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

Georgia 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	$2,597	$2,165	$4,752	$4,146
Wholesale revenues	63	47	120	78
Other revenues	215	179	401	343
Total operating revenues	2,875	2,391	5,273	4,567
Operating Expenses:
Fuel	441	414	830	816
Purchased power, non-affiliates	151	142	291	266
Purchased power, affiliates	182	152	363	358
Other operations and maintenance	459	496	974	991
Depreciation and amortization	447	411	872	819
Taxes other than income taxes	164	132	311	263
Estimated loss on Plant Vogtle Units 3 and 4	(21)	—	(21)	—
Total operating expenses	1,823	1,747	3,620	3,513
Operating Income	1,052	644	1,653	1,054
Other Income and (Expense):
Allowance for equity funds used during construction	33	43	72	83
Interest expense, net of amounts capitalized	(185)	(160)	(359)	(306)
Other income (expense), net	54	36	104	80
Total other income and (expense)	(98)	(81)	(183)	(143)
Earnings Before Income Taxes	954	563	1,470	911
Income taxes	192	92	271	144
Net Income	$762	$471	$1,199	$767

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$762	$471	$1,199	$767
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $(1), $4, and $(1), respectively	—	—	12	(1)
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $1, and $1, respectively	1	1	2	2
Total other comprehensive income	1	1	14	1
Comprehensive Income	$763	$472	$1,213	$768

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$1,199	$767
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	1,020	919
Deferred income taxes	77	86
Allowance for equity funds used during construction	(72)	(83)
Pension, postretirement, and other employee benefits	(118)	(136)
Settlement of asset retirement obligations	(130)	(141)
Retail fuel cost under recovery – long-term	—	(128)
Estimated loss on Plant Vogtle Units 3 and 4	(21)	—
Other, net	(131)	(18)
Changes in certain current assets and liabilities —
-Receivables	(431)	(35)
-Retail fuel cost under recovery	283	—
-Fossil fuel stock	21	(166)
-Materials and supplies	(54)	(103)
-Other current assets	11	34
-Accounts payable	29	(151)
-Accrued taxes	(46)	(109)
-Accrued compensation	(54)	(72)
-Customer refunds	(5)	(121)
-Other current liabilities	102	33
Net cash provided from operating activities	1,680	576
Investing Activities:
Property additions	(2,113)	(2,047)
Nuclear decommissioning trust fund purchases	(411)	(576)
Nuclear decommissioning trust fund sales	411	570
Cost of removal, net of salvage	(146)	(127)
Change in construction payables, net of joint owner portion	(192)	(75)
Payments pursuant to LTSAs	(63)	(40)
Proceeds from dispositions	342	56
Other investing activities	(27)	(21)
Net cash used for investing activities	(2,199)	(2,260)
Financing Activities:
Increase (decrease) in notes payable, net	(689)	95
Proceeds —
Senior notes	1,400	1,750
Short-term borrowings	350	250
Revenue bonds	—	229
Redemptions and repurchases —
Senior notes	—	(100)
Short-term borrowings	(250)	(650)
FFB loan	(43)	(43)
Capital contributions from parent company	862	782
Payment of common stock dividends	(1,026)	(928)
Other financing activities	(53)	(21)
Net cash provided from financing activities	551	1,364
Net Change in Cash, Cash Equivalents, and Restricted Cash	32	(320)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	75	480
Cash, Cash Equivalents, and Restricted Cash at End of Period	$107	$160
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $31 and $44 capitalized for 2024 and 2023, respectively)	$329	$270
Income taxes, net	(7)	(5)
Noncash transactions —
Accrued property additions at end of period	467	510
Right-of-use assets obtained under operating leases	112	8
Right-of-use assets obtained under finance leases	44	—

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$68	$9
Receivables —
Customer accounts, net	1,047	843
Unbilled revenues	510	275
Under recovered retail fuel clause revenues	671	694
Joint owner accounts	86	119
Affiliated	59	51
Other accounts and notes	104	81
Fossil fuel stock	459	480
Materials and supplies	935	883
Regulatory assets – asset retirement obligations	176	98
Other regulatory assets	384	423
Other current assets	335	305
Total current assets	4,834	4,261
Property, Plant, and Equipment:
In service	53,707	49,370
Less: Accumulated provision for depreciation	14,320	13,955
Plant in service, net of depreciation	39,387	35,415
Nuclear fuel, at amortized cost	593	605
Construction work in progress	2,516	4,975
Total property, plant, and equipment	42,496	40,995
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,208	1,163
Equity investments in unconsolidated subsidiaries	43	47
Miscellaneous property and investments	172	151
Total other property and investments	1,423	1,361
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	903	884
Deferred charges related to income taxes	583	594
Prepaid pension costs	759	706
Deferred under recovered retail fuel clause revenues	950	1,211
Regulatory assets – asset retirement obligations, deferred	3,357	3,407
Other regulatory assets, deferred	3,003	2,890
Other deferred charges and assets	487	508
Total deferred charges and other assets	10,042	10,200
Total Assets	$58,795	$56,817

Liabilities and Stockholder's Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$1,207	$502
Notes payable	742	1,329
Accounts payable —
Affiliated	775	840
Other	1,043	1,147
Customer deposits	252	250
Accrued taxes	535	582
Accrued interest	197	175
Accrued compensation	158	250
Operating lease obligations	131	135
Asset retirement obligations	343	338
Other regulatory liabilities	28	22
Other current liabilities	515	365
Total current liabilities	5,926	5,935
Long-term Debt	16,889	16,198
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,054	4,018
Deferred credits related to income taxes	2,200	2,161
Accumulated deferred ITCs	322	326
Employee benefit obligations	251	248
Operating lease obligations, deferred	789	740
Asset retirement obligations, deferred	5,433	5,327
Other deferred credits and liabilities	498	481
Total deferred credits and other liabilities	13,547	13,301
Total Liabilities	36,362	35,434
Common Stockholder's Equity (See accompanying statements)	22,433	21,383
Total Liabilities and Stockholder's Equity	$58,795	$56,817

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	9	$398	$15,626	$2,846	$(12)	$18,858
Net income	—	—	—	296	—	296
Capital contributions from parent company	—	—	752	—	—	752
Cash dividends on common stock	—	—	—	(464)	—	(464)
Other	—	—	—	1	—	1
Balance at March 31, 2023	9	398	16,378	2,679	(12)	19,443
Net income	—	—	—	471	—	471
Capital contributions from parent company	—	—	33	—	—	33
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(464)	—	(464)
Balance at June 30, 2023	9	$398	$16,411	$2,686	$(11)	$19,484
Balance at December 31, 2023	9	$398	$17,923	$3,071	$(9)	$21,383
Net income	—	—	—	437	—	437
Capital contributions from parent company	—	—	750	—	—	750
Other comprehensive income	—	—	—	—	13	13
Cash dividends on common stock	—	—	—	(513)	—	(513)
Balance at March 31, 2024	9	398	18,673	2,995	4	22,070
Net income	—	—	—	762	—	762
Capital contributions from parent company	—	—	113	—	—	113
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(513)	—	(513)
Balance at June 30, 2024	9	$398	$18,786	$3,244	$5	$22,433

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.