programs and capital projects during the first three months of 2023 were as follows:
|
Revenue from Contracts with Customers and Lease Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2023 and 2022:
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at March 31, 2023 and December 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Remaining Performance Obligations | Revenues from contracts with customers related to these performance obligations remaining at March 31, 2023 are expected to be recognized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Income | Lease income for the three months ended March 31, 2023 and 2022 is as follows:
|
Consolidated Entities and Equity Method Investments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The carrying amounts of Southern Company Gas' equity method investments at March 31, 2023 and December 31, 2022 and related earnings from those investments for the three months ended March 31, 2023 and 2022 were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings (Loss) from Equity Method Investments |
|
Financing and Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Credit Arrangements | At March 31, 2023, committed credit arrangements with banks were as follows:
(a)Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2025 and 2026, respectively, of which $9 million and $16 million, respectively, was unused at March 31, 2023. In March 2023, Southern Power amended the $100 million letter of credit facility, which, among other things, extended the expiration date from 2025 to 2026 and increased the amount from $75 million. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities. (b)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2026. Southern Company Gas' committed credit arrangement expiring in 2026 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $250 million credit arrangement expiring in 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted EPS were as follows:
|
Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2023 and 2022 are presented in the following tables.
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value | At March 31, 2023, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
(a)Excludes cash collateral of $60 million. (b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. (c)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. At March 31, 2023, approximately $37 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, 2023 and 2022. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments for which Carrying Amount Did Not Equal Fair Value | At March 31, 2023, other financial instruments for which the carrying amount did not equal fair value were as follows:
(*)The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043.
|
Derivatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Energy-Related Derivatives | At March 31, 2023, the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows:
(*)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 113.6 million mmBtu and short natural gas positions of 6.6 million mmBtu at March 31, 2023, which is also included in Southern Company's total volume.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | At March 31, 2023, the following interest rate derivatives were outstanding:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Currency Derivatives | At March 31, 2023, the following foreign currency derivatives were outstanding:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Category and Balance Sheet Location | The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows:
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $60 million and $41 million at March 31, 2023 and December 31, 2022, respectively. (b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives for both periods presented. (c)Energy-related derivatives not designated as hedging instruments were immaterial for Alabama Power and Mississippi Power for both periods presented.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pre-tax Effects of Unrealized Derivative Gains (Losses) | At March 31, 2023 and December 31, 2022, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pre-Tax Effects of Hedging on AOCI | For the three months ended March 31, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows:
(*)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pre-Tax Effects of Cash Flow and Fair Value Hedging on Income | For the three months ended March 31, 2023 and 2022, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows:
(a)Reclassified from accumulated OCI into earnings. (b)For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income. (c)The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | At March 31, 2023 and December 31, 2022, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income | For the three months ended March 31, 2023 and 2022, the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows:
(*)Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for both periods presented.
