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FINANCING (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of long-term debt
Details of long-term debt at December 31, 2021 and 2020 are provided in the following table:
At December 31, 2021
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20212020
(in millions)
Southern Company
Senior notes(a)
2022-20523.62%$33,120 $30,850 
Junior subordinated notes2024-20814.00%8,918 7,295 
FFB loans(b)
2022-20442.88%4,962 4,618 
Pollution control revenue bonds(c)
2022-20531.05%2,662 2,675 
First mortgage bonds(d)
2023-20603.53%2,100 1,900 
Medium-term notes2022-20277.60%130 160 
Other long-term debt2022-20260.79%270 370 
Other revenue bonds— 320 
Debt payable to affiliated trusts(e)
— 206 
Finance lease obligations(f)
215 231 
Unamortized fair value adjustment359 393 
Unamortized debt premium (discount), net(216)(201)
Unamortized debt issuance expenses(243)(237)
Total long-term debt52,277 48,580 
Less: Amount due within one year2,157 3,507 
Total long-term debt excluding amount due within one year$50,120 $45,073 
Alabama Power
Senior notes2022-20523.89%$8,725 $7,625 
Pollution control revenue bonds(c)
2024-20380.55%995 1,060 
Other long-term debt20261.24%45 45 
Debt payable to affiliated trusts(e)
— 206 
Finance lease obligations(f)
4 5 
Unamortized debt premium (discount), net(18)(16)
Unamortized debt issuance expenses(64)(56)
Total long-term debt9,687 8,869 
Less: Amount due within one year751 311 
Total long-term debt excluding amount due within one year$8,936 $8,558 
Georgia Power
Senior notes2022-20513.61%$6,825 $6,400 
Junior subordinated notes20775.00%270 270 
FFB loans(b)
2022-20442.88%4,962 4,618 
Pollution control revenue bonds(c)
2022-20531.33%1,591 1,538 
Other long-term debt20220.70%125 125 
Finance lease obligations(f)
136 145 
Unamortized debt premium (discount), net(11)(12)
Unamortized debt issuance expenses(114)(114)
Total long-term debt13,784 12,970 
Less: Amount due within one year675 542 
Total long-term debt excluding amount due within one year$13,109 $12,428 
At December 31, 2021
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20212020
(in millions)
Mississippi Power
Senior notes2024-20513.43%$1,425 $900 
Pollution control revenue bonds(c)
2025-20281.86%76 76 
Other revenue bonds— 320 
Other long-term debt— 100 
Finance lease obligations(f)
18 19 
Unamortized debt premium (discount), net2 11 
Unamortized debt issuance expenses(10)(7)
Total long-term debt1,511 1,419 
Less: Amount due within one year1 406 
Total long-term debt excluding amount due within one year$1,510 $1,013 
Southern Power
Senior notes(a)
2022-20463.74%$3,711 $3,714 
Unamortized debt premium (discount), net(6)(6)
Unamortized debt issuance expenses(17)(16)
Total long-term debt3,688 3,692 
Less: Amount due within one year679 299 
Total long-term debt excluding amount due within one year$3,009 $3,393 
Southern Company Gas
Senior notes2023-20513.96%$4,348 $4,200 
First mortgage bonds(d)
2023-20603.53%2,100 1,900 
Medium-term notes2022-20277.60%130 160 
Unamortized fair value adjustment359 393 
Unamortized debt premium (discount), net(35)(27)
Total long-term debt6,902 6,626 
Less: Amount due within one year47 333 
Total long-term debt excluding amount due within one year$6,855 $6,293 
(a)Includes a fair value gain (loss) of $5 million and $109 million at December 31, 2021 and 2020, respectively, related to Southern Power's foreign currency hedge on its €1.1 billion senior notes.
(b)Secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. See "DOE Loan Guarantee Borrowings" herein for additional information.
(c)Pollution control revenue bond obligations represent loans to the traditional electric operating companies from public authorities of funds derived from sales by such authorities of revenue bonds issued to finance pollution control and solid waste disposal facilities. In some cases, the pollution control revenue bond obligations represent obligations under installment sales agreements with respect to facilities constructed with the proceeds of revenue bonds issued by public authorities. The traditional electric operating companies are required to make payments sufficient for the authorities to meet principal and interest requirements of such bonds. Proceeds from certain issuances are restricted until qualifying expenditures are incurred.
(d)Secured by substantially all of Nicor Gas' properties.
