XML 60 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Operating Revenues:        
Total operating revenues $ 4,337 $ 4,467 $ 8,520 $ 9,111
Other Income and (Expense):        
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries [1] 629 [2] 611 1,138 [3] 962 [3]
Southern Company [Member]        
Operating Revenues:        
Retail revenues 3,714 3,770 7,256 7,628
Wholesale revenues 448 515 915 1,119
Other electric revenues 162 169 325 334
Other revenues 13 13 24 30
Total operating revenues 4,337 4,467 8,520 9,111
Operating Expenses:        
Fuel 1,200 1,462 2,412 3,109
Purchased power 171 133 315 320
Other operations and maintenance 1,100 1,019 2,222 2,005
Depreciation and amortization 500 504 987 1,001
Taxes other than income taxes 245 246 497 493
Estimated loss on Kemper IGCC 23 0 32 380
Total operating expenses 3,239 3,364 6,465 7,308
Operating Income (Loss) 1,098 1,103 2,055 1,803
Other Income and (Expense):        
Allowance for equity funds used during construction 39 62 102 119
Interest expense, net of amounts capitalized (180) (210) (393) (416)
Other income (expense), net (12) (6) (19) (13)
Total other income and (expense) (153) (154) (310) (310)
Earnings Before Income Taxes 945 949 1,745 1,493
Income taxes (benefit) 302 321 576 497
Net Income (Loss) 643 628 1,169 996
Dividends on preferred and preference stock of subsidiaries 14 17 31 34
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries $ 629 $ 611 $ 1,138 $ 962
Earnings per share (EPS) -        
Basic EPS (in dollars per share) $ 0.69 $ 0.68 $ 1.25 $ 1.08
Diluted EPS (in dollars per share) $ 0.69 $ 0.68 $ 1.25 $ 1.07
Average number of shares of common stock outstanding (in millions)        
Basic (in shares) 909 895 910 892
Diluted (in shares) 912 899 914 896
Cash dividends paid per share of common stock (in dollars per share) $ 0.5425 $ 0.525 $ 1.0675 $ 1.0325
Alabama Power [Member]        
Operating Revenues:        
Retail revenues $ 1,326 $ 1,249 $ 2,594 $ 2,546
Wholesale revenues, non-affiliates 57 65 123 150
Wholesale revenues, affiliates 20 68 35 137
Other revenues 52 55 104 112
Total operating revenues 1,455 1,437 2,856 2,945
Operating Expenses:        
Fuel 343 414 653 846
Purchased power, non-affiliates 45 39 86 96
Purchased power, affiliates 49 37 103 86
Other operations and maintenance 370 330 768 655
Depreciation and amortization 160 172 318 347
Taxes other than income taxes 90 88 184 177
Total operating expenses 1,057 1,080 2,112 2,207
Operating Income (Loss) 398 357 744 738
Other Income and (Expense):        
Allowance for equity funds used during construction 14 11 29 21
Interest expense, net of amounts capitalized (69) (63) (134) (125)
Other income (expense), net (14) (3) (18) (8)
Total other income and (expense) (69) (55) (123) (112)
Earnings Before Income Taxes 329 302 621 626
Income taxes (benefit) 122 119 235 246
Net Income (Loss) 207 183 386 380
Dividends on preferred and preference stock of subsidiaries 7 10 17 20
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 200 173 369 360
Georgia Power [Member]        
Operating Revenues:        
Retail revenues 1,872 2,000 3,686 4,050
Wholesale revenues, non-affiliates 50 80 118 189
Wholesale revenues, affiliates 4 10 12 31
Other revenues 90 96 178 185
Total operating revenues 2,016 2,186 3,994 4,455
Operating Expenses:        
Fuel 503 619 1,029 1,371
Purchased power, non-affiliates 78 63 138 142
Purchased power, affiliates 115 166 263 350
Other operations and maintenance 467 451 943 878
Depreciation and amortization 202 209 418 417
Taxes other than income taxes 97 106 195 209
Total operating expenses 1,462 1,614 2,986 3,367
Operating Income (Loss) 554 572 1,008 1,088
Other Income and (Expense):        
Allowance for equity funds used during construction     10 16
Interest expense, net of amounts capitalized (93) (90) (182) (174)
Other income (expense), net 1 11 16 15
Total other income and (expense) (92) (79) (166) (159)
Earnings Before Income Taxes 462 493 842 929
