|
|
Commission
File Number
|
|
Registrant,
State of Incorporation,
Address and Telephone Number
|
|
I.R.S. Employer
Identification No.
|
|
|
1-3526
|
|
The Southern Company
|
|
58-0690070
|
|
|
1-3164
|
|
Alabama Power Company
|
|
63-0004250
|
|
|
1-6468
|
|
Georgia Power Company
|
|
58-0257110
|
|
|
001-11229
|
|
Mississippi Power Company
|
|
64-0205820
|
|
|
001-37803
|
|
Southern Power Company
|
|
58-2598670
|
|
|
1-14174
|
|
Southern Company Gas
|
|
58-2210952
|
|
Registrant
|
Title of Each Class
|
Trading
Symbol(s)
|
Name of Each Exchange
on Which Registered
|
The Southern Company
|
Common Stock, par value $5 per share
|
SO
|
New York Stock Exchange
|
(NYSE)
|
|||
The Southern Company
|
Series 2015A 6.25% Junior Subordinated Notes due 2075
|
SOJA
|
NYSE
|
The Southern Company
|
Series 2016A 5.25% Junior Subordinated Notes due 2076
|
SOJB
|
NYSE
|
The Southern Company
|
Series 2017B 5.25% Junior Subordinated Notes due 2077
|
SOJC
|
NYSE
|
The Southern Company
|
2019 Series A Corporate Units
|
SOLN
|
NYSE
|
The Southern Company
|
Series 2020A 4.95% Junior Subordinated Notes due 2080
|
SOJD
|
NYSE
|
Alabama Power Company
|
5.00% Series Class A Preferred Stock
|
ALP PR Q
|
NYSE
|
Georgia Power Company
|
Series 2017A 5.00% Junior Subordinated Notes due 2077
|
GPJA
|
NYSE
|
Southern Power Company
|
Series 2016A 1.000% Senior Notes due 2022
|
SO/22B
|
NYSE
|
Southern Power Company
|
Series 2016B 1.850% Senior Notes due 2026
|
SO/26A
|
NYSE
|
Registrant
|
Large Accelerated Filer
|
Accelerated
Filer
|
Non-accelerated Filer
|
Smaller
Reporting
Company
|
Emerging
Growth
Company
|
The Southern Company
|
X
|
|
|
|
|
Alabama Power Company
|
|
|
X
|
|
|
Georgia Power Company
|
|
|
X
|
|
|
Mississippi Power Company
|
|
|
X
|
|
|
Southern Power Company
|
|
|
X
|
|
|
Southern Company Gas
|
|
|
X
|
|
|
Registrant
|
Description of Common Stock
|
Shares Outstanding at March 31, 2020
|
|
The Southern Company
|
Par Value $5 Per Share
|
1,055,955,711
|
|
Alabama Power Company
|
Par Value $40 Per Share
|
30,537,500
|
|
Georgia Power Company
|
Without Par Value
|
9,261,500
|
|
Mississippi Power Company
|
Without Par Value
|
1,121,000
|
|
Southern Power Company
|
Par Value $0.01 Per Share
|
1,000
|
|
Southern Company Gas
|
Par Value $0.01 Per Share
|
100
|
|
|
|
Page
|
|
|
|
|
||
|
||
|
|
|
|
PART I—FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Inapplicable
|
Item 3.
|
Defaults Upon Senior Securities
|
Inapplicable
|
Item 4.
|
Mine Safety Disclosures
|
Inapplicable
|
Item 5.
|
Other Information
|
Inapplicable
|
Item 6.
|
||
|
|
|
|
Term
|
Meaning
|
2013 ARP
|
Alternate Rate Plan approved by the Georgia PSC in 2013 for Georgia Power for the years 2014 through 2016 and subsequently extended through 2019
|
2019 ARP
|
Alternate Rate Plan approved by the Georgia PSC in 2019 for Georgia Power for the years 2020 through 2022
|
AFUDC
|
Allowance for funds used during construction
|
Alabama Power
|
Alabama Power Company
|
Amended and Restated Loan Guarantee Agreement
|
Loan guarantee agreement entered into by Georgia Power with the DOE in 2014, as amended and restated in March 2019, under which the proceeds of borrowings may be used to reimburse Georgia Power for Eligible Project Costs incurred in connection with its construction of Plant Vogtle Units 3 and 4
|
ARO
|
Asset retirement obligation
|
ASU
|
Accounting Standards Update
|
Atlanta Gas Light
|
Atlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas
|
Atlantic Coast Pipeline
|
Atlantic Coast Pipeline, LLC, a joint venture to construct and operate a natural gas pipeline in which Southern Company Gas held a 5% interest through March 24, 2020
|
Autauga Combined Cycle Acquisition
|
The purchase and sale agreement entered into in September 2019 by Alabama Power to acquire all of the equity interest in Tenaska Alabama Partners, L.P., the owner and operator of an approximately 885-MW combined cycle generation facility in Autauga County, Alabama
|
Bechtel
|
Bechtel Power Corporation, the primary contractor for the remaining construction activities for Plant Vogtle Units 3 and 4
|
Bechtel Agreement
|
The October 23, 2017 construction completion agreement between the Vogtle Owners and Bechtel
|
CCR
|
Coal combustion residuals
|
CCR Rule
|
Disposal of Coal Combustion Residuals from Electric Utilities final rule published by the EPA in 2015
|
Chattanooga Gas
|
Chattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas
|
COD
|
Commercial operation date
|
Contractor Settlement Agreement
|
The December 31, 2015 agreement between Westinghouse and the Vogtle Owners resolving disputes between the Vogtle Owners and the EPC Contractor under the Vogtle 3 and 4 Agreement
|
COVID-19
|
The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020
|
CWIP
|
Construction work in progress
|
Dalton
|
City of Dalton, Georgia, an incorporated municipality in the State of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners
|
Dalton Pipeline
|
A pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest
|
DOE
|
U.S. Department of Energy
|
ECO Plan
|
Mississippi Power's environmental compliance overview plan
|
Eligible Project Costs
|
Certain costs of construction relating to Plant Vogtle Units 3 and 4 that are eligible for financing under the loan guarantee program established under Title XVII of the Energy Policy Act of 2005
|
EPA
|
U.S. Environmental Protection Agency
|
EPC Contractor
|
Westinghouse and its affiliate, WECTEC Global Project Services Inc.; the former engineering, procurement, and construction contractor for Plant Vogtle Units 3 and 4
|
FASB
|
Financial Accounting Standards Board
|
FERC
|
Federal Energy Regulatory Commission
|
FFB
|
Federal Financing Bank
|
FFB Credit Facilities
|
Note purchase agreements among the DOE, Georgia Power, and the FFB and related promissory notes which provide for two multi-advance term loan facilities
|
Term
|
Meaning
|
Fitch
|
Fitch Ratings, Inc.
|
Form 10-K
|
Annual Report on Form 10-K of Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas for the year ended December 31, 2019, as applicable
|
GAAP
|
U.S. generally accepted accounting principles
|
Georgia Power
|
Georgia Power Company
|
Georgia Power 2019 IRP
|
Georgia Power's modified triennial integrated resource plan approved by the Georgia PSC in July 2019
|
Guarantee Settlement Agreement
|
The June 9, 2017 settlement agreement between the Vogtle Owners and Toshiba related to certain payment obligations of the EPC Contractor guaranteed by Toshiba
|
Gulf Power
|
Gulf Power Company, until January 1, 2019 a wholly-owned subsidiary of Southern Company
|
Heating Degree Days
|
A measure of weather, calculated when the average daily temperatures are less than 65 degrees Fahrenheit
|
Heating Season
|
The period from November through March when Southern Company Gas' natural gas usage and operating revenues are generally higher
|
HLBV
|
Hypothetical liquidation at book value
|
IGCC
|
Integrated coal gasification combined cycle, the technology originally approved for Mississippi Power's Kemper County energy facility (Plant Ratcliffe)
|
IIC
|
Intercompany Interchange Contract
|
ITAAC
|
Inspections, Tests, Analyses, and Acceptance Criteria, standards established by the NRC
|
ITC
|
Investment tax credit
|
JEA
|
Jacksonville Electric Authority
|
KWH
|
Kilowatt-hour
|
LIBOR
|
London Interbank Offered Rate
|
LIFO
|
Last-in, first-out
|
LOCOM
|
Lower of weighted average cost or current market price
|
LTSA
|
Long-term service agreement
|
Marketers
|
Marketers selling retail natural gas in Georgia and certificated by the Georgia PSC
|
MEAG Power
|
Municipal Electric Authority of Georgia
|
Mississippi Power
|
Mississippi Power Company
|
mmBtu
|
Million British thermal units
|
Moody's
|
Moody's Investors Service, Inc.
|
MRA
|
Municipal and Rural Associations
|
MW
|
Megawatt
|
natural gas distribution utilities
|
Southern Company Gas' natural gas distribution utilities (Nicor Gas, Atlanta Gas Light, Virginia Natural Gas, and Chattanooga Gas)
|
NCCR
|
Georgia Power's Nuclear Construction Cost Recovery
|
NDR
|
Alabama Power's Natural Disaster Reserve
|
NextEra Energy
|
NextEra Energy, Inc.
|
Nicor Gas
|
Northern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas
|
NRC
|
U.S. Nuclear Regulatory Commission
|
NYMEX
|
New York Mercantile Exchange, Inc.
|
OCI
|
Other comprehensive income
|
PennEast Pipeline
|
PennEast Pipeline Company, LLC, a joint venture to construct and operate a natural gas pipeline in which Southern Company Gas has a 20% ownership interest
|
PEP
|
Mississippi Power's Performance Evaluation Plan
|
Term
|
Meaning
|
Pivotal LNG
|
Pivotal LNG, Inc., through March 24, 2020 a wholly-owned subsidiary of Southern Company Gas
|
PowerSecure
|
PowerSecure, Inc., a wholly-owned subsidiary of Southern Company
|
PPA
|
Power purchase agreements, as well as, for Southern Power, contracts for differences that provide the owner of a renewable facility a certain fixed price for the electricity sold to the grid
|
PSC
|
Public Service Commission
|
PTC
|
Production tax credit
|
Rate CNP
|
Alabama Power's Rate Certificated New Plant, consisting of Rate CNP New Plant, Rate CNP Compliance, and Rate CNP PPA
|
Rate ECR
|
Alabama Power's Rate Energy Cost Recovery
|
Rate NDR
|
Alabama Power's Rate Natural Disaster Reserve
|
Rate RSE
|
Alabama Power's Rate Stabilization and Equalization
|
Registrants
|
Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power Company, and Southern Company Gas
|
ROE
|
Return on equity
|
S&P
|
S&P Global Ratings, a division of S&P Global Inc.
|
SCS
|
Southern Company Services, Inc., the Southern Company system service company and a wholly-owned subsidiary of Southern Company
|
SEC
|
U.S. Securities and Exchange Commission
|
SNG
|
Southern Natural Gas Company, L.L.C., a pipeline system in which Southern Company Gas has a 50% ownership interest
|
Southern Company
|
The Southern Company
|
Southern Company Gas
|
Southern Company Gas and its subsidiaries
|
Southern Company Gas Capital
|
Southern Company Gas Capital Corporation, a 100%-owned subsidiary of Southern Company Gas
|
Southern Company power pool
|
The operating arrangement whereby the integrated generating resources of the traditional electric operating companies and Southern Power (excluding subsidiaries) are subject to joint commitment and dispatch in order to serve their combined load obligations
|
Southern Company system
|
Southern Company, the traditional electric operating companies, Southern Power, Southern Company Gas, Southern Electric Generating Company, Southern Nuclear, SCS, Southern Communications Services, Inc., PowerSecure, and other subsidiaries
|
Southern Nuclear
|
Southern Nuclear Operating Company, Inc., a wholly-owned subsidiary of Southern Company
|
Southern Power
|
Southern Power Company and its subsidiaries
|
SP Solar
|
SP Solar Holdings I, LP, a limited partnership indirectly owning substantially all of Southern Power's solar facilities, in which Southern Power has a 67% ownership interest
|
SP Wind
|
SP Wind Holdings II, LLC, a holding company owning a portfolio of eight operating wind facilities, in which Southern Power is the controlling partner in a tax equity arrangement
|
Subsidiary Registrants
|
Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas
|
Tax Reform
|
The impact of the Tax Cuts and Jobs Act, which became effective on January 1, 2018
|
Toshiba
|
Toshiba Corporation, the parent company of Westinghouse
|
traditional electric operating companies
|
Alabama Power, Georgia Power, and Mississippi Power
|
Triton
|
Triton Container Investments, LLC, an investment of Southern Company Gas through May 29, 2019
|
VCM
|
Vogtle Construction Monitoring
|
VIE
|
Variable interest entity
|
Virginia Commission
|
Virginia State Corporation Commission
|
Virginia Natural Gas
|
Virginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company Gas
|
Term
|
Meaning
|
Vogtle 3 and 4 Agreement
|
Agreement entered into with the EPC Contractor in 2008 by Georgia Power, acting for itself and as agent for the Vogtle Owners, and rejected in bankruptcy in July 2017, pursuant to which the EPC Contractor agreed to design, engineer, procure, construct, and test Plant Vogtle Units 3 and 4
|
Vogtle Owners
|
Georgia Power, Oglethorpe Power Corporation, MEAG Power, and Dalton
|
Vogtle Services Agreement
|
The June 2017 services agreement between the Vogtle Owners and the EPC Contractor, as amended and restated in July 2017, for the EPC Contractor to transition construction management of Plant Vogtle Units 3 and 4 to Southern Nuclear and to provide ongoing design, engineering, and procurement services to Southern Nuclear
|
WACOG
|
Weighted average cost of gas
|
Westinghouse
|
Westinghouse Electric Company LLC
|
Xcel
|
Xcel Energy Inc.
|
•
|
the impact of recent and future federal and state regulatory changes, including tax, environmental, and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations;
|
•
|
the potential effects of the continued COVID-19 pandemic, including, but not limited to, those described in Item 1A "Risk Factors" herein;
|
•
|
the extent and timing of costs and legal requirements related to CCR;
|
•
|
current and future litigation or regulatory investigations, proceedings, or inquiries, including litigation and other disputes related to the Kemper County energy facility;
|
•
|
the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources;
|
•
|
variations in demand for electricity and natural gas;
|
•
|
available sources and costs of natural gas and other fuels;
|
•
|
the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, and operational interruptions to natural gas distribution and transmission activities;
|
•
|
transmission constraints;
|
•
|
effects of inflation;
|
•
|
the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects, including Plant Vogtle Units 3 and 4, which includes components based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale, and including changes in labor costs, availability, and productivity; challenges with management of contractors or vendors; subcontractor performance; adverse weather conditions; shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor; contractor or supplier delay; delays due to judicial or regulatory action; nonperformance under construction, operating, or other agreements; operational readiness, including specialized operator training and required site safety programs; engineering or design problems; design and other licensing-based compliance matters, including, for nuclear units, the timely submittal by Southern Nuclear of the ITAAC documentation for each unit and the related reviews and approvals by the NRC necessary to support NRC authorization to load fuel; challenges with start-up activities, including major equipment failure, system integration, or regional transmission upgrades; and/or operational performance;
|
•
|
the ability to overcome or mitigate the current challenges at Plant Vogtle Units 3 and 4, including, but not limited to, those related to COVID-19, as described in Note (B) to the Condensed Financial Statements under "Georgia Power – Nuclear Construction" in Item 1 herein, that could impact the cost and schedule for the project;
|
•
|
legal proceedings and regulatory approvals and actions related to construction projects, such as Plant Vogtle Units 3 and 4 and pipeline projects, including PSC approvals and FERC and NRC actions;
|
•
|
under certain specified circumstances, a decision by holders of more than 10% of the ownership interests of Plant Vogtle Units 3 and 4 not to proceed with construction and the ability of other Vogtle Owners to tender a portion of their ownership interests to Georgia Power following certain construction cost increases;
|
•
|
in the event Georgia Power becomes obligated to provide funding to MEAG Power with respect to the portion of MEAG Power's ownership interest in Plant Vogtle Units 3 and 4 involving JEA, any inability of Georgia Power to receive repayment of such funding;
|
•
|
the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of NRC requirements), to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction;
|
•
|
investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds;
|
•
|
advances in technology;
|
•
|
performance of counterparties under ongoing renewable energy partnerships and development agreements;
|
•
|
state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to ROE, equity ratios, additional generating capacity, and fuel and other cost recovery mechanisms;
|
•
|
the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions;
|
•
|
the inherent risks involved in operating and constructing nuclear generating facilities;
|
•
|
the inherent risks involved in transporting and storing natural gas;
|
•
|
the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities;
|
•
|
internal restructuring or other restructuring options that may be pursued;
|
•
|
potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries;
|
•
|
the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required;
|
•
|
the ability to obtain new short- and long-term contracts with wholesale customers;
|
•
|
the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of physical attacks;
|
•
|
interest rate fluctuations and financial market conditions and the results of financing efforts;
|
•
|
access to capital markets and other financing sources;
|
•
|
changes in Southern Company's and any of its subsidiaries' credit ratings;
|
•
|
changes in the method of determining LIBOR or the replacement of LIBOR with an alternative reference rate;
|
•
|
the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices;
|
•
|
catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, or other similar occurrences;
|
•
|
the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources;
|
•
|
impairments of goodwill or long-lived assets;
|
•
|
the effect of accounting pronouncements issued periodically by standard-setting bodies; and
|
•
|
other factors discussed elsewhere herein and in other reports (including the Form 10-K) filed by the Registrants from time to time with the SEC.