|
Segment and Related Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data for Business Segments | Financial data for business segments and products and services for the three months ended March 31, 2023 and 2022 was as follows:
(a)Attributable to Southern Company. (b)For Southern Power, includes a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts. Business segment financial data for the three months ended March 31, 2023 and 2022 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data for Products and Services |
|
Introduction - Schedule of Goodwill (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 5,161 | $ 5,161 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,015 | 5,015 |
SOUTHERN Co GAS | Gas distribution operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,034 | 4,034 |
SOUTHERN Co GAS | Gas marketing services | ||
Goodwill [Line Items] | ||
Goodwill | $ 981 | $ 981 |
Introduction - Schedule of Amortization of Other Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 10 | $ 10 |
Decrease in operating revenues | 5 | 5 |
SOUTHERN POWER CO | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 5 | 5 |
SOUTHERN Co GAS | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 3 | $ 3 |
Introduction - Asset Retirement Obligations (Details) $ in Millions |
Mar. 06, 2023
USD ($)
|
---|---|
Plant Vogtle Unit 3 | |
Schedule of Asset Retirement Obligation [Line Items] | |
Asset retirement obligations | $ 90 |
Regulatory Matters - APC Certificate of Convenience and Necessity (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2020 |
---|---|---|---|
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | $ 11,510 | $ 10,896 | |
Plant in service, net of depreciation | 82,700 | 82,232 | |
ALABAMA POWER CO | |||
Public Utilities, General Disclosures [Line Items] | |||
Construction work in progress | 1,510 | 1,526 | |
Plant in service, net of depreciation | 23,139 | $ 23,002 | |
ALABAMA POWER CO | Plant Barry Unit 8 | |||
Public Utilities, General Disclosures [Line Items] | |||
Estimated in-service cost | $ 652 | ||
Construction work in progress | 541 | ||
Construction in progress, work in progress amount | 536 | ||
Plant in service, net of depreciation | $ 5 |
Regulatory Matters - APC Rate CNP New Plant (Details) $ in Millions |
Mar. 24, 2023
USD ($)
|
---|---|
ALABAMA POWER CO | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase (decrease) amount | $ 78 |
Regulatory Matters - APC Renewable Generation Certificate (Details) |
Apr. 04, 2023
claim
MW
|
Mar. 31, 2023
MW
|
---|---|---|
Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Renewable generation certificate, number of new solar power purchase agreements | claim | 2 | |
ALABAMA POWER CO | ||
Public Utilities, General Disclosures [Line Items] | ||
Renewable generation certificate, authorized generating capacity (in MWs) | 500 | |
ALABAMA POWER CO | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Renewable generation certificate, additional generating capacity procured (in MWs) | 160 | |
Renewable generation certificate, generating capacity (in MWs) | 490 |
Regulatory Matters - GPC Fuel Cost Recovery (Details) $ in Billions |
Feb. 28, 2023
USD ($)
|
---|---|
Public Utilities, General Disclosures [Line Items] | |
Under recovered fuel balance to be recovered | $ 2.2 |
GEORGIA POWER CO | |
Public Utilities, General Disclosures [Line Items] | |
Under recovered fuel balance to be recovered, period of recovery | 3 years |
Requested revenues increase (decrease) percentage | 54.00% |
Requested rate increase (decrease) amount | $ 1.1 |
Regulatory Matters - GPC Integrated Resource Plan (Details) $ in Millions |
1 Months Ended |
---|---|
Aug. 31, 2022
USD ($)
| |
GEORGIA POWER CO | Plant Tugalo | |
Public Utilities, General Disclosures [Line Items] | |
Planned expenses to modernize plant | $ 115 |
Regulatory Matters - GPC Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Loss Contingencies [Line Items] | ||
Pre-tax charge to income | $ 407 | |
Plant Vogtle Units 3 And 4 | ||
Loss Contingencies [Line Items] | ||
Base project capital cost forecast | $ 10,553 | |
Construction contingency estimate | 40 | |
Total project capital cost forecast | 10,593 | |
Net investment as of end of the period | (9,747) | |
Remaining estimate to complete | 846 | |
Estimated cost to complete, costs not shared with other owners | 610 | |
Estimated cost to complete, construction monitoring costs approved for recovery | 33 | |
Expected capitalized costs | 418 | |
Capitalized interest accrued | 334 | |
Plant Vogtle Units 3 And 4 | Twenty Fifth Vogtle Construction Monitoring Report | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations | 1,700 | |
Customer refund | $ 188 |
Regulatory Matters - MPC (Details) - USD ($) $ in Millions |