Income taxes (benefit) 180 177 320 343
Net Income (Loss) 282 316 522 586
Dividends on preferred and preference stock of subsidiaries 5 5 9 9
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 277 311 513 577
Gulf Power [Member]        
Operating Revenues:        
Retail revenues 327 310 620 613
Wholesale revenues, non-affiliates 27 34 52 70
Wholesale revenues, affiliates 13 24 35 76
Other revenues 17 16 34 32
Total operating revenues 384 384 741 791
Operating Expenses:        
Fuel 122 145 232 314
Purchased power, non-affiliates 25 14 50 30
Purchased power, affiliates 9 9 17 16
Other operations and maintenance 91 82 185 164
Depreciation and amortization 40 39 60 71
Taxes other than income taxes 28 26 56 53
Total operating expenses 315 315 600 648
Operating Income (Loss) 69 69 141 143
Other Income and (Expense):        
Allowance for equity funds used during construction 3 3 8 5
Interest expense, net of amounts capitalized (12) (13) (26) (27)
Other income (expense), net (1) (1) (2) (1)
Total other income and (expense) (10) (11) (20) (23)
Earnings Before Income Taxes 59 58 121 120
Income taxes (benefit) 21 22 44 45
Net Income (Loss) 38 36 77 75
Dividends on preferred and preference stock of subsidiaries 3 2 5 4
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 35 34 72 71
Mississippi Power [Member]        
Operating Revenues:        
Retail revenues 189 211 357 418
Wholesale revenues, non-affiliates 63 75 141 172
Wholesale revenues, affiliates 18 20 45 43
Other revenues 5 5 9 9
Total operating revenues 275 311 552 642
Operating Expenses:        
Fuel 115 143 229 290
Purchased power, non-affiliates 2 1 3 13
Purchased power, affiliates 2 6 4 15
Other operations and maintenance 68 61 144 125
Depreciation and amortization 30 24 57 47
Taxes other than income taxes 23 20 48 41
Estimated loss on Kemper IGCC 23 0 32 380
Total operating expenses 263 255 517 911
Operating Income (Loss) 12 56 35 (269)
Other Income and (Expense):        
Allowance for equity funds used during construction 25 37 53 75
Interest expense, net of amounts capitalized 30 (13) 19 (25)
Other income (expense), net (1) (1) (2) (4)
Total other income and (expense) 54 23 70 46
Earnings Before Income Taxes 66 79 105 (223)
Income taxes (benefit) 16 16 20 (114)
Net Income (Loss) 50 63 85 (109)
Dividends on preferred and preference stock of subsidiaries 1 1 1 1
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 49 62 84 (110)
Southern Power [Member]        
Operating Revenues:        
Wholesale revenues, non-affiliates 250 260 481 538
Wholesale revenues, affiliates 85 68 199 140
Other revenues 2 1 4 2
Total operating revenues 337 329 684 680
Operating Expenses:        
Fuel 105 118 243 243
Purchased power, non-affiliates 18 17 34 45
Purchased power, affiliates 4 16 14 46
Other operations and maintenance 69 69 121 122
Depreciation and amortization 60 52 118 103
Taxes other than income taxes 6 6 12 11
Total operating expenses 262 278 542 570
Operating Income (Loss) 75 51 142 110
Other Income and (Expense):        
Interest expense, net of amounts capitalized (23) (22) (45) (44)
Other income (expense), net 1 0 1 0
Total other income and (expense) (22) (22) (44) (44)
Earnings Before Income Taxes 53 29 98 66
Income taxes (benefit) 1 (3) 13 0
Net Income (Loss) 52 32 85 66
Less: Net income attributable to noncontrolling interests 6 1 6 2
Net income attributable to Southern Power Company $ 46 $ 31 $ 79 $ 64
[1] After dividends on preferred and preference stock of subsidiaries.
[2] Segment net income (loss) for the traditional operating companies for the three months ended June 30, 2015 includes a $23 million pre-tax charge ($14 million after tax) for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information.
[3] Segment net income (loss) for the traditional operating companies for the six months ended June 30, 2015 and June 30, 2014 includes a $32 million pre-tax charge ($20 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information.