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Retail electric revenues
|
$
|
3,078
|
|
|
$
|
3,084
|
|
Wholesale electric revenues
|
418
|
|
|
499
|
|
||
Other electric revenues
|
151
|
|
|
168
|
|
||
Natural gas revenues (includes alternative revenue programs of
$9 and $(2), respectively) |
1,249
|
|
|
1,474
|
|
||
Other revenues
|
122
|
|
|
187
|
|
||
Total operating revenues
|
5,018
|
|
|
5,412
|
|
||
Operating Expenses:
|
|
|
|
||||
Fuel
|
636
|
|
|
850
|
|
||
Purchased power
|
181
|
|
|
170
|
|
||
Cost of natural gas
|
439
|
|
|
686
|
|
||
Cost of other sales
|
55
|
|
|
118
|
|
||
Other operations and maintenance
|
1,296
|
|
|
1,314
|
|
||
Depreciation and amortization
|
857
|
|
|
751
|
|
||
Taxes other than income taxes
|
330
|
|
|
329
|
|
||
(Gain) loss on dispositions, net
|
(39
|
)
|
|
(2,497
|
)
|
||
Total operating expenses
|
3,755
|
|
|
1,721
|
|
||
Operating Income
|
1,263
|
|
|
3,691
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Allowance for equity funds used during construction
|
34
|
|
|
32
|
|
||
Earnings from equity method investments
|
42
|
|
|
48
|
|
||
Interest expense, net of amounts capitalized
|
(456
|
)
|
|
(430
|
)
|
||
Other income (expense), net
|
103
|
|
|
78
|
|
||
Total other income and (expense)
|
(277
|
)
|
|
(272
|
)
|
||
Earnings Before Income Taxes
|
986
|
|
|
3,419
|
|
||
Income taxes
|
145
|
|
|
1,360
|
|
||
Consolidated Net Income
|
841
|
|
|
2,059
|
|
||
Dividends on preferred stock of subsidiaries
|
4
|
|
|
4
|
|
||
Net loss attributable to noncontrolling interests
|
(31
|
)
|
|
(29
|
)
|
||
Consolidated Net Income Attributable to
Southern Company |
$
|
868
|
|
|
$
|
2,084
|
|
Common Stock Data:
|
|
|
|
||||
Earnings per share -
|
|
|
|
||||
Basic
|
$
|
0.82
|
|
|
$
|
2.01
|
|
Diluted
|
$
|
0.81
|
|
|
$
|
1.99
|
|
Average number of shares of common stock outstanding (in millions)
|
|
|
|
||||
Basic
|
1,057
|
|
|
1,038
|
|
||
Diluted
|
1,067
|
|
|
1,045
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Consolidated Net Income
|
$
|
841
|
|
|
$
|
2,059
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Changes in fair value, net of tax of $(30) and $(9), respectively
|
(86
|
)
|
|
(28
|
)
|
||
Reclassification adjustment for amounts included in net income,
net of tax of $13 and $9, respectively |
38
|
|
|
28
|
|
||
Pension and other postretirement benefit plans:
|
|
|
|
||||
Reclassification adjustment for amounts included in net income,
net of tax of $2 and $-, respectively |
1
|
|
|
—
|
|
||
Total other comprehensive income (loss)
|
(47
|
)
|
|
—
|
|
||
Comprehensive Income
|
794
|
|
|
2,059
|
|
||
Dividends on preferred stock of subsidiaries
|
4
|
|
|
4
|
|
||
Comprehensive loss attributable to noncontrolling interests
|
(31
|
)
|
|
(29
|
)
|
||
Consolidated Comprehensive Income Attributable to
Southern Company |
$
|
821
|
|
|
$
|
2,084
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Consolidated net income
|
$
|
841
|
|
|
$
|
2,059
|
|
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
949
|
|
|
851
|
|
||
Deferred income taxes
|
(58
|
)
|
|
191
|
|
||
Allowance for equity funds used during construction
|
(34
|
)
|
|
(32
|
)
|
||
Pension, postretirement, and other employee benefits
|
(67
|
)
|
|
(53
|
)
|
||
Settlement of asset retirement obligations
|
(86
|
)
|
|
(62
|
)
|
||
Stock based compensation expense
|
72
|
|
|
64
|
|
||
(Gain) loss on dispositions, net
|
(38
|
)
|
|
(2,503
|
)
|
||
Other, net
|
111
|
|
|
71
|
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
317
|
|
|
378
|
|
||
-Prepayments
|
(110
|
)
|
|
(129
|
)
|
||
-Natural gas for sale
|
246
|
|
|
363
|
|
||
-Other current assets
|
(67
|
)
|
|
17
|
|
||
-Accounts payable
|
(504
|
)
|
|
(783
|
)
|
||
-Accrued taxes
|
(102
|
)
|
|
928
|
|
||
-Accrued compensation
|
(473
|
)
|
|
(489
|
)
|
||
-Other current liabilities
|
(103
|
)
|
|
(127
|
)
|
||
Net cash provided from operating activities
|
894
|
|
|
744
|
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(1,560
|
)
|
|
(1,678
|
)
|
||
Nuclear decommissioning trust fund purchases
|
(254
|
)
|
|
(197
|
)
|
||
Nuclear decommissioning trust fund sales
|
249
|
|
|
192
|
|
||
Proceeds from dispositions and asset sales
|
982
|
|
|
4,427
|
|
||
Cost of removal, net of salvage
|
(69
|
)
|
|
(89
|
)
|
||
Change in construction payables, net
|
(141
|
)
|
|
(146
|
)
|
||
Investment in unconsolidated subsidiaries
|
(77
|
)
|
|
(10
|
)
|
||
Payments pursuant to LTSAs
|
(26
|
)
|
|
(28
|
)
|
||
Other investing activities
|
7
|
|
|
(17
|
)
|
||
Net cash provided from (used for) investing activities
|
(889
|
)
|
|
2,454
|
|
||
Financing Activities:
|
|
|
|
||||
Increase (decrease) in notes payable, net
|
(685
|
)
|
|
86
|
|
||
Proceeds —
|
|
|
|
||||
Long-term debt
|
2,653
|
|
|
1,220
|
|
||
Common stock
|
52
|
|
|
224
|
|
||
Short-term borrowings
|
565
|
|
|
—
|
|
||
Redemptions and repurchases —
|
|
|
|
||||
Long-term debt
|
(1,481
|
)
|
|
(2,429
|
)
|
||
Short-term borrowings
|
(100
|
)
|
|
(1,750
|
)
|
||
Distributions to noncontrolling interests
|
(48
|
)
|
|
(36
|
)
|
||
Payment of common stock dividends
|
(655
|
)
|
|
(623
|
)
|
||
Other financing activities
|
(116
|
)
|
|
(45
|
)
|
||
Net cash provided from (used for) financing activities
|
185
|
|
|
(3,353
|
)
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
190
|
|
|
(155
|
)
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
1,978
|
|
|
1,519
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
2,168
|
|
|
$
|
1,364
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid (received) during the period for —
|
|
|
|
||||
Interest (net of $20 and $18 capitalized for 2020 and 2019, respectively)
|
$
|
490
|
|
|
$
|
462
|
|
Income taxes, net
|
(16
|
)
|
|
—
|
|
||
Noncash transactions —
|
|
|
|
||||
Accrued property additions at end of period
|
733
|
|
|
899
|
|
||
Right-of-use assets obtained under operating leases
|
24
|
|
|
15
|
|
||
Right-of-use assets obtained under finance leases
|
4
|
|
|
29
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,164
|
|
|
$
|
1,975
|
|
Receivables —
|
|
|
|
|
||||
Customer accounts receivable
|
|
1,603
|
|
|
1,614
|
|
||
Energy marketing receivables
|
|
291
|
|
|
428
|
|
||
Unbilled revenues
|
|
522
|
|
|
599
|
|
||
Other accounts and notes receivable
|
|
560
|
|
|
817
|
|
||
Accumulated provision for uncollectible accounts
|
|
(53
|
)
|
|
(49
|
)
|
||
Materials and supplies
|
|
1,405
|
|
|
1,388
|
|
||
Fossil fuel for generation
|
|
577
|
|
|
521
|
|
||
Natural gas for sale
|
|
233
|
|
|
479
|
|
||
Prepaid expenses
|
|
667
|
|
|
314
|
|
||
Assets from risk management activities, net of collateral
|
|
134
|
|
|
183
|
|
||
Regulatory assets – asset retirement obligations
|
|
272
|
|
|
287
|
|
||
Other regulatory assets
|
|
876
|
|
|
885
|
|
||
Assets held for sale
|
|
—
|
|
|
188
|
|
||
Other current assets
|
|
179
|
|
|
188
|
|
||
Total current assets
|
|
9,430
|
|
|
9,817
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
105,931
|
|
|
105,114
|
|
||
Less: Accumulated depreciation
|
|
31,180
|
|
|
30,765
|
|
||
Plant in service, net of depreciation
|
|
74,751
|
|
|
74,349
|
|
||
Nuclear fuel, at amortized cost
|
|
854
|
|
|
851
|
|
||
Construction work in progress
|
|
8,360
|
|
|
7,880
|
|
||
Total property, plant, and equipment
|
|
83,965
|
|
|
83,080
|
|
||
Other Property and Investments:
|
|
|
|
|
||||
Goodwill
|
|
5,280
|
|
|
5,280
|
|
||
Equity investments in unconsolidated subsidiaries
|
|
1,386
|
|
|
1,303
|
|
||
Other intangible assets, net of amortization of $292 and $280
at March 31, 2020 and December 31, 2019, respectively |
|
523
|
|
|
536
|
|
||
Nuclear decommissioning trusts, at fair value
|
|
1,787
|
|
|
2,036
|
|
||
Leveraged leases
|
|
795
|
|
|
788
|
|
||
Miscellaneous property and investments
|
|
407
|
|
|
391
|
|
||
Total other property and investments
|
|
10,178
|
|
|
10,334
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Operating lease right-of-use assets, net of amortization
|
|
1,770
|
|
|
1,800
|
|
||
Deferred charges related to income taxes
|
|
798
|
|
|
798
|
|
||
Unamortized loss on reacquired debt
|
|
297
|
|
|
300
|
|
||
Regulatory assets – asset retirement obligations, deferred
|
|
4,384
|
|
|
4,094
|
|
||
Other regulatory assets, deferred
|
|
6,763
|
|
|
6,805
|
|
||
Assets held for sale, deferred
|
|
—
|
|
|
601
|
|
||
Other deferred charges and assets
|
|
1,267
|
|
|
1,071
|
|
||
Total deferred charges and other assets
|
|
15,279
|
|
|
15,469
|
|
||
Total Assets
|
|
$
|
118,852
|
|
|
$
|
118,700
|
|
Liabilities and Stockholders' Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Securities due within one year
|
|
$
|
1,809
|
|
|
$
|
2,989
|
|
Notes payable
|
|
1,710
|
|
|
2,055
|
|
||
Energy marketing trade payables
|
|
298
|
|
|
442
|
|
||
Accounts payable
|
|
1,653
|
|
|
2,115
|
|
||
Customer deposits
|
|
491
|
|
|
496
|
|
||
Accrued taxes —
|
|
|
|
|
||||
Accrued income taxes
|
|
25
|
|
|
—
|
|
||
Other accrued taxes
|
|
338
|
|
|
659
|
|
||
Accrued interest
|
|
414
|
|
|
474
|
|
||
Accrued compensation
|
|
502
|
|
|
992
|
|
||
Asset retirement obligations
|
|
514
|
|
|
504
|
|
||
Other regulatory liabilities
|
|
701
|
|
|
756
|
|
||
Liabilities held for sale
|
|
—
|
|
|
5
|
|
||
Operating lease obligations
|
|
230
|
|
|
229
|
|
||
Other current liabilities
|
|
868
|
|
|
830
|
|
||
Total current liabilities
|
|
9,553
|
|
|
12,546
|
|
||
Long-term Debt
|
|
44,235
|
|
|
41,798
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
8,398
|
|
|
7,888
|
|
||
Deferred credits related to income taxes
|
|
5,954
|
|
|
6,078
|
|
||
Accumulated deferred ITCs
|
|
2,271
|
|
|
2,291
|
|
||
Employee benefit obligations
|
|
1,778
|
|
|
1,814
|
|
||
Operating lease obligations, deferred
|
|
1,610
|
|
|
1,615
|
|
||
Asset retirement obligations, deferred
|
|
9,296
|
|
|
9,282
|
|
||
Accrued environmental remediation
|
|
230
|
|
|
234
|
|
||
Other cost of removal obligations
|
|
2,251
|
|
|
2,239
|
|
||
Other regulatory liabilities, deferred
|
|
368
|
|
|
256
|
|
||
Other deferred credits and liabilities
|
|
701
|
|
|
609
|
|
||
Total deferred credits and other liabilities
|
|
32,857
|
|
|
32,306
|
|
||
Total Liabilities
|
|
86,645
|
|
|
86,650
|
|
||
Redeemable Preferred Stock of Subsidiaries
|
|
291
|
|
|
291
|
|
||
Total Stockholders' Equity (See accompanying statements)
|
|
31,916
|
|
|
31,759
|
|
||
Total Liabilities and Stockholders' Equity
|
|
$
|
118,852
|
|
|
$
|
118,700
|
|
|
Southern Company Common Stockholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||||
|
Number of
Common Shares |
|
Common Stock
|
|
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
|
|
|
||||||||||||||||||||||
|
Issued
|
|
Treasury
|
|
Par Value
|
|
Paid-In Capital
|
|
Treasury
|
|
Retained Earnings
|
|
|
Noncontrolling Interests
|
|
Total
|
|||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
1,035
|
|
|
(1
|
)
|
|
$
|
5,164
|
|
|
$
|
11,094
|
|
|
$
|
(38
|
)
|
|
$
|
8,706
|
|
|
$
|
(203
|
)
|
|
$
|
4,316
|
|
|
$
|
29,039
|
|
Consolidated net income attributable to
Southern Company |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,084
|
|
|
—
|
|
|
—
|
|
|
2,084
|
|
|||||||
Stock issued
|
6
|
|
|
—
|
|
|
28
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|||||||
Cash dividends of $0.60 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(622
|
)
|
|
—
|
|
|
—
|
|
|
(622
|
)
|
|||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|||||||
Net income (loss) attributable
to noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
5
|
|
|||||||
Balance at March 31, 2019
|
1,041
|
|
|
(1
|
)
|
|
$
|
5,192
|
|
|
$
|
11,321
|
|
|
$
|
(40
|
)
|
|
$
|
10,167
|
|
|
$
|
(203
|
)
|
|
$
|
4,250
|
|
|
$
|
30,687
|
|
Balance at December 31, 2019
|
1,054
|
|
|
(1
|
)
|
|
$
|
5,257
|
|
|
$
|
11,734
|
|
|
$
|
(42
|
)
|
|
$
|
10,877
|
|
|
$
|
(321
|
)
|
|
$
|
4,254
|
|
|
$
|
31,759
|
|
Consolidated net income attributable to
Southern Company |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
868
|
|
|
—
|
|
|
—
|
|
|
868
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
|||||||
Stock issued
|
3
|
|
|
—
|
|
|
9
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
Cash dividends of $0.62 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(655
|
)
|
|
—
|
|
|
—
|
|
|
(655
|
)
|
|||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
(48
|
)
|
|||||||
Net income (loss) attributable to
noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
(3
|
)
|
|||||||
Balance at March 31, 2020
|
1,057
|
|
|
(1
|
)
|
|
$
|
5,266
|
|
|
$
|
11,782
|
|
|
$
|
(44
|
)
|
|
$
|
11,088
|
|
|
$
|
(367
|
)
|
|
$
|
4,191
|
|
|
$
|
31,916
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Retail revenues
|
$
|
1,205
|
|
|
$
|
1,213
|
|
Wholesale revenues, non-affiliates
|
56
|
|
|
61
|
|
||
Wholesale revenues, affiliates
|
19
|
|
|
60
|
|
||
Other revenues
|
71
|
|
|
74
|
|
||
Total operating revenues
|
1,351
|
|
|
1,408
|
|
||
Operating Expenses:
|
|
|
|
||||
Fuel
|
215
|
|
|
301
|
|
||
Purchased power, non-affiliates
|
40
|
|
|
37
|
|
||
Purchased power, affiliates
|
18
|
|
|
21
|
|
||
Other operations and maintenance
|
350
|
|
|
409
|
|
||
Depreciation and amortization
|
200
|
|
|
199
|
|
||
Taxes other than income taxes
|
106
|
|
|
103
|
|
||
Total operating expenses
|
929
|
|
|
1,070
|
|
||
Operating Income
|
422
|
|
|
338
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Allowance for equity funds used during construction
|
10
|
|
|
14
|
|
||
Interest expense, net of amounts capitalized
|
(88
|
)
|
|
(83
|
)
|
||
Other income (expense), net
|
24
|
|
|
14
|
|
||
Total other income and (expense)
|
(54
|
)
|
|
(55
|
)
|
||
Earnings Before Income Taxes
|
368
|
|
|
283
|
|
||
Income taxes
|
84
|
|
|
62
|
|
||
Net Income
|
284
|
|
|
221
|
|
||
Dividends on Preferred Stock
|
4
|
|
|
4
|
|
||
Net Income After Dividends on Preferred Stock
|
$
|
280
|
|
|
$
|
217
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Net Income
|
$
|
284
|
|
|
$
|
221
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Reclassification adjustment for amounts included in net income,
net of tax of $- and $-, respectively |
1
|
|
|
1
|
|
||
Total other comprehensive income (loss)
|
1
|
|
|
1
|
|
||
Comprehensive Income
|
$
|
285
|
|
|
$
|
222
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
284
|
|
|
$
|
221
|
|
Adjustments to reconcile net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
241
|
|
|
244
|
|
||
Deferred income taxes
|
10
|
|
|
—
|
|
||
Allowance for equity funds used during construction
|
(10
|
)
|
|
(14
|
)
|
||
Pension, postretirement, and other employee benefits
|
(25
|
)
|
|
(18
|
)
|
||
Settlement of asset retirement obligations
|
(46
|
)
|
|
(18
|
)
|
||
Other, net
|
20
|
|
|
26
|
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
93
|
|
|
105
|
|
||
-Prepayments
|
(80
|
)
|
|
(78
|
)
|
||
-Materials and supplies
|
(22
|
)
|
|
(4
|
)
|
||
-Other current assets
|
(29
|
)
|
|
19
|
|
||
-Accounts payable
|
(305
|
)
|
|
(286
|
)
|
||
-Accrued taxes
|
100
|
|
|
80
|
|
||
-Accrued compensation
|
(111
|
)
|
|
(122
|
)
|
||
-Retail fuel cost over recovery
|
47
|
|
|
2
|
|
||
-Other current liabilities
|
(12
|
)
|
|
(11
|
)
|
||
Net cash provided from operating activities
|
155
|
|
|
146
|
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(340
|
)
|
|
(390
|
)
|
||
Nuclear decommissioning trust fund purchases
|
(81
|
)
|
|
(68
|
)
|
||
Nuclear decommissioning trust fund sales
|
81
|
|
|
68
|
|
||
Cost of removal, net of salvage
|
(15
|
)
|
|
(16
|
)
|
||
Change in construction payables
|
(65
|
)
|
|
(95
|
)
|
||
Other investing activities
|
(4
|
)
|
|
(10
|
)
|
||
Net cash used for investing activities
|
(424
|
)
|
|
(511
|
)
|
||
Financing Activities:
|
|
|
|
||||
Proceeds — Capital contributions from parent company
|
610
|
|
|
1,232
|
|
||
Redemptions —
|
|
|
|
||||
Pollution control revenue bonds
|
(87
|
)
|
|
—
|
|
||
Senior notes
|
—
|
|
|
(200
|
)
|
||
Payment of common stock dividends
|
(239
|
)
|
|
(211
|
)
|
||
Other financing activities
|
(11
|
)
|
|
(10
|
)
|
||
Net cash provided from financing activities
|
273
|
|
|
811
|
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
4
|
|
|
446
|
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
894
|
|
|
313
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
898
|
|
|
$
|
759
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid during the period for —
|
|
|
|
||||
Interest (net of $3 and $5 capitalized for 2020 and 2019, respectively)
|
$
|
92
|
|
|
$
|
89
|
|
Noncash transactions —
|
|
|
|
||||
Accrued property additions at end of period
|
135
|
|
|
176
|
|
||
Right-of-use assets obtained under operating leases
|
2
|
|
|
2
|
|
||
Right-of-use assets obtained under finance leases
|
1
|
|
|
—
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
898
|
|
|
$
|
894
|
|
Receivables —
|
|
|
|
|
||||
Customer accounts receivable
|
|
377
|
|
|
425
|
|
||
Unbilled revenues
|
|
117
|
|
|
134
|
|
||
Affiliated
|
|
40
|
|
|
37
|
|
||
Other accounts and notes receivable
|
|
41
|
|
|
72
|
|
||
Accumulated provision for uncollectible accounts
|
|
(19
|
)
|
|
(22
|
)
|
||
Fossil fuel stock
|
|
227
|
|
|
212
|
|
||
Materials and supplies
|
|
531
|
|
|
512
|
|
||
Prepaid expenses
|
|
119
|
|
|
50
|
|
||
Other regulatory assets
|
|
242
|
|
|
242
|
|
||
Other current assets
|
|
37
|
|
|
30
|
|
||
Total current assets
|
|
2,610
|
|
|
2,586
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
30,348
|
|
|
30,023
|
|
||
Less: Accumulated provision for depreciation
|
|
9,608
|
|
|
9,540
|
|
||
Plant in service, net of depreciation
|
|
20,740
|
|
|
20,483
|
|
||
Nuclear fuel, at amortized cost
|
|
290
|
|
|
296
|
|
||
Construction work in progress
|
|
777
|
|
|
890
|
|
||
Total property, plant, and equipment
|
|
21,807
|
|
|
21,669
|
|
||
Other Property and Investments:
|
|
|
|
|
||||
Equity investments in unconsolidated subsidiaries
|
|
64
|
|
|
66
|
|
||
Nuclear decommissioning trusts, at fair value
|
|
855
|
|
|
1,023
|
|
||
Miscellaneous property and investments
|
|
129
|
|
|
128
|
|
||
Total other property and investments
|
|
1,048
|
|
|
1,217
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Operating lease right-of-use assets, net of amortization
|
|
124
|
|
|
132
|
|
||
Deferred charges related to income taxes
|
|
243
|
|
|
244
|
|
||
Deferred under recovered regulatory clause revenues
|
|
37
|
|
|
40
|
|
||
Regulatory assets – asset retirement obligations
|
|
1,224
|
|
|
1,019
|
|
||
Other regulatory assets, deferred
|
|
1,968
|
|
|
1,976
|
|
||
Other deferred charges and assets
|
|
307
|
|
|
269
|
|
||
Total deferred charges and other assets
|
|
3,903
|
|
|
3,680
|
|
||
Total Assets
|
|
$
|
29,368
|
|
|
$
|
29,152
|
|
Liabilities and Stockholder's Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Securities due within one year
|
|
$
|
296
|
|
|
$
|
251
|
|
Accounts payable —
|
|
|
|
|
||||
Affiliated
|
|
212
|
|
|
316
|
|
||
Other
|
|
271
|
|
|
514
|
|
||
Customer deposits
|
|
101
|
|
|
100
|
|
||
Accrued taxes
|
|
168
|
|
|
78
|
|
||
Accrued interest
|
|
82
|
|
|
92
|
|
||
Accrued compensation
|
|
105
|
|
|
216
|
|
||
Asset retirement obligations
|
|
201
|
|
|
195
|
|
||
Other regulatory liabilities
|
|
155
|
|
|
193
|
|
||
