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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The fair value increases (decreases) of the Funds, including unrealized gains (losses) and reinvested interest and dividends and excluding the Funds' expenses, for 2020, 2019, and 2018 are shown in the table below.
Southern CompanyAlabama
Power		Georgia
Power
(in millions)
Fair value increases (decreases)
2020$280 $142 $138 
2019344 194 150 
2018(67)(38)(29)
Unrealized gains (losses)
At December 31, 2020$220 $121 $99 
At December 31, 2019259 149 110 
At December 31, 2018(183)(96)(87)
At December 31, 2020, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$401 $271 $32 $— $704 
Interest rate derivatives— 20 — — 20 
Foreign currency derivatives— 87 — — 87 
Investments in trusts:(b)(c)
Domestic equity862 151 — — 1,013 
Foreign equity85 253 — — 338 
U.S. Treasury and government agency securities— 284 — — 284 
Municipal bonds— 85 — — 85 
Pooled funds – fixed income— 17 — — 17 
Corporate bonds13 386 — — 399 
Mortgage and asset backed securities— 83 — — 83 
Private equity— — — 76 76 
Cash and cash equivalents1 — — — 1 
Other28 7 — — 35 
Cash equivalents575 9 — — 584 
Other investments9 24 — — 33 
Total$1,974 $1,677 $32 $76 $3,759 
Liabilities:
Energy-related derivatives(a)
$389 $204 $4 $— $597 
Foreign currency derivatives— 23 — — 23 
Contingent consideration— — 17 — 17 
Total$389 $227 $21 $— $637 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives
$— $12 $— $— $12 
Nuclear decommissioning trusts:(b)
Domestic equity543 141 — — 684 
Foreign equity85 73 — — 158 
U.S. Treasury and government agency securities— 21 — — 21 
Municipal bonds— 1 — — 1 
Corporate bonds13 167 — — 180 
Mortgage and asset backed securities— 29 — — 29 
Private equity — — — 76 76 
Other7 — — — 7 
Cash equivalents311 9 — — 320 
Other investments— 24 — — 24 
Total$959 $477 $— $76 $1,512 
Liabilities:
Energy-related derivatives$— $7 $— $— $7 
Georgia Power
Assets:
Energy-related derivatives$— $15 $— $— $15 
Nuclear decommissioning trusts:(b)(c)
Domestic equity319 1 — — 320 
Foreign equity— 177 — — 177 
U.S. Treasury and government agency securities— 263 — — 263 
Municipal bonds— 84 — — 84 
Corporate bonds— 219 — — 219 
Mortgage and asset backed securities— 54 — — 54 
Other21 7 — — 28 
Total$340 $820 $— $— $1,160 
Liabilities:
Energy-related derivatives$— $13 $— $— $13 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $9 $— $— $9 
Cash equivalents21 — — — 21 
Total$21 $9 $— $— $30 
Liabilities:
Energy-related derivatives$— $9 $— $— $9 
Southern Power
Assets:
Energy-related derivatives$— $2 $— $— $2 
Foreign currency derivatives— 87 — — 87 
Total$— $89 $— $— $89 
Liabilities:
Energy-related derivatives$— $3 $— $— $3 
Foreign currency derivatives— 23 — — 23 
Contingent consideration— — 17 — 17 
Total$— $26 $17 $— $43 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$401 $233 $32 $— $666 
Non-qualified deferred compensation trusts:
Domestic equity— 9 — — 9 
Foreign equity— 3 — — 3 
Pooled funds - fixed income— 17 — — 17 
Cash equivalents1 — — — 1 
Total$402 $262 $32 $— $696 
Liabilities:
Energy-related derivatives(a)(b)
$389 $172 $4 $— $565 
(a)Excludes $6 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value and cash collateral of $28 million.
(b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information.
(c)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information.
