Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements Using
As of June 30, 2012:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Southern Company
Assets:
Energy-related derivatives	$	—	$	24	$	—	$	24
Interest rate derivatives		—		12		—		12
Nuclear decommissioning trusts (a)		450		784		—		1,234
Cash equivalents and restricted cash		512		—		—		512
Other investments		1		53		15		69
Total	$	963	$	873	$	15	$	1,851
Liabilities:
Energy-related derivatives	$	—	$	194	$	—	$	194
Interest rate derivatives		—		28		—		28
Foreign currency derivatives		—		2		—		2
Total	$	—	$	224	$	—	$	224
Alabama Power
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Nuclear decommissioning trusts: (b )
Domestic equity		274		60		—		334
Foreign equity (d )		25		49		—		74
U.S. Treasury and government agency securities		—		23		—		23
Corporate bonds		—		101		—		101
Mortgage and asset backed securities		—		25		—		25
Other		—		12		—		12
Total	$	299	$	273	$	—	$	572
Liabilities:
Energy-related derivatives	$	—	$	35	$	—	$	35
Interest rate derivatives		—		28		—		28
Total	$	—	$	63	$	—	$	63

	Fair Value Measurements Using
As of June 30, 2012:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Georgia Power
Assets:
Energy-related derivatives	$	—	$	17	$	—	$	17
Nuclear decommissioning trusts: (b) (c)
Domestic equity		151		1		—		152
Foreign equity (d)		—		102		—		102
U.S. Treasury and government agency securities		—		45		—		45
Municipal bonds		—		103		—		103
Corporate bonds		—		120		—		120
Mortgage and asset backed securities		—		118		—		118
Other		—		24		—		24
Cash equivalents		149		—		—		149
Total	$	300	$	530	$	—	$	830
Liabilities:
Energy-related derivatives	$	—	$	75	$	—	$	75
Gulf Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Cash equivalents		15		—		—		15
Total	$	15	$	2	$	—	$	17
Liabilities:
Energy-related derivatives	$	—	$	39	$	—	$	39
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Cash equivalents		146		—		—		146
Total	$	146	$	1	$	—	$	147
Liabilities:
Energy-related derivatives	$	—	$	38	$	—	$	38
Foreign currency derivatives		—		2		—		2
Total	$	—	$	40	$	—	$	40
Southern Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Liabilities:
Energy-related derivatives	$	—	$	7	$	—	$	7

(a) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table.

(b) Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases.

(c) Includes the investment securities pledged to creditors and cash collateral received and payables related to the securities lending program. As of June 30, 2012, approximately $38 million of the fair market value of Georgia Power’s nuclear decommissioning trust funds’ securities were on loan and pledged to creditors under the funds’ managers’ securities lending program.

(d) Level 1 securities consist of actively traded stocks, while Level 2 securities consist of pooled funds.

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

As of June 30, 2012:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	8	None	Daily	1 to 3 days
Other — commingled funds		73	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance		91	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		512	None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Other — commingled funds		49	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance		91	None	Daily	15 days
Georgia Power
Nuclear decommissioning trusts:
Corporate bonds — commingled funds		8	None	Daily	1 to 3 days
Other — commingled funds		24	None	Daily	Not applicable
Cash equivalents:
Money market funds		149	None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds		15	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds		146	None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

	Carrying Amount	Fair Value
	(in millions)
Long-term debt:
Southern Company	$21,451	$23,477
Alabama Power	$  6,130	$  6,893
Georgia Power	$  9,856	$10,703
Gulf Power	$  1,246	$  1,384
Mississippi Power	$  1,576	$  1,690
Southern Power	$  1,306	$  1,416