Other current liabilities
|
|
109
|
|
|
105
|
|
||
Total current liabilities
|
|
1,700
|
|
|
2,060
|
|
||
Long-term Debt
|
|
8,141
|
|
|
8,270
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
3,283
|
|
|
3,260
|
|
||
Deferred credits related to income taxes
|
|
1,946
|
|
|
1,960
|
|
||
Accumulated deferred ITCs
|
|
99
|
|
|
100
|
|
||
Employee benefit obligations
|
|
198
|
|
|
206
|
|
||
Operating lease obligations
|
|
103
|
|
|
107
|
|
||
Asset retirement obligations, deferred
|
|
3,330
|
|
|
3,345
|
|
||
Other cost of removal obligations
|
|
402
|
|
|
412
|
|
||
Other regulatory liabilities, deferred
|
|
225
|
|
|
146
|
|
||
Other deferred credits and liabilities
|
|
41
|
|
|
40
|
|
||
Total deferred credits and other liabilities
|
|
9,627
|
|
|
9,576
|
|
||
Total Liabilities
|
|
19,468
|
|
|
19,906
|
|
||
Redeemable Preferred Stock
|
|
291
|
|
|
291
|
|
||
Common Stockholder's Equity (See accompanying statements)
|
|
9,609
|
|
|
8,955
|
|
||
Total Liabilities and Stockholder's Equity
|
|
$
|
29,368
|
|
|
$
|
29,152
|
|
|
Number of
Common Shares Issued |
|
Common
Stock |
|
Paid-In
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
|||||||||||
|
(in millions)
|
|||||||||||||||||||||
Balance at December 31, 2018
|
31
|
|
|
$
|
1,222
|
|
|
$
|
3,508
|
|
|
$
|
2,775
|
|
|
$
|
(28
|
)
|
|
$
|
7,477
|
|
Net income after dividends on
preferred stock |
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
—
|
|
|
217
|
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
1,236
|
|
|
—
|
|
|
—
|
|
|
1,236
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(211
|
)
|
|
—
|
|
|
(211
|
)
|
|||||
Balance at March 31, 2019
|
31
|
|
|
$
|
1,222
|
|
|
$
|
4,744
|
|
|
$
|
2,781
|
|
|
$
|
(27
|
)
|
|
$
|
8,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2019
|
31
|
|
|
$
|
1,222
|
|
|
$
|
4,755
|
|
|
$
|
3,001
|
|
|
$
|
(23
|
)
|
|
$
|
8,955
|
|
Net income after dividends on
preferred stock |
—
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
—
|
|
|
280
|
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
612
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
|
—
|
|
|
(239
|
)
|
|||||
Balance at March 31, 2020
|
31
|
|
|
$
|
1,222
|
|
|
$
|
5,367
|
|
|
$
|
3,042
|
|
|
$
|
(22
|
)
|
|
$
|
9,609
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Retail revenues
|
$
|
1,675
|
|
|
$
|
1,668
|
|
Wholesale revenues
|
26
|
|
|
32
|
|
||
Other revenues
|
124
|
|
|
133
|
|
||
Total operating revenues
|
1,825
|
|
|
1,833
|
|
||
Operating Expenses:
|
|
|
|
||||
Fuel
|
231
|
|
|
299
|
|
||
Purchased power, non-affiliates
|
129
|
|
|
118
|
|
||
Purchased power, affiliates
|
129
|
|
|
176
|
|
||
Other operations and maintenance
|
465
|
|
|
446
|
|
||
Depreciation and amortization
|
352
|
|
|
240
|
|
||
Taxes other than income taxes
|
113
|
|
|
106
|
|
||
Total operating expenses
|
1,419
|
|
|
1,385
|
|
||
Operating Income
|
406
|
|
|
448
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Interest expense, net of amounts capitalized
|
(111
|
)
|
|
(96
|
)
|
||
Other income (expense), net
|
52
|
|
|
40
|
|
||
Total other income and (expense)
|
(59
|
)
|
|
(56
|
)
|
||
Earnings Before Income Taxes
|
347
|
|
|
392
|
|
||
Income taxes
|
16
|
|
|
81
|
|
||
Net Income
|
$
|
331
|
|
|
$
|
311
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Net Income
|
$
|
331
|
|
|
$
|
311
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Changes in fair value, net of tax of $(1) and $-, respectively
|
(2
|
)
|
|
—
|
|
||
Reclassification adjustment for amounts included in net income,
net of tax of $1 and $-, respectively |
1
|
|
|
1
|
|
||
Total other comprehensive income (loss)
|
(1
|
)
|
|
1
|
|
||
Comprehensive Income
|
$
|
330
|
|
|
$
|
312
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
331
|
|
|
$
|
311
|
|
Adjustments to reconcile net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
396
|
|
|
287
|
|
||
Deferred income taxes
|
(73
|
)
|
|
127
|
|
||
Pension, postretirement, and other employee benefits
|
(40
|
)
|
|
(35
|
)
|
||
Settlement of asset retirement obligations
|
(33
|
)
|
|
(34
|
)
|
||
Storm damage reserve accruals
|
53
|
|
|
7
|
|
||
Retail fuel cost over recovery – long-term
|
90
|
|
|
—
|
|
||
Other, net
|
(52
|
)
|
|
(25
|
)
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
22
|
|
|
91
|
|
||
-Fossil fuel stock
|
(42
|
)
|
|
(41
|
)
|
||
-Prepaid income taxes
|
—
|
|
|
(73
|
)
|
||
-Other current assets
|
(15
|
)
|
|
33
|
|
||
-Accounts payable
|
(69
|
)
|
|
(166
|
)
|
||
-Accrued taxes
|
(156
|
)
|
|
(245
|
)
|
||
-Accrued compensation
|
(87
|
)
|
|
(67
|
)
|
||
-Customer refunds
|
(107
|
)
|
|
32
|
|
||
-Other current liabilities
|
(5
|
)
|
|
10
|
|
||
Net cash provided from operating activities
|
213
|
|
|
212
|
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(849
|
)
|
|
(875
|
)
|
||
Nuclear decommissioning trust fund purchases
|
(173
|
)
|
|
(129
|
)
|
||
Nuclear decommissioning trust fund sales
|
167
|
|
|
124
|
|
||
Cost of removal, net of salvage
|
(34
|
)
|
|
(58
|
)
|
||
Change in construction payables, net of joint owner portion
|
(46
|
)
|
|
(38
|
)
|
||
Proceeds from dispositions and asset sales
|
142
|
|
|
7
|
|
||
Other investing activities
|
(2
|
)
|
|
(11
|
)
|
||
Net cash used for investing activities
|
(795
|
)
|
|
(980
|
)
|
||
Financing Activities:
|
|
|
|
||||
Increase (decrease) in notes payable, net
|
11
|
|
|
(19
|
)
|
||
Proceeds —
|
|
|
|
||||
FFB loan
|
—
|
|
|
835
|
|
||
Senior notes
|
1,500
|
|
|
—
|
|
||
Pollution control revenue bonds
|
53
|
|
|
343
|
|
||
Short-term borrowings
|
200
|
|
|
—
|
|
||
Capital contributions from parent company
|
500
|
|
|
27
|
|
||
Redemptions and repurchases —
|
|
|
|
||||
Senior notes
|
(950
|
)
|
|
—
|
|
||
Pollution control revenue bonds
|
(148
|
)
|
|
(108
|
)
|
||
FFB loan
|
(16
|
)
|
|
—
|
|
||
Payment of common stock dividends
|
(385
|
)
|
|
(394
|
)
|
||
Other financing activities
|
(23
|
)
|
|
(19
|
)
|
||
Net cash provided from financing activities
|
742
|
|
|
665
|
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
160
|
|
|
(103
|
)
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
52
|
|
|
112
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
212
|
|
|
$
|
9
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid during the period for —
|
|
|
|
||||
Interest (net of $11 and $8 capitalized for 2020 and 2019, respectively)
|
$
|
122
|
|
|
$
|
92
|
|
Noncash transactions —
|
|
|
|
||||
Accrued property additions at end of period
|
472
|
|
|
607
|
|
||
Right-of-use assets obtained under operating leases
|
10
|
|
|
4
|
|
||
Right-of-use assets obtained under finance leases
|
—
|
|
|
28
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
212
|
|
|
$
|
52
|
|
Receivables —
|
|
|
|
|
||||
Customer accounts receivable
|
|
545
|
|
|
533
|
|
||
Unbilled revenues
|
|
195
|
|
|
203
|
|
||
Joint owner accounts receivable
|
|
129
|
|
|
136
|
|
||
Affiliated
|
|
24
|
|
|
21
|
|
||
Other accounts and notes receivable
|
|
44
|
|
|
209
|
|
||
Accumulated provision for uncollectible accounts
|
|
(2
|
)
|
|
(2
|
)
|
||
Fossil fuel stock
|
|
315
|
|
|
272
|
|
||
Materials and supplies
|
|
513
|
|
|
501
|
|
||
Prepaid expenses
|
|
38
|
|
|
63
|
|
||
Regulatory assets – storm damage reserves
|
|
213
|
|
|
213
|
|
||
Regulatory assets – asset retirement obligations
|
|
235
|
|
|
254
|
|
||
Other regulatory assets
|
|
295
|
|
|
263
|
|
||
Other current assets
|
|
69
|
|
|
77
|
|
||
Total current assets
|
|
2,825
|
|
|
2,795
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
38,436
|
|
|
38,137
|
|
||
Less: Accumulated provision for depreciation
|
|
11,929
|
|
|
11,753
|
|
||
Plant in service, net of depreciation
|
|
26,507
|
|
|
26,384
|
|
||
Nuclear fuel, at amortized cost
|
|
563
|
|
|
555
|
|
||
Construction work in progress
|
|
6,187
|
|
|
5,650
|
|
||
Total property, plant, and equipment
|
|
33,257
|
|
|
32,589
|
|
||
Other Property and Investments:
|
|
|
|
|
||||
Equity investments in unconsolidated subsidiaries
|
|
52
|
|
|
52
|
|
||
Nuclear decommissioning trusts, at fair value
|
|
932
|
|
|
1,013
|
|
||
Miscellaneous property and investments
|
|
65
|
|
|
64
|
|
||
Total other property and investments
|
|
1,049
|
|
|
1,129
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Operating lease right-of-use assets, net of amortization
|
|
1,401
|
|
|
1,428
|
|
||
Deferred charges related to income taxes
|
|
519
|
|
|
519
|
|
||
Regulatory assets – asset retirement obligations, deferred
|
|
2,970
|
|
|
2,865
|
|
||
Other regulatory assets, deferred
|
|
2,677
|
|
|
2,716
|
|
||
Other deferred charges and assets
|
|
481
|
|
|
500
|
|
||
Total deferred charges and other assets
|
|
8,048
|
|
|
8,028
|
|
||
Total Assets
|
|
$
|
45,179
|
|
|
$
|
44,541
|
|
Liabilities and Stockholder's Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Securities due within one year
|
|
$
|
74
|
|
|
$
|
1,025
|
|
Notes payable
|
|
451
|
|
|
365
|
|
||
Accounts payable —
|
|
|
|
|
||||
Affiliated
|
|
389
|
|
|
512
|
|
||
Other
|
|
723
|
|
|
711
|
|
||
Customer deposits
|
|
284
|
|
|
283
|
|
||
Accrued taxes
|
|
239
|
|
|
407
|
|
||
Accrued interest
|
|
97
|
|
|
118
|
|
||
Accrued compensation
|
|
120
|
|
|
233
|
|
||
Operating lease obligations
|
|
147
|
|
|
144
|
|
||
Asset retirement obligations
|
|
272
|
|
|
265
|
|
||
Other regulatory liabilities
|
|
342
|
|
|
447
|
|
||
Other current liabilities
|
|
233
|
|
|
187
|
|
||
Total current liabilities
|
|
3,371
|
|
|
4,697
|
|
||
Long-term Debt
|
|
12,297
|
|
|
10,791
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
3,255
|
|
|
3,257
|
|
||
Deferred credits related to income taxes
|
|
2,792
|
|
|
2,862
|
|
||
Accumulated deferred ITCs
|
|
253
|
|
|
255
|
|
||
Employee benefit obligations
|
|
497
|
|
|
540
|
|
||
Operating lease obligations, deferred
|
|
1,280
|
|
|
1,282
|
|
||
Asset retirement obligations, deferred
|
|
5,547
|
|
|
5,519
|
|
||
Other deferred credits and liabilities
|
|
375
|
|
|
273
|
|
||
Total deferred credits and other liabilities
|
|
13,999
|
|
|
13,988
|
|
||
Total Liabilities
|
|
29,667
|
|
|
29,476
|
|
||
Common Stockholder's Equity (See accompanying statements)
|
|
15,512
|
|
|
15,065
|
|
||
Total Liabilities and Stockholder's Equity
|
|
$
|
45,179
|
|
|
$
|
44,541
|
|
|
Number of
Common Shares Issued |
|
Common
Stock |
|
Paid-In
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
|||||||||||
|
(in millions)
|
|||||||||||||||||||||
Balance at December 31, 2018
|
9
|
|
|
$
|
398
|
|
|
$
|
10,322
|
|
|
$
|
3,612
|
|
|
$
|
(9
|
)
|
|
$
|
14,323
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
311
|
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(394
|
)
|
|
—
|
|
|
(394
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Balance at March 31, 2019
|
9
|
|
|
$
|
398
|
|
|
$
|
10,350
|
|
|
$
|
3,529
|
|
|
$
|
(8
|
)
|
|
$
|
14,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2019
|
9
|
|
|
$
|
398
|
|
|
$
|
10,962
|
|
|
$
|
3,756
|
|
|
$
|
(51
|
)
|
|
$
|
15,065
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
331
|
|
|
—
|
|
|
331
|
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
—
|
|
|
(385
|
)
|
|||||
Balance at March 31, 2020
|
9
|
|
|
$
|
398
|
|
|
$
|
11,464
|
|
|
$
|
3,702
|
|
|
$
|
(52
|
)
|
|
$
|
15,512
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Retail revenues
|
$
|
199
|
|
|
$
|
203
|
|
Wholesale revenues, non-affiliates
|
51
|
|
|
57
|
|
||
Wholesale revenues, affiliates
|
21
|
|
|
22
|
|
||
Other revenues
|
6
|
|
|
5
|
|
||
Total operating revenues
|
277
|
|
|
287
|
|
||
Operating Expenses:
|
|
|
|
||||
Fuel
|
79
|
|
|
93
|
|
||
Purchased power
|
5
|
|
|
3
|
|
||
Other operations and maintenance
|
76
|
|
|
61
|
|
||
Depreciation and amortization
|
42
|
|
|
48
|
|
||
Taxes other than income taxes
|
29
|
|
|
26
|
|
||
Total operating expenses
|
231
|
|
|
231
|
|
||
Operating Income
|
46
|
|
|
56
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Interest expense, net of amounts capitalized
|
(16
|
)
|
|
(17
|
)
|
||
Other income (expense), net
|
8
|
|
|
5
|
|
||
Total other income and (expense)
|
(8
|
)
|
|
(12
|
)
|
||
Earnings Before Income Taxes
|
38
|
|
|
44
|
|
||
Income taxes
|
6
|
|
|
7
|
|
||
Net Income
|
$
|
32
|
|
|
$
|
37
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Net Income
|
$
|
32
|
|
|
$
|
37
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Changes in fair value, net of tax of $- and $-, respectively
|
—
|
|
|
—
|
|
||
Reclassification adjustment for amounts included in net income,
net of tax of $- and $-, respectively |
—
|
|
|
—
|
|
||
Total other comprehensive income (loss)
|
—
|
|
|
—
|
|
||
Comprehensive Income
|
$
|
32
|
|
|
$
|
37
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
32
|
|
|
$
|
37
|
|
Adjustments to reconcile net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
44
|
|
|
50
|
|
||
Deferred income taxes
|
(4
|
)
|
|
(8
|
)
|
||
Settlement of asset retirement obligations
|
(3
|
)
|
|
(8
|
)
|
||
Other, net
|
4
|
|
|
4
|
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
14
|
|
|
11
|
|
||
-Other current assets
|
(10
|
)
|
|
7
|
|
||
-Accounts payable
|
(24
|
)
|
|
(38
|
)
|
||
-Accrued taxes
|
(54
|
)
|
|
(62
|
)
|
||
-Accrued compensation
|
(19
|
)
|
|
(22
|
)
|
||
-Other current liabilities
|
3
|
|
|
6
|
|
||
Net cash used for operating activities
|
(17
|
)
|
|
(23
|
)
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(50
|
)
|
|
(45
|
)
|
||
Construction payables
|
(10
|
)
|
|
(8
|
)
|
||
Payments pursuant to LTSAs
|
(5
|
)
|
|
(5
|
)
|
||
Other investing activities
|
(6
|
)
|
|
(5
|
)
|
||
Net cash used for investing activities
|
(71
|
)
|
|
(63
|
)
|
||
Financing Activities:
|
|
|
|
||||
Proceeds —
|
|
|
|
||||
Capital contributions from parent company
|
75
|
|
|
—
|
|
||
Short-term borrowings
|
40
|
|
|
—
|
|
||
Pollution control revenue bonds
|
—
|
|
|
43
|
|
||
Other long-term debt
|
100
|
|
|
—
|
|
||
Redemptions — Senior notes
|
(275
|
)
|
|
—
|
|
||
Return of capital to parent company
|
(37
|
)
|
|
(38
|
)
|
||
Other financing activities
|
(1
|
)
|
|
—
|
|
||
Net cash provided from (used for) financing activities
|
(98
|
)
|
|
5
|
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
(186
|
)
|
|
(81
|
)
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
286
|
|
|
293
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
100
|
|
|
$
|
212
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid during the period for —
|
|
|
|
||||
Interest (net of $- and $- capitalized for 2020 and 2019, respectively)
|
$
|
18
|
|
|
$
|
13
|
|
Noncash transactions — Accrued property additions at end of period
|
25
|
|
|
27
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
100
|
|
|
$
|
286
|
|
Receivables —
|
|
|
|
|
||||
Customer accounts receivable
|
|
32
|
|
|
35
|
|
||
Unbilled revenues
|
|
33
|
|
|
39
|
|
||
Affiliated
|
|
25
|
|
|
27
|
|
||
Other accounts and notes receivable
|
|
23
|
|
|
26
|
|
||
Fossil fuel stock
|
|
24
|
|
|
26
|
|
||
Materials and supplies
|
|
59
|
|
|
61
|
|
||
Other regulatory assets
|
|
85
|
|
|
99
|
|
||
Other current assets
|
|
10
|
|
|
10
|
|
||
Total current assets
|
|
391
|
|
|
609
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
4,900
|
|
|
4,857
|
|
||
Less: Accumulated provision for depreciation
|
|
1,489
|
|
|
1,463
|
|
||
Plant in service, net of depreciation
|
|
3,411
|
|
|
3,394
|
|
||
Construction work in progress
|
|
127
|
|
|
126
|
|
||
Total property, plant, and equipment
|
|
3,538
|
|
|
3,520
|
|
||
Other Property and Investments
|
|
131
|
|
|
131
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Deferred charges related to income taxes
|
|
32
|
|
|
32
|
|
||
Regulatory assets – asset retirement obligations
|
|
197
|
|
|
210
|
|
||
Other regulatory assets, deferred
|
|
386
|
|
|
360
|
|
||
Accumulated deferred income taxes
|
|
137
|
|
|
139
|
|
||
Other deferred charges and assets
|
|
48
|
|
|
34
|
|
||
Total deferred charges and other assets
|
|
800
|
|
|
775
|
|
||
Total Assets
|
|
$
|
4,860
|
|
|
$
|
5,035
|
|
Liabilities and Stockholder's Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Securities due within one year
|
|
$
|
7
|
|
|
$
|
281
|
|
Notes payable
|
|
40
|
|
|
—
|
|
||
Accounts payable —
|
|
|
|
|
||||
Affiliated
|
|
62
|
|
|
76
|
|
||
Other
|
|
56
|
|
|
75
|
|
||
Accrued taxes
|
|
51
|
|
|
105
|
|
||
Accrued interest
|
|
14
|
|
|
15
|
|
||
Accrued compensation
|
|
16
|
|
|
35
|
|
||
Asset retirement obligations
|
|
28
|
|
|
33
|
|
||
Over recovered regulatory clause liabilities
|
|
32
|
|
|
29
|
|
||
Other regulatory liabilities
|
|
54
|
|
|
21
|
|
||
Other current liabilities
|
|
69
|
|
|
64
|
|
||
Total current liabilities
|
|
429
|
|
|
734
|
|
||
Long-term Debt
|
|
1,406
|
|
|
1,308
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
422
|
|
|
424
|
|
||
Deferred credits related to income taxes
|
|
320
|
|
|
352
|
|
||
Employee benefit obligations
|
|
98
|
|
|
99
|
|
||
Asset retirement obligations, deferred
|
|
158
|
|
|
157
|
|
||
Other cost of removal obligations
|
|
192
|
|
|
189
|
|
||
Other regulatory liabilities, deferred
|
|
71
|
|
|
76
|
|
||
Other deferred credits and liabilities
|
|
42
|
|
|
44
|
|
||
Total deferred credits and other liabilities
|
|
1,303
|
|
|
1,341
|
|
||
Total Liabilities
|
|
3,138
|
|
|
3,383
|
|
||
Common Stockholder's Equity (See accompanying statements)
|
|
1,722
|
|
|
1,652
|
|
||
Total Liabilities and Stockholder's Equity
|
|
$
|
4,860
|
|
|
$
|
5,035
|
|
|
Number of
Common Shares Issued |
|
Common
Stock |
|
Paid-In
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
|||||||||||
|
(in millions)
|
|||||||||||||||||||||
Balance at December 31, 2018
|
1
|
|
|
$
|
38
|
|
|
$
|
4,546
|
|
|
$
|
(2,971
|
)
|
|
$
|
(4
|
)
|
|
$
|
1,609
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|||||
Return of capital to parent company
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Balance at March 31, 2019
|
1
|
|
|
$
|
38
|
|
|
$
|
4,510
|
|
|
$
|
(2,934
|
)
|
|
$
|
(4
|
)
|
|
$
|
1,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2019
|
1
|
|
|
$
|
38
|
|
|
$
|
4,449
|
|
|
$
|
(2,832
|
)
|
|
$
|
(3
|
)
|
|
$
|
1,652
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|||||
Return of capital to parent company
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||||
Capital contributions from parent company
|
—
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Balance at March 31, 2020
|
1
|
|
|
$
|
38
|
|
|
$
|
4,487
|
|
|
$
|
(2,800
|
)
|
|
$
|
(3
|
)
|
|
$
|
1,722
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Wholesale revenues, non-affiliates
|
$
|
286
|
|
|
$
|
352
|
|
Wholesale revenues, affiliates
|
86
|
|
|
87
|
|
||
Other revenues
|
3
|
|
|
4
|
|
||
Total operating revenues
|
375
|
|
|
443
|
|
||
Operating Expenses:
|
|
|
|
||||
Fuel
|
107
|
|
|
145
|
|
||
Purchased power
|
14
|
|
|
24
|
|
||
Other operations and maintenance
|
79
|
|
|
83
|
|
||
Depreciation and amortization
|
117
|
|
|
119
|
|
||
Taxes other than income taxes
|
9
|
|
|
11
|
|
||
(Gain) loss on dispositions, net
|
(39
|
)
|
|
1
|
|
||
Total operating expenses
|
287
|
|
|
383
|
|
||
Operating Income
|
88
|
|
|
60
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Interest expense, net of amounts capitalized
|
(39
