SOUTHERN CO

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

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Statements of Income

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Operating Revenues:
Wholesale revenues, non-affiliates	$427	$393	$797	$755
Wholesale revenues, affiliates	86	116	179	251
Other revenues	11	16	21	27
Total operating revenues	524	525	997	1,033
Operating Expenses:
Fuel	132	139	288	330
Purchased power	22	28	40	54
Other operations and maintenance	119	117	241	224
Depreciation and amortization	127	122	245	250
Taxes other than income taxes	13	12	22	25
Gain on dispositions, net	—	—	—	(20)
Total operating expenses	413	418	836	863
Operating Income	111	107	161	170
Other Income and (Expense):
Interest expense, net of amounts capitalized	(30)	(33)	(59)	(66)
Other income (expense), net	3	2	6	4
Total other income and (expense)	(27)	(31)	(53)	(62)
Earnings Before Income Taxes	84	76	108	108
Income taxes (benefit)	13	6	(1)	(1)
Net Income	71	70	109	109
Net loss attributable to noncontrolling interests	(15)	(15)	(73)	(78)
Net Income Attributable to Southern Power	$86	$85	$182	$187

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$71	$70	$109	$109
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $(1), $2, $(5), and $(1), respectively	(4)	5	(15)	(4)
Reclassification adjustment for amounts included in net income, net of tax of $2, $2, $6, and $2, respectively	7	5	18	7
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $—, and $—, respectively	—	—	1	—
Total other comprehensive income	3	10	4	3
Comprehensive Income	74	80	113	112
Comprehensive loss attributable to noncontrolling interests	(15)	(15)	(73)	(78)
Comprehensive Income Attributable to Southern Power	$89	$95	$186	$190

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$109	$109
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	252	260
Deferred income taxes	9	(14)
Utilization of federal tax credits	4	99
Amortization of ITCs	(29)	(29)
Gain on dispositions, net	—	(20)
Other, net	(24)	(19)
Changes in certain current assets and liabilities —
-Receivables	(61)	77
-Prepaid income taxes	—	9
-Other current assets	(3)	(13)
-Accounts payable	(22)	(91)
-Accrued compensation	(11)	(11)
-Other current liabilities	6	—
Net cash provided from operating activities	230	357
Investing Activities:
Property additions	(114)	(25)
Proceeds from dispositions	—	59
Change in construction payables	(5)	(20)
Payments pursuant to LTSAs	(20)	(31)
Other investing activities	12	(1)
Net cash used for investing activities	(127)	(18)
Financing Activities:
Increase (decrease) in notes payable, net	87	(124)
Capital contributions from parent company	8	13
Capital contributions from noncontrolling interests	11	21
Distributions to noncontrolling interests	(57)	(87)
Payment of common stock dividends	(131)	(126)
Other financing activities	(3)	3
Net cash used for financing activities	(85)	(300)
Net Change in Cash, Cash Equivalents, and Restricted Cash	18	39
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	144	133
Cash, Cash Equivalents, and Restricted Cash at End of Period	$162	$172
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $4 and $— capitalized for 2024 and 2023, respectively)	$64	$74
Income taxes, net	14	(64)
Noncash transactions —
Accrued property additions at end of period	47	7
Right-of-use assets obtained under operating leases	5	—
Reassessment of right-of-use assets under operating leases	(7)	—

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$145	$124
Receivables —
Customer accounts, net	193	136
Affiliated	48	37
Other	43	54
Materials and supplies	92	80
Prepaid income taxes	46	2
Other current assets	80	90
Total current assets	647	523
Property, Plant, and Equipment:
In service	14,940	14,690
Less: Accumulated provision for depreciation	4,318	4,119
Plant in service, net of depreciation	10,622	10,571
Construction work in progress	134	278
Total property, plant, and equipment	10,756	10,849
Other Property and Investments:
Intangible assets, net of amortization of $158 and $148, respectively	234	243
Net investment in sales-type leases	145	148
Total other property and investments	379	391
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	483	488
Prepaid LTSAs	233	248
Other deferred charges and assets	266	262
Total deferred charges and other assets	982	998
Total Assets	$12,764	$12,761

Liabilities and Stockholders' Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Notes payable	$219	$138
Accounts payable —
Affiliated	76	82
Other	59	91
Accrued taxes	26	26
Accrued interest	22	27
Operating lease obligations	28	29
Other current liabilities	85	97
Total current liabilities	515	490
Long-term Debt	2,694	2,711
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	684	614
Accumulated deferred ITCs	1,469	1,498
Operating lease obligations, deferred	506	517
Other deferred credits and liabilities	253	233
Total deferred credits and other liabilities	2,912	2,862
Total Liabilities	6,121	6,063
Total Stockholders' Equity (See accompanying statements)	6,643	6,698
Total Liabilities and Stockholders' Equity	$12,764	$12,761

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.