Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN CO |
Entity Central Index Key | 0000092122 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 1,040,295,732 |
ALABAMA POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | ALABAMA POWER CO |
Entity Central Index Key | 0000003153 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 30,537,500 |
GEORGIA POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | GEORGIA POWER CO |
Entity Central Index Key | 0000041091 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 9,261,500 |
MISSISSIPPI POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | MISSISSIPPI POWER CO |
Entity Central Index Key | 0000066904 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 1,121,000 |
SOUTHERN POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN POWER CO |
Entity Central Index Key | 0001160661 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 1,000 |
SOUTHERN Co GAS | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN Co GAS |
Entity Central Index Key | 0001004155 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues: | ||
Total operating revenues | $ 5,412 | $ 6,372 |
Operating Expenses: | ||
Other operations and maintenance | 1,312 | 1,451 |
Depreciation and amortization | 751 | 769 |
Taxes other than income taxes | 329 | 355 |
Estimated loss on plants under construction | 2 | 44 |
Gain on dispositions, net | (2,497) | 0 |
Total operating expenses | 1,721 | 4,996 |
Operating Income (Loss) | 3,691 | 1,376 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 32 | 30 |
Earnings from equity method investments | 48 | 41 |
Interest expense, net of amounts capitalized | (430) | (458) |
Other income (expense), net | 78 | 60 |
Total other income and (expense) | (272) | (327) |
Earnings (Loss) Before Income Taxes | 3,419 | 1,049 |
Income taxes | 1,360 | 113 |
Consolidated net income (loss) | 2,059 | 936 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net loss attributable to noncontrolling interests | (29) | (6) |
Net Income (Loss) | $ 2,084 | $ 938 |
Earnings per share - | ||
Basic (in dollars per share) | $ 2.01 | $ 0.93 |
Diluted (in dollars per share) | $ 1.99 | $ 0.92 |
Average number of shares of common stock outstanding (in millions) | ||
Basic (in shares) | 1,038 | 1,011 |
Diluted (in shares) | 1,045 | 1,016 |
Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | $ 3,084 | $ 3,568 |
Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 499 | 623 |
Other electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 168 | 161 |
Natural gas | ||
Operating Revenues: | ||
Total operating revenues | 1,474 | 1,607 |
Operating Expenses: | ||
Total cost of natural gas | 686 | 720 |
Other | ||
Operating Revenues: | ||
Total operating revenues | 187 | 413 |
Operating Expenses: | ||
Total cost of natural gas | 118 | 289 |
Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 850 | 1,101 |
Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 170 | 267 |
ALABAMA POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 1,408 | 1,473 |
Operating Expenses: | ||
Other operations and maintenance | 409 | 387 |
Depreciation and amortization | 199 | 189 |
Taxes other than income taxes | 103 | 98 |
Total operating expenses | 1,070 | 1,101 |
Operating Income (Loss) | 338 | 372 |
Other Income and (Expense): | ||
Allowance for equity funds used during construction | 14 | 13 |
Interest expense, net of amounts capitalized | (83) | (79) |
Other income (expense), net | 14 | 5 |
Total other income and (expense) | (55) | (61) |
Earnings (Loss) Before Income Taxes | 283 | 311 |
Income taxes | 62 | 82 |
Consolidated net income (loss) | 221 | 229 |
Dividends on preferred stock of subsidiaries | 4 | 4 |
Net Income (Loss) | 217 | 225 |
ALABAMA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 1,213 | 1,285 |
ALABAMA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 61 | 74 |
ALABAMA POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 74 | 63 |
ALABAMA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 301 | 326 |
ALABAMA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 37 | 64 |
ALABAMA POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 60 | 51 |
