Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Regulatory Assets and Liabilities

	2011			2010			Note
	(in millions)
Deferred income tax charges	$	1,293		$	1,204			(a)
Deferred income tax charges — Medicare subsidy		77			82			(j)
Asset retirement obligations-asset		117			79			(a,h)
Asset retirement obligations-liability		(42	)		(82	)		(a,h)
Other cost of removal obligations		(1,196	)		(1,188	)		(a)
Deferred income tax credits		(225	)		(237	)		(a)
State income tax credits		(62	)		—			(k)
Loss on reacquired debt		285			274			(b)
Vacation pay		160			151			(c,h)
Under recovered regulatory clause revenues		50			27			(d)
Over recovered regulatory clause revenues		(28	)		(40	)		(d)
Building leases		43			45			(f)
Generating plant outage costs		38			31			(l)
Under recovered storm damage costs		43			8			(d)
Property damage reserves		(206	)		(216	)		(g)
Fuel hedging-asset		249			211			(d)
Fuel hedging-liability		(13	)		(7	)		(d)
Other assets		290			171			(d)
Environmental remediation-asset		71			67			(g,h)
Environmental remediation-liability		(8	)		(10	)		(g)
Other liabilities		(30	)		(13	)		(i)
Retiree benefit plans		2,959			2,041			(e,h)
Total assets (liabilities), net	$	3,865		$	2,598

Note: The recovery and amortization periods for these regulatory assets and (liabilities) are as follows:

(a) Asset retirement and removal assets and liabilities are recorded, deferred income tax assets are recovered, and deferred income tax liabilities are amortized over the related property lives, which may range up to 65 years. Asset retirement and removal assets and liabilities will be settled and trued up following completion of the related activities. At December 31, 2011, other cost of removal obligations included $62 million that is being amortized over the remaining two-year period in accordance with an Alternate Rate Plan for Georgia Power for the years 2011 through 2013. See Note 3 under “Retail Regulatory Matters — Georgia Power — Rate Plans” for additional information.

(b) Recovered over either the remaining life of the original issue or, if refinanced, over the life of the new issue, which may range up to 50 years.

(c) Recorded as earned by employees and recovered as paid, generally within one year. This includes both vacation and banked holiday pay.

(d) Recorded and recovered or amortized as approved or accepted by the appropriate state PSCs over periods not exceeding five years.

(e) Recovered and amortized over the average remaining service period which may range up to 15 years. See Note 2 for additional information.

(f) Recovered over the remaining lives of the buildings through 2026.

(g) Recovered as storm restoration and potential reliability-related expenses or environmental remediation expenses are incurred as approved by the appropriate state PSCs.

(h) Not earning a return as offset in rate base by a corresponding asset or liability.

(i) Recorded and recovered or amortized as approved by the appropriate state PSC over periods up to the life of the plant or the remaining life of the original issue or, if refinanced, over the life of the new issue, which may range up to 50 years.

(j) Recovered and amortized as approved by the appropriate state PSCs over periods not exceeding 14 years. See Note 5 under “Current and Deferred Income Taxes” for additional information.

(k) Additional tax benefits resulting from the Georgia state income tax credit settlement that will be amortized over a 21-month period beginning April 2012 in accordance with a Georgia PSC order. See Note 3 under “Income Tax Matters – Georgia State Income Tax Credits” for additional information.

(l) Recovered over the respective operating cycles, which range from 18 months to 10 years. See “Property, Plant, and Equipment” herein for additional information.

Property Plant and Equipment

		000000		000000
	2011		2010
	(in millions)
Generation	$	31,751	$	30,121
Transmission		8,240		7,835
Distribution		15,458		14,870
General		3,413		3,116
Plant acquisition adjustment		124		43
Utility plant in service		58,986		55,985
Information technology equipment and software		220		216
Communications equipment		428		423
Other		110		107
Other plant in service		758		746
Total plant in service	$	59,744	$	56,731

Asset Retirement Obligations and Other Costs of Removal

	2011			2010
	(in millions)
Balance at beginning of year	$	1,266		$	1,206
Liabilities incurred		1			—
Liabilities settled		(13	)		(16)
Accretion		82			78
Cash flow revisions		8			(2)
Balance at end of year	$	1,344		$	1,266

Accumulated Provisions for Decommissioning

	Plant Farley		Plant Hatch		Plant Vogtle Units 1 and 2
	(in millions)
External trust funds	$	540	$	399	$	235
Internal reserves		23		—		—
Total	$	563	$	399	$	235

Estimated Cost of Decommissioning

	Plant Farley		Plant Hatch		Plant Vogtle Units 1 and 2
Decommissioning periods:
Beginning year		2037		2034		2047
Completion year		2065		2063		2067
	(in millions)
Site study costs:
Radiated structures	$	1,060	$	583	$	500
Non-radiated structures		72		46		71
Total	$	1,132	$	629	$	571

Net Investments from Leveraged Lease

	2011		2010
	(in millions)
Net rentals receivable	$	482	$	475
Unearned income		(205)		(207)
Investment in leveraged leases		277		268
Deferred taxes from leveraged leases		(238)		(223)
Net investment in leveraged leases	$	39	$	45

	2011			2010
	(in millions)
Net rentals receivable	$	734		$	733
Unearned income		(362	)		(377)
Investment in leveraged leases		372			356
Deferred taxes from leveraged leases		(39	)		(40)
Net investment in leveraged leases	$	333		$	316

Components of Income from Leveraged Lease

	2011			2010			2009
	(in millions)
Pretax leveraged lease income	$	10		$	4		$	12
Income tax expense		(4	)		(3	)		(5)
Net leveraged lease income	$	6		$	1		$	7

	2011			2010			2009
	(in millions)
Pretax leveraged lease income (loss)	$	15		$	14		$	19
Income tax benefit (expense)		(5	)		(5	)		(7)
Net leveraged lease income (loss)	$	10		$	9		$	12

Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax Effects

	Qualifying Hedges	Marketable Securities	Pension and Other Postretirement Benefit Plans	Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance at December 31, 2010	$(35)	$ 7	$(42)	$  (70)
Current period change	(9)	(4)	(28)	(41)
Balance at December 31, 2011	$(44)	$ 3	$(70)	$(111)