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

Mississippi 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	$242	$227	$462	$464
Wholesale revenues, non-affiliates	54	56	113	124
Wholesale revenues, affiliates	58	18	109	93
Other revenues	10	10	22	21
Total operating revenues	364	311	706	702
Operating Expenses:
Fuel and purchased power	117	96	229	246
Other operations and maintenance	83	91	171	175
Depreciation and amortization	47	45	93	92
Taxes other than income taxes	32	28	63	60
Total operating expenses	279	260	556	573
Operating Income	85	51	150	129
Other Income and (Expense):
Interest expense, net of amounts capitalized	(20)	(18)	(39)	(34)
Other income (expense), net	11	11	25	20
Total other income and (expense)	(9)	(7)	(14)	(14)
Earnings Before Income Taxes	76	44	136	115
Income taxes	15	4	25	17
Net Income	$61	$40	$111	$98

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$61	$40	$111	$98
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $2, and $—, respectively	—	—	5	—
Total other comprehensive income	—	—	5	—
Comprehensive Income	$61	$40	$116	$98

	For the Six Months Ended June 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$111	$98
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	101	113
Deferred income taxes	(5)	(8)
Pension, postretirement, and other employee benefits	(8)	(10)
Settlement of asset retirement obligations	(9)	(7)
Other, net	7	4
Changes in certain current assets and liabilities —
-Receivables	(26)	73
-Retail fuel cost under recovery	7	(23)
-Fossil fuel stock	(22)	(14)
-Other current assets	(4)	3
-Accounts payable	(16)	(79)
-Accrued taxes	(41)	(61)
-Accrued compensation	(16)	(14)
-Other current liabilities	6	7
Net cash provided from operating activities	85	82
Investing Activities:
Property additions	(165)	(164)
Cost of removal, net of salvage	(21)	(10)
Change in construction payables, net of joint owner portion	(20)	(3)
Payments pursuant to LTSAs	(10)	(15)
Other investing activities	(2)	(1)
Net cash used for investing activities	(218)	(193)
Financing Activities:
Increase in notes payable, net	102	53
Proceeds — Senior notes	250	100
Redemptions — Senior notes	(200)	—
Capital contributions from parent company	58	11
Payment of common stock dividends	(94)	(93)
Other financing activities	(2)	—
Net cash provided from financing activities	114	71
Net Change in Cash, Cash Equivalents, and Restricted Cash	(19)	(40)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	38	59
Cash, Cash Equivalents, and Restricted Cash at End of Period	$19	$19
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest	$38	$34
Income taxes, net	24	31
Noncash transactions —
Accrued property additions at end of period	16	22
Right-of-use assets obtained under operating leases	—	1

Assets	At June 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$19	$38
Receivables —
Customer accounts, net	62	36
Unbilled revenues	48	40
Affiliated	36	29
Other accounts and notes	63	20
Fossil fuel stock	69	47
Materials and supplies	92	89
Other regulatory assets	50	56
Other current assets	8	10
Total current assets	447	365
Property, Plant, and Equipment:
In service	5,613	5,523
Less: Accumulated provision for depreciation	1,842	1,792
Plant in service, net of depreciation	3,771	3,731
Construction work in progress	198	203
Total property, plant, and equipment	3,969	3,934
Other Property and Investments	156	158
Deferred Charges and Other Assets:
Deferred charges related to income taxes	28	28
Prepaid pension costs	106	99
Deferred under recovered retail fuel clause revenues	—	50
Regulatory assets – asset retirement obligations	247	244
Other regulatory assets, deferred	278	285
Accumulated deferred income taxes	89	96
Other deferred charges and assets	96	85
Total deferred charges and other assets	844	887
Total Assets	$5,416	$5,344

Liabilities and Stockholder's Equity	At June 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$1	$201
Notes payable	102	—
Accounts payable —
Affiliated	62	82
Other	56	73
Accrued taxes	76	117
Accrued compensation	26	43
Asset retirement obligations	30	29
Over recovered retail fuel clause revenues	—	27
Other regulatory liabilities	3	17
Other current liabilities	88	90
Total current liabilities	444	679
Long-term Debt	1,692	1,443
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	469	469
Deferred credits related to income taxes	226	229
Employee benefit obligations	67	67
Asset retirement obligations, deferred	126	139
Other cost of removal obligations	179	186
Other regulatory liabilities, deferred	98	92
Other deferred credits and liabilities	31	37
Total deferred credits and other liabilities	1,196	1,219
Total Liabilities	3,332	3,341
Common Stockholder's Equity (See accompanying statements)	2,084	2,003
Total Liabilities and Stockholder's Equity	$5,416	$5,344

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings (Accumulated Deficit)	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	1	$38	$4,652	$(2,759)	$—	$1,931
Net income	—	—	—	58	—	58
Cash dividends on common stock	—	—	—	(46)	—	(46)
Balance at March 31, 2023	1	38	4,652	(2,747)	—	1,943
Net income	—	—	—	40	—	40
Capital contributions from parent company	—	—	12	—	—	12
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at June 30, 2023	1	$38	$4,664	$(2,754)	$—	$1,948
Balance at December 31, 2023	1	$38	$4,721	$(2,756)	$—	$2,003
Net income	—	—	—	50	—	50
Capital contributions from parent company	—	—	1	—	—	1
Other comprehensive income	—	—	—	—	5	5
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at March 31, 2024	1	38	4,722	(2,753)	5	2,012
Net income	—	—	—	61	—	61
Capital contributions from parent company	—	—	58	—	—	58
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at June 30, 2024	1	$38	$4,780	$(2,739)	$5	$2,084

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