ALABAMA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of natural gas | 21 | 37 |
GEORGIA POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 1,833 | 1,961 |
Operating Expenses: | ||
Other operations and maintenance | 446 | 408 |
Depreciation and amortization | 240 | 228 |
Taxes other than income taxes | 106 | 108 |
Total operating expenses | 1,385 | 1,448 |
Operating Income (Loss) | 448 | 513 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (96) | (106) |
Other income (expense), net | 40 | 38 |
Total other income and (expense) | (56) | (68) |
Earnings (Loss) Before Income Taxes | 392 | 445 |
Income taxes | 81 | 93 |
Consolidated net income (loss) | 311 | 352 |
Net Income (Loss) | 311 | 352 |
GEORGIA POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 1,668 | 1,798 |
GEORGIA POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 29 | 44 |
GEORGIA POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 133 | 109 |
GEORGIA POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 299 | 412 |
GEORGIA POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 118 | 121 |
GEORGIA POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 3 | 10 |
GEORGIA POWER CO | Purchased power, affiliates | ||
Operating Expenses: | ||
Total cost of natural gas | 176 | 171 |
MISSISSIPPI POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 287 | 302 |
Operating Expenses: | ||
Other operations and maintenance | 59 | 75 |
Depreciation and amortization | 48 | 41 |
Taxes other than income taxes | 26 | 28 |
Estimated loss on plants under construction | 2 | 44 |
Total operating expenses | 231 | 295 |
Operating Income (Loss) | 56 | 7 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (17) | (19) |
Other income (expense), net | 5 | 1 |
Total other income and (expense) | (12) | (18) |
Earnings (Loss) Before Income Taxes | 44 | (11) |
Income taxes | 7 | (4) |
Consolidated net income (loss) | 37 | (7) |
Net Income (Loss) | 37 | (7) |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 203 | 194 |
MISSISSIPPI POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 57 | 68 |
MISSISSIPPI POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 5 | 6 |
MISSISSIPPI POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 93 | 98 |
MISSISSIPPI POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 3 | 9 |
MISSISSIPPI POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 22 | 34 |
SOUTHERN POWER CO | ||
Operating Revenues: | ||
Total operating revenues | 443 | 509 |
Operating Expenses: | ||
Other operations and maintenance | 84 | 93 |
Depreciation and amortization | 119 | 114 |
Taxes other than income taxes | 11 | 12 |
Total operating expenses | 383 | 449 |
Operating Income (Loss) | 60 | 60 |
Other Income and (Expense): | ||
Interest expense, net of amounts capitalized | (44) | (47) |
Other income (expense), net | 2 | 3 |
Total other income and (expense) | (42) | (44) |
Earnings (Loss) Before Income Taxes | 18 | 16 |
Income taxes | (9) | (99) |
Consolidated net income (loss) | 27 | 115 |
Net loss attributable to noncontrolling interests | (29) | (6) |
Net Income (Loss) | 56 | 121 |
SOUTHERN POWER CO | Wholesale electric revenues | ||
Operating Revenues: | ||
Total operating revenues | 352 | 424 |
SOUTHERN POWER CO | Other | ||
Operating Revenues: | ||
Total operating revenues | 4 | 2 |
SOUTHERN POWER CO | Fuel | ||
Operating Expenses: | ||
Total cost of natural gas | 145 | 169 |
SOUTHERN POWER CO | Purchased power | ||
Operating Expenses: | ||
Total cost of natural gas | 24 | 61 |
SOUTHERN POWER CO | Wholesale revenues, affiliates | ||
Operating Revenues: | ||
Total operating revenues | 87 | 83 |
SOUTHERN Co GAS | ||
Operating Revenues: | ||
Total operating revenues | 1,474 | 1,639 |
Operating Expenses: | ||
Other operations and maintenance | 235 | 276 |
Depreciation and amortization | 118 | 129 |
Taxes other than income taxes | 82 | 77 |
Goodwill impairment | 0 | 42 |
Total operating expenses | 1,121 | 1,251 |
Operating Income (Loss) | 353 | 388 |
Other Income and (Expense): | ||
Earnings from equity method investments | 48 | 42 |
Interest expense, net of amounts capitalized | (59) | (59) |
Other income (expense), net | 5 | 12 |
