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

Item 1. 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:
Retail electric revenues	$4,486	$3,859	$8,427	$7,458
Wholesale electric revenues	627	605	1,198	1,203
Other electric revenues	210	209	409	399
Natural gas revenues (includes alternative revenue programs of $11, $—, $45, and $11, respectively)	831	852	2,538	2,728
Other revenues	309	223	537	440
Total operating revenues	6,463	5,748	13,109	12,228
Operating Expenses:
Fuel	1,032	959	2,028	2,009
Purchased power	222	231	420	473
Cost of natural gas	149	199	754	1,097
Cost of other sales	167	128	298	255
Other operations and maintenance	1,409	1,489	2,881	2,929
Depreciation and amortization	1,182	1,112	2,327	2,222
Taxes other than income taxes	384	340	780	734
Estimated loss on Plant Vogtle Units 3 and 4	(21)	—	(21)	—
Total operating expenses	4,524	4,458	9,467	9,719
Operating Income	1,939	1,290	3,642	2,509
Other Income and (Expense):
Allowance for equity funds used during construction	51	70	109	135
Earnings from equity method investments	31	29	77	78
Interest expense, net of amounts capitalized	(694)	(610)	(1,358)	(1,192)
Other income (expense), net	151	142	302	286
Total other income and (expense)	(461)	(369)	(870)	(693)
Earnings Before Income Taxes	1,478	921	2,772	1,816
Income taxes	290	98	513	194
Consolidated Net Income	1,188	823	2,259	1,622
Net loss attributable to noncontrolling interests	(15)	(15)	(73)	(78)
Consolidated Net Income Attributable to Southern Company	$1,203	$838	$2,332	$1,700
Common Stock Data:
Earnings per share -
Basic	$1.10	$0.77	$2.13	$1.56
Diluted	$1.09	$0.76	$2.12	$1.55
Average number of shares of common stock outstanding (in millions)
Basic	1,096	1,092	1,095	1,092
Diluted	1,102	1,098	1,101	1,098

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Consolidated Net Income	$1,188	$823	$2,259	$1,622
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(1), $9, $(1), and $(14), respectively	(5)	28	(4)	(36)
Reclassification adjustment for amounts included in net income, net of tax of $5, $6, $17, and $13, respectively	15	15	47	34
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $1, and $—, respectively	—	—	3	—
Total other comprehensive income (loss)	10	43	46	(2)
Comprehensive Income	1,198	866	2,305	1,620
Comprehensive loss attributable to noncontrolling interests	(15)	(15)	(73)	(78)
Consolidated Comprehensive Income Attributable to Southern Company	$1,213	$881	$2,378	$1,698

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Consolidated net income	$2,259	$1,622
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	2,572	2,436
Deferred income taxes	243	(34)
Utilization of federal tax credits	4	110
Allowance for equity funds used during construction	(109)	(135)
Pension, postretirement, and other employee benefits	(232)	(245)
Settlement of asset retirement obligations	(267)	(276)
Stock based compensation expense	97	111
Estimated loss on Plant Vogtle Units 3 and 4	(21)	—
Retail fuel cost under recovery – long-term	—	108
Other, net	(95)	(24)
Changes in certain current assets and liabilities —
-Receivables	(284)	758
-Retail fuel cost under recovery	421	(67)
-Prepayments	(49)	(64)
-Fossil fuel for generation	8	(308)
-Materials and supplies	(139)	(202)
-Natural gas for sale, net of temporary LIFO liquidation	188	196
-Natural gas cost under recovery	—	108
-Other current assets	(94)	40
-Accounts payable	(247)	(997)
-Accrued compensation	(372)	(378)
-Customer refunds	(26)	(121)
-Natural gas cost over recovery	(43)	161
-Other current liabilities	185	101
Net cash provided from operating activities	3,999	2,900
Investing Activities:
Property additions	(3,895)	(3,898)
Nuclear decommissioning trust fund purchases	(739)	(726)
Nuclear decommissioning trust fund sales	738	720
Proceeds from dispositions	345	126
Cost of removal, net of salvage	(282)	(270)
Change in construction payables, net	(217)	(140)
Other investing activities	(172)	(100)
Net cash used for investing activities	(4,222)	(4,288)
Financing Activities:
Decrease in notes payable, net	(1,125)	(375)
Proceeds —
Long-term debt	3,963	5,541
Short-term borrowings	700	250
Common stock	84	22
Redemptions and repurchases —
Long-term debt	(880)	(1,300)
Short-term borrowings	(550)	(850)
Payment of common stock dividends	(1,487)	(1,506)
Other financing activities	(192)	(187)
Net cash provided from financing activities	513	1,595
Net Change in Cash, Cash Equivalents, and Restricted Cash	290	207
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	921	2,037
Cash, Cash Equivalents, and Restricted Cash at End of Period	$1,211	$2,244
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $52 and $66 capitalized for 2024 and 2023, respectively)	$1,235	$1,043
Income taxes, net	62	(40)
Noncash transactions —
Accrued property additions at end of period	805	810
Right-of-use assets obtained under operating leases	98	44
Right-of-use assets obtained under finance leases	—	1
Reassessment of right-of-use assets under operating leases	(7)	—
Issuance of common stock under dividend reinvestment plan	67	—