Apr. 04, 2023 |
Apr. 03, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Minimum annual accrual, amount | $ 8 | ||
MISSISSIPPI POWER CO | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Approved rate increase (decrease) | $ 12 | ||
MISSISSIPPI POWER CO | Ad Valorem Tax Adjustment | |||
Loss Contingencies [Line Items] | |||
Requested rate increase (decrease) amount | $ 7 | ||
MISSISSIPPI POWER CO | ECO Plan | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Approved rate increase (decrease) | $ 3 |
Regulatory Matters - GAS Schedule of Infrastructure Replacement Programs and Capital Projects (Details) - SOUTHERN Co GAS $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 115 |
Investing in Illinois | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 62 |
SAVE | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 20 |
System Reinforcement Rider | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | 32 |
Pipeline Replacement Program | |
Public Utilities, General Disclosures [Line Items] | |
Capital expenditures | $ 1 |
Contingencies - General Litigation Matters (Details) - Pending Litigation $ in Millions |
1 Months Ended | 5 Months Ended | 6 Months Ended |
---|---|---|---|
Mar. 31, 2019
plaintiff
|
Feb. 28, 2022
claim
|
Jun. 30, 2019
USD ($)
defendant
plaintiff
|
|
GEORGIA POWER CO | Class Action Lawsuit | |||
Loss Contingencies [Line Items] | |||
Complaints filed | claim | 7 | ||
MISSISSIPPI POWER CO | Purported Violations of Mississippi Consumer Protection Act | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | 10 | ||
Number of defendants | defendant | 3 | ||
Number of additional plaintiffs | 4 | ||
Underpayment of refunds | $ | $ 23.5 |
Contingencies - Environmental Remediation (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
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 | $ 243 | $ 256 |
Contingencies - Other Matters (Details) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Aug. 31, 2022 |
Apr. 30, 2019 |
|
Loss Contingencies [Line Items] | ||
Estimated additional interest expense | $ 1 | |
ALABAMA POWER CO | AT&T | ||
Loss Contingencies [Line Items] | ||
Potential refund amount owed | $ 87 | |
Refund payment period | 6 years | |
MISSISSIPPI POWER CO | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss | $ 28 |
Revenue from Contracts with Customers and Lease Income - Schedule of Contract Balances (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | $ 2,433 | $ 3,123 |
Contract Assets | 160 | 156 |
Contract Liabilities | 61 | 45 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 622 | 696 |
Contract Assets | 3 | 2 |
Contract Liabilities | 2 | 4 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 672 | 922 |
Contract Assets | 74 | 89 |
Contract Liabilities | 14 | 9 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 79 | 92 |
Contract Assets | 0 | 0 |
Contract Liabilities | 1 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 119 | 237 |
Contract Assets | 0 | 0 |
Contract Liabilities | 1 | 1 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable | 853 | 1,107 |
Contract Assets | 19 | 0 |
Contract Liabilities | $ 0 | $ 0 |
Revenue from Contracts with Customers and Lease Income - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | $ 61 | $ 45 |
Contract assets | 160 | 156 |
Revenue from contracts with customers recognized | 19 | |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | 14 | 9 |
Contract assets | 74 | 89 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | 0 | 0 |
Contract assets | $ 19 | 0 |
Retail Customer Fixed Bill Programs | GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 1 year | |
Energy Efficiency Enhancement And Upgrade | SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | $ 30 | |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | 44 | 32 |
Contract assets | $ 64 | $ 65 |
Consolidated Entities and Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,408 | $ 1,443 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,282 | 1,276 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,249 | 1,243 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 33 | $ 33 |
Consolidated Entities and Equity Method Investments - Schedule of Earnings (Loss) from Equity Method Investments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 48 | $ 46 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 45 | 40 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 44 | 39 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 1 | $ 1 |
Financing and Leases - Convertible Senior Notes (Details) - Series 2023A Convertible Senior Notes Due 2025 - Convertible Debt $ / shares in Units, $ in Millions |
1 Months Ended | ||
---|---|---|---|
Feb. 28, 2023
