Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of June 30, 2013, assets and liabilities measured at fair value on a recurring basis during the period, together with the level of the fair value hierarchy in which they fall, were as follows:

	Fair Value Measurements Using
As of June 30, 2013:	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	$	—	$	16	$	—	$	16
Interest rate derivatives	—		6		—		6
Nuclear decommissioning trusts(a)	525		828		—		1,353
Cash equivalents	159		—		—		159
Other investments	9		—		15		24
Total	$	693	$	850	$	15	$	1,558
Liabilities:
Energy-related derivatives	$	—	$	89	$	—	$	89
Alabama Power
Assets:
Energy-related derivatives	$	—	$	4	$	—	$	4
Nuclear decommissioning trusts:(b)
Domestic equity	328		70		—		398
Foreign equity	29		56		—		85
U.S. Treasury and government agency securities	—		28		—		28
Corporate bonds	—		102		—		102
Mortgage and asset backed securities	—		22		—		22
Other	—		9		—		9
Total	$	357	$	291	$	—	$	648
Liabilities:
Energy-related derivatives	$	—	$	15	$	—	$	15

	Fair Value Measurements Using
As of June 30, 2013:	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	$	—	$	4	$	—	$	4
Nuclear decommissioning trusts:(b) (c)
Domestic equity	168		1		—		169
Foreign equity	—		115		—		115
U.S. Treasury and government agency securities	—		97		—		97
Municipal bonds	—		57		—		57
Corporate bonds	—		130		—		130
Mortgage and asset backed securities	—		120		—		120
Other	—		21		—		21
Total	$	168	$	545	$	—	$	713
Liabilities:
Energy-related derivatives	$	—	$	33	$	—	$	33
Gulf Power
Assets:
Energy-related derivatives	$	—	$	4	$	—	$	4
Cash equivalents	16		—		—		16
Total	$	16	$	4	$	—	$	20
Liabilities:
Energy-related derivatives	$	—	$	25	$	—	$	25
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Cash equivalents	99		—		—		99
Total	$	99	$	2	$	—	$	101
Liabilities:
Energy-related derivatives	$	—	$	15	$	—	$	15
Southern Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Liabilities:
Energy-related derivatives	$	—	$	1	$	—	$	1

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

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

(c) Includes the investment securities pledged to creditors and cash collateral received and excludes payables related to the securities lending program. As of June 30, 2013, 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.

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, 2013, the fair value measurements of investments calculated at net asset value per share (or its equivalent), as well as the nature and risks of those investments, were as follows:

As of June 30, 2013:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Foreign equity funds	$	115	None	Monthly	5 days
Corporate bonds - commingled funds	6		None	Daily	1 to 3 days
Equity - commingled funds	56		None	Daily/Monthly	Daily/7 days
Other - commingled funds	21		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	—		None	Daily	15 days
Cash equivalents:
Money market funds	159		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Equity - commingled funds	56		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	99		None	Daily	15 days
Georgia Power
Nuclear decommissioning trusts:
Foreign equity funds	115		None	Monthly	5 days
Corporate bonds - commingled funds	6		None	Daily	Not applicable
Other - commingled funds	21		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	16		None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	99		None	Daily	Not applicable

Financial instruments for which carrying amount did not equal fair value

As of June 30, 2013, other financial instruments for which the carrying amount did not equal fair value were as follows: 

	Carrying Amount		Fair  Value
	(in millions)
Long-term debt:
Southern Company	$	21,942	$	22,734
Alabama Power	$	6,179	$	6,573
Georgia Power	$	9,622	$	9,878
Gulf Power	$	1,335	$	1,391
Mississippi Power	$	2,209	$	2,201
Southern Power	$	1,316	$	1,377