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SEGMENT AND RELATED INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Financial data for business segments | Financial data for business segments and products and services for the years ended December 31, 2023, 2022, and 2021 was as follows:
| Electric Utilities |  |  |  |
| Traditional Electric Operating Companies | Southern Power | Eliminations | Total | Southern Company Gas | All Other | Eliminations | Consolidated
| (in millions)
2023 |  |  |  |  |  |  |  |
Operating revenues | $ | 18,358 |  | $ | 2,189 |  | $ | (549) |  | $ | 19,998 |  | $ | 4,702 |  | $ | 718 |  | $ | (165) |  | $ | 25,253 |
Depreciation and amortization | 3,361 |  | 504 |  | — |  | 3,865 |  | 582 |  | 78 |  | — |  | 4,525 |
Interest income | 69 |  | 7 |  | — |  | 76 |  | 9 |  | 26 |  | (26) |  | 85 |
Earnings from equity method investments | (1) |  | — |  | — |  | (1) |  | 140 |  | 5 |  | — |  | 144 |
Interest expense | 1,145 |  | 129 |  | — |  | 1,274 |  | 310 |  | 879 |  | (17) |  | 2,446 |
Income taxes (benefit) | 571 |  | 12 |  | — |  | 583 |  | 211 |  | (298) |  | — |  | 496 |
Segment net income (loss)(a)(b)(c)(d) | 3,637 |  | 357 |  | — |  | 3,994 |  | 615 |  | (635) |  | 2 |  | 3,976 |
Goodwill | — |  | 2 |  | — |  | 2 |  | 5,015 |  | 144 |  | — |  | 5,161 |
Total assets | 100,429 |  | 12,761 |  | (545) |  | 112,645 |  | 25,083 |  | 2,446 |  | (843) |  | 139,331 |
2022 |  |  |  |  |  |  |  |
Operating revenues | $ | 20,408 |  | $ | 3,369 |  | $ | (904) |  | $ | 22,873 |  | $ | 5,962 |  | $ | 593 |  | $ | (149) |  | $ | 29,279 |
Depreciation and amortization | 2,513 |  | 516 |  | — |  | 3,029 |  | 559 |  | 75 |  | — |  | 3,663 |
Interest income | 44 |  | 3 |  | — |  | 47 |  | 3 |  | 16 |  | (7) |  | 59 |
Earnings from equity method investments | — |  | — |  | — |  | — |  | 148 |  | 3 |  | — |  | 151 |
Interest expense | 929 |  | 138 |  | — |  | 1,067 |  | 263 |  | 694 |  | (2) |  | 2,022 |
Income taxes (benefit) | 828 |  | 20 |  | — |  | 848 |  | 180 |  | (233) |  | — |  | 795 |
Segment net income (loss)(a)(b)(e)(f) | 3,318 |  | 354 |  | — |  | 3,672 |  | 572 |  | (711) |  | (9) |  | 3,524 |
Goodwill | — |  | 2 |  | — |  | 2 |  | 5,015 |  | 144 |  | — |  | 5,161 |
Total assets | 95,861 |  | 13,081 |  | (659) |  | 108,283 |  | 24,621 |  | 2,665 |  | (678) |  | 134,891 |
2021 |  |  |  |  |  |  |  |
Operating revenues | $ | 16,614 |  | $ | 2,216 |  | $ | (530) |  | $ | 18,300 |  | $ | 4,380 |  | $ | 582 |  | $ | (149) |  | $ | 23,113 |
Depreciation and amortization | 2,436 |  | 517 |  | — |  | 2,953 |  | 536 |  | 76 |  | — |  | 3,565 |
Interest income | 20 |  | 1 |  | — |  | 21 |  | — |  | 4 |  | (3) |  | 22 |
Earnings from equity method investments | 1 |  | — |  | — |  | 1 |  | 50 |  | 24 |  | 1 |  | 76 |
Interest expense | 821 |  | 147 |  | — |  | 968 |  | 238 |  | 631 |  | — |  | 1,837 |
Income taxes (benefit) | 232 |  | (13) |  | — |  | 219 |  | 275 |  | (227) |  | — |  | 267 |
Segment net income (loss)(a)(b)(g)(h)(i) | 1,981 |  | 266 |  | — |  | 2,247 |  | 539 |  | (384) |  | (9) |  | 2,393 |
Goodwill | — |  | 2 |  | — |  | 2 |  | 5,015 |  | 263 |  | — |  | 5,280 |
Total assets | 89,051 |  | 13,390 |  | (667) |  | 101,774 |  | 23,560 |  | 2,975 |  | (775) |  | 127,534 |
