Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of September 30, 2014, 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, 2014:	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	$	—	$	12	$	—	$	12
Nuclear decommissioning trusts(a)	632		875		2		1,509
Cash equivalents	955		—		—		955
Other investments	9		—		1		10
Total	$	1,596	$	887	$	3	$	2,486
Liabilities:
Energy-related derivatives	$	—	$	53	$	—	$	53
Interest rate derivatives	—		2		—		2
Total	$	—	$	55	$	—	$	55
Alabama Power
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Nuclear decommissioning trusts(b)
Domestic equity	399		78		—		477
Foreign equity	34		65		—		99
U.S. Treasury and government agency securities	—		34		—		34
Corporate bonds	—		98		—		98
Mortgage and asset backed securities	—		19		—		19
Other	—		8		2		10
Cash equivalents	543		—		—		543
Total	$	976	$	307	$	2	$	1,285
Liabilities:
Energy-related derivatives	$	—	$	11	$	—	$	11
Interest rate derivatives	—		1		—		1
Total	$	—	$	12	$	—	$	12

	Fair Value Measurements Using
As of September 30, 2014:	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	$	—	$	1	$	—	$	1
Nuclear decommissioning trusts(b) (c)
Domestic equity	191		2		—		193
Foreign equity	—		132		—		132
U.S. Treasury and government agency securities	—		126		—		126
Municipal bonds	—		25		—		25
Corporate bonds	—		169		—		169
Mortgage and asset backed securities	—		114		—		114
Other	8		5		—		13
Total	$	199	$	574	$	—	$	773
Liabilities:
Energy-related derivatives	$	—	$	12	$	—	$	12
Gulf Power
Assets:
Energy-related derivatives	$	—	$	3	$	—	$	3
Cash equivalents	18		—		—		18
Total	$	18	$	3	$	—	$	21
Liabilities:
Energy-related derivatives	$	—	$	19	$	—	$	19
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Cash equivalents	45		—		—		45
Total	$	45	$	2	$	—	$	47
Liabilities:
Energy-related derivatives	$	—	$	10	$	—	$	10
Southern Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Cash equivalents	80		—		—		80
Total	$	80	$	1	$	—	$	81
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, 2014, approximately $58 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, 2014, 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, 2014:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Foreign equity funds	$	132	None	Monthly	5 days
Equity - commingled funds	65		None	Daily/Monthly	Daily/7 days
Other - commingled funds	5		None	Daily	Not applicable
Other - money market funds	8		None	Daily	Not applicable
Trust-owned life insurance	112		None	Daily	15 days
Cash equivalents:
Money market funds	955		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Equity - commingled funds	$	65	None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	112		None	Daily	15 days
Cash equivalents:
Money market funds	543		None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Foreign equity funds	$	132	None	Monthly	5 days
Other - commingled funds	5		None	Daily	Not applicable
Other - money market funds	8		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	$	18	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	$	45	None	Daily	Not applicable
Southern Power
Cash equivalents:
Money market funds	$	80	None	Daily	Not applicable

Financial instruments for which carrying amount did not equal fair value

As of September 30, 2014, 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	$	23,936	$	25,318
Alabama Power	$	6,625	$	7,195
Georgia Power	$	9,597	$	10,167
Gulf Power	$	1,444	$	1,517
Mississippi Power	$	2,365	$	2,397
Southern Power	$	1,629	$	1,745