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Midas Edge

GEORGIA POWER CO

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

View on SEC.gov

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.

Sep 30, 2024 · Filed Oct 31, 2024

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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

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Contents

Condensed Consolidated Statements of Income

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
(in millions) · (in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of $11, $11, $87, and $103, respectively)$682$689$3,220$3,417
Total operating revenues6826893,2203,417
Operating Expenses:
Cost of natural gas981028521,199
Other operations and maintenance295264877879
Depreciation and amortization162145475429
Taxes other than income taxes4442186203
Total operating expenses5995532,3902,710
Operating Income83136830707
Other Income and (Expense):
Earnings from equity method investments3432110104
Interest expense, net of amounts capitalized(84)(77)(250)(226)
Other income (expense), net16194950
Total other income and (expense)(34)(26)(91)(72)
Earnings Before Income Taxes49110739635
Income taxes1128184160
Net Income$38$82$555$475
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
(in millions) · (in millions)
Net Income$38$82$555$475
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(3), $(2), $(4), and $(11), respectively(7)(6)(10)(30)
Reclassification adjustment for amounts included in net income, net of tax of $1, $7, $10, and $15, respectively3162537
Total other comprehensive income (loss)(4)10157
Comprehensive Income$34$92$570$482
For the Nine Months Ended September 30,
20242023
(in millions)
Operating Activities:
Net income$555$475
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total466429
Deferred income taxes20675
Other, net7(15)
Changes in certain current assets and liabilities —
-Receivables386776
-Natural gas for sale, net of temporary LIFO liquidation331
-Natural gas cost under recovery—108
-Other current assets(57)(20)
-Accounts payable(105)(346)
-Natural gas cost over recovery12165
-Other current liabilities(66)(34)
Net cash provided from operating activities1,4071,644
Investing Activities:
Property additions(1,064)(1,151)
Cost of removal, net of salvage(63)(82)
Change in construction payables, net(13)(38)
Other investing activities(56)45
Net cash used for investing activities(1,196)(1,226)
Financing Activities:
Decrease in notes payable, net(352)(493)
Proceeds —
Senior notes450500
First mortgage bonds156125
Other long-term debt929
Redemptions — Short-term borrowings—(200)
Capital contributions from parent company—377
Payment of common stock dividends(454)(439)
Other financing activities(10)(1)
Net cash used for financing activities(201)(102)
Net Change in Cash, Cash Equivalents, and Restricted Cash10316
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period3583
Cash, Cash Equivalents, and Restricted Cash at End of Period$45$399
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $16 and $12 capitalized for 2024 and 2023, respectively)$258$214
Income taxes, net(54)70
Noncash transactions —
Accrued property additions at end of period126139
Right-of-use assets obtained under operating leases13
AssetsAt September 30, 2024At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents$44$33
Receivables —
Customer accounts215405
Unbilled revenues63261
Other accounts and notes5447
Accumulated provision for uncollectible accounts(31)(44)
Materials and supplies6866
Natural gas for sale417420
Prepaid expenses74107
Other regulatory assets220141
Other current assets4350
Total current assets1,1671,486
Property, Plant, and Equipment:
In service21,75320,840
Less: Accumulated depreciation5,7905,534
Plant in service, net of depreciation15,96315,306
Construction work in progress1,1941,110
Total property, plant, and equipment17,15716,416
Other Property and Investments:
Goodwill5,0155,015
Equity investments in unconsolidated subsidiaries1,2791,235
Other intangible assets, net of amortization of $171 and $166, respectively1116
Miscellaneous property and investments2525
Total other property and investments6,3306,291
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization4147
Prepaid pension costs175158
Other regulatory assets, deferred486504
Other deferred charges and assets189181
Total deferred charges and other assets891890
Total Assets$25,545$25,083
Liabilities and Stockholder's EquityAt September 30, 2024At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year$50$—
Notes payable63415
Accounts payable —
Affiliated4889
Other367424
Customer deposits105126
Accrued taxes6877
Accrued interest7277
Accrued compensation106112
Natural gas cost over recovery226214
Other regulatory liabilities619
Other current liabilities136155
Total current liabilities1,2471,708
Long-term Debt8,3877,833
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes1,8611,671
Deferred credits related to income taxes764759
Employee benefit obligations106110
Operating lease obligations3340
Other cost of removal obligations1,8331,771
Accrued environmental remediation204192
Other deferred credits and liabilities182196
Total deferred credits and other liabilities4,9834,739
Total Liabilities14,61714,280
Common Stockholder's Equity (See accompanying statements)10,92810,803
Total Liabilities and Stockholder's Equity$25,545$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.