Total other income and (expense) | (6) | (5) |
Earnings (Loss) Before Income Taxes | 347 | 383 |
Income taxes | 77 | 104 |
Consolidated net income (loss) | 270 | 279 |
Net Income (Loss) | 270 | 279 |
SOUTHERN Co GAS | Natural gas | ||
Operating Revenues: | ||
Total operating revenues | 1,476 | 1,631 |
Operating Expenses: | ||
Total cost of natural gas | 686 | 720 |
SOUTHERN Co GAS | Other | ||
Operating Revenues: | ||
Total operating revenues | 0 | 32 |
Operating Expenses: | ||
Total cost of natural gas | 0 | 7 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Operating Revenues: | ||
Total operating revenues | $ (2) | $ (24) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Alternative revenue programs | ||
Total operating revenues | $ (2) | $ (24) |
SOUTHERN Co GAS | ||
Excise taxes collected | $ 55 | $ 51 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 2,059 | $ 936 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (28) | 47 |
Reclassification adjustment for amounts included in net income, net of tax | 28 | (19) |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 2 |
Total other comprehensive income (loss) | 0 | 30 |
Comprehensive Income (Loss) | 2,059 | 966 |
Less: | ||
Dividends on preferred stock of subsidiaries | 4 | 4 |
Comprehensive loss attributable to noncontrolling interests | (29) | (6) |
Comprehensive Income (Loss) Attributable to Parent | 2,084 | 968 |
ALABAMA POWER CO | ||
Net income (loss) | 221 | 229 |
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | 1 |
Comprehensive Income (Loss) | 222 | 230 |
Less: | ||
Dividends on preferred stock of subsidiaries | 4 | 4 |
GEORGIA POWER CO | ||
Net income (loss) | 311 | 352 |
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 1 | 1 |
Comprehensive Income (Loss) | 312 | 353 |
MISSISSIPPI POWER CO | ||
Net income (loss) | 37 | (7) |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | (1) |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | (1) |
Comprehensive Income (Loss) | 37 | (8) |
SOUTHERN POWER CO | ||
Net income (loss) | 27 | 115 |
Qualifying hedges: | ||
Changes in fair value, net of tax | (29) | 48 |
Reclassification adjustment for amounts included in net income, net of tax | 25 | (24) |
Pension and other postretirement benefit plans: | ||
Total other comprehensive income (loss) | (4) | 24 |
Comprehensive Income (Loss) | 23 | 139 |
Less: | ||
Comprehensive loss attributable to noncontrolling interests | (29) | (6) |
Comprehensive Income (Loss) Attributable to Parent | 52 | 145 |
SOUTHERN Co GAS | ||
Net income (loss) | 270 | 279 |
Qualifying hedges: | ||
Changes in fair value, net of tax | 0 | 1 |
Reclassification adjustment for amounts included in net income, net of tax | 0 | 2 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | (1) | (1) |
Total other comprehensive income (loss) | (1) | 2 |
Comprehensive Income (Loss) | $ 269 | $ 281 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Qualifying hedges: | ||
Changes in fair value, tax | $ (9) | $ 16 |
Reclassification adjustment for amounts included in net income, tax | 9 | (6) |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
ALABAMA POWER CO | ||
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 1 |
GEORGIA POWER CO | ||
Qualifying hedges: | ||
Reclassification adjustment for amounts included in net income, tax | 0 | 0 |
MISSISSIPPI POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | 0 | (1) |
SOUTHERN POWER CO | ||
Qualifying hedges: | ||
Changes in fair value, tax | (10) | 16 |
Reclassification adjustment for amounts included in net income, tax | 8 | (8) |
SOUTHERN Co GAS | ||
Qualifying hedges: | ||
Changes in fair value, tax | 0 | 0 |
Reclassification adjustment for amounts included in net income, tax | 0 | 1 |
Pension and other postretirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, tax | $ 0 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income (loss) | $ 2,059 | $ 936 |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 851 | 873 |
Deferred income taxes | 191 | 34 |
Allowance for equity funds used during construction | (32) | (30) |
Pension, postretirement, and other employee benefits | (53) | (27) |
