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SEGMENT AND RELATED INFORMATION (Tables)
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Financial data for business segments
Financial data for business segments and products and services for the years ended December 31, 2023, 2022, and 2021 was as follows:
Electric Utilities
Traditional
Electric
Operating
Companies
Southern
Power
EliminationsTotalSouthern Company GasAll
Other
EliminationsConsolidated
(in millions)
2023
Operating revenues$18,358 $2,189 $(549)$19,998 $4,702 $718 $(165)$25,253 
Depreciation and amortization3,361 504  3,865 582 78  4,525 
Interest income69 7  76 9 26 (26)85 
Earnings from equity method investments(1)  (1)140 5  144 
Interest expense1,145 129  1,274 310 879 (17)2,446 
Income taxes (benefit)571 12  583 211 (298) 496 
Segment net income (loss)(a)(b)(c)(d)
3,637 357  3,994 615 (635)2 3,976 
Goodwill 2  2 5,015 144  5,161 
Total assets100,429 12,761 (545)112,645 25,083 2,446 (843)139,331 
2022
Operating revenues$20,408 $3,369 $(904)$22,873 $5,962 $593 $(149)$29,279 
Depreciation and amortization2,513 516 — 3,029 559 75 — 3,663 
Interest income44 — 47 16 (7)59 
Earnings from equity method investments— — — — 148 — 151 
Interest expense929 138 — 1,067 263 694 (2)2,022 
Income taxes (benefit)828 20 — 848 180 (233)— 795 
Segment net income (loss)(a)(b)(e)(f)
3,318 354 — 3,672 572 (711)(9)3,524 
Goodwill— — 5,015 144 — 5,161 
Total assets95,861 13,081 (659)108,283 24,621 2,665 (678)134,891 
2021
Operating revenues$16,614 $2,216 $(530)$18,300 $4,380 $582 $(149)$23,113 
Depreciation and amortization2,436 517 — 2,953 536 76 — 3,565 
Interest income20 — 21 — (3)22 
Earnings from equity method investments— — 50 24 76 
Interest expense821 147 — 968 238 631 — 1,837 
Income taxes (benefit)232 (13)— 219 275 (227)— 267 
Segment net income (loss)(a)(b)(g)(h)(i)
1,981 266 — 2,247 539 (384)(9)2,393 
Goodwill— — 5,015 263 — 5,280 
Total assets89,051 13,390 (667)101,774 23,560 2,975 (775)127,534 
(a)Attributable to Southern Company.
(b)For the traditional electric operating companies, includes pre-tax charges (credits) to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $(68) million ($(50) million after tax) in 2023, $183 million ($137 million after tax) in 2022, and $1.7 billion ($1.3 billion after tax) in 2021. See Note 2 under "Georgia Power – Nuclear Construction" for additional information.
(c)For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) related to an arbitration award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts. See Note 3 under "General Litigation Matters – Southern Power" for additional information.
(d)For Southern Company Gas, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information.
(e)For Southern Company Gas, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information.
(f)For the "All Other" column, includes a $119 million goodwill impairment loss (pre-tax and after tax) at PowerSecure. See Note 1 under "Goodwill and Other Intangible Assets" for additional information.
(g)For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes 7 and 15 under "Southern Power" for additional information.
(h)For Southern Company Gas, includes a pre-tax gain of $121 million ($92 million after tax) related to its sale of Sequent, as well as the resulting $85 million of additional tax expense due to changes in state apportionment rates, and pre-tax impairment charges totaling $84 million ($67 million after tax) related to its equity method investment in the PennEast Pipeline project. See Notes 7 and 15 under "Southern Company Gas" for additional information.
(i)For the "All Other" column, includes a pre-tax gain of $93 million ($99 million gain after tax) associated with the termination of two leveraged leases projects. See Note 15 under "Southern Company" for additional information.
Financial data for business segments for the years ended December 31, 2023, 2022, and 2021 was as follows:
Gas Distribution OperationsGas Pipeline Investments
Wholesale Gas Services(a)
Gas Marketing ServicesTotalAll OtherEliminationsConsolidated
(in millions)
2023
Operating revenues$4,105 $32 $ $548 $4,685 $36 $(19)$4,702 
Depreciation and amortization561 5  15 581 1  582 
Operating income (loss)804 22  130 956 (4)(13)939 
Earnings from equity method investments 140   140   140 
Interest expense275 32 3 310   310 
Income taxes126 32  37 195 16  211 
Segment net income (loss)(b)
441 98  91 630 (15) 615 
Total assets22,906 1,534  1,615 26,055 9,675 (10,647)25,083 
2022
Operating revenues$5,267 $32 $— $638 $5,937 $55 $(30)$5,962 
Depreciation and amortization516 — 16 537 22 — 559 
Operating income (loss)803 21 — 133 957 (135)(8)814 
Earnings from equity method investments— 148 — — 148 — — 148 
Interest expense229 27 — 259 — 263 
Income taxes (benefit)145 35 — 37 217 (37)— 180 
Segment net income (loss)(c)
470 107 — 94 671 (99)— 572 
Total assets22,040 1,577 — 1,616 25,233 8,943 (9,555)24,621 
2021
Operating revenues$3,679 $32 $188 $475 $4,374 $38 $(32)$4,380 
Depreciation and amortization482 — 18 505 31 — 536 
Operating income (loss)708 21 241 125 1,095 (40)— 1,055 
Earnings from equity method investments— 50 — — 50 — — 50 
Interest expense207 25 237 — 238 
Income taxes120 27 32 34 213 62 — 275 
Segment net income (loss)(d)(e)(f)
412 19 107 88 626 (87)— 539 
Total assets20,917 1,467 31 1,556 23,971 12,114 (12,525)23,560 
(a)As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment in 2023 or 2022. Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table.
Third Party Gross RevenuesIntercompany RevenuesTotal Gross Revenues Less Gross Gas CostsOperating Revenues
(in millions)
2021$3,881 $90 $3,971 $3,783 $188 
(b)For gas distribution operations, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information.
(c)For the "All Other" column, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information.
(d)For gas pipeline investments, includes pre-tax impairment charges totaling $84 million ($67 million after tax) related to the equity method investment in the PennEast Pipeline project. See Note 7 under "Southern Company Gas" for additional information.
(e)For wholesale gas services, includes a pre-tax gain of $121 million ($92 million after tax) related to the sale of Sequent.
(f)For the "All Other" column, includes $85 million of additional tax expense as a result of the sale of Sequent.
Financial data for products and services
Products and Services
Electric Utilities' Revenues
YearRetailWholesaleOtherTotal
(in millions)
2023$16,343 $2,467 $1,188 $19,998 
202218,197 3,641 1,035 22,873 
202114,852 2,455 993 18,300 
Southern Company Gas' Revenues
YearGas
Distribution
Operations
Gas
Marketing
Services
All OtherTotal
(in millions)
2023$4,090 $548 $64 $4,702 
20225,240 638 84 5,962 
20213,656 475 249 4,380 
Schedule of reconciliation of operating revenues and intercompany revenues A reconciliation of operating revenues and intercompany revenues is shown in the following table.
Third Party Gross RevenuesIntercompany RevenuesTotal Gross Revenues Less Gross Gas CostsOperating Revenues
(in millions)
2021$3,881 $90 $3,971 $3,783 $188