Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of March 31, 2015, 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, 2015:	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	$	—	$	7	$	—	$	7
Interest rate derivatives	—		8		—		8
Nuclear decommissioning trusts(a)	632		937		4		1,573
Cash equivalents	863		—		—		863
Other investments	9		—		1		10
Total	$	1,504	$	952	$	5	$	2,461
Liabilities:
Energy-related derivatives	$	—	$	225	$	—	$	225
Interest rate derivatives	—		46		—		46
Total	$	—	$	271	$	—	$	271
Alabama Power
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	1
Nuclear decommissioning trusts(b)
Domestic equity	393		90		—		483
Foreign equity	36		65		—		101
U.S. Treasury and government agency securities	—		34		—		34
Corporate bonds	10		113		—		123
Mortgage and asset backed securities	—		18		—		18
Other	—		6		4		10
Cash equivalents	287		—		—		287
Total	$	726	$	327	$	4	$	1,057
Liabilities:
Energy-related derivatives	$	—	$	59	$	—	$	59
Interest rate derivatives	—		14		—		14
Total	$	—	$	73	$	—	$	73

	Fair Value Measurements Using
As of March 31, 2015:	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	$	—	$	6	$	—	$	6
Interest rate derivatives	—		6		—		6
Nuclear decommissioning trusts(b) (c)
Domestic equity	182		2		—		184
Foreign equity	—		126		—		126
U.S. Treasury and government agency securities	—		86		—		86
Municipal bonds	—		92		—		92
Corporate bonds	—		192		—		192
Mortgage and asset backed securities	—		107		—		107
Other	11		6		—		17
Cash equivalents	406		—		—		406
Total	$	599	$	623	$	—	$	1,222
Liabilities:
Energy-related derivatives	$	—	$	24	$	—	$	24
Interest rate derivatives	—		31		—		31
Total	$	—	$	55	$	—	$	55
Gulf Power
Assets:
Cash equivalents	$	18	$	—	$	—	$	18
Liabilities:
Energy-related derivatives	—		90		—		90
Mississippi Power
Assets:
Cash equivalents	$	110	$	—	$	—	$	110
Liabilities:
Energy-related derivatives	—		52		—		52
Southern Power
Assets:
Cash equivalents	$	3	$	—	$	—	$	3

(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, payables related to pending investment purchases, and currencies.

(c) Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2015, approximately $50 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, 2015, 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, 2015:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Foreign equity funds	$	126	None	Monthly	5 days
Equity - commingled funds	65		None	Daily/Monthly	Daily/7 days
Debt - commingled funds	16		None	Daily	5 days
Other - commingled funds	6		None	Daily	Not applicable
Other - money market funds	11		None	Daily	Not applicable
Trust-owned life insurance	118		None	Daily	15 days
Cash equivalents:
Money market funds	863		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Equity - commingled funds	$	65	None	Daily/Monthly	Daily/7 days
Debt - commingled funds	16		None	Daily	5 days
Trust-owned life insurance	118		None	Daily	15 days
Cash equivalents:
Money market funds	287		None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Foreign equity funds	$	126	None	Monthly	5 days
Other - commingled funds	6		None	Daily	Not applicable
Other - money market funds	11		None	Daily	Not applicable
Cash equivalents:
Money market funds	406		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	$	18	None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	$	110	None	Daily	Not applicable
Southern Power
Cash equivalents:
Money market funds	$	3	None	Daily	Not applicable

Financial instruments for which carrying amount did not equal fair value

As of March 31, 2015, 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	$	24,241	$	26,350
Alabama Power	$	6,922	$	7,696
Georgia Power	$	9,801	$	10,733
Gulf Power	$	1,370	$	1,501
Mississippi Power	$	2,251	$	2,323
Southern Power	$	1,621	$	1,789