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

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Contents

Condensed Consolidated Statements of Income

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of $53 and $66, respectively)	$1,707	$1,875
Total operating revenues	1,707	1,875
Operating Expenses:
Cost of natural gas	605	898
Other operations and maintenance	293	305
Depreciation and amortization	155	141
Taxes other than income taxes	87	102
Total operating expenses	1,140	1,446
Operating Income	567	429
Other Income and (Expense):
Earnings from equity method investments	44	45
Interest expense, net of amounts capitalized	(84)	(76)
Other income (expense), net	20	14
Total other income and (expense)	(20)	(17)
Earnings Before Income Taxes	547	412
Income taxes	138	103
Net Income	$409	$309

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Net Income	$409	$309
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(2) and $(10), respectively	(5)	(24)
Reclassification adjustment for amounts included in net income, net of tax of $7 and $6, respectively	17	14
Total other comprehensive income (loss)	12	(10)
Comprehensive Income	$421	$299

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Activities:
Net income	$409	$309
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	155	141
Deferred income taxes	61	27
Other, net	(10)	(3)
Changes in certain current assets and liabilities —
-Receivables	(16)	266
-Natural gas for sale, net of temporary LIFO liquidation	237	267
-Prepaid income taxes	53	33
-Natural gas cost under recovery	—	108
-Other current assets	(27)	(18)
-Accounts payable	(127)	(303)
-Accrued taxes	7	36
-Accrued compensation	(55)	(36)
-Natural gas cost over recovery	(65)	117
-Other current liabilities	(24)	34
Net cash provided from operating activities	598	978
Investing Activities:
Property additions	(255)	(299)
Cost of removal, net of salvage	(12)	(24)
Change in construction payables, net	(40)	(53)
Other investing activities	(12)	(3)
Net cash used for investing activities	(319)	(379)
Financing Activities:
Decrease in notes payable, net	(81)	(448)
Redemptions — Short-term borrowings	—	(200)
Capital contributions from parent company	—	192
Payment of common stock dividends	(151)	(146)
Other financing activities	(3)	9
Net cash used for financing activities	(235)	(593)
Net Change in Cash, Cash Equivalents, and Restricted Cash	44	6
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	35	83
Cash, Cash Equivalents, and Restricted Cash at End of Period	$79	$89
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $5 and $4 capitalized for 2024 and 2023, respectively)	$89	$76
Income taxes, net	(3)	—
Noncash transactions —
Accrued property additions at end of period	99	124
Right-of-use assets obtained under operating leases	1	—

Assets	At March 31, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$77	$33
Receivables —
Customer accounts	474	405
Unbilled revenues	204	261
Other accounts and notes	53	47
Accumulated provision for uncollectible accounts	(52)	(44)
Materials and supplies	68	66
Natural gas for sale	210	420
Prepaid expenses	60	107
Other regulatory assets	162	141
Other current assets	57	50
Total current assets	1,313	1,486
Property, Plant, and Equipment:
In service	21,078	20,840
Less: Accumulated depreciation	5,620	5,534
Plant in service, net of depreciation	15,458	15,306
Construction work in progress	1,112	1,110
Total property, plant, and equipment	16,570	16,416
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,260	1,235
Other intangible assets, net of amortization of $168 and $166, respectively	14	16
Miscellaneous property and investments	26	25
Total other property and investments	6,315	6,291
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	46	47
Prepaid pension costs	164	158
Other regulatory assets, deferred	503	504
Other deferred charges and assets	180	181
Total deferred charges and other assets	893	890
Total Assets	$25,091	$25,083

Liabilities and Stockholder's Equity	At March 31, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Notes payable	$334	$415
Accounts payable —
Affiliated	44	89
Other	308	424
Customer deposits	79	126
Accrued taxes	84	77
Accrued interest	76	77
Accrued compensation	57	112
Natural gas cost over recovery	150	214
Other regulatory liabilities	60	19
Other current liabilities	172	155
Total current liabilities	1,364	1,708
Long-term Debt	7,825	7,833
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,736	1,671
Deferred credits related to income taxes	752	759
Employee benefit obligations	105	110
Operating lease obligations	38	40
Other cost of removal obligations	1,804	1,771
Accrued environmental remediation	194	192
Other deferred credits and liabilities	199	196
Total deferred credits and other liabilities	4,828	4,739
Total Liabilities	14,017	14,280
Common Stockholder's Equity (See accompanying statements)	11,074	10,803
Total Liabilities and Stockholder's Equity	$25,091	$25,083

ContentsView on SEC.gov

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