(a)Attributable to Southern Company. (b)For the traditional electric operating companies, includes pre-tax charges (credits) to income at Georgia Power for the estimated probable loss associated with the construction of Plant Vogtle Units 3 and 4 of $(68) million ($(50) million after tax) in 2023, $183 million ($137 million after tax) in 2022, and $1.7 billion ($1.3 billion after tax) in 2021. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. (c)For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) related to an arbitration award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts. See Note 3 under "General Litigation Matters – Southern Power" for additional information. (d)For Southern Company Gas, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information. (e)For Southern Company Gas, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (f)For the "All Other" column, includes a $119 million goodwill impairment loss (pre-tax and after tax) at PowerSecure. See Note 1 under "Goodwill and Other Intangible Assets" for additional information. (g)For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Notes 7 and 15 under "Southern Power" for additional information. (h)For Southern Company Gas, includes a pre-tax gain of $121 million ($92 million after tax) related to its sale of Sequent, as well as the resulting $85 million of additional tax expense due to changes in state apportionment rates, and pre-tax impairment charges totaling $84 million ($67 million after tax) related to its equity method investment in the PennEast Pipeline project. See Notes 7 and 15 under "Southern Company Gas" for additional information. (i)For the "All Other" column, includes a pre-tax gain of $93 million ($99 million gain after tax) associated with the termination of two leveraged leases projects. See Note 15 under "Southern Company" for additional information. Financial data for business segments for the years ended December 31, 2023, 2022, and 2021 was as follows:
| Gas Distribution Operations | Gas Pipeline Investments | Wholesale Gas Services(a) | Gas Marketing Services | Total | All Other | Eliminations | Consolidated
| (in millions)
2023 |  |  |  |  |
Operating revenues | $ | 4,105 |  | $ | 32 |  | $ | — |  | $ | 548 |  | $ | 4,685 |  | $ | 36 |  | $ | (19) |  | $ | 4,702 |
Depreciation and amortization | 561 |  | 5 |  | — |  | 15 |  | 581 |  | 1 |  | — |  | 582 |
Operating income (loss) | 804 |  | 22 |  | — |  | 130 |  | 956 |  | (4) |  | (13) |  | 939 |
Earnings from equity method investments | — |  | 140 |  | — |  | — |  | 140 |  | — |  | — |  | 140 |
Interest expense | 275 |  | 32 |  |  | 3 |  | 310 |  | — |  | — |  | 310 |
Income taxes | 126 |  | 32 |  | — |  | 37 |  | 195 |  | 16 |  | — |  | 211 |
Segment net income (loss)(b) | 441 |  | 98 |  | — |  | 91 |  | 630 |  | (15) |  | — |  | 615 |
Total assets | 22,906 |  | 1,534 |  | — |  | 1,615 |  | 26,055 |  | 9,675 |  | (10,647) |  | 25,083 |
2022 |  |  |  |  |
Operating revenues | $ | 5,267 |  | $ | 32 |  | $ | — |  | $ | 638 |  | $ | 5,937 |  | $ | 55 |  | $ | (30) |  | $ | 5,962 |
Depreciation and amortization | 516 |  | 5 |  | — |  | 16 |  | 537 |  | 22 |  | — |  | 559 |
