Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements Using
As of March 31, 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	—	14	—		14
Foreign currency derivatives	—	1	—		1
Nuclear decommissioning trusts (a)	490	788	—		1,278
Cash equivalents and restricted cash	862	—	—		862
Other investments	4	50	15		69
Total	$1,356	$877	$15		$2,248
Liabilities:
Energy-related derivatives	$     —	$289	$—		$   289
Interest rate derivatives	—	10	—		10
Foreign currency derivatives	—	1	—		1
Total	$     —	$300	$—		$   300
Alabama Power
Assets:
Energy-related derivatives	$     —	$    1	$—		$       1
Nuclear decommissioning trusts: (b)
Domestic equity	283	63	—		346
Foreign equity (d)	27	56	—		83
U.S. Treasury and government agency securities	15	8	—		23
Corporate bonds	—	99	—		99
Mortgage and asset backed securities	—	26	—		26
Other	—	10	—		10
Cash equivalents and restricted cash	234	—	—		234
Total	$   559	$263	$—		$   822
Liabilities:
Energy-related derivatives	$     —	$  54	$—		$     54
Interest rate derivatives	—	10	—		10
Total	$     —	$  64	$—		$     64

	Fair Value Measurements Using
As of March 31, 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	$  —	$  22	$  —	$  22
Nuclear decommissioning trusts: (c)
Domestic equity	165	1	—	166
Foreign equity (d)	—	109	—	109
U.S. Treasury and government agency securities	—	52	—	52
Municipal bonds	—	83	—	83
Corporate bonds	—	123	—	123
Mortgage and asset backed securities	—	127	—	127
Other	—	31	—	31
Total	$165	$548	$  —	$713
Liabilities:
Energy-related derivatives	$  —	$108	$  —	$108
Gulf Power
Assets:
Cash equivalents	$  15	$  —	$  —	$  15
Liabilities:
Energy-related derivatives	$  —	$  54	$  —	$  54
Mississippi Power
Assets:
Foreign currency derivatives	$  —	$    1	$  —	$    1
Cash equivalents	439	—	—	439
Total	$439	$    1	$  —	$440
Liabilities:
Energy-related derivatives	$  —	$  56	$  —	$  56
Foreign currency derivatives	—	1	—	1
Total	$  —	$  57	$  —	$  57
Southern Power
Assets:
Energy-related derivatives	$  —	$    1	$  —	$    1
Liabilities:
Energy-related derivatives	$  —	$  17	$  —	$  17

(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 March 31, 2012, approximately $41 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 March 31, 2012:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Corporate bonds — commingled funds	$	12	None	Daily	1 to 3 days
Other — commingled funds		87	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance		93	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		862	None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Other — commingled funds		56	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance		93	None	Daily	15 days
Cash equivalents and restricted cash:
Money market funds		234	None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Corporate bonds — commingled funds		12	None	Daily	1 to 3 days
Other — commingled funds		31	None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds		15	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds		439	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	$20,843	$25,499
Alabama Power	$  6,380	$  7,789
Georgia Power	$  8,918	$11,837
Gulf Power	$  1,236	$  1,349
Mississippi Power	$  1,668	$  1,740
Southern Power	$  1,303	$  1,393