|
)
|
|
(44
|
)
|
||
Other income (expense), net
|
2
|
|
|
2
|
|
||
Total other income and (expense)
|
(37
|
)
|
|
(42
|
)
|
||
Earnings Before Income Taxes
|
51
|
|
|
18
|
|
||
Income taxes (benefit)
|
7
|
|
|
(9
|
)
|
||
Net Income
|
44
|
|
|
27
|
|
||
Net loss attributable to noncontrolling interests
|
(31
|
)
|
|
(29
|
)
|
||
Net Income Attributable to Southern Power
|
$
|
75
|
|
|
$
|
56
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Net Income
|
$
|
44
|
|
|
$
|
27
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Changes in fair value, net of tax of $(21) and $(10), respectively
|
(62
|
)
|
|
(29
|
)
|
||
Reclassification adjustment for amounts included in net income,
net of tax of $10 and $8, respectively |
28
|
|
|
25
|
|
||
Pension and other postretirement benefit plans:
|
|
|
|
||||
Reclassification adjustment for amounts included in net income,
net of tax of $- and $-, respectively |
1
|
|
|
—
|
|
||
Total other comprehensive income (loss)
|
(33
|
)
|
|
(4
|
)
|
||
Comprehensive Income
|
11
|
|
|
23
|
|
||
Comprehensive loss attributable to noncontrolling interests
|
(31
|
)
|
|
(29
|
)
|
||
Comprehensive Income Attributable to Southern Power
|
$
|
42
|
|
|
$
|
52
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
44
|
|
|
$
|
27
|
|
Adjustments to reconcile net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
123
|
|
|
125
|
|
||
Deferred income taxes
|
(36
|
)
|
|
17
|
|
||
Amortization of investment tax credits
|
(14
|
)
|
|
(14
|
)
|
||
(Gain) loss on dispositions, net
|
(39
|
)
|
|
—
|
|
||
Other, net
|
(10
|
)
|
|
(7
|
)
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
5
|
|
|
10
|
|
||
-Prepaid income taxes
|
51
|
|
|
(9
|
)
|
||
-Other current assets
|
(2
|
)
|
|
3
|
|
||
-Accounts payable
|
(34
|
)
|
|
(32
|
)
|
||
-Accrued taxes
|
8
|
|
|
5
|
|
||
-Other current liabilities
|
(13
|
)
|
|
(15
|
)
|
||
Net cash provided from operating activities
|
83
|
|
|
110
|
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(47
|
)
|
|
(66
|
)
|
||
Proceeds from dispositions and asset sales
|
660
|
|
|
—
|
|
||
Change in construction payables
|
(15
|
)
|
|
(7
|
)
|
||
Payments pursuant to LTSAs
|
(15
|
)
|
|
(15
|
)
|
||
Other investing activities
|
17
|
|
|
9
|
|
||
Net cash provided from (used for) investing activities
|
600
|
|
|
(79
|
)
|
||
Financing Activities:
|
|
|
|
||||
Increase (decrease) in notes payable, net
|
(449
|
)
|
|
5
|
|
||
Redemptions — Short-term borrowings
|
(100
|
)
|
|
—
|
|
||
Distributions to noncontrolling interests
|
(48
|
)
|
|
(36
|
)
|
||
Capital contributions from noncontrolling interests
|
16
|
|
|
3
|
|
||
Payment of common stock dividends
|
(50
|
)
|
|
(51
|
)
|
||
Other financing activities
|
(1
|
)
|
|
—
|
|
||
Net cash used for financing activities
|
(632
|
)
|
|
(79
|
)
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
51
|
|
|
(48
|
)
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
279
|
|
|
181
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
330
|
|
|
$
|
133
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid (received) during the period for —
|
|
|
|
||||
Interest (net of $4 capitalized for both 2020 and 2019)
|
$
|
28
|
|
|
$
|
28
|
|
Income taxes, net
|
(5
|
)
|
|
1
|
|
||
Noncash transactions — Accrued property additions at end of period
|
27
|
|
|
19
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
330
|
|
|
$
|
279
|
|
Receivables —
|
|
|
|
|
||||
Customer accounts receivable
|
|
109
|
|
|
107
|
|
||
Affiliated
|
|
26
|
|
|
30
|
|
||
Other
|
|
54
|
|
|
73
|
|
||
Materials and supplies
|
|
198
|
|
|
191
|
|
||
Prepaid income taxes
|
|
452
|
|
|
36
|
|
||
Other current assets
|
|
24
|
|
|
43
|
|
||
Total current assets
|
|
1,193
|
|
|
759
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
13,282
|
|
|
13,270
|
|
||
Less: Accumulated provision for depreciation
|
|
2,580
|
|
|
2,464
|
|
||
Plant in service, net of depreciation
|
|
10,702
|
|
|
10,806
|
|
||
Construction work in progress
|
|
534
|
|
|
515
|
|
||
Total property, plant, and equipment
|
|
11,236
|
|
|
11,321
|
|
||
Other Property and Investments:
|
|
|
|
|
||||
Intangible assets, net of amortization of $74 and $69
at March 31, 2020 and December 31, 2019, respectively |
|
317
|
|
|
322
|
|
||
Equity investments in unconsolidated subsidiaries
|
|
45
|
|
|
28
|
|
||
Total other property and investments
|
|
362
|
|
|
350
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Operating lease right-of-use assets, net of amortization
|
|
368
|
|
|
369
|
|
||
Prepaid LTSAs
|
|
134
|
|
|
128
|
|
||
Accumulated deferred income taxes
|
|
129
|
|
|
551
|
|
||
Income taxes receivable, non-current
|
|
8
|
|
|
5
|
|
||
Assets held for sale
|
|
—
|
|
|
601
|
|
||
Other deferred charges and assets
|
|
216
|
|
|
216
|
|
||
Total deferred charges and other assets
|
|
855
|
|
|
1,870
|
|
||
Total Assets
|
|
$
|
13,646
|
|
|
$
|
14,300
|
|
Liabilities and Stockholders' Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Securities due within one year
|
|
$
|
824
|
|
|
$
|
824
|
|
Notes payable
|
|
—
|
|
|
549
|
|
||
Accounts payable —
|
|
|
|
|
||||
Affiliated
|
|
43
|
|
|
56
|
|
||
Other
|
|
59
|
|
|
85
|
|
||
Accrued taxes —
|
|
|
|
|
||||
Accrued income taxes
|
|
9
|
|
|
—
|
|
||
Other accrued taxes
|
|
20
|
|
|
26
|
|
||
Accrued interest
|
|
36
|
|
|
32
|
|
||
Other current liabilities
|
|
119
|
|
|
132
|
|
||
Total current liabilities
|
|
1,110
|
|
|
1,704
|
|
||
Long-term Debt
|
|
3,545
|
|
|
3,574
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
114
|
|
|
115
|
|
||
Accumulated deferred ITCs
|
|
1,717
|
|
|
1,731
|
|
||
Operating lease obligations
|
|
375
|
|
|
376
|
|
||
Other deferred credits and liabilities
|
|
234
|
|
|
178
|
|
||
Total deferred credits and other liabilities
|
|
2,440
|
|
|
2,400
|
|
||
Total Liabilities
|
|
7,095
|
|
|
7,678
|
|
||
Total Stockholders' Equity (See accompanying statements)
|
|
6,551
|
|
|
6,622
|
|
||
Total Liabilities and Stockholders' Equity
|
|
$
|
13,646
|
|
|
$
|
14,300
|
|
|
Paid-In
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total Common
Stockholders' Equity |
|
Noncontrolling Interests
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Balance at December 31, 2018
|
$
|
1,600
|
|
|
$
|
1,352
|
|
|
$
|
16
|
|
|
$
|
2,968
|
|
|
$
|
4,316
|
|
|
$
|
7,284
|
|
Net income attributable to Southern Power
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
||||||
Capital contributions from parent company
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
Cash dividends on common stock
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
||||||
Capital contributions from
noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
||||||
Net income (loss) attributable
to noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
||||||
Other
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||||
Balance at March 31, 2019
|
$
|
1,600
|
|
|
$
|
1,356
|
|
|
$
|
12
|
|
|
$
|
2,968
|
|
|
$
|
4,250
|
|
|
$
|
7,218
|
|
Balance at December 31, 2019
|
$
|
909
|
|
|
$
|
1,485
|
|
|
$
|
(26
|
)
|
|
$
|
2,368
|
|
|
$
|
4,254
|
|
|
$
|
6,622
|
|
Net income attributable to Southern Power
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
||||||
Cash dividends on common stock
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
(50
|
)
|
||||||
Capital contributions from
noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
(48
|
)
|
||||||
Net income (loss) attributable
to noncontrolling interests |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
||||||
Balance at March 31, 2020
|
$
|
909
|
|
|
$
|
1,510
|
|
|
$
|
(59
|
)
|
|
$
|
2,360
|
|
|
$
|
4,191
|
|
|
$
|
6,551
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Revenues:
|
|
|
|
||||
Natural gas revenues (includes revenue taxes of $47 and $55, respectively)
|
$
|
1,240
|
|
|
$
|
1,476
|
|
Alternative revenue programs
|
9
|
|
|
(2
|
)
|
||
Total operating revenues
|
1,249
|
|
|
1,474
|
|
||
Operating Expenses:
|
|
|
|
||||
Cost of natural gas
|
439
|
|
|
686
|
|
||
Other operations and maintenance
|
258
|
|
|
235
|
|
||
Depreciation and amortization
|
120
|
|
|
118
|
|
||
Taxes other than income taxes
|
72
|
|
|
82
|
|
||
Total operating expenses
|
889
|
|
|
1,121
|
|
||
Operating Income
|
360
|
|
|
353
|
|
||
Other Income and (Expense):
|
|
|
|
||||
Earnings from equity method investments
|
43
|
|
|
48
|
|
||
Interest expense, net of amounts capitalized
|
(58
|
)
|
|
(59
|
)
|
||
Other income (expense), net
|
9
|
|
|
5
|
|
||
Total other income and (expense)
|
(6
|
)
|
|
(6
|
)
|
||
Earnings Before Income Taxes
|
354
|
|
|
347
|
|
||
Income taxes
|
79
|
|
|
77
|
|
||
Net Income
|
$
|
275
|
|
|
$
|
270
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Net Income
|
$
|
275
|
|
|
$
|
270
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Qualifying hedges:
|
|
|
|
||||
Changes in fair value, net of tax of $(7) and $-, respectively
|
(20
|
)
|
|
—
|
|
||
Reclassification adjustment for amounts included in net income,
net of tax of $2 and $-, respectively |
5
|
|
|
—
|
|
||
Pension and other postretirement benefit plans:
|
|
|
|
||||
Reclassification adjustment for amounts included in net income,
net of tax of $1 and $-, respectively |
—
|
|
|
(1
|
)
|
||
Total other comprehensive income (loss)
|
(15
|
)
|
|
(1
|
)
|
||
Comprehensive Income
|
$
|
260
|
|
|
$
|
269
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(in millions)
|
||||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
275
|
|
|
$
|
270
|
|
Adjustments to reconcile net income to net cash provided from operating activities —
|
|
|
|
||||
Depreciation and amortization, total
|
120
|
|
|
118
|
|
||
Deferred income taxes
|
22
|
|
|
42
|
|
||
Mark-to-market adjustments
|
13
|
|
|
45
|
|
||
Other, net
|
(19
|
)
|
|
(20
|
)
|
||
Changes in certain current assets and liabilities —
|
|
|
|
||||
-Receivables
|
112
|
|
|
238
|
|
||
-Natural gas for sale
|
246
|
|
|
363
|
|
||
-Other current assets
|
33
|
|
|
59
|
|
||
-Accounts payable
|
(185
|
)
|
|
(353
|
)
|
||
-Accrued taxes
|
27
|
|
|
21
|
|
||
-Accrued compensation
|
(42
|
)
|
|
(50
|
)
|
||
-Other current liabilities
|
41
|
|
|
(50
|
)
|
||
Net cash provided from operating activities
|
643
|
|
|
683
|
|
||
Investing Activities:
|
|
|
|
||||
Property additions
|
(261
|
)
|
|
(256
|
)
|
||
Cost of removal, net of salvage
|
(15
|
)
|
|
(12
|
)
|
||
Change in construction payables, net
|
(18
|
)
|
|
1
|
|
||
Investment in unconsolidated subsidiaries
|
(77
|
)
|
|
(10
|
)
|
||
Proceeds from dispositions and asset sales
|
178
|
|
|
—
|
|
||
Other investing activities
|
—
|
|
|
(13
|
)
|
||
Net cash used for investing activities
|
(193
|
)
|
|
(290
|
)
|
||
Financing Activities:
|
|
|
|
||||
Decrease in notes payable, net
|
(39
|
)
|
|
(289
|
)
|
||
Payment of common stock dividends
|
(133
|
)
|
|
(118
|
)
|
||
Other financing activities
|
(13
|
)
|
|
5
|
|
||
Net cash used for financing activities
|
(185
|
)
|
|
(402
|
)
|
||
Net Change in Cash, Cash Equivalents, and Restricted Cash
|
265
|
|
|
(9
|
)
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
49
|
|
|
70
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
314
|
|
|
$
|
61
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid (received) during the period for —
|
|
|
|
||||
Interest (net of $2 capitalized for both 2020 and 2019)
|
$
|
49
|
|
|
$
|
55
|
|
Income taxes, net
|
(12
|
)
|
|
(1
|
)
|
||
Noncash transactions — Accrued property additions at end of period
|
104
|
|
|
98
|
|
Assets
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
311
|
|
|
$
|
46
|
|
Receivables —
|
|
|
|
|
||||
Energy marketing receivables
|
|
291
|
|
|
428
|
|
||
Customer accounts receivable
|
|
407
|
|
|
323
|
|
||
Unbilled revenues
|
|
136
|
|
|
183
|
|
||
Affiliated
|
|
3
|
|
|
5
|
|
||
Other accounts and notes receivable
|
|
102
|
|
|
114
|
|
||
Accumulated provision for uncollectible accounts
|
|
(25
|
)
|
|
(18
|
)
|
||
Natural gas for sale
|
|
233
|
|
|
479
|
|
||
Prepaid expenses
|
|
53
|
|
|
65
|
|
||
Assets from risk management activities, net of collateral
|
|
119
|
|
|
177
|
|
||
Other regulatory assets
|
|
69
|
|
|
92
|
|
||
Assets held for sale
|
|
—
|
|
|
171
|
|
||
Other current assets
|
|
43
|
|
|
41
|
|
||
Total current assets
|
|
1,742
|
|
|
2,106
|
|
||
Property, Plant, and Equipment:
|
|
|
|
|
||||
In service
|
|
16,456
|
|
|
16,344
|
|
||
Less: Accumulated depreciation
|
|
4,651
|
|
|
4,650
|
|
||
Plant in service, net of depreciation
|
|
11,805
|
|
|
11,694
|
|
||
Construction work in progress
|
|
680
|
|
|
613
|
|
||
Total property, plant, and equipment
|
|
12,485
|
|
|
12,307
|
|
||
Other Property and Investments:
|
|
|
|
|
||||
Goodwill
|
|
5,015
|
|
|
5,015
|
|
||
Equity investments in unconsolidated subsidiaries
|
|
1,333
|
|
|
1,251
|
|
||
Other intangible assets, net of amortization of $181 and $176
at March 31, 2020 and December 31, 2019, respectively |
|
65
|
|
|
70
|
|
||
Miscellaneous property and investments
|
|
20
|
|
|
20
|
|
||
Total other property and investments
|
|
6,433
|
|
|
6,356
|
|
||
Deferred Charges and Other Assets:
|
|
|
|
|
||||
Operating lease right-of-use assets, net of amortization
|
|
91
|
|
|
93
|
|
||
Other regulatory assets, deferred
|
|
605
|
|
|
618
|
|
||
Other deferred charges and assets
|
|
261
|
|
|
207
|
|
||
Total deferred charges and other assets
|
|
957
|
|
|
918
|
|
||
Total Assets
|
|
$
|
21,617
|
|
|
$
|
21,687
|
|
Liabilities and Stockholder's Equity
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
|
(in millions)
|
||||||
Current Liabilities:
|
|
|
|
|
||||
Notes payable
|
|
$
|
611
|
|
|
$
|
650
|
|
Energy marketing trade payables
|
|
298
|
|
|
442
|
|
||
Accounts payable —
|
|
|
|
|
||||
Affiliated
|
|
39
|
|
|
41
|
|
||
Other
|
|
258
|
|
|
315
|
|
||
Customer deposits
|
|
89
|
|
|
96
|
|
||
Accrued taxes —
|
|
|
|
|
||||
Accrued income taxes
|
|
37
|
|
|
—
|
|
||
Other accrued taxes
|
|
61
|
|
|
71
|
|
||
Accrued interest
|
|
64
|
|
|
52
|
|
||
Accrued compensation
|
|
58
|
|
|
100
|
|
||
Liabilities from risk management activities, net of collateral
|
|
41
|
|
|
21
|
|
||
Other regulatory liabilities
|
|
149
|
|
|
94
|
|
||
Other current liabilities
|
|
121
|
|
|
128
|
|
||
Total current liabilities
|
|
1,826
|
|
|
2,010
|
|
||
Long-term Debt
|
|
5,836
|
|
|
5,845
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
1,235
|
|
|
1,219
|
|
||
Deferred credits related to income taxes
|
|
867
|
|
|
874
|
|
||
Employee benefit obligations
|
|
252
|
|
|
265
|
|
||
Operating lease obligations
|
|
76
|
|
|
78
|
|
||
Other cost of removal obligations
|
|
1,625
|
|
|
1,606
|
|
||
Accrued environmental remediation
|
|
230
|
|
|
233
|
|
||
Other deferred credits and liabilities
|
|
39
|
|
|
51
|
|
||
Total deferred credits and other liabilities
|
|
4,324
|
|
|
4,326
|
|
||
Total Liabilities
|
|
11,986
|
|
|
12,181
|
|
||
Common Stockholder's Equity (See accompanying statements)
|
|
9,631
|
|
|
9,506
|
|
||
Total Liabilities and Stockholder's Equity
|
|
$
|
21,617
|
|
|
$
|
21,687
|
|
|
Paid-In
Capital |
|
Retained
Earnings
(Accumulated Deficit)
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Balance at December 31, 2018
|
$
|
8,856
|
|
|
$
|
(312
|
)
|
|
$
|
26
|
|
|
$
|
8,570
|
|
Net income
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
||||
Capital contributions from parent company
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Cash dividends on common stock
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
||||
Balance at March 31, 2019
|
$
|
8,873
|
|
|
$
|
(160
|
)
|
|
$
|
25
|
|
|
$
|
8,738
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2019
|
$
|
9,697
|
|
|
$
|
(198
|
)
|
|
$
|
7
|
|
|
$
|
9,506
|
|
Net income
|
—
|
|
|
275
|
|
|
—
|
|
|
275
|
|
||||
Return of capital to parent company
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
||||
Cash dividends on common stock
|
—
|
|
|
(133
|
)
|
|
—
|
|
|
(133
|
)
|
||||
Balance at March 31, 2020
|
$
|
9,695
|
|
|
$
|
(56
|
)
|
|
$
|
(8
|
)
|
|
$
|
9,631
|
|
Note
|
|
Page
|
A
|
||
B
|
||
C
|
||
D
|
||
E
|
||
F
|
||
G
|
||
H
|
||
I
|
||
J
|
||
K
|
||
L
|
Registrant
|
Applicable Notes
|
Southern Company
|
A, B, C, D, E, F, G, H, I, J, K, L
|
Alabama Power
|
A, B, C, D, F, G, H, I, J, K
|
Georgia Power
|
A, B, C, D, F, G, H, I, J
|
Mississippi Power
|
A, B, C, D, F, G, H, I, J
|
Southern Power
|
A, C, D, E, F, G, H, I, J, K
|
Southern Company Gas
|
A, B, C, D, E, F, G, H, I, J, K, L
|
|
Goodwill
|
||
|
(in millions)
|
||
Southern Company
|
$
|
5,280
|
|
Southern Company Gas:
|
|
||
Gas distribution operations
|
$
|
4,034
|
|
Gas marketing services
|
981
|
|
|
Southern Company Gas total
|
$
|
5,015
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||||||||
|
Gross Carrying Amount
|
Accumulated Amortization
|
Other
Intangible Assets, Net
|
|
Gross Carrying Amount
|
Accumulated Amortization
|
Other
Intangible Assets, Net |
||||||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||||||
Southern Company
|
|
|
|
|
|
|
|
||||||||||||
Other intangible assets subject to amortization:
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
212
|
|
$
|
(121
|
)
|
$
|
91
|
|
|
$
|
212
|
|
$
|
(116
|
)
|
$
|
96
|
|
Trade names
|
64
|
|
(26
|
)
|
38
|
|
|
64
|
|
(25
|
)
|
39
|
|
||||||
Storage and transportation contracts
|
64
|
|
(63
|
)
|
1
|
|
|
64
|
|
(62
|
)
|
2
|
|
||||||
PPA fair value adjustments
|
390
|
|
(74
|
)
|
316
|
|
|
390
|
|
(69
|
)
|
321
|
|
||||||
Other
|
10
|
|
(8
|
)
|
2
|
|
|
11
|
|
(8
|
)
|
3
|
|
||||||
Total other intangible assets subject to amortization
|
$
|
740
|
|
$
|
(292
|
)
|
$
|
448
|
|
|
$
|
741
|
|
$
|
(280
|
)
|
$
|
461
|
|
Other intangible assets not subject to amortization:
|
|
|
|
|
|
|
|
||||||||||||
Federal Communications Commission licenses
|
75
|
|
—
|
|
75
|
|
|
75
|
|
—
|
|
75
|
|
||||||
Total other intangible assets
|
$
|
815
|
|
$
|
(292
|
)
|
$
|
523
|
|
|
$
|
816
|
|
$
|
(280
|
)
|
$
|
536
|
|
|
|
|
|
|
|
|
|
||||||||||||
Southern Power
|
|
|
|
|
|
|
|
||||||||||||
Other intangible assets subject to amortization:
|
|
|
|
|
|
|
|
||||||||||||
PPA fair value adjustments
|
$
|
390
|
|
$
|
(74
|
)
|
$
|
316
|
|
|
$
|
390
|
|
$
|
(69
|
)
|
$
|
321
|
|
|
|
|
|
|
|
|
|
||||||||||||
Southern Company Gas
|
|
|
|
|
|
|
|
||||||||||||
Other intangible assets subject to amortization:
|
|
|
|
|
|
|
|
||||||||||||
Gas marketing services
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
156
|
|
$
|
(108
|
)
|
$
|
48
|
|
|
$
|
156
|
|
$
|
(104
|
)
|
$
|
52
|
|
Trade names
|
26
|
|
(10
|
)
|
16
|
|
|
26
|
|
(10
|
)
|
16
|
|
||||||
Wholesale gas services
|
|
|
|
|
|
|
|
||||||||||||
Storage and transportation contracts
|
64
|
|
(63
|
)
|
1
|
|
|
64
|
|
(62
|
)
|
2
|
|
||||||
Total other intangible assets subject to amortization
|
$
|
246
|
|
$
|
(181
|
)
|
$
|
65
|
|
|
$
|
246
|
|
$
|
(176
|
)
|
$
|
70
|
|
|
Three Months Ended
|
||
|
March 31, 2020
|
||
|
(in millions)
|
||
Southern Company(a)
|
$
|
12
|
|
Southern Power(b)
|
$
|
5
|
|
Southern Company Gas
|
|
||
Gas marketing services
|
$
|
4
|
|
Wholesale gas services(b)
|
1
|
|
|
Southern Company Gas total
|
$
|
5
|
|
(a)
|
Includes $6 million for the three months ended March 31, 2020, recorded as a reduction to operating revenues.
