SOUTHERN CO

For the period ended Jun 30, 2024. Filed Aug 1, 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.

Jun 30, 2024 · Filed Aug 1, 2024

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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Contents

Alabama Power Company:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Operating Revenues:
Retail revenues	$1,647	$1,467	$3,213	$2,848
Wholesale revenues, non-affiliates	84	112	169	252
Wholesale revenues, affiliates	27	10	68	29
Other revenues	115	100	214	207
Total operating revenues	1,873	1,689	3,664	3,336
Operating Expenses:
Fuel	335	303	666	611
Purchased power, non-affiliates	47	54	99	155
Purchased power, affiliates	44	54	87	113
Other operations and maintenance	429	440	840	862
Depreciation and amortization	364	349	725	694
Taxes other than income taxes	118	107	238	223
Total operating expenses	1,337	1,307	2,655	2,658
Operating Income	536	382	1,009	678
Other Income and (Expense):
Allowance for equity funds used during construction	12	21	26	42
Interest expense, net of amounts capitalized	(114)	(105)	(224)	(208)
Other income (expense), net	37	39	78	79
Total other income and (expense)	(65)	(45)	(120)	(87)
Earnings Before Income Taxes	471	337	889	591
Income taxes	102	25	187	23
Net Income	$369	$312	$702	$568

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$369	$312	$702	$568
Other comprehensive income:
Qualifying hedges:
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $—, and $—, respectively	1	—	1	1
Total other comprehensive income	1	—	1	1
Comprehensive Income	$370	$312	$703	$569

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$702	$568
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	796	770
Deferred income taxes	(40)	(142)
Pension, postretirement, and other employee benefits	(93)	(91)
Settlement of asset retirement obligations	(117)	(116)
Retail fuel cost under recovery – long-term	—	236
Other, net	(21)	(60)
Changes in certain current assets and liabilities —
-Receivables	(80)	16
-Fossil fuel stock	9	(117)
-Prepayments	(70)	(61)
-Retail fuel cost under recovery	131	(44)
-Other current assets	(47)	(68)
-Accounts payable	(331)	(363)
-Accrued taxes	96	183
-Accrued compensation	(68)	(76)
-Other current liabilities	10	21
Net cash provided from operating activities	877	656
Investing Activities:
Property additions	(829)	(865)
Nuclear decommissioning trust fund purchases	(328)	(150)
Nuclear decommissioning trust fund sales	328	150
Cost of removal, net of salvage	(77)	(83)
Change in construction payables	(36)	(79)
Other investing activities	(9)	16
Net cash used for investing activities	(951)	(1,011)
Financing Activities:
Increase in notes payable, net	40	—
Proceeds —
Senior notes	—	200
Short-term borrowings	50	—
Other long-term debt	4	17
Redemptions — Revenue bonds	(21)	—
Capital contributions from parent company	474	352
Payment of common stock dividends	(591)	(571)
Other financing activities	(2)	(9)
Net cash used for financing activities	(46)	(11)
Net Change in Cash, Cash Equivalents, and Restricted Cash	(120)	(366)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	409	687
Cash, Cash Equivalents, and Restricted Cash at End of Period	$289	$321
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $8 and $13 capitalized for 2024 and 2023, respectively)	$213	$192
Income taxes, net	208	52
Noncash transactions —
Accrued property additions at end of period	101	103
Right-of-use assets obtained under operating leases	10	21
Right-of-use assets obtained under finance leases	—	1

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$287	$324
Receivables —
Customer accounts	570	513
Unbilled revenues	225	191
Affiliated	72	72
Other accounts and notes	91	109
Accumulated provision for uncollectible accounts	(19)	(16)
Fossil fuel stock	385	394
Materials and supplies	693	655
Prepaid expenses	126	62
Regulatory assets – under recovered retail fuel clause revenues	115	246
Other regulatory assets	374	385
Other current assets	60	142
Total current assets	2,979	3,077
Property, Plant, and Equipment:
In service	36,174	35,429
Less: Accumulated provision for depreciation	11,544	11,131
Plant in service, net of depreciation	24,630	24,298
Other utility plant, net	450	499
Nuclear fuel, at amortized cost	256	253
Construction work in progress	1,011	1,095
Total property, plant, and equipment	26,347	26,145
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,341	1,261
Equity investments in unconsolidated subsidiaries	49	52
Miscellaneous property and investments	158	155
Total other property and investments	1,548	1,468
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	90	87
Deferred charges related to income taxes	262	262
Prepaid pension and other postretirement benefit costs	723	659
Regulatory assets – asset retirement obligations	1,778	1,810
Other regulatory assets, deferred	1,874	1,858
Other deferred charges and assets	439	414
Total deferred charges and other assets	5,166	5,090
Total Assets	$36,040	$35,780

Liabilities and Stockholder's Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$656	$223
Notes payable	130	40
Accounts payable —
Affiliated	254	330
Other	350	630
Customer deposits	110	105
Accrued taxes	141	51
Accrued interest	124	122
Accrued compensation	159	222
Asset retirement obligations	355	346
Other regulatory liabilities	38	44
Other current liabilities	194	191
Total current liabilities	2,511	2,304
Long-term Debt	10,513	10,960
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,191	4,170
Deferred credits related to income taxes	1,444	1,506
Accumulated deferred ITCs	71	74
Employee benefit obligations	153	155
Operating lease obligations	82	81
Asset retirement obligations, deferred	3,763	3,812
Other regulatory liabilities, deferred	275	291
Other deferred credits and liabilities	116	94
Total deferred credits and other liabilities	10,095	10,183
Total Liabilities	23,119	23,447
Common Stockholder's Equity (See accompanying statements)	12,921	12,333
Total Liabilities and Stockholder's Equity	$36,040	$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
Net income	—	—	—	312	—	312
Capital contributions from parent company	—	—	29	—	—	29
Cash dividends on common stock	—	—	—	(286)	—	(286)
Balance at June 30, 2023	31	$1,222	$7,069	$3,760	$(9)	$12,042
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
Net income	—	—	—	369	—	369
Capital contributions from parent company	—	—	50	—	—	50
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(296)	—	(296)
Balance at June 30, 2024	31	$1,222	$7,602	$4,103	$(6)	$12,921

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