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v3.25.3

Introduction (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Goodwill | Goodwill at both September 30, 2025 and December 31, 2024 was as follows:
| Goodwill |
| (in millions)
Southern Company | $ | 5,161 |  |
Southern Company Gas: |  |
Gas distribution operations | $ | 4,034 |  |
Gas marketing services | 981 |  |
Southern Company Gas total | $ | 5,015 |  |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows:
| At September 30, 2025 |  | At December 31, 2024
| Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net |  | Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net
| (in millions) |  | (in millions)
Southern Company |  |  |  |  |  |  |
Subject to amortization: |  |  |  |  |  |  |
Customer relationships | $ | 212 |  | $ | (186) |  | $ | 26 |  |  | $ | 212 |  | $ | (182) |  | $ | 30 |
Trade names | 64 |  | (64) |  | — |  |  | 64 |  | (59) |  | 5 |
PPA fair value adjustments | 390 |  | (183) |  | 207 |  |  | 390 |  | (168) |  | 222 |
Other | 3 |  | (3) |  | — |  |  | 3 |  | (3) |  | — |
Total subject to amortization | $ | 669 |  | $ | (436) |  | $ | 233 |  |  | $ | 669 |  | $ | (412) |  | $ | 257 |
Not subject to amortization: |  |  |  |  |  |  |
FCC licenses | 75 |  | — |  | 75 |  |  | 75 |  | — |  | 75 |
Total other intangible assets | $ | 744 |  | $ | (436) |  | $ | 308 |  |  | $ | 744 |  | $ | (412) |  | $ | 332 |
Southern Power(*) |  |  |  |  |  |  |
PPA fair value adjustments | $ | 390 |  | $ | (183) |  | $ | 207 |  |  | $ | 390 |  | $ | (168) |  | $ | 222 |
Southern Company Gas(*) |  |  |  |  |  |  |
Gas marketing services |  |  |  |  |  |  |
Customer relationships | $ | 156 |  | $ | (152) |  | $ | 4 |  |  | $ | 156 |  | $ | (150) |  | $ | 6 |
Trade names | 26 |  | (26) |  | — |  |  | 26 |  | (23) |  | 3 |
Total other intangible assets | $ | 182 |  | $ | (178) |  | $ | 4 |  |  | $ | 182 |  | $ | (173) |  | $ | 9 |
(*)All subject to amortization.
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows:
| At September 30, 2025 |  | At December 31, 2024
| Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net |  | Gross Carrying Amount | Accumulated Amortization | Other Intangible Assets, Net
| (in millions) |  | (in millions)
Southern Company |  |  |  |  |  |  |
Subject to amortization: |  |  |  |  |  |  |
Customer relationships | $ | 212 |  | $ | (186) |  | $ | 26 |  |  | $ | 212 |  | $ | (182) |  | $ | 30 |
Trade names | 64 |  | (64) |  | — |  |  | 64 |  | (59) |  | 5 |
PPA fair value adjustments | 390 |  | (183) |  | 207 |  |  | 390 |  | (168) |  | 222 |
Other | 3 |  | (3) |  | — |  |  | 3 |  | (3) |  | — |
Total subject to amortization | $ | 669 |  | $ | (436) |  | $ | 233 |  |  | $ | 669 |  | $ | (412) |  | $ | 257 |
Not subject to amortization: |  |  |  |  |  |  |
FCC licenses | 75 |  | — |  | 75 |  |  | 75 |  | — |  | 75 |
Total other intangible assets | $ | 744 |  | $ | (436) |  | $ | 308 |  |  | $ | 744 |  | $ | (412) |  | $ | 332 |
Southern Power(*) |  |  |  |  |  |  |
PPA fair value adjustments | $ | 390 |  | $ | (183) |  | $ | 207 |  |  | $ | 390 |  | $ | (168) |  | $ | 222 |
Southern Company Gas(*) |  |  |  |  |  |  |
Gas marketing services |  |  |  |  |  |  |
Customer relationships | $ | 156 |  | $ | (152) |  | $ | 4 |  |  | $ | 156 |  | $ | (150) |  | $ | 6 |
Trade names | 26 |  | (26) |  | — |  |  | 26 |  | (23) |  | 3 |
Total other intangible assets | $ | 182 |  | $ | (178) |  | $ | 4 |  |  | $ | 182 |  | $ | (173) |  | $ | 9 |
(*)All subject to amortization.