Operating income (loss) | 803 |  | 21 |  | — |  | 133 |  | 957 |  | (135) |  | (8) |  | 814 |
Earnings from equity method investments | — |  | 148 |  | — |  | — |  | 148 |  | — |  | — |  | 148 |
Interest expense | 229 |  | 27 |  | — |  | 3 |  | 259 |  | 4 |  | — |  | 263 |
Income taxes (benefit) | 145 |  | 35 |  | — |  | 37 |  | 217 |  | (37) |  | — |  | 180 |
Segment net income (loss)(c) | 470 |  | 107 |  | — |  | 94 |  | 671 |  | (99) |  | — |  | 572 |
Total assets | 22,040 |  | 1,577 |  | — |  | 1,616 |  | 25,233 |  | 8,943 |  | (9,555) |  | 24,621 |
2021 |  |  |  |  |
Operating revenues | $ | 3,679 |  | $ | 32 |  | $ | 188 |  | $ | 475 |  | $ | 4,374 |  | $ | 38 |  | $ | (32) |  | $ | 4,380 |
Depreciation and amortization | 482 |  | 5 |  | — |  | 18 |  | 505 |  | 31 |  | — |  | 536 |
Operating income (loss) | 708 |  | 21 |  | 241 |  | 125 |  | 1,095 |  | (40) |  | — |  | 1,055 |
Earnings from equity method investments | — |  | 50 |  | — |  | — |  | 50 |  | — |  | — |  | 50 |
Interest expense | 207 |  | 25 |  | 2 |  | 3 |  | 237 |  | 1 |  | — |  | 238 |
Income taxes | 120 |  | 27 |  | 32 |  | 34 |  | 213 |  | 62 |  | — |  | 275 |
Segment net income (loss)(d)(e)(f) | 412 |  | 19 |  | 107 |  | 88 |  | 626 |  | (87) |  | — |  | 539 |
Total assets | 20,917 |  | 1,467 |  | 31 |  | 1,556 |  | 23,971 |  | 12,114 |  | (12,525) |  | 23,560 |
(a)As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment in 2023 or 2022. Prior to the sale of Sequent, the revenues for wholesale gas services were 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)
2021 | $ | 3,881 |  | $ | 90 |  | $ | 3,971 |  | $ | 3,783 |  | $ | 188 |
(b)For gas distribution operations, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information. (c)For the "All Other" column, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (d)For gas pipeline investments, includes pre-tax impairment charges totaling $84 million ($67 million after tax) related to the equity method investment in the PennEast Pipeline project. See Note 7 under "Southern Company Gas" for additional information. (e)For wholesale gas services, includes a pre-tax gain of $121 million ($92 million after tax) related to the sale of Sequent. (f)For the "All Other" column, includes $85 million of additional tax expense as a result of the sale of Sequent.
Financial data for products and services | Products and Services
Electric Utilities' Revenues
Year | Retail |  | Wholesale |  | Other |  | Total
| (in millions)
2023 | $ | 16,343 |  |  | $ | 2,467 |  |  | $ | 1,188 |  |  | $ | 19,998 |
2022 | 18,197 |  |  | 3,641 |  |  | 1,035 |  |  | 22,873 |
2021 | 14,852 |  |  | 2,455 |  |  | 993 |  |  | 18,300 |
Southern Company Gas' Revenues
Year | Gas Distribution Operations |  | Gas Marketing Services |  |  |  | All Other |  |  | Total
| (in millions)
2023 | $ | 4,090 |  |  | $ | 548 |  |  |  |  | $ | 64 |  |  |  | $ | 4,702 |
2022 | 5,240 |  |  | 638 |  |  |  |  | 84 |  |  |  | 5,962 |
2021 | 3,656 |  |  | 475 |  |  |  |  | 249 |  |  |  | 4,380 |
Schedule of reconciliation of operating revenues and intercompany revenues | 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)
2021 | $ | 3,881 |  | $ | 90 |  | $ | 3,971 |  | $ | 3,783 |  | $ | 188 |

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