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v3.24.3

Revenue from Contracts with Customers and Lease Income (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers for the three and nine months ended September 30, 2024 and 2023:
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
Three Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenues |  |  |  |  |  |
Retail electric revenues |  |  |  |  |  |
Residential | $ | 2,651 |  | $ | 975 |  | $ | 1,580 |  | $ | 96 |  | $ | — |  | $ | — |
Commercial | 1,991 |  | 607 |  | 1,288 |  | 96 |  | — |  | — |
Industrial | 1,184 |  | 483 |  | 606 |  | 95 |  | — |  | — |
Other | 33 |  | 3 |  | 28 |  | 2 |  | — |  | — |
Total retail electric revenues | 5,859 |  | 2,068 |  | 3,502 |  | 289 |  | — |  | — |
Natural gas distribution revenues |  |  |  |  |  |
Residential | 212 |  | — |  | — |  | — |  | — |  | 212 |
Commercial | 55 |  | — |  | — |  | — |  | — |  | 55 |
Transportation | 294 |  | — |  | — |  | — |  | — |  | 294 |
Industrial | 4 |  | — |  | — |  | — |  | — |  | 4 |
Other | 45 |  | — |  | — |  | — |  | — |  | 45 |
Total natural gas distribution revenues | 610 |  | — |  | — |  | — |  | — |  | 610 |
Wholesale electric revenues |  |  |  |  |  |
PPA energy revenues | 300 |  | 58 |  | 26 |  | 1 |  | 222 |  | — |
PPA capacity revenues | 190 |  | 24 |  | 42 |  | 15 |  | 125 |  | — |
Non-PPA revenues | 67 |  | 34 |  | — |  | 106 |  | 67 |  | — |
Total wholesale electric revenues | 557 |  | 116 |  | 68 |  | 122 |  | 414 |  | — |
Other natural gas revenues |  |  |  |  |  |
Gas marketing services | 51 |  | — |  | — |  | — |  | — |  | 51 |
Other | 6 |  | — |  | — |  | — |  | — |  | 6 |
Total other natural gas revenues | 57 |  | — |  | — |  | — |  | — |  | 57 |
Other revenues | 398 |  | 60 |  | 170 |  | 13 |  | 9 |  | — |
Total revenue from contracts with customers | 7,481 |  | 2,244 |  | 3,740 |  | 424 |  | 423 |  | 667 |
Other revenue sources(*) | (207) |  | (106) |  | (268) |  | (12) |  | 177 |  | 15 |
Total operating revenues | $ | 7,274 |  | $ | 2,138 |  | $ | 3,472 |  | $ | 412 |  | $ | 600 |  | $ | 682 |
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenues |  |  |  |  |  |
Retail electric revenues |  |  |  |  |  |
Residential | $ | 6,551 |  | $ | 2,477 |  | $ | 3,832 |  | $ | 242 |  | $ | — |  | $ | — |
Commercial | 5,075 |  | 1,583 |  | 3,243 |  | 249 |  | — |  | — |
Industrial | 3,019 |  | 1,338 |  | 1,424 |  | 257 |  | — |  | — |
Other | 94 |  | 9 |  | 78 |  | 7 |  | — |  | — |
Total retail electric revenues | 14,739 |  | 5,407 |  | 8,577 |  | 755 |  | — |  | — |
Natural gas distribution revenues |  |  |  |  |  |
Residential | 1,244 |  | — |  | — |  | — |  | — |  | 1,244 |
Commercial | 300 |  | — |  | — |  | — |  | — |  | 300 |
Transportation | 959 |  | — |  | — |  | — |  | — |  | 959 |
Industrial | 25 |  | — |  | — |  | — |  | — |  | 25 |
Other | 221 |  | — |  | — |  | — |  | — |  | 221 |
Total natural gas distribution revenues | 2,749 |  | — |  | — |  | — |  | — |  | 2,749 |
Wholesale electric revenues |  |  |  |  |  |
PPA energy revenues | 838 |  | 171 |  | 66 |  | 3 |  | 616 |  | — |
PPA capacity revenues | 495 |  | 71 |  | 106 |  | 47 |  | 320 |  | — |
Non-PPA revenues | 179 |  | 103 |  | 3 |  | 292 |  | 176 |  | — |
Total wholesale electric revenues | 1,512 |  | 345 |  | 175 |  | 342 |  | 1,112 |  | — |
Other natural gas revenues |  |  |  |  |  |
Gas marketing services | 352 |  | — |  | — |  | — |  | — |  | 352 |
Other | 16 |  | — |  | — |  | — |  | — |  | 16 |
Total other natural gas revenues | 368 |  | — |  | — |  | — |  | — |  | 368 |
Other revenues | 1,145 |  | 174 |  | 507 |  | 34 |  | 31 |  | — |
Total revenue from contracts with customers | 20,513 |  | 5,926 |  | 9,259 |  | 1,131 |  | 1,143 |  | 3,117 |
Other revenue sources(*) | (130) |  | (123) |  | (514) |  | (13) |  | 454 |  | 103 |
Total operating revenues | $ | 20,383 |  | $ | 5,803 |  | $ | 8,745 |  | $ | 1,118 |  | $ | 1,597 |  | $ | 3,220 |
