Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	24	$	—	$	24
Interest rate derivatives	—		3		—		3
Nuclear decommissioning trusts:^(a)
Domestic equity	589		75		—		664
Foreign equity	35		196		—		231
U.S. Treasury and government agency securities	—		103		—		103
Municipal bonds	—		64		—		64
Corporate bonds	—		229		—		229
Mortgage and asset backed securities	—		132		—		132
Other investments	—		37		3		40
Cash equivalents	491		—		—		491
Other investments	9		—		4		13
Total	$	1,124	$	863	$	7	$	1,994

Liabilities:
Energy-related derivatives	$	—	$	56	$	—	$	56


(a)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	26	$	—	$	26
Interest rate derivatives	—		10		—		10
Nuclear decommissioning trusts:^(a)
Domestic equity	453		65		—		518
Foreign equity	28		172		—		200
U.S. Treasury and government agency securities	—		134		—		134
Municipal bonds	—		55		—		55
Corporate bonds	—		234		—		234
Mortgage and asset backed securities	—		141		—		141
Other investments	—		20		—		20
Cash equivalents	384		—		—		384
Other investments	9		—		15		24
Total	$	874	$	857	$	15	$	1,746

Liabilities:
Energy-related derivatives	$	—	$	111	$	—	$	111


(a)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

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

As of December 31, 2013 and 2012, 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:



	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in millions)
Nuclear decommissioning trusts:
Foreign equity funds	$	131	None	Monthly	5 days
Corporate bonds – commingled funds	8		None	Daily	Not applicable
Equity – commingled funds	65		None	Daily/Monthly	Daily/7 days
Other – commingled funds	24		None	Daily	Not applicable
Trust-owned life insurance	110		None	Daily	15 days
Cash equivalents:
Money market funds	491		None	Daily	Not applicable
As of December 31, 2012:
Nuclear decommissioning trusts:
Foreign equity funds	$	117	None	Monthly	5 days
Corporate bonds – commingled funds	9		None	Daily	Not applicable
Equity – commingled funds	55		None	Daily/Monthly	Daily/7 days
Other – commingled funds	10		None	Daily	Not applicable
Trust-owned life insurance	96		None	Daily	15 days
Cash equivalents:
Money market funds	384		None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, 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:
2013	$	21,650	$	22,197
2012	$	21,530	$	23,480

Alabama Power [Member]

Fair Value Disclosures [Line Items]

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	7	$	—	$	7
Nuclear decommissioning trusts:^(a)
Domestic equity	392		74		—		466
Foreign equity	35		65		—		100
U.S. Treasury and government agency securities	—		24		—		24
Corporate bonds	—		89		—		89
Mortgage and asset backed securities	—		18		—		18
Other investments	—		13		3		16
Cash equivalents	236		—		—		236
Total	$	663	$	290	$	3	$	956
Liabilities:
Energy-related derivatives	$	—	$	8	$	—	$	8


(a)	Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Nuclear decommissioning trusts:^(a)
Domestic equity	291		64		—		355
Foreign equity	28		55		—		83
U.S. Treasury and government agency securities	—		29		—		29
Corporate bonds	—		101		—		101
Mortgage and asset backed securities	—		26		—		26
Other investments	—		10		—		10
Total	$	319	$	290	$	—	$	609
Liabilities:
Energy-related derivatives	$	—	$	18	$	—	$	18


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

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



	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in millions)
Nuclear decommissioning trusts:
Equity-commingled funds	$65	None	Daily/Monthly	Daily/7 Days
Trust-owned life insurance	110	None	Daily	15 days
Cash equivalents:
Money market funds	236	None	Daily	Not applicable
As of December 31, 2012:
Nuclear decommissioning trusts:
Equity-commingled funds	$55	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	96	None	Daily	15 days

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, 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:
2013	$	6,228	$	6,534
2012	$	6,179	$	6,899

Georgia Power [Member]

Fair Value Disclosures [Line Items]

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Nuclear decommissioning trusts:^(a)
Domestic equity	197		1		—		198
Foreign equity	—		131		—		131
U.S. Treasury and government agency securities	—		79		—		79
Municipal bonds	—		64		—		64
Corporate bonds	—		140		—		140
Mortgage and asset backed securities	—		114		—		114
Other investments	—		24		—		24
Total	$	197	$	558	$	—	$	755
Liabilities:
Energy-related derivatives	$	—	$	21	$	—	$	21