Schedule of Amortization of Other Intangible Assets | Amortization associated with other intangible assets was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024
| (in millions)
Southern Company(a) | $ | 8 |  | $ | 9 |  | $ | 24 |  | $ | 27 |
Southern Power(b) | 5 |  | 5 |  | 15 |  | 15 |
Southern Company Gas |  |  |  |
Gas marketing services | 2 |  | 2 |  | 5 |  | 5 |
(a)Includes $5 million for the three months ended September 30, 2025 and 2024 and $15 million for the nine months ended September 30, 2025 and 2024 recorded as a reduction to operating revenues. (b)Recorded as a reduction to operating revenues.
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
| Southern Company |  | Georgia Power | Southern Power | Southern Company Gas
| (in millions)
At September 30, 2025 |  |  |  |  |
Cash and cash equivalents | $ | 3,341 |  |  | $ | 937 |  | $ | 1,047 |  | $ | 346 |
Restricted cash(*): |  |  |  |  |
Other current assets | 1 |  |  | — |  | — |  | — |
Total cash, cash equivalents, and restricted cash | $ | 3,342 |  |  | $ | 937 |  | $ | 1,047 |  | $ | 346 |
At December 31, 2024 |  |  |  |  |
Cash and cash equivalents | $ | 1,070 |  |  | $ | 97 |  | $ | 159 |  | $ | 43 |
Restricted cash(*): |  |  |  |  |
Other current assets | 31 |  |  | 21 |  | 9 |  | 1 |
Total cash, cash equivalents, and restricted cash | $ | 1,101 |  |  | $ | 118 |  | $ | 168 |  | $ | 44 |
(*)For Georgia Power, reflects remaining proceeds at December 31, 2024 from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects remaining proceeds at December 31, 2024 from an arbitration award held to fund future replacement costs. For Southern Company, also reflects collateral of $1 million for life insurance and long-term disability insurance, which was included at Southern Holdings and Southern Company Gas at September 30, 2025 and December 31, 2024, respectively.
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
| Southern Company |  | Georgia Power | Southern Power | Southern Company Gas
| (in millions)
At September 30, 2025 |  |  |  |  |
Cash and cash equivalents | $ | 3,341 |  |  | $ | 937 |  | $ | 1,047 |  | $ | 346 |
Restricted cash(*): |  |  |  |  |
Other current assets | 1 |  |  | — |  | — |  | — |
Total cash, cash equivalents, and restricted cash | $ | 3,342 |  |  | $ | 937 |  | $ | 1,047 |  | $ | 346 |
At December 31, 2024 |  |  |  |  |
Cash and cash equivalents | $ | 1,070 |  |  | $ | 97 |  | $ | 159 |  | $ | 43 |
Restricted cash(*): |  |  |  |  |
Other current assets | 31 |  |  | 21 |  | 9 |  | 1 |
Total cash, cash equivalents, and restricted cash | $ | 1,101 |  |  | $ | 118 |  | $ | 168 |  | $ | 44 |
(*)For Georgia Power, reflects remaining proceeds at December 31, 2024 from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects remaining proceeds at December 31, 2024 from an arbitration award held to fund future replacement costs. For Southern Company, also reflects collateral of $1 million for life insurance and long-term disability insurance, which was included at Southern Holdings and Southern Company Gas at September 30, 2025 and December 31, 2024, respectively.
Schedule of Storm Damage Reserve Activity | Storm damage reserve activity for the traditional electric operating companies during the nine months ended September 30, 2025 was as follows:
| Southern Company | Alabama Power | Georgia Power | Mississippi Power
| (in millions)
Balance at December 31, 2024 | $ | (705) |  | $ | 70 |  | $ | (827) |  | $ | 52 |
Accrual(*) | 58 |  | 23 |  | 24 |  | 11 |
Weather-related damages | (209) |  | (97) |  | (104) |  | (8) |
Balance at September 30, 2025 | $ | (856) |  | $ | (4) |  | $ | (907) |  | $ | 55 |
(*)For Alabama Power, includes $7 million of undistributed customer bill credits related to the nuclear fuel disposal costs litigation award, as directed by the Alabama PSC in its December 2024 order. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.

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