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
Three Months Ended September 30, 2023 |  |  |  |  |  |
Operating revenues |  |  |  |  |  |
Retail electric revenues |  |  |  |  |  |
Residential | $ | 2,543 |  | $ | 969 |  | $ | 1,473 |  | $ | 101 |  | $ | — |  | $ | — |
Commercial | 1,845 |  | 599 |  | 1,151 |  | 95 |  | — |  | — |
Industrial | 1,116 |  | 498 |  | 528 |  | 90 |  | — |  | — |
Other | 30 |  | 3 |  | 25 |  | 2 |  | — |  | — |
Total retail electric revenues | 5,534 |  | 2,069 |  | 3,177 |  | 288 |  | — |  | — |
Natural gas distribution revenues |  |  |  |  |  |
Residential | 217 |  | — |  | — |  | — |  | — |  | 217 |
Commercial | 56 |  | — |  | — |  | — |  | — |  | 56 |
Transportation | 275 |  | — |  | — |  | — |  | — |  | 275 |
Industrial | 4 |  | — |  | — |  | — |  | — |  | 4 |
Other | 60 |  | — |  | — |  | — |  | — |  | 60 |
Total natural gas distribution revenues | 612 |  | — |  | — |  | — |  | — |  | 612 |
Wholesale electric revenues |  |  |  |  |  |
PPA energy revenues | 317 |  | 66 |  | 31 |  | 2 |  | 226 |  | — |
PPA capacity revenues | 151 |  | 26 |  | 13 |  | 3 |  | 110 |  | — |
Non-PPA revenues | 101 |  | 15 |  | 21 |  | 137 |  | 126 |  | — |
Total wholesale electric revenues | 569 |  | 107 |  | 65 |  | 142 |  | 462 |  | — |
Other natural gas revenues |  |  |  |  |  |
Gas marketing services | 54 |  | — |  | — |  | — |  | — |  | 54 |
Other | 8 |  | — |  | — |  | — |  | — |  | 8 |
Total other natural gas revenues | 62 |  | — |  | — |  | — |  | — |  | 62 |
Other revenues | 330 |  | 54 |  | 146 |  | 10 |  | 18 |  | — |
Total revenue from contracts with customers | 7,107 |  | 2,230 |  | 3,388 |  | 440 |  | 480 |  | 674 |
Other revenue sources(*) | (127) |  | (147) |  | (151) |  | (4) |  | 173 |  | 15 |
Total operating revenues | $ | 6,980 |  | $ | 2,083 |  | $ | 3,237 |  | $ | 436 |  | $ | 653 |  | $ | 689 |
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
Nine Months Ended September 30, 2023 |  |  |  |  |  |
Operating revenues |  |  |  |  |  |
Retail electric revenues |  |  |  |  |  |
Residential | $ | 5,717 |  | $ | 2,277 |  | $ | 3,202 |  | $ | 238 |  | $ | — |  | $ | — |
Commercial | 4,464 |  | 1,493 |  | 2,733 |  | 238 |  | — |  | — |
Industrial | 2,770 |  | 1,324 |  | 1,195 |  | 251 |  | — |  | — |
Other | 84 |  | 10 |  | 68 |  | 6 |  | — |  | — |
Total retail electric revenues | 13,035 |  | 5,104 |  | 7,198 |  | 733 |  | — |  | — |
Natural gas distribution revenues |  |  |  |  |  |
Residential | 1,443 |  | — |  | — |  | — |  | — |  | 1,443 |
Commercial | 370 |  | — |  | — |  | — |  | — |  | 370 |
Transportation | 878 |  | — |  | — |  | — |  | — |  | 878 |
Industrial | 33 |  | — |  | — |  | — |  | — |  | 33 |
Other | 228 |  | — |  | — |  | — |  | — |  | 228 |
Total natural gas distribution revenues | 2,952 |  | — |  | — |  | — |  | — |  | 2,952 |
Wholesale electric revenues |  |  |  |  |  |
PPA energy revenues | 853 |  | 196 |  | 66 |  | 8 |  | 601 |  | — |
PPA capacity revenues | 490 |  | 130 |  | 38 |  | 36 |  | 289 |  | — |
Non-PPA revenues | 199 |  | 49 |  | 30 |  | 315 |  | 312 |  | — |
Total wholesale electric revenues | 1,542 |  | 375 |  | 134 |  | 359 |  | 1,202 |  | — |
Other natural gas revenues |  |  |  |  |  |
Gas marketing services | 358 |  | — |  | — |  | — |  | — |  | 358 |
Other | 28 |  | — |  | — |  | — |  | — |  | 28 |
Total other natural gas revenues | 386 |  | — |  | — |  | — |  | — |  | 386 |
Other revenues | 971 |  | 159 |  | 422 |  | 31 |  | 46 |  | — |
Total revenue from contracts with customers | 18,886 |  | 5,638 |  | 7,754 |  | 1,123 |  | 1,248 |  | 3,338 |
Other revenue sources(*) | 322 |  | (218) |  | 51 |  | 14 |  | 438 |  | 79 |
Total operating revenues | $ | 19,208 |  | $ | 5,420 |  | $ | 7,805 |  | $ | 1,137 |  | $ | 1,686 |  | $ | 3,417 |
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies.
