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

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:
Natural gas revenues (includes revenue taxes of $23, $25, $76, and $91, respectively)	$831	$852	$2,538	$2,728
Total operating revenues	831	852	2,538	2,728
Operating Expenses:
Cost of natural gas	149	199	754	1,097
Other operations and maintenance	288	309	581	615
Depreciation and amortization	158	143	313	284
Taxes other than income taxes	56	59	143	161
Total operating expenses	651	710	1,791	2,157
Operating Income	180	142	747	571
Other Income and (Expense):
Earnings from equity method investments	32	28	76	72
Interest expense, net of amounts capitalized	(83)	(73)	(167)	(150)
Other income (expense), net	15	17	35	32
Total other income and (expense)	(36)	(28)	(56)	(46)
Earnings Before Income Taxes	144	114	691	525
Income taxes	36	29	174	132
Net Income	$108	$85	$517	$393

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$108	$85	$517	$393
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $1, $—, $(1), and $(9), respectively	2	—	(3)	(24)
Reclassification adjustment for amounts included in net income, net of tax of $2, $3, $9, and $9, respectively	5	7	22	21
Total other comprehensive income (loss)	7	7	19	(3)
Comprehensive Income	$115	$92	$536	$390

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$517	$393
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	310	284
Deferred income taxes	211	52
Other, net	50	12
Changes in certain current assets and liabilities —
-Receivables	310	667
-Natural gas for sale, net of temporary LIFO liquidation	188	196
-Natural gas cost under recovery	—	108
-Other current assets	(48)	(32)
-Accounts payable	(112)	(276)
-Natural gas cost over recovery	(43)	161
-Other current liabilities	(113)	(35)
Net cash provided from operating activities	1,270	1,530
Investing Activities:
Property additions	(657)	(741)
Cost of removal, net of salvage	(38)	(50)
Change in construction payables, net	20	11
Other investing activities	(21)	19
Net cash used for investing activities	(696)	(761)
Financing Activities:
Decrease in notes payable, net	(274)	(372)
Proceeds — Other long-term debt	9	19
Redemptions — Short-term borrowings	—	(200)
Capital contributions from parent company	3	238
Payment of common stock dividends	(302)	(293)
Other financing activities	(10)	—
Net cash used for financing activities	(574)	(608)
Net Change in Cash, Cash Equivalents, and Restricted Cash	—	161
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	35	83
Cash, Cash Equivalents, and Restricted Cash at End of Period	$35	$244
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $10 and $8 capitalized for 2024 and 2023, respectively)	$164	$145
Income taxes, net	(52)	85
Noncash transactions —
Accrued property additions at end of period	159	189
Right-of-use assets obtained under operating leases	1	2

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$34	$33
Receivables —
Customer accounts	274	405
Unbilled revenues	78	261
Other accounts and notes	62	47
Accumulated provision for uncollectible accounts	(49)	(44)
Materials and supplies	71	66
Natural gas for sale	223	420
Prepaid expenses	98	107
Other regulatory assets	187	141
Other current assets	36	50
Total current assets	1,014	1,486
Property, Plant, and Equipment:
In service	21,338	20,840
Less: Accumulated depreciation	5,711	5,534
Plant in service, net of depreciation	15,627	15,306
Construction work in progress	1,232	1,110
Total property, plant, and equipment	16,859	16,416
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,246	1,235
Other intangible assets, net of amortization of $169 and $166, respectively	13	16
Miscellaneous property and investments	25	25
Total other property and investments	6,299	6,291
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	43	47
Prepaid pension costs	169	158
Other regulatory assets, deferred	482	504
Other deferred charges and assets	189	181
Total deferred charges and other assets	883	890
Total Assets	$25,055	$25,083

Liabilities and Stockholder's Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Notes payable	$141	$415
Accounts payable —
Affiliated	42	89
Other	390	424
Customer deposits	84	126
Accrued taxes	57	77
Accrued interest	78	77
Accrued compensation	71	112
Natural gas cost over recovery	171	214
Other regulatory liabilities	26	19
Other current liabilities	140	155
Total current liabilities	1,200	1,708
Long-term Debt	7,821	7,833
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,876	1,671
Deferred credits related to income taxes	760	759
Employee benefit obligations	108	110
Operating lease obligations	35	40
Other cost of removal obligations	1,815	1,771
Accrued environmental remediation	192	192
Other deferred credits and liabilities	204	196
Total deferred credits and other liabilities	4,990	4,739
Total Liabilities	14,011	14,280
Common Stockholder's Equity (See accompanying statements)	11,044	10,803
Total Liabilities and Stockholder's Equity	$25,055	$25,083

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.