At December 31, 2019, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2019:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$388 $267 $22 $— $677 
Interest rate derivatives— 2 — — 2 
Foreign currency derivatives— 16 — — 16 
Investments in trusts:(b)(c)
Domestic equity751 135 — — 886 
Foreign equity68 220 — — 288 
U.S. Treasury and government agency securities— 307 — — 307 
Municipal bonds— 85 — — 85 
Pooled funds – fixed income— 17 — — 17 
Corporate bonds23 297 — — 320 
Mortgage and asset backed securities— 87 — — 87 
Private equity— — — 56 56 
Cash and cash equivalents1 — — — 1 
Other17 5 — — 22 
Cash equivalents1,393 2 — — 1,395 
Other investments9 21 — — 30 
Total$2,650 $1,461 $22 $56 $4,189 
Liabilities:
Energy-related derivatives(a)
$442 $254 $7 $— $703 
Interest rate derivatives— 24 — — 24 
Foreign currency derivatives— 24 — — 24 
Contingent consideration— — 19 — 19 
Total$442 $302 $26 $— $770 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2019:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives
$— $4 $— $— $4 
Nuclear decommissioning trusts:(b)
Domestic equity488 123 — — 611 
Foreign equity68 64 — — 132 
U.S. Treasury and government agency securities— 21 — — 21 
Municipal bonds— 1 — — 1 
Corporate bonds23 144 — — 167 
Mortgage and asset backed securities— 29 — — 29 
Private equity — — — 56 56 
Other3 1 — — 4 
Cash equivalents691 2 — — 693 
Other investments— 21 — — 21 
Total$1,273 $410 $— $56 $1,739 
Liabilities:
Energy-related derivatives$— $24 $— $— $24 
Georgia Power
Assets:
Energy-related derivatives$— $4 $— $— $4 
Nuclear decommissioning trusts:(b)(c)
Domestic equity263 1 — — 264 
Foreign equity— 152 — — 152 
U.S. Treasury and government agency securities— 286 — — 286 
Municipal bonds— 84 — — 84 
Corporate bonds— 153 — — 153 
Mortgage and asset backed securities— 57 — — 57 
Other13 4 — — 17 
Total$276 $741 $— $— $1,017 
Liabilities:
Energy-related derivatives$— $53 $— $— $53 
Interest rate derivatives— 17 — — 17 
Total$— $70 $— $— $70 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2019:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $1 $— $— $1 
Cash equivalents281 — — — 281 
Total$281 $1 $— $— $282 
Liabilities:
Energy-related derivatives$— $27 $— $— $27 
Southern Power
Assets:
Energy-related derivatives$— $3 $— $— $3 
Foreign currency derivatives— 16 — — 16 
Cash equivalents113 — — — 113 
Total$113 $19 $— $— $132 
Liabilities:
Energy-related derivatives$— $3 $— $— $3 
Foreign currency derivatives— 24 — — 24 
Contingent consideration— — 19 — 19 
Total$— $27 $19 $— $46 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$388 $255 $22 $— $665 
Interest rate derivatives— 2 — — 2 
Non-qualified deferred compensation trusts:
Domestic equity— 11 — — 11 
Foreign equity— 4 — — 4 
Pooled funds - fixed income— 17 — — 17 
Cash equivalents1 — — — 1 
Cash equivalents8 — — — 8 
Total$397 $289 $22 $— $708 
Liabilities:
Energy-related derivatives(a)(b)
$442 $147 $7 $— $596 
(a)Excludes $4 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value and cash collateral of $99 million.
(c)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information.
(d)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information.
Financial instruments not having carrying amount equal to fair value
At December 31, 2020 and 2019, other financial instruments for which the carrying amount did not equal fair value were as follows:
Southern
  Company(*)
Alabama PowerGeorgia PowerMississippi PowerSouthern Power
Southern Company Gas(*)
(in millions)
At December 31, 2020:
Long-term debt, including securities due within one year:
Carrying amount$48,349 $8,864 $12,825 $1,400 $3,692 $6,626 
Fair value56,264 10,702 15,198 1,590 4,165 7,973 
At December 31, 2019:
Long-term debt, including securities due within one year:
Carrying amount$44,561 $8,517 $11,660 $1,589 $4,398 $5,845 
Fair value48,339 9,525 12,680 1,671 4,708 6,509 
(*)The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043.
Schedule of transfers to Level 3 The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period.
2020
(in millions)
Beginning balance$14 
Transfers to Level 370 
Transfers from Level 3(34)
Instruments realized or otherwise settled during period(16)
Changes in fair value(6)
Ending balance$28