Schedule of Contract Balances | The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at September 30, 2024 and December 31, 2023:
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
Accounts Receivable |  |  |  |  |  |
At September 30, 2024 | $ | 2,946 |  | $ | 978 |  | $ | 1,347 |  | $ | 111 |  | $ | 125 |  | $ | 306 |
At December 31, 2023 | 2,820 |  | 821 |  | 1,011 |  | 90 |  | 122 |  | 684 |
Contract Assets |  |  |  |  |  |
At September 30, 2024 | $ | 379 |  | $ | 7 |  | $ | 202 |  | $ | — |  | $ | — |  | $ | 71 |
At December 31, 2023 | 271 |  | 2 |  | 121 |  | — |  | — |  | 56 |
Contract Liabilities |  |  |  |  |  |
At September 30, 2024 | $ | 181 |  | $ | — |  | $ | 49 |  | $ | — |  | $ | 2 |  | $ | 3 |
At December 31, 2023 | 116 |  | — |  | 1 |  | — |  | 4 |  | — |
Schedule of Remaining Performance Obligations | Revenues from contracts with customers related to these performance obligations remaining at September 30, 2024 are expected to be recognized as follows:
| 2024 (remaining) | 2025 | 2026 | 2027 | 2028 | Thereafter
| (in millions)
Southern Company | $ | 303 |  | $ | 884 |  | $ | 375 |  | $ | 336 |  | $ | 325 |  | $ | 2,180 |
Alabama Power | 11 |  | 11 |  | — |  | — |  | — |  | — |
Georgia Power | 21 |  | 64 |  | 26 |  | 17 |  | 17 |  | 17 |
Mississippi Power(*) | 15 |  | 63 |  | 66 |  | 69 |  | 73 |  | — |
Southern Power(*) | 73 |  | 312 |  | 299 |  | 306 |  | 297 |  | 2,169 |
Southern Company Gas | 3 |  | 2 |  | — |  | — |  | — |  | — |
(*)Includes performance obligations related to affiliate PPAs with Georgia Power. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information.
Schedule of Lease Income | Lease income for the three and nine months ended September 30, 2024 and 2023 is as follows:
| Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas
| (in millions)
For the Three Months Ended September 30, 2024
Lease income - interest income on sales-type leases | $ | 5 |  | $ | — |  | $ | — |  | $ | 3 |  | $ | 2 |  | $ | — |
Lease income - operating leases | 38 |  | 2 |  | 13 |  | — |  | 20 |  | 9 |
Variable lease income | 142 |  | — |  | — |  | — |  | 152 |  | — |
Total lease income | $ | 185 |  | $ | 2 |  | $ | 13 |  | $ | 3 |  | $ | 174 |  | $ | 9 |
For the Nine Months Ended September 30, 2024
Lease income - interest income on sales-type leases | $ | 18 |  | $ | — |  | $ | — |  | $ | 11 |  | $ | 7 |  | $ | — |
Lease income - operating leases | 108 |  | 6 |  | 28 |  | 2 |  | 63 |  | 27 |
Variable lease income | 343 |  | — |  | — |  | — |  | 370 |  | — |
Total lease income | $ | 469 |  | $ | 6 |  | $ | 28 |  | $ | 13 |  | $ | 440 |  | $ | 27 |
For the Three Months Ended September 30, 2023
Lease income - interest income on sales-type leases | $ | 6 |  | $ | — |  | $ | — |  | $ | 4 |  | $ | 2 |  | $ | — |
Lease income - operating leases | 36 |  | 3 |  | 7 |  | — |  | 21 |  | 9 |
Variable lease income | 134 |  | — |  | — |  | — |  | 144 |  | — |
Total lease income | $ | 176 |  | $ | 3 |  | $ | 7 |  | $ | 4 |  | $ | 167 |  | $ | 9 |
For the Nine Months Ended September 30, 2023
Lease income - interest income on sales-type leases | $ | 18 |  | $ | — |  | $ | — |  | $ | 11 |  | $ | 7 |  | $ | — |
Lease income - operating leases | 129 |  | 32 |  | 22 |  | 2 |  | 64 |  | 27 |
Variable lease income | 327 |  | 1 |  | — |  | — |  | 351 |  | — |
Total lease income | $ | 474 |  | $ | 33 |  | $ | 22 |  | $ | 13 |  | $ | 422 |  | $ | 27 |

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