|
(b)
|
Recorded as a reduction to operating revenues.
|
|
Southern Company
|
|
Southern Company Gas
|
||||||||||||
|
At March 31, 2020
|
|
At December 31, 2019
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||
Cash and cash equivalents
|
$
|
2,164
|
|
|
$
|
1,975
|
|
|
$
|
311
|
|
|
$
|
46
|
|
Restricted cash(a):
|
|
|
|
|
|
|
|
||||||||
Other accounts and notes receivable
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Other current assets
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total cash, cash equivalents, and restricted cash
|
$
|
2,168
|
|
(b)
|
$
|
1,978
|
|
|
$
|
314
|
|
|
$
|
49
|
|
(a)
|
Represents restricted cash held by Southern Company Gas as collateral for workers' compensation, life insurance, and long-term disability insurance.
|
(b)
|
Total does not add due to rounding.
|
Regulatory Clause
|
Balance Sheet Line Item
|
March 31,
2020 |
December 31,
2019 |
||||
|
|
(in millions)
|
|||||
Alabama Power
|
|
|
|
||||
Rate CNP Compliance
|
Other regulatory liabilities, current
|
$
|
35
|
|
$
|
55
|
|
|
Other regulatory liabilities, deferred
|
17
|
|
7
|
|
||
Rate CNP PPA
|
Deferred under recovered regulatory clause revenues
|
37
|
|
40
|
|
||
Retail Energy Cost Recovery
|
Other regulatory liabilities, current
|
74
|
|
32
|
|
||
|
Other regulatory liabilities, deferred
|
22
|
|
17
|
|
||
Natural Disaster Reserve
|
Other regulatory liabilities, current
|
27
|
|
37
|
|
||
|
Other regulatory liabilities, deferred
|
104
|
|
113
|
|
||
Georgia Power
|
|
|
|
||||
Fuel Cost Recovery
|
Other current liabilities
|
$
|
6
|
|
$
|
—
|
|
|
Other deferred credits and liabilities
|
163
|
|
73
|
|
||
Mississippi Power
|
|
|
|
||||
Fuel Cost Recovery
|
Over recovered regulatory clause liabilities
|
$
|
25
|
|
$
|
23
|
|
Ad Valorem Tax
|
Other regulatory assets
|
11
|
|
47
|
|
||
|
Other regulatory assets, deferred
|
38
|
|
—
|
|
||
Property Damage Reserve
|
Other regulatory liabilities, deferred
|
53
|
|
54
|
|
||
Southern Company Gas
|
|
|
|
||||
Natural Gas Cost Recovery
|
Other regulatory liabilities
|
$
|
84
|
|
$
|
74
|
|
(a)
|
Excludes financing costs expected to be capitalized through AFUDC of approximately $270 million, of which $36 million had been accrued through March 31, 2020.
|
(b)
|
Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds.
|
Three Months Ended March 31, 2020
|
Southern Company
|
Alabama Power
|
Georgia Power
|
Mississippi Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
||||||||||||
Retail electric revenues
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
1,370
|
|
$
|
553
|
|
$
|
760
|
|
$
|
57
|
|
$
|
—
|
|
$
|
—
|
|
Commercial
|
1,146
|
|
364
|
|
720
|
|
62
|
|
—
|
|
—
|
|
||||||
Industrial
|
680
|
|
321
|
|
281
|
|
78
|
|
—
|
|
—
|
|
||||||
Other
|
23
|
|
5
|
|
16
|
|
2
|
|
—
|
|
—
|
|
||||||
Total retail electric revenues
|
3,219
|
|
1,243
|
|
1,777
|
|
199
|
|
—
|
|
—
|
|
||||||
Natural gas distribution revenues
|
|
|
|
|
|
|
||||||||||||
Residential
|
496
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
||||||
Commercial
|
130
|
|
—
|
|
—
|
|
—
|
|
—
|
|
130
|
|
||||||
Transportation
|
264
|
|
—
|
|
—
|
|
—
|
|
—
|
|
264
|
|
||||||
Industrial
|
12
|
|
—
|
|
—
|
|
—
|
|
—
|
|
12
|
|
||||||
Other
|
97
|
|
—
|
|
—
|
|
—
|
|
—
|
|
97
|
|
||||||
Total natural gas distribution revenues
|
999
|
|
—
|
|
—
|
|
—
|
|
—
|
|
999
|
|
||||||
Wholesale electric revenues
|
|
|
|
|
|
|
||||||||||||
PPA energy revenues
|
159
|
|
27
|
|
9
|
|
2
|
|
125
|
|
—
|
|
||||||
PPA capacity revenues
|
105
|
|
27
|
|
12
|
|
1
|
|
66
|
|
—
|
|
||||||
Non-PPA revenues
|
51
|
|
19
|
|
2
|
|
69
|
|
58
|
|
—
|
|
||||||
Total wholesale electric revenues
|
315
|
|
73
|
|
23
|
|
72
|
|
249
|
|
—
|
|
||||||
Other natural gas revenues
|
|
|
|
|
|
|
||||||||||||
Wholesale gas services
|
396
|
|
—
|
|
—
|
|
—
|
|
—
|
|
396
|
|
||||||
Gas marketing services
|
163
|
|
—
|
|
—
|
|
—
|
|
—
|
|
163
|
|
||||||
Other natural gas revenues
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
||||||
Total natural gas revenues
|
566
|
|
—
|
|
—
|
|
—
|
|
—
|
|
566
|
|
||||||
Other revenues
|
192
|
|
37
|
|
95
|
|
5
|
|
3
|
|
—
|
|
||||||
Total revenue from contracts with customers
|
5,291
|
|
1,353
|
|
1,895
|
|
276
|
|
252
|
|
1,565
|
|
||||||
Other revenue sources(a)
|
868
|
|
(2
|
)
|
(70
|
)
|
1
|
|
123
|
|
825
|
|
||||||
Other adjustments(b)
|
(1,141
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,141
|
)
|
||||||
Total operating revenues
|
$
|
5,018
|
|
$
|
1,351
|
|
$
|
1,825
|
|
$
|
277
|
|
$
|
375
|
|
$
|
1,249
|
|
(a)
|
Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies.
|
(b)
|
Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under "Southern Company Gas" for additional information on the components of wholesale gas services' operating revenues.
|
Three Months Ended March 31, 2019
|
Southern Company
|
Alabama Power
|
Georgia Power
|
Mississippi Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
||||||||||||
Retail electric revenues
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
1,327
|
|
$
|
559
|
|
$
|
708
|
|
$
|
60
|
|
$
|
—
|
|
$
|
—
|
|
Commercial
|
1,125
|
|
368
|
|
692
|
|
65
|
|
—
|
|
—
|
|
||||||
Industrial
|
708
|
|
338
|
|
296
|
|
74
|
|
—
|
|
—
|
|
||||||
Other
|
21
|
|
6
|
|
11
|
|
4
|
|
—
|
|
—
|
|
||||||
Total retail electric revenues
|
3,181
|
|
1,271
|
|
1,707
|
|
203
|
|
—
|
|
—
|
|
||||||
Natural gas distribution revenues
|
|
|
|
|
|
|
||||||||||||
Residential
|
601
|
|
—
|
|
—
|
|
—
|
|
—
|
|
601
|
|
||||||
Commercial
|
170
|
|
—
|
|
—
|
|
—
|
|
—
|
|
170
|
|
||||||
Transportation
|
256
|
|
—
|
|
—
|
|
—
|
|
—
|
|
256
|
|
||||||
Industrial
|
17
|
|
—
|
|
—
|
|
—
|
|
—
|
|
17
|
|
||||||
Other
|
116
|
|
—
|
|
—
|
|
—
|
|
—
|
|
116
|
|
||||||
Total natural gas distribution revenues
|
1,160
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,160
|
|
||||||
Wholesale electric revenues
|
|
|
|
|
|
|
||||||||||||
PPA energy revenues
|
190
|
|
31
|
|
12
|
|
3
|
|
151
|
|
—
|
|
||||||
PPA capacity revenues
|
107
|
|
27
|
|
13
|
|
1
|
|
81
|
|
—
|
|
||||||
Non-PPA revenues
|
55
|
|
60
|
|
2
|
|
74
|
|
41
|
|
—
|
|
||||||
Total wholesale electric revenues
|
352
|
|
118
|
|
27
|
|
78
|
|
273
|
|
—
|
|
||||||
Other natural gas revenues
|
|
|
|
|
|
|
||||||||||||
Wholesale gas services
|
721
|
|
—
|
|
—
|
|
—
|
|
—
|
|
721
|
|
||||||
Gas marketing services
|
221
|
|
—
|
|
—
|
|
—
|
|
—
|
|
221
|
|
||||||
Other natural gas revenues
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
||||||
Total natural gas revenues
|
952
|
|
—
|
|
—
|
|
—
|
|
—
|
|
952
|
|
||||||
Other revenues
|
266
|
|
46
|
|
92
|
|
5
|
|
4
|
|
—
|
|
||||||
Total revenue from contracts with customers
|
5,911
|
|
1,435
|
|
1,826
|
|
286
|
|
277
|
|
2,112
|
|
||||||
Other revenue sources(a)
|
1,361
|
|
(27
|
)
|
7
|
|
1
|
|
166
|
|
1,222
|
|
||||||
Other adjustments(b)
|
(1,860
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,860
|
)
|
||||||
Total operating revenues
|
$
|
5,412
|
|
$
|
1,408
|
|
$
|
1,833
|
|
$
|
287
|
|
$
|
443
|
|
$
|
1,474
|
|
(a)
|
Other revenue sources primarily relate to revenues from customers accounted for as derivatives and leases, as well as alternative revenue programs at Southern Company Gas and other cost recovery mechanisms at the traditional electric operating companies.
|
(b)
|
Other adjustments relate to the cost of Southern Company Gas' energy and risk management activities. Wholesale gas services revenues are presented net of the related costs of those activities on the statement of income. See Note (L) under "Southern Company Gas" for additional information on the components of wholesale gas services' operating revenues.
|
|
Southern Company
|
Alabama Power
|
Georgia Power
|
Mississippi Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Accounts Receivables
|
|
|
|
|
|
|
||||||||||||
As of March 31, 2020
|
$
|
2,224
|
|
$
|
518
|
|
$
|
697
|
|
$
|
70
|
|
$
|
86
|
|
$
|
696
|
|
As of December 31, 2019
|
2,413
|
|
586
|
|
688
|
|
79
|
|
97
|
|
749
|
|
||||||
Contract Assets
|
|
|
|
|
|
|
||||||||||||
As of March 31, 2020
|
$
|
100
|
|
$
|
—
|
|
$
|
53
|
|
$
|
3
|
|
$
|
—
|
|
$
|
—
|
|
As of December 31, 2019
|
117
|
|
—
|
|
69
|
|
—
|
|
—
|
|
—
|
|
||||||
Contract Liabilities
|
|
|
|
|
|
|
||||||||||||
As of March 31, 2020
|
$
|
49
|
|
$
|
7
|
|
$
|
11
|
|
$
|
—
|
|
$
|
1
|
|
$
|
1
|
|
As of December 31, 2019
|
52
|
|
10
|
|
13
|
|
—
|
|
1
|
|
1
|
|
|
2020
(remaining)
|
2021
|
2022
|
2023
|
2024
|
2025 and
Thereafter
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Southern Company
|
$
|
367
|
|
$
|
416
|
|
$
|
354
|
|
$
|
334
|
|
$
|
314
|
|
$
|
2,164
|
|
Alabama Power
|
23
|
|
33
|
|
31
|
|
24
|
|
7
|
|
5
|
|
||||||
Georgia Power
|
52
|
|
66
|
|
36
|
|
34
|
|
23
|
|
61
|
|
||||||
Southern Power
|
224
|
|
285
|
|
287
|
|
277
|
|
285
|
|
2,116
|
|
|
Southern
Company
|
Alabama Power
|
Georgia Power
|
Mississippi
Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
For the Three Months Ended March 31, 2020
|
|
|
|
|
|
|
||||||||||||
Lease income - interest income on sales-type leases
|
$
|
3
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
—
|
|
Lease income - operating leases
|
51
|
|
6
|
|
16
|
|
—
|
|
24
|
|
9
|
|
||||||
Variable lease income
|
74
|
|
—
|
|
—
|
|
—
|
|
80
|
|
—
|
|
||||||
Total lease income
|
$
|
128
|
|
$
|
6
|
|
$
|
16
|
|
$
|
3
|
|
$
|
104
|
|
$
|
9
|
|
|
|
|
|
|
|
|
||||||||||||
For the Three Months Ended March 31, 2019
|
|
|
|
|
|
|
||||||||||||
Lease income - interest income on sales-type leases
|
$
|
2
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
$
|
—
|
|
$
|
—
|
|
Lease income - operating leases
|
71
|
|
7
|
|
19
|
|
—
|
|
46
|
|
9
|
|
||||||
Variable lease income
|
66
|
|
—
|
|
—
|
|
—
|
|
75
|
|
—
|
|
||||||
Total lease income
|
$
|
139
|
|
$
|
7
|
|
$
|
19
|
|
$
|
2
|
|
$
|
121
|
|
$
|
9
|
|
Investment Balance
|
March 31, 2020
|
December 31, 2019(a)
|
||||
|
(in millions)
|
|||||
SNG(b)
|
$
|
1,216
|
|
$
|
1,137
|
|
PennEast Pipeline(c)
|
85
|
|
82
|
|
||
Other
|
32
|
|
32
|
|
||
Total
|
$
|
1,333
|
|
$
|
1,251
|
|
(a)
|
Excludes investments in Atlantic Coast Pipeline and Pivotal JAX LNG classified as held for sale at December 31, 2019. See Note 15 to the financial statements under "Assets Held for Sale" in Item 8 of the Form 10-K for additional information.
|
(b)
|
Increase primarily relates to a capital contribution, partially offset by the continued amortization of deferred tax assets established upon acquisition.
|
(c)
|
See Note (C) under "Other Matters – Southern Company Gas" for additional information on the PennEast Pipeline.
|
Earnings from Equity Method Investments
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
||||
|
(in millions)
|
|||||
SNG
|
$
|
37
|
|
$
|
42
|
|
Atlantic Coast Pipeline(*)
|
3
|
|
3
|
|
||
PennEast Pipeline(*)
|
2
|
|
2
|
|
||
Other
|
1
|
|
1
|
|
||
Total
|
$
|
43
|
|
$
|
48
|
|
(*)
|
Amounts primarily result from AFUDC equity recorded by the project entity.
|
Income Statement Information
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
||||
|
(in millions)
|
|||||
Revenues
|
$
|
158
|
|
$
|
166
|
|
Operating income
|
98
|
|
106
|
|
||
Net income
|
75
|
|
84
|
|
|
Expires
|
|
|
|
|||||||||||||||||||
Company
|
2020
|
2022
|
2023
|
2024
|
|
Total
|
|
Unused
|
Due within One Year
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Southern Company parent
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,000
|
|
|
$
|
2,000
|
|
|
$
|
1,999
|
|
$
|
—
|
|
Alabama Power
|
3
|
|
525
|
|
—
|
|
800
|
|
|
1,328
|
|
|
1,328
|
|
3
|
|
|||||||
Georgia Power
|
—
|
|
—
|
|
—
|
|
1,750
|
|
|
1,750
|
|
|
1,733
|
|
—
|
|
|||||||
Mississippi Power
|
—
|
|
150
|
|
125
|
|
—
|
|
|
275
|
|
|
210
|
|
—
|
|
|||||||
Southern Power(a)
|
—
|
|
—
|
|
—
|
|
600
|
|
|
600
|
|
|
591
|
|
—
|
|
|||||||
Southern Company Gas(b)
|
—
|
|
—
|
|
—
|
|
1,750
|
|
|
1,750
|
|
|
1,745
|
|
—
|
|
|||||||
SEGCO
|
30
|
|
—
|
|
—
|
|
—
|
|
|
30
|
|
|
30
|
|
30
|
|
|||||||
Southern Company
|
$
|
33
|
|
$
|
675
|
|
$
|
125
|
|
$
|
6,900
|
|
|
$
|
7,733
|
|
|
$
|
7,636
|
|
$
|
33
|
|
(a)
|
Does not include Southern Power Company's $120 million and $60 million continuing letter of credit facilities for standby letters of credit expiring in 2021 and 2023, respectively, of which $25 million and $60 million, respectively, was unused at March 31, 2020. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
|
(b)
|
Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.25 billion of this arrangement. Southern Company Gas' committed credit arrangement also includes $500 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to this multi-year credit arrangement, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted.
|
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
||
|
(in millions)
|
|||
As reported shares
|
1,057
|
|
1,038
|
|
Effect of stock-based compensation
|
7
|
|
7
|
|
Effect of equity units
|
3
|
|
—
|
|
Diluted shares
|
1,067
|
|
1,045
|
|
Three Months Ended March 31, 2020
|
Southern
Company
|
|
Alabama
Power
|
|
Georgia
Power
|
|
Mississippi
Power
|
|
Southern Power
|
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Pension Plans
|
|||||||||||||||||||||||
Service cost
|
$
|
94
|
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
8
|
|
Interest cost
|
108
|
|
|
25
|
|
|
33
|
|
|
5
|
|
|
1
|
|
|
8
|
|
||||||
Expected return on plan assets
|
(275
|
)
|
|
(66
|
)
|
|
(87
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(19
|
)
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service costs
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Regulatory asset
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Net (gain)/loss
|
67
|
|
|
18
|
|
|
22
|
|
|
3
|
|
|
1
|
|
|
2
|
|
||||||
Net periodic pension cost (income)
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
|
$
|
(8
|
)
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
2
|
|
Postretirement Benefits
|
|||||||||||||||||||||||
Service cost
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
13
|
|
|
3
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Expected return on plan assets
|
(18
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regulatory asset
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Net (gain)/loss
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Net periodic postretirement benefit cost
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Three Months Ended March 31, 2019
|
Southern
Company
|
|
Alabama
Power
|
|
Georgia
Power
|
|
Mississippi
Power
|
|
Southern Power
|
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Pension Plans
|
|||||||||||||||||||||||
Service cost
|
$
|
73
|
|
|
$
|
17
|
|
|
$
|
19
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Interest cost
|
123
|
|
|
28
|
|
|
39
|
|
|
6
|
|
|
1
|
|
|
9
|
|
||||||
Expected return on plan assets
|
(221
|
)
|
|
(51
|
)
|
|
(73
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(15
|
)
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Regulatory asset
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Net (gain)/loss
|
30
|
|
|
9
|
|
|
11
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Net periodic pension cost (income)
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
3
|
|
Postretirement Benefits
|
|||||||||||||||||||||||
Service cost
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest cost
|
17
|
|
|
4
|
|
|
7
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||||
Expected return on plan assets
|
(16
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service costs
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Regulatory asset
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Net (gain)/loss
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Net periodic postretirement benefit cost
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
Fair Value Measurements Using:
|
|
|
||||||||||||||||
As of March 31, 2020:
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Net Asset Value as a Practical Expedient (NAV)
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Southern Company
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives(a)
|
$
|
328
|
|
|
$
|
164
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
579
|
|
Interest rate derivatives
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
Investments in trusts:(b)(c)
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity
|
578
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
686
|
|
|||||
Foreign equity
|
52
|
|
|
171
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|||||
U.S. Treasury and government agency securities
|
—
|
|
|
289
|
|
|
—
|
|
|
—
|
|
|
289
|
|
|||||
Municipal bonds
|
—
|
|
|
103
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|||||
Pooled funds – fixed income
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||
Corporate bonds
|
23
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
320
|
|
|||||
Mortgage and asset backed securities
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|||||
Private equity
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
|||||
Other
|
24
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||
Cash equivalents
|
1,686
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
1,697
|
|
|||||
Other investments
|
9
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||
Total
|
$
|
2,700
|
|
|
$
|
1,300
|
|
|
$
|
87
|
|
|
$
|
60
|
|
|
$
|
4,147
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives(a)
|
$
|
426
|
|
|
$
|
212
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
649
|
|
Interest rate derivatives
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
Foreign currency derivatives
|
—
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|||||
Contingent consideration
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||
Total
|
$
|
426
|
|
|
$
|
324
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
780
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using:
|
|
|
||||||||||||||||
As of March 31, 2020:
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Net Asset Value as a Practical Expedient (NAV)
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Alabama Power
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Nuclear decommissioning trusts:(b)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Domestic equity
|
368
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
467
|
|
|||||
Foreign equity
|
52
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|||||
U.S. Treasury and government agency securities
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
Municipal bonds
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Corporate bonds
|
23
|
|
|
141
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|||||
Mortgage and asset backed securities
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
Private equity
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
|||||
Other
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Cash equivalents
|
694
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
705
|
|
|||||
Other investments
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||
Total
|
$
|
1,144
|
|
|
$
|
388
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
1,592
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Georgia Power
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Nuclear decommissioning trusts:(b)(c)
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity
|
210
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
211
|
|
|||||
Foreign equity
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|||||
U.S. Treasury and government agency securities
|
—
|
|
|
267
|
|
|
—
|
|
|
—
|
|
|
267
|
|
|||||
Municipal bonds
|
—
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|||||
Corporate bonds
|
—
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|||||
Mortgage and asset backed securities
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|||||
Other
|
16
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Cash equivalents
|
212
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|||||
Total
|
$
|
438
|
|
|
$
|
712
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,150
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using:
|
|
|
||||||||||||||||
As of March 31, 2020:
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Net Asset Value as a Practical Expedient (NAV)
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Mississippi Power
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Cash equivalents
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|||||
Total
|
$
|
79
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
82
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Southern Power
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Cash equivalents
|
166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
|||||
Total
|
$
|
166
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Foreign currency derivatives
|
—
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|||||
Contingent consideration
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||
Total
|
$
|
—
|
|
|
$
|
93
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
112
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Southern Company Gas
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives(a)
|
$
|
328
|
|
|
$
|
148
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
563
|
|
Non-qualified deferred compensation trusts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Foreign equity
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Pooled funds – fixed income
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||
Cash equivalents and restricted cash
|
270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
|||||
Total
|
$
|
598
|
|
|
$
|
176
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
861
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy-related derivatives(a)
|
$
|
426
|
|
|
$
|
88
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
525
|
|
Interest rate derivatives
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Total
|
$
|
426
|
|
|
$
|
109
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
546
|
|
(a)
|
Energy-related derivatives exclude cash collateral of $128 million and $16 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value.
