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 Income and Comprehensive Income

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Revenues:
Retail revenues	$1,565	$1,381
Wholesale revenues, non-affiliates	85	141
Wholesale revenues, affiliates	41	19
Other revenues	100	106
Total operating revenues	1,791	1,647
Operating Expenses:
Fuel	331	308
Purchased power, non-affiliates	52	101
Purchased power, affiliates	42	59
Other operations and maintenance	412	424
Depreciation and amortization	361	345
Taxes other than income taxes	120	115
Total operating expenses	1,318	1,352
Operating Income	473	295
Other Income and (Expense):
Allowance for equity funds used during construction	14	21
Interest expense, net of amounts capitalized	(110)	(103)
Other income (expense), net	41	40
Total other income and (expense)	(55)	(42)
Earnings Before Income Taxes	418	253
Income taxes (benefit)	85	(2)
Net Income and Comprehensive Income	$333	$255

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Activities:
Net income	$333	$255
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	398	398
Deferred income taxes	(38)	(75)
Pension, postretirement, and other employee benefits	(53)	(51)
Settlement of asset retirement obligations	(53)	(52)
Retail fuel cost under recovery – long-term	—	100
Other, net	8	(3)
Changes in certain current assets and liabilities —
-Receivables	65	90
-Fossil fuel stock	(6)	(78)
-Prepayments	(94)	(89)
-Retail fuel cost under recovery	73	1
-Other current assets	(17)	(38)
-Accounts payable	(403)	(400)
-Accrued taxes	160	109
-Accrued compensation	(93)	(102)
-Other current liabilities	(32)	(35)
Net cash provided from operating activities	248	30
Investing Activities:
Property additions	(416)	(389)
Nuclear decommissioning trust fund purchases	(190)	(87)
Nuclear decommissioning trust fund sales	190	87
Cost of removal, net of salvage	(34)	(41)
Change in construction payables	(43)	(70)
Other investing activities	(3)	(9)
Net cash used for investing activities	(496)	(509)
Financing Activities:
Increase in notes payable, net	65	170
Proceeds — Other long-term debt	2	16
Redemptions — Revenue bonds	(21)	—
Capital contributions from parent company	425	325
Payment of common stock dividends	(295)	(285)
Other financing activities	(1)	(7)
Net cash provided from financing activities	175	219
Net Change in Cash, Cash Equivalents, and Restricted Cash	(73)	(260)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	409	687
Cash, Cash Equivalents, and Restricted Cash at End of Period	$336	$427
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $4 and $7 capitalized for 2024 and 2023, respectively)	$144	$138
Noncash transactions —
Accrued property additions at end of period	95	111
Right-of-use assets obtained under operating leases	7	13
Right-of-use assets obtained under finance leases	—	1

Assets	At March 31, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$292	$324
Receivables —
Customer accounts	544	513
Unbilled revenues	145	191
Affiliated	69	72
Other accounts and notes	68	109
Accumulated provision for uncollectible accounts	(18)	(16)
Fossil fuel stock	400	394
Materials and supplies	682	655
Prepaid expenses	149	62
Regulatory assets – under recovered retail fuel clause revenues	173	246
Other regulatory assets	382	385
Other current assets	100	142
Total current assets	2,986	3,077
Property, Plant, and Equipment:
In service	35,736	35,429
Less: Accumulated provision for depreciation	11,343	11,131
Plant in service, net of depreciation	24,393	24,298
Other utility plant, net	483	499
Nuclear fuel, at amortized cost	269	253
Construction work in progress	1,095	1,095
Total property, plant, and equipment	26,240	26,145
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,327	1,261
Equity investments in unconsolidated subsidiaries	47	52
Miscellaneous property and investments	158	155
Total other property and investments	1,532	1,468
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	91	87
Deferred charges related to income taxes	264	262
Prepaid pension and other postretirement benefit costs	708	659
Regulatory assets – asset retirement obligations	1,767	1,810
Other regulatory assets, deferred	1,836	1,858
Other deferred charges and assets	418	414
Total deferred charges and other assets	5,084	5,090
Total Assets	$35,842	$35,780

Liabilities and Stockholder's Equity	At March 31, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$319	$223
Notes payable	105	40
Accounts payable —
Affiliated	194	330
Other	326	630
Customer deposits	107	105
Accrued taxes	205	51
Accrued interest	85	122
Accrued compensation	134	222
Asset retirement obligations	351	346
Other regulatory liabilities	43	44
Other current liabilities	195	191
Total current liabilities	2,064	2,304
Long-term Debt	10,847	10,960
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,164	4,170
Deferred credits related to income taxes	1,475	1,506
Accumulated deferred ITCs	73	74
Employee benefit obligations	156	155
Operating lease obligations	83	81
Asset retirement obligations, deferred	3,793	3,812
Other regulatory liabilities, deferred	288	291
Other deferred credits and liabilities	102	94
Total deferred credits and other liabilities	10,134	10,183
Total Liabilities	23,045	23,447
Common Stockholder's Equity (See accompanying statements)	12,797	12,333
Total Liabilities and Stockholder's Equity	$35,842	$35,780

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	31	$1,222	$6,710	$3,764	$(9)	$11,687
Net income	—	—	—	255	—	255
Capital contributions from parent company	—	—	330	—	—	330
Cash dividends on common stock	—	—	—	(285)	—	(285)
Balance at March 31, 2023	31	$1,222	$7,040	$3,734	$(9)	$11,987
Balance at December 31, 2023	31	$1,222	$7,125	$3,993	$(7)	$12,333
Net income	—	—	—	333	—	333
Capital contributions from parent company	—	—	427	—	—	427
Cash dividends on common stock	—	—	—	(295)	—	(295)
Other	—	—	—	(1)	—	(1)
Balance at March 31, 2024	31	$1,222	$7,552	$4,030	$(7)	$12,797

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