USD ($)
$ / shares
|
Feb. 28, 2023
USD ($)
d
$ / shares
|
Mar. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ | $ 1,500 | $ 1,500 | $ 225 |
Interest rate | 3.875% | 3.875% | |
Conversion ratio | 0.0118818 | ||
Conversion price (in dollars per share) | $ / shares | $ 84.16 | $ 84.16 | |
Redemption price | 100.00% | ||
Debt Conversion Terms One | |||
Debt Instrument [Line Items] | |||
Trading day threshold | 20 | ||
Consecutive trading day threshold | 30 | ||
Stock price trigger threshold, percentage | 130.00% | ||
Debt Conversion Terms Two | |||
Debt Instrument [Line Items] | |||
Trading day threshold | 5 | ||
Consecutive trading day threshold | 10 | ||
Stock price trigger threshold, percentage | 98.00% |
Financing and Leases - Schedule of Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Debt Disclosure [Abstract] | ||
As reported shares (in shares) | 1,091,000 | 1,063,000 |
Effect of stock-based compensation (in shares) | 7,000 | 6,000 |
Diluted (in shares) | 1,098,000 | 1,069,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Income Taxes - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 10.80% | 14.90% |
ALABAMA POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | (0.80%) | 23.30% |
GEORGIA POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 15.10% | 7.30% |
SOUTHERN POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | (20.70%) | (80.00%) |
Fair Value Measurements - Schedule of Increase (Decrease) In Fair Value Of Funds (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ 102 | $ (150) |
ALABAMA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | 45 | (67) |
GEORGIA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ 57 | $ (83) |
Fair Value Measurements - Narrative (Details) - ALABAMA POWER CO - Private equity $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 169 |
Unfunded commitments | $ 75 |
Fair Value Measurements - Schedule of Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Long-term debt, including securities due within one year: | |
Carrying amount | $ 56,100.0 |
Fair value | 51,600.0 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 10,600.0 |
Fair value | 9,500.0 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 14,900.0 |
Fair value | 13,700.0 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1,500.0 |
Fair value | 1,300.0 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 3,000.0 |
Fair value | 2,900.0 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 7,500.0 |
Fair value | $ 6,700.0 |
Derivatives - Schedule of Foreign Currency Derivatives (Details) - 3 months ended Mar. 31, 2023 - Foreign currency derivatives € in Millions, $ in Millions |
USD ($) |
EUR (€) |
---|---|---|
Derivative [Line Items] | ||
Pay Notional | $ 2,040 | |
Receive Notional | € | € 1,750 | |
Fair Value Gain (Loss) | (218) | |
Cash Flow Hedges of Forecasted Debt | SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) | $ (47) | |
Fair Value Hedges of Existing Debt | Southern Company parent | ||
Derivative [Line Items] | ||
Pay Notional | $ 1,476 | |
Pay Rate | 3.39% | |
Receive Notional | € | € 1,250 | |
Receive Rate | 1.88% | |
Fair Value Gain (Loss) | $ (171) |
Derivatives - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging - Long-term debt - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (3,007) | $ (2,927) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 228 | 282 |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (428) | (415) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ 69 | $ 81 |
Derivatives - Schedule of Pre-tax Effect of Interest Rate and Energy Related Derivatives on Income (Details) - Energy-related derivatives not designated as hedging instruments - Energy-related derivatives - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 13 | $ 23 |
Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 2 |
Cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 13 | $ 21 |
Segment and Related Information - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
state
segment
|
Mar. 31, 2022
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 3 | |
Operating revenues | $ 6,241 | $ 6,258 |
SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 405 | 413 |
SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 4 | |
Operating revenues | $ 1,829 | 2,043 |
Number of reportable segments | segment | 3 | |
SOUTHERN Co GAS | Southern Natural Gas Company, LLC | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
SOUTHERN Co GAS | Dalton Pipeline | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
Traditional Electric Operating Companies | Wholesale revenues, affiliates | SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 135 | $ 105 |
[,LN5-JP_I:TW$W:PZ18ZU6QV:15L[-.\P?/
M#+VJKMIIK5"S(3