(a)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	11	$	—	$	11
Nuclear decommissioning trusts:^(a)
Domestic equity	162		1		—		163
Foreign equity	—		117		—		117
U.S. Treasury and government agency securities	—		105		—		105
Municipal bonds	—		55		—		55
Corporate bonds	—		133		—		133
Mortgage and asset backed securities	—		115		—		115
Other investments	—		10		—		10
Cash equivalents	15		—		—		15
Total	$	177	$	547	$	—	$	724
Liabilities:
Energy-related derivatives	$	—	$	45	$	—	$	45


(a)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

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



	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in millions)
Nuclear decommissioning trusts:
Foreign equity fund	$	131	None	Daily	5 days
Corporate bonds — commingled funds	8		None	Daily	Not applicable
Other — commingled funds	24		None	Daily	Not applicable
As of December 31, 2012:
Nuclear decommissioning trusts:
Foreign equity fund	$	117	None	Daily	5 days
Corporate bonds — commingled funds	9		None	Daily	Not applicable
Other — commingled funds	10		None	Daily	Not applicable
Cash equivalents:
Money market funds	15		None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, 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:
2013	$	8,593	$	8,782
2012	$	9,624	$	10,427

Gulf Power [Member]

Fair Value Disclosures [Line Items]

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets:
Energy-related derivatives	$	—	$	6,962	$	—	$	6,962
Cash equivalents	15,929		—		—		15,929
Total	$	15,929	$	6,962	$	—	$	22,891
Liabilities:
Energy-related derivatives	$	—	$	17,043	$	—	$	17,043

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets:
Energy-related derivatives	$	—	$	4,358	$	—	$	4,358
Cash equivalents	15,231		—		—		15,231
Total	$	15,231	$	4,358	$	—	$	19,589
Liabilities:
Energy-related derivatives	$	—	$	27,112	$	—	$	27,112

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



	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in thousands)
Cash equivalents:
Money market funds	$15,929	None	Daily	Not applicable
As of December 31, 2012:
Cash equivalents:
Money market funds	$15,231	None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in thousands)
Long-term debt:
2013	$	1,233,163	$	1,261,889
2012	$	1,245,870	$	1,367,404

Mississippi Power [Member]

Fair Value Disclosures [Line Items]

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets:
Energy-related derivatives	$	—	$	4,803	$	—	$	4,803
Cash equivalents	125,000		—		—		125,000
Total	$	125,000	$	4,803	$	—	$	129,803
Liabilities:
Energy-related derivatives	$	—	$	10,281	$	—	$	10,281
Foreign currency derivatives	—		1		—		1
Total	$	—	$	10,282	$	—	$	10,282

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Assets:
Energy-related derivatives	$	—	$	2,519	$	—	$	2,519
Cash equivalents	125,600		—		—		125,600
Total	$	125,600	$	2,519	$	—	$	128,119
Liabilities:
Energy-related derivatives	$	—	$	19,446	$	—	$	19,446
Foreign currency derivatives	—		37		—		37
Total	$	—	$	19,483	$	—	$	19,483

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



	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in thousands)
Cash equivalents:
Money market funds	$	125,000	None	Daily	Not applicable
As of December 31, 2012:
Cash equivalents:
Money market funds	$	125,600	None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in thousands)
Long-term debt:
2013	$	2,098,639	$	2,045,519
2012	$	1,840,933	$	1,956,799

Southern Power [Member]

Fair Value Disclosures [Line Items]

Assets and liabilities measured at fair value on a recurring basis

As of December 31, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2013:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	0.6	$	—	$	0.6
Cash equivalents	68.0		—		—		68.0
Total	$	68.0	$	0.6	$	—	$	68.6
Liabilities:
Energy-related derivatives	$	—	$	0.6	$	—	$	0.6

As of December 31, 2012, 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2012:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	2.1	$	—	$	2.1
Cash equivalents	26.0		—		—		26.0
Total	$	26.0	$	2.1	$	—	$	28.1
Liabilities:
Energy-related derivatives	$	—	$	1.3	$	—	$	1.3

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



	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
As of December 31, 2013:	(in millions)
Cash equivalents:
Money market funds	$	68.0	None	Daily	Not applicable
As of December 31, 2012:
Cash equivalents:
Money market funds	$	26.0	None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

As of December 31, 2013 and 2012, 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:
2013	$	1,620	$	1,660
2012	$	1,306	$	1,444

- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

+ References+ Details