|
(b)
|
Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information.
|
(c)
|
Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2020, approximately $31 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan to creditors under the funds' managers' securities lending program. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information.
|
Fair value increases (decreases)
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
||||
|
(in millions)
|
|||||
Southern Company
|
$
|
(247
|
)
|
$
|
152
|
|
Alabama Power
|
(167
|
)
|
87
|
|
||
Georgia Power
|
(80
|
)
|
65
|
|
(*)
|
The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the lives of the respective bonds.
|
|
Three Months Ended March 31, 2020
|
||
|
(in millions)
|
||
Beginning balance
|
$
|
14
|
|
Transfers to Level 3
|
70
|
|
|
Transfers from Level 3
|
(3
|
)
|
|
Instruments realized or otherwise settled during period
|
(1
|
)
|
|
Changes in fair value
|
(4
|
)
|
|
Ending balance
|
$
|
76
|
|
•
|
Regulatory Hedges — Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses.
|
•
|
Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions.
|
•
|
Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred.
|
|
Net
Purchased
mmBtu
|
|
Longest
Hedge
Date
|
|
Longest
Non-Hedge
Date
|
|
(in millions)
|
|
|
|
|
Southern Company(*)
|
945
|
|
2023
|
|
2031
|
Alabama Power
|
88
|
|
2023
|
|
—
|
Georgia Power
|
168
|
|
2023
|
|
—
|
Mississippi Power
|
100
|
|
2023
|
|
—
|
Southern Power
|
4
|
|
2020
|
|
2020
|
Southern Company Gas(*)
|
585
|
|
2022
|
|
2031
|
(*)
|
Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 4.6 billion mmBtu and short natural gas positions of 4.0 billion mmBtu as of March 31, 2020, which is also included in Southern Company's total volume.
|
|
Pay Notional
|
Pay Rate
|
Receive Notional
|
Receive Rate
|
Hedge
Maturity Date |
Fair Value Gain (Loss) at March 31, 2020
|
||||||
|
(in millions)
|
|
(in millions)
|
|
|
(in millions)
|
||||||
Cash Flow Hedges of Existing Debt
|
|
|
|
|
|
|||||||
Southern Power
|
$
|
677
|
|
2.95%
|
€
|
600
|
|
1.00%
|
June 2022
|
$
|
(39
|
)
|
Southern Power
|
564
|
|
3.78%
|
500
|
|
1.85%
|
June 2026
|
(51
|
)
|
|||
Total
|
$
|
1,241
|
|
|
€
|
1,100
|
|
|
|
$
|
(90
|
)
|
|
As of March 31, 2020
|
As of December 31, 2019
|
||||||||||
Derivative Category and Balance Sheet Location
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
(in millions)
|
(in millions)
|
||||||||||
Southern Company
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments for regulatory purposes
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
7
|
|
$
|
100
|
|
$
|
3
|
|
$
|
70
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
8
|
|
40
|
|
6
|
|
44
|
|
||||
Total derivatives designated as hedging instruments for regulatory purposes
|
$
|
15
|
|
$
|
140
|
|
$
|
9
|
|
$
|
114
|
|
Derivatives designated as hedging instruments in cash flow and fair value hedges
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
3
|
|
$
|
6
|
|
$
|
1
|
|
$
|
6
|
|
Interest rate derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
12
|
|
21
|
|
2
|
|
23
|
|
||||
Other deferred charges and assets/Other deferred credits and liabilities
|
10
|
|
—
|
|
—
|
|
1
|
|
||||
Foreign currency derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
—
|
|
24
|
|
—
|
|
24
|
|
||||
Other deferred charges and assets/Other deferred credits and liabilities
|
—
|
|
66
|
|
16
|
|
—
|
|
||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges
|
$
|
25
|
|
$
|
117
|
|
$
|
19
|
|
$
|
54
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
300
|
|
$
|
297
|
|
$
|
461
|
|
$
|
358
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
261
|
|
206
|
|
207
|
|
225
|
|
||||
Total derivatives not designated as hedging instruments
|
$
|
561
|
|
$
|
503
|
|
$
|
668
|
|
$
|
583
|
|
Gross amounts recognized
|
$
|
601
|
|
$
|
760
|
|
$
|
696
|
|
$
|
751
|
|
Gross amounts offset(a)
|
(383
|
)
|
(511
|
)
|
(463
|
)
|
(562
|
)
|
||||
Net amounts recognized in the Balance Sheets(b)
|
$
|
218
|
|
$
|
249
|
|
$
|
233
|
|
$
|
189
|
|
|
|
|
|
|
|
As of March 31, 2020
|
As of December 31, 2019
|
||||||||||
Derivative Category and Balance Sheet Location
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
(in millions)
|
(in millions)
|
||||||||||
Alabama Power
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments for regulatory purposes
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
3
|
|
$
|
18
|
|
$
|
2
|
|
$
|
14
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
2
|
|
9
|
|
2
|
|
10
|
|
||||
Total derivatives designated as hedging instruments for regulatory purposes
|
$
|
5
|
|
$
|
27
|
|
$
|
4
|
|
$
|
24
|
|
Gross amounts recognized
|
$
|
5
|
|
$
|
27
|
|
$
|
4
|
|
$
|
24
|
|
Gross amounts offset
|
(4
|
)
|
(4
|
)
|
(2
|
)
|
(2
|
)
|
||||
Net amounts recognized in the Balance Sheets
|
$
|
1
|
|
$
|
23
|
|
$
|
2
|
|
$
|
22
|
|
|
|
|
|
|
||||||||
Georgia Power
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments for regulatory purposes
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
3
|
|
$
|
42
|
|
$
|
1
|
|
$
|
32
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
3
|
|
19
|
|
3
|
|
21
|
|
||||
Total derivatives designated as hedging instruments for regulatory purposes
|
$
|
6
|
|
$
|
61
|
|
$
|
4
|
|
$
|
53
|
|
Derivatives designated as hedging instruments in cash flow and fair value hedges
|
|
|
|
|
||||||||
Interest rate derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17
|
|
Total derivatives designated as hedging instruments in cash flow and fair value hedges
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17
|
|
Gross amounts recognized
|
$
|
6
|
|
$
|
61
|
|
$
|
4
|
|
$
|
70
|
|
Gross amounts offset
|
(6
|
)
|
(6
|
)
|
(3
|
)
|
(3
|
)
|
||||
Net amounts recognized in the Balance Sheets
|
$
|
—
|
|
$
|
55
|
|
$
|
1
|
|
$
|
67
|
|
|
|
|
|
|
|
As of March 31, 2020
|
As of December 31, 2019
|
||||||||||
Derivative Category and Balance Sheet Location
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
(in millions)
|
(in millions)
|
||||||||||
Mississippi Power
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments for regulatory purposes
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
1
|
|
$
|
21
|
|
$
|
—
|
|
$
|
15
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
2
|
|
12
|
|
1
|
|
12
|
|
||||
Total derivatives designated as hedging instruments for regulatory purposes
|
$
|
3
|
|
$
|
33
|
|
$
|
1
|
|
$
|
27
|
|
Gross amounts recognized
|
$
|
3
|
|
$
|
33
|
|
$
|
1
|
|
$
|
27
|
|
Gross amounts offset
|
(3
|
)
|
(3
|
)
|
(1
|
)
|
(1
|
)
|
||||
Net amounts recognized in the Balance Sheets
|
$
|
—
|
|
$
|
30
|
|
$
|
—
|
|
$
|
26
|
|
|
|
|
|
|
||||||||
Southern Power
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
2
|
|
$
|
2
|
|
$
|
1
|
|
$
|
2
|
|
Foreign currency derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
—
|
|
24
|
|
—
|
|
24
|
|
||||
Other deferred charges and assets/Other deferred credits and liabilities
|
—
|
|
66
|
|
16
|
|
—
|
|
||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges
|
$
|
2
|
|
$
|
92
|
|
$
|
17
|
|
$
|
26
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Other current assets/Other current liabilities
|
$
|
—
|
|
$
|
1
|
|
$
|
2
|
|
$
|
1
|
|
Total derivatives not designated as hedging instruments
|
$
|
—
|
|
$
|
1
|
|
$
|
2
|
|
$
|
1
|
|
Gross amounts recognized
|
$
|
2
|
|
$
|
93
|
|
$
|
19
|
|
$
|
27
|
|
Gross amounts offset
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Net amounts recognized in the Balance Sheets
|
$
|
2
|
|
$
|
93
|
|
$
|
19
|
|
$
|
27
|
|
|
|
|
|
|
|
As of March 31, 2020
|
As of December 31, 2019
|
||||||||||
Derivative Category and Balance Sheet Location
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
(in millions)
|
(in millions)
|
||||||||||
Southern Company Gas
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments for regulatory purposes
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Assets from risk management activities/Liabilities from risk management activities-current
|
$
|
—
|
|
$
|
19
|
|
$
|
—
|
|
$
|
9
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
1
|
|
—
|
|
—
|
|
1
|
|
||||
Total derivatives designated as hedging instruments for regulatory purposes
|
$
|
1
|
|
$
|
19
|
|
$
|
—
|
|
$
|
10
|
|
Derivatives designated as hedging instruments in cash flow and fair value hedges
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Assets from risk management activities/Liabilities from risk management activities-current
|
$
|
1
|
|
$
|
4
|
|
$
|
—
|
|
$
|
4
|
|
Interest rate derivatives:
|
|
|
|
|
||||||||
Assets from risk management activities/Liabilities from risk management activities-current
|
—
|
|
21
|
|
2
|
|
—
|
|
||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges
|
$
|
1
|
|
$
|
25
|
|
$
|
2
|
|
$
|
4
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
||||||||
Energy-related derivatives:
|
|
|
|
|
||||||||
Assets from risk management activities/Liabilities from risk management activities-current
|
$
|
300
|
|
$
|
296
|
|
$
|
459
|
|
$
|
357
|
|
Other deferred charges and assets/Other deferred credits and liabilities
|
261
|
|
206
|
|
207
|
|
225
|
|
||||
Total derivatives not designated as hedging instruments
|
$
|
561
|
|
$
|
502
|
|
$
|
666
|
|
$
|
582
|
|
Gross amounts of recognized
|
$
|
563
|
|
$
|
546
|
|
$
|
668
|
|
$
|
596
|
|
Gross amounts offset(a)
|
(370
|
)
|
(498
|
)
|
(456
|
)
|
(555
|
)
|
||||
Net amounts recognized in the Balance Sheets(b)
|
$
|
193
|
|
$
|
48
|
|
$
|
212
|
|
$
|
41
|
|
(a)
|
Gross amounts offset include cash collateral held on deposit in broker margin accounts of $128 million and $99 million as of March 31, 2020 and December 31, 2019, respectively.
|
(b)
|
Net amounts of derivative instruments outstanding exclude premium and intrinsic value associated with weather derivatives of $16 million and $4 million as of March 31, 2020 and December 31, 2019, respectively.
|
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at March 31, 2020
|
|||||||||||||||
Derivative Category and Balance Sheet
Location
|
Southern
Company(*)
|
Alabama
Power
|
Georgia
Power
|
Mississippi
Power
|
Southern Company Gas(*)
|
||||||||||
|
(in millions)
|
||||||||||||||
Energy-related derivatives:
|
|
|
|
|
|
||||||||||
Other regulatory assets, current
|
$
|
(79
|
)
|
$
|
(17
|
)
|
$
|
(39
|
)
|
$
|
(19
|
)
|
$
|
(4
|
)
|
Other regulatory assets, deferred
|
(33
|
)
|
(7
|
)
|
(16
|
)
|
(10
|
)
|
—
|
|
|||||
Other regulatory liabilities, current
|
5
|
|
1
|
|
—
|
|
—
|
|
4
|
|
|||||
Total energy-related derivative gains (losses)
|
$
|
(107
|
)
|
$
|
(23
|
)
|
$
|
(55
|
)
|
$
|
(29
|
)
|
$
|
—
|
|
(*)
|
Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $19 million at March 31, 2020.
|
(*)
|
Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $11 million at December 31, 2019.
|
Gain (Loss) Recognized in OCI on Derivative
|
For the Three Months Ended March 31,
|
|||||
2020
|
2019
|
|||||
|
(in millions)
|
|||||
Southern Company
|
|
|
||||
Energy-related derivatives
|
$
|
(4
|
)
|
$
|
—
|
|
Interest rate derivatives
|
(26
|
)
|
—
|
|
||
Foreign currency derivatives
|
(83
|
)
|
(39
|
)
|
||
Total
|
$
|
(113
|
)
|
$
|
(39
|
)
|
Southern Power
|
|
|
||||
Foreign currency derivatives
|
$
|
(83
|
)
|
$
|
(39
|
)
|
Southern Company Gas
|
|
|
||||
Energy-related derivatives
|
$
|
(4
|
)
|
$
|
—
|
|
Interest rate derivatives
|
(23
|
)
|
—
|
|
||
Total
|
$
|
(27
|
)
|
$
|
—
|
|
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships
|
For the Three Months Ended March 31,
|
||||||
2020
|
2019
|
||||||
|
(in millions)
|
||||||
Southern Company
|
|
|
|||||
Total cost of natural gas
|
$
|
439
|
|
$
|
686
|
|
|
Gain (loss) on energy-related cash flow hedges(a)
|
(7
|
)
|
1
|
|
|||
Total depreciation and amortization
|
857
|
|
751
|
|
|||
Gain (loss) on energy-related cash flow hedges(a)
|
(1
|
)
|
(3
|
)
|
|||
Total interest expense, net of amounts capitalized
|
(456
|
)
|
(430
|
)
|
|||
Gain (loss) on interest rate cash flow hedges(a)
|
(6
|
)
|
(5
|
)
|
|||
Gain (loss) on foreign currency cash flow hedges(a)
|
(6
|
)
|
(6
|
)
|
|||
Gain (loss) on interest rate fair value hedges(b)
|
29
|
|
14
|
|
|||
Total other income (expense), net
|
103
|
|
78
|
|
|||
Gain (loss) on foreign currency cash flow hedges(a)(c)
|
(31
|
)
|
(24
|
)
|
|||
Southern Power
|
|
|
|||||
Total depreciation and amortization
|
$
|
117
|
|
$
|
119
|
|
|
Gain (loss) on energy-related cash flow hedges(a)
|
(1
|
)
|
(3
|
)
|
|||
Total interest expense, net of amounts capitalized
|
(39
|
)
|
(44
|
)
|
|||
Gain (loss) on foreign currency cash flow hedges(a)
|
(6
|
)
|
(6
|
)
|
|||
Total other income (expense), net
|
2
|
|
2
|
|
|||
Gain (loss) on foreign currency cash flow hedges(a)(c)
|
(31
|
)
|
(24
|
)
|
(a)
|
Reclassified from accumulated OCI into earnings.
|
(b)
|
For fair value hedges, changes in the fair value of the derivative contracts are generally equal to changes in the fair value of the underlying debt and have no material impact on income.
|
(c)
|
The reclassification from accumulated OCI into other income (expense), net completely offsets currency gains and losses arising from changes in the U.S. currency exchange rates used to record the euro-denominated notes.
|
|
Carrying Amount of the Hedged Item
|
|
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item
|
||||||||||
Balance Sheet Location of Hedged Items
|
As of March 31, 2020
|
As of December 31, 2019
|
|
As of March 31, 2020
|
As of December 31, 2019
|
||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||
Southern Company
|
|
|
|
|
|
||||||||
Securities due within one year
|
$
|
(600
|
)
|
$
|
(599
|
)
|
|
$
|
(1
|
)
|
$
|
—
|
|
Long-term debt
|
(1,519
|
)
|
(1,494
|
)
|
|
(22
|
)
|
3
|
|
|
|
Gain (Loss)
|
|||||
|
|
Three Months Ended March 31,
|
|||||
Derivatives in Non-Designated Hedging Relationships
|
Statements of Income Location
|
2020
|
2019
|
||||
|
|
(in millions)
|
|||||
Energy-related derivatives:
|
Natural gas revenues(*)
|
$
|
70
|
|
$
|
33
|
|
|
Cost of natural gas
|
7
|
|
8
|
|
||
Total derivatives in non-designated hedging relationships
|
$
|
77
|
|
$
|
41
|
|
(*)
|
Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for all periods presented.
|
Project Facility
|
Resource
|
Approximate Nameplate Capacity (MW)
|
Location
|
Actual/Expected COD
|
PPA Contract Period
|
Projects Under Construction as of March 31, 2020
|
|||||
Reading(a)
|
Wind
|
200
|
Osage and Lyon Counties, KS
|
May 2020
|
12 years
|
Skookumchuck(b)
|
Wind
|
136
|
Lewis and Thurston Counties, WA
|
Second half of 2020
|
20 years
|
(a)
|
In 2018, Southern Power purchased 100% of the membership interests of the Reading facility pursuant to a joint development arrangement. Southern Power may enter into a tax equity partnership, in which case it would then own 100% of the Class B membership interests. The ultimate outcome of this matter cannot be determined at this time.
|
(b)
|
In October 2019, Southern Power purchased 100% of the membership interests of the Skookumchuck facility pursuant to a joint development arrangement. In December 2019, Southern Power entered into a tax equity agreement as the Class B member with funding of the tax equity amounts expected to occur upon commercial operation. Shortly after commercial operation, Southern Power may sell a noncontrolling interest in these Class B membership interests to another partner. The ultimate outcome of this matter cannot be determined at this time.
|
(*)
|
Earnings before income taxes for components reflect the cessation of depreciation and amortization on the long-lived assets being sold upon classification as held for sale in November 2018 and April 2019 for Plant Mankato and Plant Nacogdoches, respectively.
|
|
Electric Utilities
|
|
|
|
|
|||||||||||||||||||
|
Traditional
Electric Operating
Companies
|
Southern
Power
|
Eliminations
|
Total
|
Southern Company Gas
|
All
Other
|
Eliminations
|
Consolidated
|
||||||||||||||||
|
(in millions)
|
|||||||||||||||||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating revenues
|
$
|
3,407
|
|
$
|
375
|
|
$
|
(87
|
)
|
$
|
3,695
|
|
$
|
1,249
|
|
$
|
114
|
|
$
|
(40
|
)
|
$
|
5,018
|
|
Segment net income (loss)(a)(b)
|
642
|
|
75
|
|
—
|
|
717
|
|
275
|
|
(121
|
)
|
(3
|
)
|
868
|
|
||||||||
At March 31, 2020
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
$
|
—
|
|
$
|
2
|
|
$
|
—
|
|
$
|
2
|
|
$
|
5,015
|
|
$
|
263
|
|
$
|
—
|
|
$
|
5,280
|
|
Total assets
|
81,765
|
|
13,646
|
|
(695
|
)
|
94,716
|
|
21,617
|
|
3,467
|
|
(948
|
)
|
118,852
|
|
||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating revenues
|
$
|
3,445
|
|
$
|
443
|
|
$
|
(93
|
)
|
$
|
3,795
|
|
$
|
1,474
|
|
$
|
182
|
|
$
|
(39
|
)
|
$
|
5,412
|
|
Segment net income (loss)(a)(c)
|
565
|
|
56
|
|
—
|
|
621
|
|
270
|
|
1,195
|
|
(2
|
)
|
2,084
|
|
||||||||
At December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
$
|
—
|
|
$
|
2
|
|
$
|
—
|
|
$
|
2
|
|
$
|
5,015
|
|
$
|
263
|
|
$
|
—
|
|
$
|
5,280
|
|
Total assets
|
81,063
|
|
14,300
|
|
(713
|
)
|
94,650
|
|
21,687
|
|
3,511
|
|
(1,148
|
)
|
118,700
|
|
(a)
|
Attributable to Southern Company.
|
(b)
|
Segment net income (loss) for Southern Power includes a $39 million pre-tax gain ($23 million gain after tax) on the sale of Plant Mankato for the three months ended March 31, 2020. See Note (K) under "Southern Power" for additional information.
|
(c)
|
Segment net income (loss) for the "All Other" column includes the preliminary pre-tax gain associated with the sale of Gulf Power of $2.5 billion ($1.3 billion after tax) for the three months ended March 31, 2019. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company" for additional information.
