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

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Contents

Condensed Statements of Comprehensive Income

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Net Income	$50	$58
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $2 and $—, respectively	5	—
Total other comprehensive income	5	—
Comprehensive Income	$55	$58

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Activities:
Net income	$50	$58
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	50	58
Pension, postretirement, and other employee benefits	(4)	(5)
Settlement of asset retirement obligations	(4)	(3)
Other, net	4	—
Changes in certain current assets and liabilities —
-Receivables	21	73
-Retail fuel cost under recovery	3	(23)
-Other current assets	(13)	(1)
-Accounts payable	(34)	(74)
-Accrued taxes	(59)	(62)
-Accrued compensation	(21)	(17)
-Other current liabilities	—	(7)
Net cash used for operating activities	(7)	(3)
Investing Activities:
Property additions	(79)	(94)
Cost of removal, net of salvage	(12)	(6)
Construction payables	(7)	(9)
Payments pursuant to LTSAs	(5)	(8)
Other investing activities	(1)	—
Net cash used for investing activities	(104)	(117)
Financing Activities:
Increase in notes payable, net	8	126
Proceeds — Senior notes	150	—
Payment of common stock dividends	(47)	(46)
Other financing activities	—	(1)
Net cash provided from financing activities	111	79
Net Change in Cash, Cash Equivalents, and Restricted Cash	—	(41)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	38	59
Cash, Cash Equivalents, and Restricted Cash at End of Period	$38	$18
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest	$29	$25
Noncash transactions —
Accrued property additions at end of period	27	13
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	$38	$38
Receivables —
Customer accounts, net	57	36
Unbilled revenues	33	40
Affiliated	16	29
Other accounts and notes	59	20
Fossil fuel stock	60	47
Materials and supplies	89	89
Other regulatory assets	59	56
Other current assets	8	10
Total current assets	419	365
Property, Plant, and Equipment:
In service	5,587	5,523
Less: Accumulated provision for depreciation	1,821	1,792
Plant in service, net of depreciation	3,766	3,731
Construction work in progress	172	203
Total property, plant, and equipment	3,938	3,934
Other Property and Investments	156	158
Deferred Charges and Other Assets:
Deferred charges related to income taxes	28	28
Prepaid pension costs	102	99
Deferred under recovered retail fuel clause revenues	—	50
Regulatory assets – asset retirement obligations	245	244
Other regulatory assets, deferred	285	285
Accumulated deferred income taxes	93	96
Other deferred charges and assets	88	85
Total deferred charges and other assets	841	887
Total Assets	$5,354	$5,344

Liabilities and Stockholder's Equity	At March 31, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$201	$201
Notes payable	8	—
Accounts payable —
Affiliated	45	82
Other	72	73
Accrued taxes	58	117
Accrued compensation	22	43
Asset retirement obligations	29	29
Over recovered retail fuel clause revenues	—	27
Other regulatory liabilities	10	17
Other current liabilities	89	90
Total current liabilities	534	679
Long-term Debt	1,592	1,443
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	469	469
Deferred credits related to income taxes	228	229
Employee benefit obligations	67	67
Asset retirement obligations, deferred	137	139
Other cost of removal obligations	186	186
Other regulatory liabilities, deferred	95	92
Other deferred credits and liabilities	34	37
Total deferred credits and other liabilities	1,216	1,219
Total Liabilities	3,342	3,341
Common Stockholder's Equity (See accompanying statements)	2,012	2,003
Total Liabilities and Stockholder's Equity	$5,354	$5,344

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings (Accumulated Deficit)	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	1	$38	$4,652	$(2,759)	$—	$1,931
Net income	—	—	—	58	—	58
Cash dividends on common stock	—	—	—	(46)	—	(46)
Balance at March 31, 2023	1	$38	$4,652	$(2,747)	$—	$1,943
Balance at December 31, 2023	1	$38	$4,721	$(2,756)	$—	$2,003
Net income	—	—	—	50	—	50
Capital contributions from parent company	—	—	1	—	—	1
Other comprehensive income	—	—	—	—	5	5
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at March 31, 2024	1	$38	$4,722	$(2,753)	$5	$2,012

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