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$1,152	$748
Receivables —
Customer accounts	2,239	2,030
Unbilled revenues	876	786
Under recovered fuel clause revenues	689	696
Other accounts and notes	549	519
Accumulated provision for uncollectible accounts	(77)	(68)
Materials and supplies	2,129	1,989
Fossil fuel for generation	935	943
Natural gas for sale	223	420
Prepaid expenses	422	406
Regulatory assets – asset retirement obligations	351	274
Other regulatory assets	980	1,120
Other current assets	525	569
Total current assets	10,993	10,432
Property, Plant, and Equipment:
In service	134,354	128,428
Less: Accumulated depreciation	38,995	37,725
Plant in service, net of depreciation	95,359	90,703
Other utility plant, net	450	499
Nuclear fuel, at amortized cost	848	858
Construction work in progress	5,231	7,784
Total property, plant, and equipment	101,888	99,844
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,549	2,424
Equity investments in unconsolidated subsidiaries	1,385	1,368
Other intangible assets, net of amortization of $394 and $376, respectively	350	368
Miscellaneous property and investments	684	665
Total other property and investments	10,129	9,986
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,430	1,432
Deferred charges related to income taxes	874	886
Prepaid pension costs	2,279	2,079
Unamortized loss on reacquired debt	212	220
Deferred under recovered fuel clause revenues	950	1,261
Regulatory assets – asset retirement obligations, deferred	5,380	5,459
Other regulatory assets, deferred	6,353	6,264
Other deferred charges and assets	1,449	1,468
Total deferred charges and other assets	18,927	19,069
Total Assets	$141,937	$139,331

Liabilities and Stockholders' Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$2,800	$2,476
Notes payable	1,334	2,314
Accounts payable	2,445	2,898
Customer deposits	466	503
Accrued taxes —
Accrued income taxes	49	8
Other accrued taxes	722	860
Accrued interest	702	652
Accrued compensation	746	1,151
Asset retirement obligations	756	744
Liabilities from risk management activities, net of collateral	238	294
Operating lease obligations	193	183
Natural gas cost over recovery	171	214
Other regulatory liabilities	135	141
Other current liabilities	1,271	1,029
Total current liabilities	12,028	13,467
Long-term Debt	59,883	57,210
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	11,339	10,990
Deferred credits related to income taxes	4,645	4,674
Accumulated deferred ITCs	2,026	2,067
Employee benefit obligations	1,109	1,115
Operating lease obligations, deferred	1,309	1,307
Asset retirement obligations, deferred	9,615	9,573
Other cost of removal obligations	1,994	1,957
Other regulatory liabilities, deferred	718	715
Other deferred credits and liabilities	1,160	1,031
Total deferred credits and other liabilities	33,915	33,429
Total Liabilities	105,826	104,106
Total Stockholders' Equity (See accompanying statements)	36,111	35,225
Total Liabilities and Stockholders' Equity	$141,937	$139,331

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.