SOUTHERN CO

For the period ended Mar 31, 2024. Filed May 2, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 2, 2024

SO$93.65+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Statements of Income

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Revenues:
Wholesale revenues, non-affiliates	$369	$362
Wholesale revenues, affiliates	92	135
Other revenues	12	11
Total operating revenues	473	508
Operating Expenses:
Fuel	156	191
Purchased power	18	26
Other operations and maintenance	121	107
Depreciation and amortization	118	128
Taxes other than income taxes	10	13
Gain on dispositions, net	—	(20)
Total operating expenses	423	445
Operating Income	50	63
Other Income and (Expense):
Interest expense, net of amounts capitalized	(29)	(33)
Other income (expense), net	3	2
Total other income and (expense)	(26)	(31)
Earnings Before Income Taxes	24	32
Income taxes (benefit)	(14)	(7)
Net Income	38	39
Net loss attributable to noncontrolling interests	(58)	(63)
Net Income Attributable to Southern Power	$96	$102

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Net Income	$38	$39
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(4) and $(3), respectively	(11)	(8)
Reclassification adjustment for amounts included in net income, net of tax of $4 and $—, respectively	12	1
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $— and $—, respectively	1	—
Total other comprehensive income (loss)	2	(7)
Comprehensive Income	40	32
Comprehensive loss attributable to noncontrolling interests	(58)	(63)
Comprehensive Income Attributable to Southern Power	$98	$95

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Activities:
Net income	$38	$39
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	121	133
Amortization of ITCs	(15)	(15)
Gain on dispositions, net	—	(20)
Other, net	(5)	(11)
Changes in certain current assets and liabilities —
-Receivables	46	120
-Prepaid income taxes	2	15
-Other current assets	—	(13)
-Accounts payable	(57)	(92)
-Accrued compensation	(14)	(13)
-Other current liabilities	5	(8)
Net cash provided from operating activities	121	135
Investing Activities:
Property additions	(28)	(11)
Proceeds from dispositions	—	46
Change in construction payables	(12)	(15)
Payments pursuant to LTSAs	(11)	(16)
Other investing activities	7	—
Net cash provided from (used for) investing activities	(44)	4
Financing Activities:
Increase (decrease) in notes payable, net	4	(59)
Capital contributions from noncontrolling interests	9	21
Distributions to noncontrolling interests	(34)	(48)
Payment of common stock dividends	(65)	(63)
Other financing activities	(3)	3
Net cash used for financing activities	(89)	(146)
Net Change in Cash, Cash Equivalents, and Restricted Cash	(12)	(7)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	144	133
Cash, Cash Equivalents, and Restricted Cash at End of Period	$132	$126
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $2 and $— capitalized for 2024 and 2023, respectively)	$23	$30
Income taxes, net	(9)	(9)
Noncash transactions —
Accrued property additions at end of period	40	12

Assets	At March 31, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$115	$124
Receivables —
Customer accounts, net	124	136
Affiliated	14	37
Other	43	54
Materials and supplies	83	80
Prepaid income taxes	42	2
Other current assets	85	90
Total current assets	506	523
Property, Plant, and Equipment:
In service	14,659	14,690
Less: Accumulated provision for depreciation	4,200	4,119
Plant in service, net of depreciation	10,459	10,571
Construction work in progress	298	278
Total property, plant, and equipment	10,757	10,849
Other Property and Investments:
Intangible assets, net of amortization of $153 and $148, respectively	238	243
Net investment in sales-type leases	147	148
Total other property and investments	385	391
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	486	488
Prepaid LTSAs	262	248
Other deferred charges and assets	266	262
Total deferred charges and other assets	1,014	998
Total Assets	$12,662	$12,761

Liabilities and Stockholders' Equity	At March 31, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Notes payable	$140	$138
Accounts payable —
Affiliated	39	82
Other	69	91
Accrued taxes	20	26
Accrued interest	27	27
Operating lease obligations	29	29
Other current liabilities	83	97
Total current liabilities	407	490
Long-term Debt	2,699	2,711
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	667	614
Accumulated deferred ITCs	1,483	1,498
Operating lease obligations, deferred	515	517
Other deferred credits and liabilities	248	233
Total deferred credits and other liabilities	2,913	2,862
Total Liabilities	6,019	6,063
Total Stockholders' Equity (See accompanying statements)	6,643	6,698
Total Liabilities and Stockholders' Equity	$12,662	$12,761

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.