Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of September 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 September 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	$	—	$	11	$	—	$	11
Interest rate derivatives	—		7		—		7
Nuclear decommissioning trusts(a)	553		844		—		1,397
Cash equivalents	465		—		—		465
Other investments	9		—		15		24
Total	$	1,027	$	862	$	15	$	1,904
Liabilities:
Energy-related derivatives	$	—	$	84	$	—	$	84
Alabama Power
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Nuclear decommissioning trusts:(b)
Domestic equity	343		74		—		417
Foreign equity	32		62		—		94
U.S. Treasury and government agency securities	—		27		—		27
Corporate bonds	—		101		—		101
Mortgage and asset backed securities	—		23		—		23
Other	—		10		—		10
Cash equivalents	351		—		—		351
Total	$	726	$	300	$	—	$	1,026
Liabilities:
Energy-related derivatives	$	—	$	15	$	—	$	15

	Fair Value Measurements Using
As of September 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	$	—	$	2	$	—	$	2
Nuclear decommissioning trusts:(b) (c)
Domestic equity	178		1		—		179
Foreign equity	—		125		—		125
U.S. Treasury and government agency securities	—		88		—		88
Municipal bonds	—		64		—		64
Corporate bonds	—		133		—		133
Mortgage and asset backed securities	—		116		—		116
Other	—		19		—		19
Total	$	178	$	548	$	—	$	726
Liabilities:
Energy-related derivatives	$	—	$	29	$	—	$	29
Gulf Power
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Cash equivalents	16		—		—		16
Total	$	16	$	3	$	—	$	19
Liabilities:
Energy-related derivatives	$	—	$	25	$	—	$	25
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Liabilities:
Energy-related derivatives	$	—	$	14	$	—	$	14
Southern Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Cash equivalents	60		—		—		60
Total	$	60	$	2	$	—	$	62
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 September 30, 2013, approximately $14 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 September 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 September 30, 2013:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Foreign equity funds	$	125	None	Monthly	5 days
Corporate bonds - commingled funds	4		None	Daily	1 to 3 days
Equity - commingled funds	62		None	Daily/Monthly	Daily/7 days
Other - commingled funds	19		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	104		None	Daily	15 days
Cash equivalents:
Money market funds	465		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Equity - commingled funds	62		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	104		None	Daily	15 days
Cash equivalents:
Money market funds	351		None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Foreign equity funds	125		None	Monthly	5 days
Corporate bonds - commingled funds	4		None	Daily	Not applicable
Other - commingled funds	19		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	16		None	Daily	Not applicable
Southern Power
Cash equivalents:
Money market funds	60		None	Daily	Not applicable

Financial instruments for which carrying amount did not equal fair value

As of September 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	$	22,194	$	22,822
Alabama Power	$	6,179	$	6,536
Georgia Power	$	9,222	$	9,400
Gulf Power	$	1,246	$	1,293
Mississippi Power	$	2,140	$	2,108
Southern Power	$	1,628	$	1,667