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

Item 1. Condensed Consolidated Statements of Income

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Revenues:
Retail electric revenues	$3,941	$3,599
Wholesale electric revenues	571	599
Other electric revenues	199	190
Natural gas revenues (includes alternative revenue programs of $34 and $12, respectively)	1,707	1,875
Other revenues	228	217
Total operating revenues	6,646	6,480
Operating Expenses:
Fuel	996	1,050
Purchased power	198	242
Cost of natural gas	605	898
Cost of other sales	131	127
Other operations and maintenance	1,472	1,440
Depreciation and amortization	1,145	1,111
Taxes other than income taxes	396	394
Total operating expenses	4,943	5,262
Operating Income	1,703	1,218
Other Income and (Expense):
Allowance for equity funds used during construction	58	65
Earnings from equity method investments	45	48
Interest expense, net of amounts capitalized	(665)	(582)
Other income (expense), net	153	147
Total other income and (expense)	(409)	(322)
Earnings Before Income Taxes	1,294	896
Income taxes	223	97
Consolidated Net Income	1,071	799
Net loss attributable to noncontrolling interests	(58)	(63)
Consolidated Net Income Attributable to Southern Company	$1,129	$862
Common Stock Data:
Earnings per share -
Basic	$1.03	$0.79
Diluted	$1.03	$0.79
Average number of shares of common stock outstanding (in millions)
Basic	1,094	1,091
Diluted	1,100	1,098

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Consolidated Net Income	$1,071	$799
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $— and $(23), respectively	1	(63)
Reclassification adjustment for amounts included in net income, net of tax of $12 and $7, respectively	32	19
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $1 and $—, respectively	4	—
Total other comprehensive income (loss)	37	(44)
Comprehensive Income	1,108	755
Comprehensive loss attributable to noncontrolling interests	(58)	(63)
Consolidated Comprehensive Income Attributable to Southern Company	$1,166	$818

	For the Three Months Ended March 31,
	2024	2023
(in millions)
Operating Activities:
Consolidated net income	$1,071	$799
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	1,261	1,233
Allowance for equity funds used during construction	(58)	(65)
Pension, postretirement, and other employee benefits	(129)	(126)
Settlement of asset retirement obligations	(132)	(113)
Stock based compensation expense	83	92
Retail fuel cost under recovery – long-term	—	454
Other, net	76	51
Changes in certain current assets and liabilities —
-Receivables	52	790
-Retail fuel cost under recovery	257	(470)
-Prepayments	(83)	(100)
-Fossil fuel for generation	(52)	(203)
-Materials and supplies	(75)	(98)
-Natural gas for sale, net of temporary LIFO liquidation	237	267
-Natural gas cost under recovery	—	108
-Other current assets	(27)	34
-Accounts payable	(423)	(1,056)
-Accrued taxes	(226)	(237)
-Accrued compensation	(488)	(478)
-Accrued interest	(70)	(127)
-Customer refunds	(1)	(103)
-Natural gas cost over recovery	(65)	117
-Other current liabilities	103	75
Net cash provided from operating activities	1,311	844
Investing Activities:
Property additions	(1,770)	(1,850)
Nuclear decommissioning trust fund purchases	(404)	(256)
Nuclear decommissioning trust fund sales	403	251
Proceeds from dispositions	—	103
Cost of removal, net of salvage	(138)	(135)
Change in construction payables, net	(365)	(140)
Other investing activities	(111)	(91)
Net cash used for investing activities	(2,385)	(2,118)
Financing Activities:
Increase in notes payable, net	236	187
Proceeds —
Long-term debt	2,359	1,979
Short-term borrowings	450	100
Common stock	28	15
Redemptions and repurchases —
Long-term debt	(656)	(575)
Short-term borrowings	(550)	(400)
Capital contributions from noncontrolling interests	9	21
Distributions to noncontrolling interests	(34)	(48)
Payment of common stock dividends	(733)	(742)
Other financing activities	(124)	(83)
Net cash provided from financing activities	985	454
Net Change in Cash, Cash Equivalents, and Restricted Cash	(89)	(820)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	921	2,037
Cash, Cash Equivalents, and Restricted Cash at End of Period	$832	$1,217
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $28 and $32 capitalized for 2024 and 2023, respectively)	$714	$652
Income taxes, net	(9)	(9)
Noncash transactions —
Accrued property additions at end of period	580	833
Right-of-use assets obtained under operating leases	14	26
Right-of-use assets obtained under finance leases	—	1
Issuance of common stock under dividend reinvestment plan	33	—

Assets	At March 31, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$713	$748
Receivables —
Customer accounts	2,191	2,030
Unbilled revenues	620	786
Under recovered fuel clause revenues	701	696
Other accounts and notes	512	519
Accumulated provision for uncollectible accounts	(78)	(68)
Materials and supplies	2,063	1,989
Fossil fuel for generation	995	943
Natural gas for sale	210	420
Prepaid expenses	474	406
Regulatory assets – asset retirement obligations	313	274
Other regulatory assets	1,066	1,120
Other current assets	763	569
Total current assets	10,543	10,432
Property, Plant, and Equipment:
In service	129,228	128,428
Less: Accumulated depreciation	38,347	37,725
Plant in service, net of depreciation	90,881	90,703
Other utility plant, net	483	499
Nuclear fuel, at amortized cost	881	858
Construction work in progress	8,225	7,784
Total property, plant, and equipment	100,470	99,844
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,512	2,424
Equity investments in unconsolidated subsidiaries	1,395	1,368
Other intangible assets, net of amortization of $385 and $376, respectively	359	368
Miscellaneous property and investments	673	665
Total other property and investments	10,100	9,986
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,400	1,432
Deferred charges related to income taxes	888	886
Prepaid pension costs	2,184	2,079
Unamortized loss on reacquired debt	216	220
Deferred under recovered fuel clause revenues	1,044	1,261
Regulatory assets – asset retirement obligations, deferred	5,379	5,459
Other regulatory assets, deferred	6,318	6,264
Other deferred charges and assets	1,578	1,468
Total deferred charges and other assets	19,007	19,069
Total Assets	$140,120	$139,331

Liabilities and Stockholders' Equity	At March 31, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$1,964	$2,476
Notes payable	2,445	2,314
Accounts payable	2,154	2,898
Customer deposits	456	503
Accrued taxes —
Accrued income taxes	76	8
Other accrued taxes	503	860
Accrued interest	583	652
Accrued compensation	618	1,151
Asset retirement obligations	749	744
Liabilities from risk management activities, net of collateral	299	294
Operating lease obligations	184	183
Natural gas cost over recovery	150	214
Other regulatory liabilities	169	141
Other current liabilities	1,108	1,029
Total current liabilities	11,458	13,467
Long-term Debt	59,361	57,210
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	11,195	10,990
Deferred credits related to income taxes	4,607	4,674
Accumulated deferred ITCs	2,046	2,067
Employee benefit obligations	1,096	1,115
Operating lease obligations, deferred	1,292	1,307
Asset retirement obligations, deferred	9,657	9,573
Other cost of removal obligations	1,989	1,957
Other regulatory liabilities, deferred	731	715
Other deferred credits and liabilities	1,074	1,031
Total deferred credits and other liabilities	33,687	33,429
Total Liabilities	104,506	104,106
Total Stockholders' Equity (See accompanying statements)	35,614	35,225
Total Liabilities and Stockholders' Equity	$140,120	$139,331

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