Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of March 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
As of March 31, 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	$	—	$	50	$	—	$	50
Interest rate derivatives	—		10		—		10
Nuclear decommissioning trusts(a)	526		838		—		1,364
Cash equivalents	223		—		—		223
Other investments	9		—		15		24
Total	$	758	$	898	$	15	$	1,671
Liabilities:
Energy-related derivatives	$	—	$	63	$	—	$	63
Alabama Power
Assets:
Energy-related derivatives	$	—	$	12	$	—	$	12
Nuclear decommissioning trusts:(b)
Domestic equity	320		69		—		389
Foreign equity	30		56		—		86
U.S. Treasury and government agency securities	—		29		—		29
Corporate bonds	—		101		—		101
Mortgage and asset backed securities	—		25		—		25
Other	—		10		—		10
Total	$	350	$	302	$	—	$	652
Liabilities:
Energy-related derivatives	$	—	$	7	$	—	$	7

	Fair Value Measurements Using
As of March 31, 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	$	—	$	13	$	—	$	13
Nuclear decommissioning trusts:(b) (c)
Domestic equity	176		1		—		177
Foreign equity	—		120		—		120
U.S. Treasury and government agency securities	—		130		—		130
Municipal bonds	—		28		—		28
Corporate bonds	—		130		—		130
Mortgage and asset backed securities	—		121		—		121
Other	—		18		—		18
Cash equivalents	27		—		—		27
Total	$	203	$	561	$	—	$	764
Liabilities:
Energy-related derivatives	$	—	$	28	$	—	$	28
Gulf Power
Assets:
Energy-related derivatives	$	—	$	14	$	—	$	14
Cash equivalents	16		—		—		16
Total	$	16	$	14	$	—	$	30
Liabilities:
Energy-related derivatives	$	—	$	16	$	—	$	16
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	6	$	—	$	6
Cash equivalents	122		—		—		122
Total	$	122	$	6	$	—	$	128
Liabilities:
Energy-related derivatives	$	—	$	11	$	—	$	11
Southern Power
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Cash equivalents	27		—		—		27
Total	$	27	$	5	$	—	$	32
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 March 31, 2013, approximately $68 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 March 31, 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 March 31, 2013:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Foreign equity funds	$	120	None	Monthly	5 days
Corporate bonds - commingled funds	7		None	Daily	1 to 3 days
Other - commingled funds	74		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	100		None	Daily	15 days
Cash equivalents:
Money market funds	223		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Other - commingled funds	56		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	100		None	Daily	15 days
Georgia Power
Nuclear decommissioning trusts:
Foreign equity funds	120		None	Monthly	5 days
Corporate bonds - commingled funds	7		None	Daily	Not applicable
Other - commingled funds	18		None	Daily	Not applicable
Cash equivalents:
Money market funds	27		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	16		None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	122		None	Daily	Not applicable
Southern Power
Cash equivalents:
Money market funds	27		None	Daily	Not applicable

Financial instruments for which carrying amount did not equal fair value

As of March 31, 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	$	21,915	$	23,644
Alabama Power	$	6,179	$	6,853
Georgia Power	$	9,639	$	10,316
Gulf Power	$	1,246	$	1,353
Mississippi Power	$	2,211	$	2,294
Southern Power	$	1,308	$	1,448