Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
As of September 30, 2011:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Southern Company
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Interest rate derivatives		—		16		—		16
Foreign currency derivatives		—		3		—		3
Nuclear decommissioning trusts(a)		487		671		—		1,158
Cash equivalents and restricted cash		1,286		—		—		1,286
Other investments		4		53		13		70
Total	$	1,777	$	746	$	13	$	2,536
Liabilities:
Energy-related derivatives	$	—	$	154	$	—	$	154
Interest rate derivatives		—		27		—		27
Foreign currency derivatives		—		2		—		2
Total	$	—	$	183	$	—	$	183
Alabama Power
Assets:
Nuclear decommissioning trusts:(b)
Domestic equity	$	228	$	53	$	—	$	281
Foreign equity		23		23		—		46
U.S. Treasury and government agency securities		16		9		—		25
Corporate bonds		—		112		—		112
Mortgage and asset backed securities		—		29		—		29
Other		—		8		—		8
Cash equivalents and restricted cash		445		—		—		445
Total	$	712	$	234	$	—	$	946
Liabilities:
Energy-related derivatives	$	—	$	29	$	—	$	29
Interest rate derivatives		—		12		—		12
Total	$	—	$	41	$	—	$	41

	Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
As of September 30, 2011:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Georgia Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Nuclear decommissioning trusts:(c)
Domestic equity		125		1		—		126
Foreign equity		95		—		—		95
U.S. Treasury and government agency securities		—		68		—		68
Municipal bonds		—		57		—		57
Corporate bonds		—		153		—		153
Mortgage and asset backed securities		—		96		—		96
Other		—		62		—		62
Cash equivalents		45		—		—		45
Total	$	265	$	439	$	—	$	704
Liabilities:
Energy-related derivatives	$	—	$	68	$	—	$	68
Gulf Power
Assets:
Cash equivalents	$	14	$	—	$	—	$	14
Liabilities:
Energy-related derivatives	$	—	$	17	$	—	$	17
Mississippi Power
Assets:
Foreign currency derivatives	$	—	$	3	$	—	$	3
Cash equivalents		85		—		—		85
Total	$	85	$	3	$	—	$	88
Liabilities:
Energy-related derivatives	$	—	$	35	$	—	$	35
Interest rate derivatives		—		15		—		15
Foreign currency derivatives		—		2		—		2
Total	$	—	$	52	$	—	$	52
Southern Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Cash equivalents		196		—		—		196
Total	$	196	$	1	$	—	$	197
Liabilities:
Energy-related derivatives	$	—	$	5	$	—	$	5

(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 receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the securities lending program. As of September 30, 2011, approximately $53 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

	Fair		Unfunded	Redemption	Redemption
As of September 30, 2011:	Value		Commitments	Frequency	Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	37	None	Daily		1 to 3 days
Other — commingled funds		62	None	Daily	Not applicable
Trust owned life insurance		82	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		1,286	None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Trust owned life insurance	$	82	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		445	None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	37	None	Daily		1 to 3 days
Other — commingled funds		62	None	Daily	Not applicable
Cash equivalents:
Money market funds		45	None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	$	14	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	$	85	None	Daily	Not applicable
Southern Power
Cash equivalents:
Money market funds	$	196	None	Daily	Not applicable

Changes in the fair value measurement of the Level 3 items

	Level 3
	Other
	Three Months Ended			Nine Months Ended
	September 30, 2011			September 30, 2011
	(in millions)
Beginning balance	$	17		$	19
Purchases		—			1
Total gains (losses) — realized/unrealized:
Included in earnings		—			(5	)
Included in OCI		(4	)		(2	)
Ending balance at September 30, 2011	$	13		$	13

Financial instruments not having carrying amount equal to fair value

	Carrying Amount		Fair Value
	(in millions)
Long-term debt*:
Southern Company	$	20,532	$	22,215
Alabama Power	$	6,232	$	6,910
Georgia Power	$	8,620	$	9,327
Gulf Power	$	1,235	$	1,359
Mississippi Power	$	702	$	739
Southern Power	$	1,599	$	1,694

* Includes securities due within one year.