|
|
Electric Utilities' Revenues
|
|||||||||||
|
Retail
|
Wholesale
|
Other
|
Total
|
||||||||
|
(in millions)
|
|||||||||||
Three Months Ended March 31, 2020
|
$
|
3,078
|
|
$
|
418
|
|
$
|
199
|
|
$
|
3,695
|
|
Three Months Ended March 31, 2019
|
3,084
|
|
499
|
|
212
|
|
3,795
|
|
|
Southern Company Gas' Revenues
|
||||||||||||||
|
Gas
Distribution Operations |
Wholesale
Gas
Services(*)
|
Gas
Marketing Services |
Other
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||
Three Months Ended March 31, 2020
|
$
|
1,013
|
|
$
|
51
|
|
$
|
177
|
|
$
|
8
|
|
$
|
1,249
|
|
Three Months Ended March 31, 2019
|
1,161
|
|
86
|
|
229
|
|
(2
|
)
|
1,474
|
|
(*)
|
The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein for additional information.
|
|
Gas Distribution Operations
|
Gas Pipeline Investments
|
Wholesale Gas Services(*)
|
Gas Marketing Services
|
Total
|
All Other
|
Eliminations
|
Consolidated
|
||||||||||||||||
|
(in millions)
|
|||||||||||||||||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
1,020
|
|
$
|
8
|
|
$
|
51
|
|
$
|
177
|
|
$
|
1,256
|
|
$
|
8
|
|
$
|
(15
|
)
|
$
|
1,249
|
|
Segment net income (loss)
|
164
|
|
30
|
|
23
|
|
57
|
|
274
|
|
1
|
|
—
|
|
275
|
|
||||||||
Total assets at March 31, 2020
|
18,166
|
|
1,652
|
|
643
|
|
1,517
|
|
21,978
|
|
11,094
|
|
(11,455
|
)
|
21,617
|
|
||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating revenues
|
$
|
1,172
|
|
$
|
8
|
|
$
|
86
|
|
$
|
229
|
|
$
|
1,495
|
|
$
|
11
|
|
$
|
(32
|
)
|
$
|
1,474
|
|
Segment net income (loss)
|
133
|
|
32
|
|
47
|
|
61
|
|
273
|
|
(3
|
)
|
—
|
|
270
|
|
||||||||
Total assets at December 31, 2019
|
18,204
|
|
1,678
|
|
850
|
|
1,496
|
|
22,228
|
|
10,759
|
|
(11,300
|
)
|
21,687
|
|
(*)
|
The revenues for wholesale gas services are netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table.
|
|
Third Party Gross Revenues
|
Intercompany Revenues
|
Total Gross Revenues
|
Less Gross Gas Costs
|
Operating Revenues
|
||||||||||
|
(in millions)
|
||||||||||||||
Three Months Ended March 31, 2020
|
$
|
1,185
|
|
$
|
29
|
|
$
|
1,214
|
|
$
|
1,163
|
|
$
|
51
|
|
Three Months Ended March 31, 2019
|
1,926
|
|
88
|
|
2,014
|
|
1,928
|
|
86
|
|
|
Page
|
Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(1,216)
|
|
(58.3)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(6)
|
|
(0.2)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(81)
|
|
(16.2)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(17)
|
|
(10.1)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(225)
|
|
(15.3)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(65)
|
|
(34.8)
|
|
First Quarter 2020 vs. First Quarter 2019
|
||||
|
(change in millions)
|
|
(% change)
|
||
Fuel
|
$
|
(214
|
)
|
|
(25.2)
|
Purchased power
|
11
|
|
|
6.5
|
|
Total fuel and purchased power expenses
|
$
|
(203
|
)
|
|
|
|
First Quarter 2020
|
First Quarter 2019
|
Total generation (in billions of KWHs)
|
42
|
43
|
Total purchased power (in billions of KWHs)
|
5
|
4
|
Sources of generation (percent) —
|
|
|
Gas
|
53
|
48
|
Nuclear
|
18
|
16
|
Coal
|
14
|
22
|
Hydro
|
8
|
8
|
Other
|
7
|
6
|
Cost of fuel, generated (in cents per net KWH)—
|
|
|
Gas
|
1.95
|
2.56
|
Nuclear
|
0.78
|
0.79
|
Coal
|
2.88
|
2.92
|
Average cost of fuel, generated (in cents per net KWH)
|
1.86
|
2.32
|
Average cost of purchased power (in cents per net KWH)(*)
|
3.90
|
4.64
|
(*)
|
Average cost of purchased power includes fuel purchased by the Southern Company system for tolling agreements where power is generated by the provider.
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(247)
|
|
(36.0)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(63)
|
|
(53.4)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(18)
|
|
(1.4)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$106
|
|
14.1
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(2,458)
|
|
N/M
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$26
|
|
6.0
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$25
|
|
32.1
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(1,215)
|
|
(89.3)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$63
|
|
29.0
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(8)
|
|
(0.7)
|
|
First Quarter 2020
|
|||||
|
(in millions)
|
|
(% change)
|
|||
Retail – prior year
|
$
|
1,213
|
|
|
|
|
Estimated change resulting from –
|
|
|
|
|||
Rates and pricing
|
50
|
|
|
4.1
|
%
|
|
Sales decline
|
(6
|
)
|
|
(0.5
|
)
|
|
Weather
|
(12
|
)
|
|
(1.0
|
)
|
|
Fuel and other cost recovery
|
(40
|
)
|
|
(3.3
|
)
|
|
Retail – current year
|
$
|
1,205
|
|
|
(0.7
|
)%
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(41)
|
|
(68.3)
|
|
First Quarter 2020 vs. First Quarter 2019
|
|||||
|
(change in millions)
|
|
(% change)
|
|||
Fuel
|
$
|
(86
|
)
|
|
(28.6
|
)
|
Purchased power – non-affiliates
|
3
|
|
|
8.1
|
|
|
Purchased power – affiliates
|
(3
|
)
|
|
(14.3
|
)
|
|
Total fuel and purchased power expenses
|
$
|
(86
|
)
|
|
|
|
First Quarter 2020
|
|
First Quarter 2019
|
Total generation (in billions of KWHs)
|
14
|
|
16
|
Total purchased power (in billions of KWHs)
|
1
|
|
1
|
Sources of generation (percent) —
|
|
|
|
Coal
|
34
|
|
43
|
Nuclear
|
28
|
|
23
|
Gas
|
20
|
|
19
|
Hydro
|
18
|
|
15
|
Cost of fuel, generated (in cents per net KWH) —
|
|
|
|
Coal
|
2.64
|
|
2.78
|
Nuclear
|
0.76
|
|
0.78
|
Gas
|
2.19
|
|
2.57
|
Average cost of fuel, generated (in cents per net KWH)
|
1.88
|
|
2.19
|
Average cost of purchased power (in cents per net KWH)(*)
|
4.86
|
|
5.75
|
(*)
|
Average cost of purchased power includes fuel, energy, and transmission purchased by Alabama Power for tolling agreements where power is generated by the provider.
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(59)
|
|
(14.4)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$10
|
|
71.4
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$22
|
|
35.5
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$20
|
|
6.4
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$7
|
|
0.4
|
|
First Quarter 2020
|
|||||
|
(in millions)
|
|
(% change)
|
|||
Retail – prior year
|
$
|
1,668
|
|
|
|
|
Estimated change resulting from –
|
|
|
|
|||
Rates and pricing
|
93
|
|
|
5.5
|
%
|
|
Sales growth
|
16
|
|
|
1.0
|
|
|
Weather
|
(19
|
)
|
|
(1.1
|
)
|
|
Fuel cost recovery
|
(83
|
)
|
|
(5.0
|
)
|
|
Retail – current year
|
$
|
1,675
|
|
|
0.4
|
%
|
|
First Quarter 2020 vs. First Quarter 2019
|
|||||
|
(change in millions)
|
|
(% change)
|
|||
Fuel
|
$
|
(68
|
)
|
|
(22.7
|
)
|
Purchased power – non-affiliates
|
11
|
|
|
9.3
|
|
|
Purchased power – affiliates
|
(47
|
)
|
|
(26.7
|
)
|
|
Total fuel and purchased power expenses
|
$
|
(104
|
)
|
|
|
|
First Quarter 2020
|
|
First Quarter 2019
|
Total generation (in billions of KWHs)
|
13
|
|
13
|
Total purchased power (in billions of KWHs)
|
9
|
|
8
|
Sources of generation (percent) —
|
|
|
|
Gas
|
58
|
|
50
|
Nuclear
|
27
|
|
26
|
Coal
|
8
|
|
18
|
Hydro
|
7
|
|
6
|
Cost of fuel, generated (in cents per net KWH) —
|
|
|
|
Gas
|
2.12
|
|
2.59
|
Nuclear
|
0.80
|
|
0.81
|
Coal
|
3.83
|
|
3.23
|
Average cost of fuel, generated (in cents per net KWH)
|
1.87
|
|
2.21
|
Average cost of purchased power (in cents per net KWH)(*)
|
3.17
|
|
3.94
|
(*)
|
Average cost of purchased power includes fuel purchased by Georgia Power for tolling agreements where power is generated by the provider.
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$19
|
|
4.3
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$112
|
|
46.7
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$15
|
|
15.6
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$12
|
|
30.0
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(65)
|
|
(80.2)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(5)
|
|
(13.5)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(4)
|
|
(2.0)
|
|
First Quarter 2020
|
|||||
|
(in millions)
|
|
(% change)
|
|||
Retail – prior year
|
$
|
203
|
|
|
|
|
Estimated change resulting from –
|
|
|
|
|||
Rates and pricing
|
—
|
|
|
—
|
%
|
|
Sales decline
|
(3
|
)
|
|
(1.5
|
)
|
|
Weather
|
5
|
|
|
2.5
|
|
|
Fuel and other cost recovery
|
(6
|
)
|
|
(3.0
|
)
|
|
Retail – current year
|
$
|
199
|
|
|
(2.0
|
)%
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(6)
|
|
(10.5)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(1)
|
|
(4.5)
|
|
First Quarter 2020 vs. First Quarter 2019
|
||||
|
(change in millions)
|
|
(% change)
|
||
Fuel
|
$
|
(14
|
)
|
|
(15.1)
|
Purchased power
|
2
|
|
|
66.7
|
|
Total fuel and purchased power expenses
|
$
|
(12
|
)
|
|
|
|
First Quarter 2020
|
|
First Quarter 2019
|
Total generation (in millions of KWHs)
|
4,167
|
|
3,950
|
Total purchased power (in millions of KWHs)
|
188
|
|
90
|
Sources of generation (percent) –
|
|
|
|
Coal
|
3
|
|
4
|
Gas
|
97
|
|
96
|
Cost of fuel, generated (in cents per net KWH) –
|
|
|
|
Coal
|
4.30
|
|
4.42
|
Gas
|
1.95
|
|
2.46
|
Average cost of fuel, generated (in cents per net KWH)
|
2.02
|
|
2.53
|
Average cost of purchased power (in cents per net KWH)
|
2.64
|
|
3.71
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$15
|
|
24.6
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(6)
|
|
(12.5)
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$19
|
|
33.9
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(68)
|
|
(15.3)
|
|
First Quarter 2020
|
|
First Quarter 2019
|
||||
|
(in millions)
|
||||||
PPA capacity revenues
|
$
|
90
|
|
|
$
|
127
|
|
PPA energy revenues
|
205
|
|
|
227
|
|
||
Total PPA revenues
|
295
|
|
|
354
|
|
||
Non-PPA revenues
|
77
|
|
|
85
|
|
||
Other revenues
|
3
|
|
|
4
|
|
||
Total operating revenues
|
$
|
375
|
|
|
$
|
443
|
|
•
|
PPA capacity revenues decreased $37 million, or 29%, primarily due to a $22 million decrease related to the sale of Plant Nacogdoches in the second quarter 2019 and the sale of Plant Mankato in the first quarter 2020. In addition, the change reflects a reduction of $14 million from the contractual expiration of an affiliate natural gas PPA.
|
•
|
PPA energy revenues decreased $22 million, or 10%, due to a $32 million decrease in sales from natural gas facilities resulting from a $22 million decrease in the average cost of fuel and purchased power and a $10 million decrease in the volume of KWHs sold. This decrease was partially offset by a $10 million increase in sales primarily driven by the volume of KWHs generated by solar and wind facilities.
|
•
|
Non-PPA revenues decreased $8 million, or 9%, due to a $32 million decrease in the market price of energy, partially offset by a $24 million increase in the volume of KWHs sold through short-term sales.
|
|
First Quarter 2020
|
First Quarter 2019
|
|
(in billions of KWHs)
|
|
Generation
|
10.7
|
10.1
|
Purchased power
|
0.7
|
0.7
|
Total generation and purchased power
|
11.4
|
10.8
|
|
|
|
Total generation and purchased power, excluding solar, wind, and tolling agreements
|
7.2
|
6.6
|
|
First Quarter 2020 vs. First Quarter 2019
|
||||
|
(change in millions)
|
|
(% change)
|
||
Fuel
|
$
|
(38
|
)
|
|
(26.2)
|
Purchased power
|
(10
|
)
|
|
(41.7)
|
|
Total fuel and purchased power expenses
|
$
|
(48
|
)
|
|
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(40)
|
|
N/M
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$16
|
|
177.8
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$5
|
|
1.9
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(225)
|
|
(15.3)
|
|
First Quarter
|
|
2020 vs. normal
|
2020 vs. 2019
|
|||||||
|
Normal(a)
|
2020
|
2019
|
|
colder (warmer)
|
colder (warmer)
|
|||||
|
(in thousands)
|
|
|
|
|||||||
Illinois(b)
|
3,053
|
|
2,759
|
|
3,297
|
|
|
(9.6
|
)%
|
(16.3
|
)%
|
Georgia
|
1,427
|
|
1,091
|
|
1,213
|
|
|
(23.5
|
)%
|
(10.1
|
)%
|
(a)
|
Normal represents the 10-year average from January 1, 2010 through March 31, 2019 for Illinois at Chicago Midway International Airport and for Georgia at Atlanta Hartsfield-Jackson International Airport, based on information obtained from the National Oceanic and Atmospheric Administration, National Climatic Data Center.
|
(b)
|
Heating Degree Days in Illinois are expected to have a limited financial impact in future years. In October 2019, Nicor Gas received approval for a volume balancing adjustment, a revenue decoupling mechanism for residential customers that provides a monthly benchmark level of revenue per rate class for recovery.
|
|
March 31,
|
|
|
|||||
|
2020
|
|
2019
|
|
2020 vs. 2019
|
|||
|
(in thousands, except market share %)
|
|
(% change)
|
|||||
Gas distribution operations
|
4,298
|
|
|
4,276
|
|
|
0.5
|
%
|
Gas marketing services
|
|
|
|
|
|
|||
Energy customers(*)
|
638
|
|
|
701
|
|
|
(9.0
|
)%
|
Market share of energy customers in Georgia
|
28.8
|
%
|
|
28.8
|
%
|
|
|
|
(*)
|
Gas marketing services' customers are primarily located in Georgia and Illinois. Also included as of March 31, 2019 were approximately 70,000 customers in Ohio contracted through an annual auction process to serve for 12 months beginning April 1, 2018.
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(247)
|
|
(36.0)
|
|
First Quarter
|
2020 vs. 2019
|
||||
|
2020
|
2019
|
||||
Gas distribution operations (mmBtu in millions)
|
|
|
|
|||
Firm
|
258
|
|
296
|
|
(12.8
|
)%
|
Interruptible
|
24
|
|
25
|
|
(4.0
|
)
|
Total
|
282
|
|
321
|
|
(12.1
|
)%
|
Wholesale gas services (mmBtu in millions/day)
|
|
|
|
|||
Daily physical sales
|
6.9
|
|
7.0
|
|
(1.4
|
)%
|
Gas marketing services (mmBtu in millions)
|
|
|
|
|||
Firm:
|
|
|
|
|
||
Georgia
|
14
|
|
15
|
|
(6.7
|
)%
|
Illinois
|
5
|
|
6
|
|
(16.7
|
)
|
Other
|
5
|
|
8
|
|
(37.5
|
)
|
Interruptible large commercial and industrial
|
4
|
|
4
|
|
—
|
|
Total
|
28
|
|
33
|
|
(15.2
|
)%
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$23
|
|
9.8
|
First Quarter 2020 vs. First Quarter 2019
|
||
(change in millions)
|
|
(% change)
|
$(10)
|
|
(12.2)
|
|
First Quarter 2020
|
First Quarter 2019
|
||||
|
(in millions)
|
|||||
Operating Income
|
$
|
360
|
|
$
|
353
|
|
Other operating expenses(a)
|
450
|
|
435
|
|
||
Revenue taxes(b)
|
(45
|
)
|
(54
|
)
|
||
Adjusted Operating Margin
|
$
|
765
|
|
$
|
734
|
|
(a)
|
Includes other operations and maintenance, depreciation and amortization, and taxes other than income taxes.
|
(b)
|
Nicor Gas' revenue tax expenses, which are passed through directly to customers.
|
|
First Quarter 2020
|
|
First Quarter 2019
|
||||||||||||||||||||
|
Adjusted Operating Margin(*)
|
|
Operating Expenses(*)
|
|
Net Income (Loss)
|
|
Adjusted Operating Margin(*)
|
|
Operating Expenses(*)
|
|
Net Income (Loss)
|
||||||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||||||||||
Gas distribution operations
|
$
|
595
|
|
|
$
|
340
|
|
|
$
|
164
|
|
|
$
|
524
|
|
|
$
|
314
|
|
|
$
|
133
|
|
Gas pipeline investments
|
8
|
|
|
3
|
|
|
30
|
|
|
8
|
|
|
3
|
|
|
32
|
|
||||||
Wholesale gas services
|
50
|
|
|
17
|
|
|
23
|
|
|
84
|
|
|
19
|
|
|
47
|
|
||||||
Gas marketing services
|
107
|
|
|
30
|
|
|
57
|
|
|
115
|
|
|
31
|
|
|
61
|
|
||||||
All other
|
6
|
|
|
16
|
|
|
1
|
|
|
6
|
|
|
17
|
|
|
(3
|
)
|
||||||
Intercompany eliminations
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
||||||
Consolidated
|
$
|
765
|
|
|
$
|
405
|
|
|
$
|
275
|
|
|
$
|
734
|
|
|
$
|
381
|
|
|
$
|
270
|
|
(*)
|
Adjusted operating margin and operating expenses are adjusted for Nicor Gas' revenue tax expenses, which are passed through directly to customers.
|
|
First Quarter 2020
|
First Quarter 2019
|
||||
|
(in millions)
|
|||||
Commercial activity recognized
|
$
|
(20
|
)
|
$
|
38
|
|
Gain (loss) on storage derivatives
|
(6
|
)
|
3
|
|
||
Gain on transportation and forward commodity derivatives
|
77
|
|
29
|
|
||
LOCOM adjustments, net of current period recoveries
|
(1
|
)
|
(2
|
)
|
||
Purchase accounting adjustments to fair value inventory and contracts
|
—
|
|
16
|
|
||
Adjusted operating margin
|
$
|
50
|
|
$
|
84
|
|
|
Storage withdrawal schedule
|
|
|
|||||||
|
Total storage(a)
|
|
Expected net operating gains(b)
|
|
Physical transportation transactions – expected net operating losses(c)
|
|||||
|
(in mmBtu in millions)
|
|
(in millions)
|
|
(in millions)
|
|||||
2020
|
13
|
|
|
$
|
2
|
|
|
$
|
(12
|
)
|
2021 and thereafter
|
16
|
|
|
12
|
|
|
(65
|
)
|
||
Total at March 31, 2020
|
29
|
|
|
$
|
14
|
|
|
$
|
(77
|
)
|
(a)
|
At March 31, 2020, the WACOG of wholesale gas services' expected natural gas withdrawals from storage was $1.80 per mmBtu.
|
(b)
|
Represents expected operating gains from planned storage withdrawals associated with existing inventory positions and could change as wholesale gas services adjusts its daily injection and withdrawal plans in response to changes in future market conditions and forward NYMEX price fluctuations.
|
(c)
|
Represents the transportation derivative gains and (losses) that will be settled during the period and the physical transportation transactions that offset the derivative gains and losses previously recognized.
|
|
First Quarter 2020
|
||||||||||||||||||||
|
Gas Distribution Operations
|
Gas Pipeline Investments
|
Wholesale Gas Services
|
Gas Marketing Services
|
All Other
|
Intercompany Elimination
|
Consolidated
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||
Operating Income (Loss)
|
$
|
255
|
|
$
|
5
|
|
$
|
33
|
|
$
|
77
|
|
$
|
(10
|
)
|
$
|
—
|
|
$
|
360
|
|
Other operating expenses(a)
|
385
|
|
3
|
|
17
|
|
30
|
|
16
|
|
(1
|
)
|
450
|
|
|||||||
Revenue tax expense(b)
|
(45
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(45
|
)
|
|||||||
Adjusted Operating Margin
|
$
|
595
|
|
$
|
8
|
|
$
|
50
|
|
$
|
107
|
|
$
|
6
|
|
$
|
(1
|
)
|
$
|
765
|
|
|
First Quarter 2019
|
||||||||||||||||||||
|
Gas Distribution Operations
|
Gas Pipeline Investments
|
Wholesale Gas Services
|
Gas Marketing Services
|
All Other
|
Intercompany Elimination
|
Consolidated
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||
Operating Income (Loss)
|
$
|
210
|
|
$
|
5
|
|
$
|
65
|
|
$
|
84
|
|
$
|
(11
|
)
|
$
|
—
|
|
$
|
353
|
|
Other operating expenses(a)
|
368
|
|
3
|
|
19
|
|
31
|
|
17
|
|
(3
|
)
|
435
|
|
|||||||
Revenue tax expense(b)
|
(54
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(54
|
)
|
|||||||
Adjusted Operating Margin
|
$
|
524
|
|
$
|
8
|
|
$
|
84
|
|
$
|
115
|
|
$
|
6
|
|
$
|
(3
|
)
|
$
|
734
|
|
(a)
|
Includes other operations and maintenance, depreciation and amortization, and taxes other than income taxes.