(e)At December 31, 2020, Alabama Power had a wholly-owned trust subsidiary for the purpose of issuing preferred securities. The proceeds of the related equity investments and preferred security sales were loaned back to Alabama Power through the issuance of junior subordinated notes, which Alabama Power redeemed during 2021. The junior subordinated notes constituted substantially all of the assets of this trust. Alabama Power considered the mechanisms and obligations relating to the preferred securities issued for its benefit, taken together, constituted a full and unconditional guarantee by it of the trust's payment obligations with respect to these securities. See Note 1 under "Variable Interest Entities" for additional information on the accounting treatment for this trust and the related securities.
(f)Secured by the underlying lease ROU asset. See Note 9 for additional information.
Schedule of maturities of long-term debt for the next five years
Maturities of long-term debt for the next five years are as follows:
Southern Company(a)
Alabama Power
Georgia
Power(b)
Mississippi Power
Southern Power(c)
Southern Company
Gas
(in millions)
2022$2,157 $751 $676 $1 $677 $46 
20233,738 301 897 1 290 400 
20242,280 22 498 201 — — 
20251,199 250 145 11 500 300 
20263,723 45 441 1 964 530 
(a)Amount for 2022 excludes junior subordinated notes totaling $1.725 billion at the parent entity that Southern Company has agreed to remarket in 2022 in connection with the related stock purchase contracts; however, the final maturity dates are in 2024 and 2027 (one half in each year). See "Equity Units" herein for additional information. Also see notes (b) and (c) below.
(b)Amounts include principal amortization related to the FFB borrowings; however, the final maturity date is February 20, 2044. See "DOE Loan Guarantee Borrowings" herein for additional information.
(c)Southern Power's 2022 maturity and $564 million of its 2026 maturities represent euro-denominated debt at the U.S. dollar denominated hedge settlement amount.
Summary of committed credit arrangements
At December 31, 2021, committed credit arrangements with banks were as follows:
Expires
Company2022202320242026TotalUnusedDue within
One Year
(in millions)
Southern Company parent$— $— $— $2,000 $2,000 $1,998 $— 
Alabama Power— — 550 700 1,250 1,250 — 
Georgia Power— — — 1,750 1,750 1,726 — 
Mississippi Power— 125 150 — 275 275 — 
Southern Power(a)
— — — 600 600 568 — 
Southern Company Gas(b)
250 — — 1,500 1,750 1,747 250 
SEGCO30 — — — 30 30 30 
Southern Company$280 $125 $700 $6,550 $7,655 $7,594 $280 
(a)Does not include Southern Power Company's $75 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2023, of which $8 million and $4 million, respectively, was unused at December 31, 2021. Subsequent to December 31, 2021, Southern Power amended its $60 million letter of credit facility, which, among other things, extended the expiration date from 2023 to 2025 and increased the amount to $75 million. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(b)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the arrangement expiring in 2026 and all $250 million of the arrangement expiring in 2022. Southern Company Gas' committed credit arrangement expiring in 2026 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. See "Structural Considerations" herein for additional information.
Details of short-term borrowings Details of short-term borrowings for the applicable Registrants were as follows:
Notes Payable at December 31, 2021
Notes Payable at December 31, 2020
Amount
Outstanding		Weighted Average
Interest Rate		Amount
Outstanding		Weighted Average
Interest Rate
(in millions)(in millions)
Southern Company
Commercial paper$1,140 0.3 %$609 0.3 %
Short-term bank debt300 0.7 %— — %
Total$1,440 0.4 %$609 0.3 %
Georgia Power
Commercial paper$— — %$60 0.3 %
Mississippi Power
Commercial paper$— — %$25 0.4 %
Southern Power
Commercial paper$211 0.3 %$175 0.3 %
Southern Company Gas
Commercial paper:
Southern Company Gas Capital$379 0.3 %$220 0.3 %
Nicor Gas530 0.3 %104 0.2 %
Short-term bank debt:
Nicor Gas300 0.7 %— — %
Total$1,209 0.4 %$324 0.2 %
Shares used to compute diluted EPS Shares used to compute diluted EPS were as follows:
 Average Common Stock Shares
 202120202019
 (in millions)
As reported shares1,061 1,058 1,046 
Effect of stock-based compensation7 7 8 
Diluted shares1,068 1,065 1,054 
Schedule of preferred stock Information for each outstanding series is in the table below:
Preferred StockPar Value/Stated Capital Per ShareShares OutstandingRedemption
Price Per Share
4.92% Preferred Stock
$10080,000 $103.23
4.72% Preferred Stock
$10050,000 $102.18
4.64% Preferred Stock
$10060,000 $103.14
4.60% Preferred Stock
$100100,000 $104.20
4.52% Preferred Stock
$10050,000 $102.93
4.20% Preferred Stock
$100135,115 $105.00
5.00% Class A Preferred Stock
$2510,000,000 
$25.00(*)
(*)$25.50 if prior to October 1, 2022