SOUTHERN CO
For the period ended Mar 31, 2024. Filed May 2, 2024.
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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.
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Condensed Statements of Comprehensive Income
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Net Income | $437 | $296 |
| Other comprehensive income: | ||
| Qualifying hedges: | ||
| Changes in fair value, net of tax of $4 and $—, respectively | 12 | (1) |
| Reclassification adjustment for amounts included in net income, net of tax of $— and $—, respectively | 1 | 1 |
| Total other comprehensive income | 13 | — |
| Comprehensive Income | $450 | $296 |
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Operating Activities: | ||
| Net income | $437 | $296 |
| Adjustments to reconcile net income to net cash provided from operating activities — | ||
| Depreciation and amortization, total | 491 | 455 |
| Deferred income taxes | 31 | 57 |
| Allowance for equity funds used during construction | (39) | (40) |
| Pension, postretirement, and other employee benefits | (68) | (64) |
| Settlement of asset retirement obligations | (70) | (54) |
| Retail fuel cost under recovery – long-term | — | 354 |
| Other, net | 2 | (32) |
| Changes in certain current assets and liabilities — | ||
| -Receivables | 35 | 311 |
| -Retail fuel cost under recovery | 181 | (447) |
| -Fossil fuel stock | (34) | (107) |
| -Materials and supplies | (36) | (46) |
| -Other current assets | 14 | 6 |
| -Accounts payable | (153) | (293) |
| -Accrued taxes | (281) | (266) |
| -Accrued compensation | (66) | (85) |
| -Customer refunds | (1) | (103) |
| -Other current liabilities | 50 | 5 |
| Net cash provided from (used for) operating activities | 493 | (53) |
| Investing Activities: | ||
| Property additions | (987) | (1,042) |
| Nuclear decommissioning trust fund purchases | (214) | (169) |
| Nuclear decommissioning trust fund sales | 213 | 164 |
| Cost of removal, net of salvage | (79) | (64) |
| Change in construction payables, net of joint owner portion | (282) | (27) |
| Payments pursuant to LTSAs | (59) | (3) |
| Proceeds from dispositions | — | 56 |
| Other investing activities | (9) | (32) |
| Net cash used for investing activities | (1,417) | (1,117) |
| Financing Activities: | ||
| Increase (decrease) in notes payable, net | (546) | 465 |
| Proceeds — | ||
| Senior notes | 1,400 | — |
| Short-term borrowings | 150 | 100 |
| Revenue bonds | — | 229 |
| Redemptions and repurchases — | ||
| Short-term borrowings | (250) | (200) |
| FFB loan | (21) | (21) |
| Capital contributions from parent company | 750 | 750 |
| Payment of common stock dividends | (513) | (464) |
| Other financing activities | (66) | (9) |
| Net cash provided from financing activities | 904 | 850 |
| Net Change in Cash, Cash Equivalents, and Restricted Cash | (20) | (320) |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 75 | 480 |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $55 | $160 |
| Supplemental Cash Flow Information: | ||
| Cash paid during the period for — | ||
| Interest (net of $17 and $21 capitalized for 2024 and 2023, respectively) | $169 | $159 |
| Noncash transactions — | ||
| Accrued property additions at end of period | 334 | 548 |
| Right-of-use assets obtained under operating leases | 3 | 3 |
| Assets | At March 31, 2024 | At December 31, 2023 |
|---|---|---|
| (in millions) | ||
| Current Assets: | ||
| Cash and cash equivalents | $— | $9 |
| Receivables — | ||
| Customer accounts, net | 864 | 843 |
| Unbilled revenues | 222 | 275 |
| Under recovered retail fuel clause revenues | 679 | 694 |
| Joint owner accounts | 101 | 119 |
| Affiliated | 45 | 51 |
| Other accounts and notes | 96 | 81 |
| Fossil fuel stock | 514 | 480 |