|
(b)
|
Nicor Gas' revenue tax expenses, which are passed through directly to customers.
|
|
(in billions)
|
||
Base project capital cost forecast(a)(b)
|
$
|
8.2
|
|
Construction contingency estimate
|
0.2
|
|
|
Total project capital cost forecast(a)(b)
|
8.4
|
|
|
Net investment as of March 31, 2020(b)
|
(6.2
|
)
|
|
Remaining estimate to complete(a)
|
$
|
2.2
|
|
(a)
|
Excludes financing costs expected to be capitalized through AFUDC of approximately $270 million, of which $36 million had been accrued through March 31, 2020.
|
(b)
|
Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds.
|
Project Facility
|
Resource
|
Approximate Nameplate Capacity (MW)
|
Location
|
Actual/Expected
COD
|
PPA Counterparties
|
PPA Contract Period
|
Projects Under Construction as of March 31, 2020
|
|
|
||||
Reading(a)
|
Wind
|
200
|
Osage and Lyon Counties, KS
|
May 2020
|
Royal Caribbean Cruises LTD
|
12 years
|
Skookumchuck(b)
|
Wind
|
136
|
Lewis and Thurston Counties, WA
|
Second half of 2020
|
Puget Sound Energy
|
20 years
|
(a)
|
In 2018, Southern Power purchased 100% of the membership interests of the Reading facility pursuant to a joint development arrangement. Southern Power may enter into a tax equity partnership, in which case it would then own 100% of the Class B membership interests. The ultimate outcome of this matter cannot be determined at this time.
|
(b)
|
In October 2019, Southern Power purchased 100% of the membership interests of the Skookumchuck facility pursuant to a joint development arrangement. In December 2019, Southern Power entered into a tax equity agreement as the Class B member with funding of the tax equity amounts expected to occur upon commercial operation. Shortly after commercial operation, Southern Power may sell a noncontrolling interest in these Class B membership interests to another partner. The ultimate outcome of this matter cannot be determined at this time.
|
Utility
|
Program
|
Year-to-Date 2020
|
||
|
|
(in millions)
|
||
Nicor Gas
|
Investing in Illinois
|
$
|
45
|
|
Virginia Natural Gas
|
Steps to Advance Virginia's Energy (SAVE)
|
12
|
|
|
Total
|
|
$
|
57
|
|
Net cash provided from
(used for):
|
Southern Company
|
Alabama Power
|
Georgia
Power |
Mississippi Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
||||||||||||
Operating activities
|
$
|
894
|
|
$
|
155
|
|
$
|
213
|
|
$
|
(17
|
)
|
$
|
83
|
|
$
|
643
|
|
Investing activities
|
(889
|
)
|
(424
|
)
|
(795
|
)
|
(71
|
)
|
600
|
|
(193
|
)
|
||||||
Financing activities
|
185
|
|
273
|
|
742
|
|
(98
|
)
|
(632
|
)
|
(185
|
)
|
||||||
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
||||||||||||
Operating activities
|
$
|
744
|
|
146
|
|
$
|
212
|
|
$
|
(23
|
)
|
$
|
110
|
|
$
|
683
|
|
|
Investing activities
|
2,454
|
|
(511
|
)
|
(980
|
)
|
(63
|
)
|
(79
|
)
|
(290
|
)
|
||||||
Financing activities
|
(3,353
|
)
|
811
|
|
665
|
|
5
|
|
(79
|
)
|
(402
|
)
|
•
|
an increase of $1.3 billion in long-term debt (including amounts due within one year) related to new issuances;
|
•
|
an increase of $0.9 billion in total property, plant, and equipment primarily related to the Subsidiary Registrants' construction programs;
|
•
|
a decrease of $0.8 billion in assets held for sale related to the completion of Southern Power's sale of Plant Mankato and Southern Company Gas' sale of its interests in Pivotal LNG and Atlantic Coast Pipeline;
|
•
|
decreases of $0.5 billion in both accounts payable and accrued compensation related to the timing of payments; and
|
•
|
an increase of $0.5 billion in accumulated deferred income taxes related to the expected utilization of tax credits in 2020.
|
•
|
an increase of $654 million in common stockholder's equity primarily due to capital contributions from Southern Company;
|
•
|
a decrease of $243 million in accounts payable, other related to the timing of vendor payments;
|
•
|
an increase of $205 million in regulatory assets associated with AROs and a decrease of $168 million in nuclear decommissioning trusts, at fair value, primarily due to unrealized losses on nuclear decommissioning trust fund investments resulting from a decline in market prices; and
|
•
|
an increase of $138 million in total property, plant, and equipment primarily related to Alabama Power's construction program.
|
•
|
an increase of $668 million in total property, plant, and equipment to comply with environmental standards and the construction of generation, transmission, and distribution facilities;
|
•
|
an increase of $555 million in long-term debt (including securities due within one year) primarily due to a net increase in outstanding senior notes; and
|
•
|
an increase of $447 million in common stockholder's equity primarily due to capital contributions from Southern Company.
|
•
|
a decrease of $186 million in cash and cash equivalents and a decrease of $176 million in long-term debt (including amounts due within one year) primarily related to the redemption of senior notes and
|
•
|
a decrease of $54 million in accrued taxes primarily due to the payment of ad valorem taxes.
|
•
|
a decrease of $618 million in assets held for sale (of which $17 million related to current assets) due to completion of the sale of Plant Mankato;
|
•
|
a decrease of $549 million in notes payable due to lower commercial paper borrowings and repayment of a $100 million short-term floating rate bank loan; and
|
•
|
an increase of $416 million in prepaid income taxes and a decrease of $422 million in accumulated deferred income tax assets primarily related to the expected utilization of tax credits in 2020.
|
•
|
an increase of $265 million in cash and cash equivalents primarily related to proceeds from the sale of interests in Pivotal LNG and Atlantic Coast Pipeline and short-term borrowings;
|
•
|
a decrease of $246 million in natural gas for sale due to the use of stored natural gas;
|
•
|
an increase of $178 million in total property, plant, and equipment primarily due to utility capital expenditures and infrastructure investments recovered through replacement programs;
|
•
|
a decrease of $171 million in assets held for sale due to the completed sale of interests in Pivotal LNG and Atlantic Coast Pipeline; and
|
•
|
decreases of $137 million and $144 million in energy marketing receivables and payables, respectively, due to lower natural gas prices and volumes of natural gas sold.
|
At March 31, 2020:
|
Southern Company
|
Alabama Power
|
Georgia
Power |
Mississippi Power
|
Southern Power
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
Securities due within one year
|
$
|
1,809
|
|
$
|
296
|
|
$
|
74
|
|
$
|
7
|
|
$
|
824
|
|
$
|
—
|
|
At March 31, 2020
|
Southern Company(*)
|
Georgia
Power |
Mississippi Power
|
Southern Company Gas
|
||||||||
|
(in millions)
|
|||||||||||
Current liabilities in excess of current assets
|
$
|
123
|
|
$
|
546
|
|
$
|
38
|
|
$
|
84
|
|
Securities due within one year
|
1,809
|
|
74
|
|
7
|
|
—
|
|
||||
Notes payable
|
1,710
|
|
451
|
|
40
|
|
611
|
|
(*)
|
Includes $600 million and $585 million of securities due within one year and notes payable, respectively, at the parent company.
|
At March 31, 2020
|
Southern
Company
parent
|
Alabama Power
|
Georgia
Power |
Mississippi Power
|
Southern
Power(a)
|
Southern Company Gas(b)
|
SEGCO
|
Southern
Company
|
||||||||||||||||
|
(in millions)
|
|||||||||||||||||||||||
Unused committed credit
|
$
|
1,999
|
|
$
|
1,328
|
|
$
|
1,733
|
|
$
|
210
|
|
$
|
591
|
|
$
|
1,745
|
|
$
|
30
|
|
$
|
7,636
|
|
(a)
|
At March 31, 2020, Southern Power also had two continuing letters of credit facilities for standby letters of credit, of which $85 million was unused. Southern Power's subsidiaries are not parties to its bank credit arrangement or to the letter of credit facilities.
|
(b)
|
Includes $1.245 billion and $500 million at Southern Company Gas Capital and Nicor Gas, respectively.
|
|
Short-term Debt at
March 31, 2020
|
|
Short-term Debt During the Period(*)
|
||||||||||||||
|
Amount
Outstanding
|
|
Weighted
Average
Interest
Rate
|
|
Average
Amount
Outstanding
|
|
Weighted
Average
Interest
Rate
|
|
Maximum
Amount
Outstanding
|
||||||||
|
(in millions)
|
|
|
|
(in millions)
|
|
|
|
(in millions)
|
||||||||
Southern Company
|
$
|
1,710
|
|
|
2.0
|
%
|
|
$
|
1,527
|
|
|
1.9
|
%
|
|
$
|
2,113
|
|
Alabama Power
|
—
|
|
|
—
|
|
|
22
|
|
|
1.5
|
|
|
155
|
|
|||
Georgia Power
|
451
|
|
|
2.3
|
|
|
266
|
|
|
2.1
|
|
|
451
|
|
|||
Mississippi Power
|
40
|
|
|
2.2
|
|
|
4
|
|
|
2.2
|
|
|
40
|
|
|||
Southern Power
|
—
|
|
|
—
|
|
|
146
|
|
|
2.3
|
|
|
550
|
|
|||
Southern Company Gas:
|
|
|
|
|
|
|
|
|
|
||||||||
Southern Company Gas Capital
|
$
|
532
|
|
|
1.7
|
%
|
|
$
|
468
|
|
|
1.9
|
%
|
|
$
|
641
|
|
Nicor Gas
|
79
|
|
|
1.5
|
|
|
141
|
|
|
1.6
|
|
|
278
|
|
|||
Southern Company Gas Total
|
$
|
611
|
|
|
1.7
|
%
|
|
$
|
609
|
|
|
1.8
|
%
|
|
|
(*)
|
Average and maximum amounts are based upon daily balances during the three-month period ended March 31, 2020.
|
|
Senior Notes
|
|
Revenue Bonds
|
|
Other Long-Term Debt
|
||||||||||||||||||
Company
|
Issuances
|
|
Maturities, Redemptions, and Repurchases
|
|
Issuances/
Reofferings
|
|
Maturities, Redemptions, and
Repurchases
|
|
Issuances
|
|
Redemptions
and Maturities(*)
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Southern Company parent
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
Alabama Power
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
—
|
|
||||||
Georgia Power
|
1,500
|
|
|
950
|
|
|
53
|
|
|
148
|
|
|
—
|
|
|
18
|
|
||||||
Mississippi Power
|
—
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Southern Company
|
$
|
1,500
|
|
|
$
|
1,225
|
|
|
$
|
53
|
|
|
$
|
235
|
|
|
$
|
1,100
|
|
|
$
|
21
|
|
(*)
|
Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments for FFB borrowings.
|
Credit Ratings
|
Southern Company(*)
|
Alabama Power
|
Georgia Power
|
Mississippi Power
|
Southern
Power(*)
|
Southern Company Gas
|
||||||||||||
|
(in millions)
|
|||||||||||||||||
At BBB and/or Baa2
|
$
|
36
|
|
$
|
1
|
|
$
|
—
|
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
At BBB- and/or Baa3
|
491
|
|
2
|
|
86
|
|
—
|
|
404
|
|
—
|
|
||||||
At BB+ and/or Ba1 or below
|
2,118
|
|
323
|
|
1,022
|
|
269
|
|
1,255
|
|
13
|
|
(*)
|
Southern Power has PPAs that could require collateral, but not accelerated payment, in the event of a downgrade of Southern Power's credit. The PPAs require credit assurances without stating a specific credit rating. The amount of collateral required would depend upon actual losses resulting from a credit downgrade. Southern Power had $105 million of cash collateral posted related to PPA requirements at March 31, 2020.
|
|
First Quarter 2020
|
First Quarter 2019
|
||||
|
(in millions)
|
|||||
Contracts outstanding at beginning of period, assets (liabilities), net
|
$
|
72
|
|
$
|
(167
|
)
|
Contracts realized or otherwise settled
|
(91
|
)
|
(5
|
)
|
||
Current period changes(a)
|
36
|
|
44
|
|
||
Contracts outstanding at the end of period, assets (liabilities), net
|
$
|
17
|
|
$
|
(128
|
)
|
Netting of cash collateral
|
128
|
|
190
|
|
||
Cash collateral and net fair value of contracts outstanding at end of period(b)
|
$
|
145
|
|
$
|
62
|
|
(a)
|
Current period changes also include the fair value of new contracts entered into during the period, if any.
|
(b)
|
Excludes premium and intrinsic value associated with weather derivatives of $16 million at March 31, 2020 and an immaterial amount at March 31, 2019.
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
|
|
March 31, 2020
|
||||||||||||
|
Total
Fair Value |
|
Maturity
|
||||||||||||
|
|
Year 1
|
|
Years 2 & 3
|
|
Years 4 and thereafter
|
|||||||||
|
(in millions)
|
||||||||||||||
Level 1(a)
|
$
|
(98
|
)
|
|
$
|
(63
|
)
|
|
$
|
(38
|
)
|
|
$
|
3
|
|
Level 2(b)
|
39
|
|
|
25
|
|
|
10
|
|
|
4
|
|
||||
Level 3(c)
|
76
|
|
|
12
|
|
|
25
|
|
|
39
|
|
||||
Fair value of contracts outstanding at end of period(d)
|
$
|
17
|
|
|
$
|
(26
|
)
|
|
$
|
(3
|
)
|
|
$
|
46
|
|
(a)
|
Valued using NYMEX futures prices.
|
(b)
|
Valued using basis transactions that represent the cost to transport natural gas from a NYMEX delivery point to the contract delivery point. These transactions are based on quotes obtained either through electronic trading platforms or directly from brokers.
|
(c)
|
Valued using a combination of observable and unobservable inputs.
|
(d)
|
Excludes cash collateral of $128 million and $16 million of premium and intrinsic value associated with weather derivatives.
|
(a)
|
Evaluation of disclosure controls and procedures.
|
(b)
|
Changes in internal controls over financial reporting.
|
|
|
(4) Instruments Describing Rights of Security Holders, Including Indentures
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
|
|
(a)
|
-
|
Twenty-First Supplemental Indenture to the Senior Note Indenture dated as of April 3, 2020, providing for the issuance of Southern Company's Series 2020A 3.70% Senior Notes due April 30, 2030. (Designated in Form 8-K dated April 1, 2020, File No. 1-3526, as Exhibit 4.2)
|
|
|
|
|
|
|
|
(10) Material Contracts
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
#
|
*
|
(a)
|
-
|
|
|
|
|
|
|
|
|
Alabama Power
|
||
|
|
|
|
|
#
|
|
(b)
|
-
|
Form of Terms for 2020 Equity Awards granted under the Southern Company 2011 Omnibus Incentive Compensation Plan. See Exhibit 10(a) herein.
|
|
|
|
|
|
|
|
(18) Letter re Change in Accounting Principles
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
|
*
|
(a)
|
-
|
|
|
|
|
|
|
|
|
Alabama Power
|
||
|
|
|
|
|
|
|
(b)
|
-
|
Preferability letter of Deloitte & Touche LLP. See Exhibit 18(a) herein.
|
|
|
|
|
|
|
|
Georgia Power
|
||
|
|
|
|
|
|
|
(c)
|
-
|
Preferability letter of Deloitte & Touche LLP. See Exhibit 18(a) herein.
|
|
|
|
|
|
|
|
Mississippi Power
|
||
|
|
|
|
|
|
|
(d)
|
-
|
Preferability letter of Deloitte & Touche LLP. See Exhibit 18(a) herein.
|
|
|
|
|
|
|
|
Southern Power
|
||
|
|
|
|
|
|
|
(e)
|
-
|
Preferability letter of Deloitte & Touche LLP. See Exhibit 18(a) herein.
|
|
|
|
|
|
|
|
Southern Company Gas
|
||
|
|
|
|
|
|
|
(f)
|
-
|
Preferability letter of Deloitte & Touche LLP. See Exhibit 18(a) herein.
|
|
|
|
||
|
|
(24) Power of Attorney and Resolutions
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
|
|
(a)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 1-3526 as Exhibit 24(a).)
|
|
|
|
|
|
|
|
Alabama Power
|
||
|
|
|
|
|
|
|
(b)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 1-3164 as Exhibit 24(b).)
|
|
|
|
|
|
|
|
Georgia Power
|
||
|
|
|
|
|
|
|
(c)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 1-6468 as Exhibit 24(c).)
|
|
|
|
|
|
|
|
Mississippi Power
|
||
|
|
|
|
|
|
|
(d)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 001-11229 as Exhibit 24(d).)
|
|
|
|
|
|
|
|
Southern Power
|
||
|
|
|
|
|
|
|
(e)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 001-37803 as Exhibit 24(e).)
|
|
|
|
|
|
|
|
Southern Company Gas
|
||
|
|
|
|
|
|
|
(f)
|
-
|
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2019, File No. 1-14174 as Exhibit 24(f).)
|
|
|
|
|
|
|
|
(31) Section 302 Certifications
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
|
*
|
(a)1
|
-
|
|
|
|
|
|
|
|
*
|
(a)2
|
-
|
|
|
|
|
|
|
|
|
Alabama Power
|
||
|
|
|
|
|
|
*
|
(b)1
|
-
|
|
|
|
|
|
|
|
*
|
(b)2
|
-
|
|
|
|
|
|
|
|
|
Georgia Power
|
||
|
|
|
|
|
|
*
|
(c)1
|
-
|
|
|
|
|
|
|
|
*
|
(c)2
|
-
|
|
|
|
|
|
|
|
|
Mississippi Power
|
||
|
|
|
|
|
|
*
|
(d)1
|
-
|
|
|
|
|
|
|
|
*
|
(d)2
|
-
|
|
|
|
|
|
|
|
|
Southern Power
|
||
|
|
|
|
|
|
*
|
(e)1
|
-
|
|
|
|
|
|
|
|
*
|
(e)2
|
-
|
|
|
|
|
|
|
|
|
Southern Company Gas
|
||
|
|
|
|
|
|
*
|
(f)1
|
-
|
|
|
|
|
|
|
|
*
|
(f)2
|
-
|
|
|
|
|
|
|
|
|
(32) Section 906 Certifications
|
||
|
|
|
|
|
|
|
Southern Company
|
||
|
|
|
|
|
|
*
|
(a)
|
-
|
|
|
|
|
|
|
|
|
Alabama Power
|
||
|
|
|
|
|
|
*
|
(b)
|
-
|
|
|
|
|
|
|
|
|
Georgia Power
|
||
|
|
|
|
|
|
*
|
(c)
|
-
|
|
|
|
|
|
|
|
|
Mississippi Power
|
||
|
|
|
|
|
|
*
|
(d)
|
-
|
|
|
|
|
|
|
|
|
Southern Power
|
||
|
|
|
|
|
|
*
|
(e)
|
-
|
|
|
|
|
|
|
|
|
Southern Company Gas
|
||
|
|
|
|
|
|
*
|
(f)
|
-
|
|
|
|
|
|
|
|
|
(101) Interactive Data Files
|
||
|
|
|
|
|
|
*
|
INS
|
-
|
XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
|
|
*
|
SCH
|
-
|
XBRL Taxonomy Extension Schema Document
|
|
*
|
CAL
|
-
|
XBRL Taxonomy Calculation Linkbase Document
|
|
*
|
DEF
|
-
|
XBRL Definition Linkbase Document
|
|
*
|
LAB
|
-
|
XBRL Taxonomy Label Linkbase Document
|
|
*
|
PRE
|
-
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
|
|
|
|
(104) Cover Page Interactive Data File
|
||
|
*
|
|
|
Formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.
|
|
|
THE SOUTHERN COMPANY
|
|
|
|
|
|
By
|
|
Thomas A. Fanning
|
|
|
|
Chairman, President, and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
Andrew W. Evans
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
By
|
|
/s/ Melissa K. Caen
|
|
|
|
(Melissa K. Caen, Attorney-in-fact)
|
|
|
|
ALABAMA POWER COMPANY
|
|
|
|
|
|
By
|
|
Mark A. Crosswhite
|
|
|
|
Chairman, President, and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
Philip C. Raymond
|
|
|
|
Executive Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
By
|
|
/s/ Melissa K. Caen
|
|
|
|
(Melissa K. Caen, Attorney-in-fact)
|
|
|
|
GEORGIA POWER COMPANY
|
|
|
|
|
|
By
|
|
W. Paul Bowers
|
|
|
|
Chairman, President, and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
David P. Poroch
|
|
|
|
Executive Vice President, Chief Financial Officer, Treasurer, and Comptroller
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
By
|
|
/s/ Melissa K. Caen
|
|
|
|
(Melissa K. Caen, Attorney-in-fact)
|
|
|
|
MISSISSIPPI POWER COMPANY
|
|
|
|
|
|
By
|
|
Anthony L. Wilson
|
|
|
|
Chairman, President, and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
Moses H. Feagin
|
|
|
|
Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
By
|
|
/s/ Melissa K. Caen
|
|
|
|
(Melissa K. Caen, Attorney-in-fact)
|
|
|
|
SOUTHERN POWER COMPANY
|
|
|
|
|
|
By
|
|
Mark S. Lantrip
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
Elliott L. Spencer
|
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
By
|
|
/s/ Melissa K. Caen
|
|
|
|
(Melissa K. Caen, Attorney-in-fact)
|
|
|
|
SOUTHERN COMPANY GAS
|
|
|
|
|
|
By
|
|
Kimberly S. Greene
|
|
|
|
Chairman, President, and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By
|
|
Daniel S. Tucker
|
|
|
|
Executive Vice President, Chief Financial Officer, and Treasurer
|
|
|
|
(Principal Financial Officer)
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By
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/s/ Melissa K. Caen
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(Melissa K. Caen, Attorney-in-fact)
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