| Materials and supplies | 918 | 883 |
| Regulatory assets – asset retirement obligations | 137 | 98 |
| Other regulatory assets | 420 | 423 |
| Other current assets | 531 | 305 |
| Total current assets | 4,527 | 4,261 |
| Property, Plant, and Equipment: | ||
| In service | 49,593 | 49,370 |
| Less: Accumulated provision for depreciation | 14,138 | 13,955 |
| Plant in service, net of depreciation | 35,455 | 35,415 |
| Nuclear fuel, at amortized cost | 612 | 605 |
| Construction work in progress | 5,409 | 4,975 |
| Total property, plant, and equipment | 41,476 | 40,995 |
| Other Property and Investments: | ||
| Nuclear decommissioning trusts, at fair value | 1,185 | 1,163 |
| Equity investments in unconsolidated subsidiaries | 43 | 47 |
| Miscellaneous property and investments | 159 | 151 |
| Total other property and investments | 1,387 | 1,361 |
| Deferred Charges and Other Assets: | ||
| Operating lease right-of-use assets, net of amortization | 848 | 884 |
| Deferred charges related to income taxes | 594 | 594 |
| Prepaid pension costs | 724 | 706 |
| Deferred under recovered retail fuel clause revenues | 1,044 | 1,211 |
| Regulatory assets – asset retirement obligations, deferred | 3,368 | 3,407 |
| Other regulatory assets, deferred | 2,977 | 2,890 |
| Other deferred charges and assets | 590 | 508 |
| Total deferred charges and other assets | 10,145 | 10,200 |
| Total Assets | $57,535 | $56,817 |
| Liabilities and Stockholder's Equity | At March 31, 2024 | At December 31, 2023 |
|---|---|---|
| (in millions) | ||
| Current Liabilities: | ||
| Securities due within one year | $502 | $502 |
| Notes payable | 684 | 1,329 |
| Accounts payable — | ||
| Affiliated | 603 | 840 |
| Other | 974 | 1,147 |
| Customer deposits | 250 | 250 |
| Accrued taxes | 300 | 582 |
| Accrued interest | 181 | 175 |
| Accrued compensation | 133 | 250 |
| Operating lease obligations | 135 | 135 |
| Asset retirement obligations | 341 | 338 |
| Other regulatory liabilities | 16 | 22 |
| Other current liabilities | 378 | 365 |
| Total current liabilities | 4,497 | 5,935 |
| Long-term Debt | 17,567 | 16,198 |
| Deferred Credits and Other Liabilities: | ||
| Accumulated deferred income taxes | 4,084 | 4,018 |
| Deferred credits related to income taxes | 2,135 | 2,161 |
| Accumulated deferred ITCs | 323 | 326 |
| Employee benefit obligations | 240 | 248 |
| Operating lease obligations, deferred | 729 | 740 |
| Asset retirement obligations, deferred | 5,432 | 5,327 |
| Other deferred credits and liabilities | 458 | 481 |
| Total deferred credits and other liabilities | 13,401 | 13,301 |
| Total Liabilities | 35,465 | 35,434 |
| Common Stockholder's Equity (See accompanying statements) | 22,070 | 21,383 |
| Total Liabilities and Stockholder's Equity | $57,535 | $56,817 |
| Number ofCommonSharesIssued | CommonStock | Paid-InCapital | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | Total | |
|---|---|---|---|---|---|---|
| (in millions) | ||||||
| Balance at December 31, 2022 | 9 | $398 | $15,626 | $2,846 | $(12) | $18,858 |
| Net income | — | — | — | 296 | — | 296 |
| Capital contributions from parent company | — | — | 752 | — | — | 752 |
| Cash dividends on common stock | — | — | — | (464) | — | (464) |
| Other | — | — | — | 1 | — | 1 |
| Balance at March 31, 2023 | 9 | $398 | $16,378 | $2,679 | $(12) | $19,443 |
| Balance at December 31, 2023 | 9 | $398 | $17,923 | $3,071 | $(9) | $21,383 |
| Net income | — | — | — | 437 | — | 437 |
| Capital contributions from parent company | — | — | 750 | — | — | 750 |
| Other comprehensive income | — | — | — | — | 13 | 13 |
| Cash dividends on common stock | — | — | — | (513) | — | (513) |
| Balance at March 31, 2024 | 9 | $398 | $18,673 | $2,995 | $4 | $22,070 |
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