Settlement of asset retirement obligations | (62) | (41) |
Stock based compensation expense | 64 | 69 |
Estimated loss on Kemper IGCC | 6 | 37 |
Mark-to-market adjustments | 46 | (60) |
Gain on dispositions, net | (2,503) | 1 |
Other, net | 19 | 73 |
Changes in certain current assets and liabilities — | ||
-Receivables | 378 | 197 |
-Prepayments | (129) | (82) |
-Natural gas for sale | 363 | 413 |
-Other current assets | 17 | 7 |
-Accounts payable | (783) | (425) |
-Accrued taxes | 928 | (79) |
-Accrued compensation | (489) | (471) |
-Other current liabilities | (127) | 84 |
Net cash used for operating activities | 744 | 1,509 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (2) | (46) |
Property additions | (1,678) | (1,781) |
Nuclear decommissioning trust fund purchases | (197) | (306) |
Nuclear decommissioning trust fund sales | 192 | 301 |
Cost of removal, net of salvage | (89) | (79) |
Proceeds from asset dispositions | 4,427 | 135 |
Change in construction payables, net | (146) | (112) |
Investment in unconsolidated subsidiaries | (10) | (30) |
Payments pursuant to LTSAs | (28) | (73) |
Other investing activities | (15) | (4) |
Net cash provided from (used for) investing activities | 2,454 | (1,995) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 86 | 782 |
Proceeds — | ||
Long-term debt | 1,220 | 600 |
Common stock | 224 | 113 |
Short-term borrowings | 0 | 1,200 |
Redemptions and repurchases — | ||
Long-term debt | (2,429) | (1,283) |
Short-term borrowings | (1,750) | (150) |
Distributions to noncontrolling interests | (36) | (13) |
Capital contributions from noncontrolling interests | 3 | 8 |
Payment of common stock dividends | (623) | (586) |
Other financing activities | (48) | (42) |
Net cash provided from (used for) financing activities | (3,353) | 629 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (155) | 143 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,519 | 2,147 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,364 | 2,290 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 462 | 499 |
Income taxes, net | 0 | (1) |
Noncash transactions — Accrued property additions at end of period | 899 | 894 |
ALABAMA POWER CO | ||
Operating Activities: | ||
Net income (loss) | 221 | 229 |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 244 | 228 |
Deferred income taxes | 0 | 32 |
Allowance for equity funds used during construction | (14) | (13) |
Other, net | (24) | (21) |
Changes in certain current assets and liabilities — | ||
-Receivables | 105 | (1) |
-Prepayments | (78) | (82) |
-Materials and supplies | (4) | (27) |
-Other current assets | 19 | 19 |
-Accounts payable | (286) | (216) |
-Accrued taxes | 80 | 57 |
-Accrued compensation | (122) | (108) |
-Other current liabilities | (9) | 45 |
Net cash used for operating activities | 146 | 155 |
Investing Activities: | ||
Property additions | (390) | (490) |
Nuclear decommissioning trust fund purchases | (68) | (50) |
Nuclear decommissioning trust fund sales | 68 | 51 |
Cost of removal, net of salvage | (16) | (19) |
Change in construction payables, net | (95) | (50) |
Other investing activities | (10) | (6) |
Net cash provided from (used for) investing activities | (511) | (564) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 0 | 245 |
Proceeds — | ||
Capital contributions from parent company | 1,232 | 484 |
Redemptions and repurchases — | ||
Senior notes | (200) | 0 |
Payment of common stock dividends | (211) | (202) |
Other financing activities | (10) | (9) |
Net cash provided from (used for) financing activities | 811 | 518 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | 446 | 109 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 313 | 544 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 759 | 653 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 89 | 84 |
Income taxes, net | 0 | 9 |
Noncash transactions — Accrued property additions at end of period | 176 | 195 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Net income (loss) | 311 | 352 |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 287 | 280 |
Deferred income taxes | 127 | (38) |
Pension, postretirement, and other employee benefits | (35) | (19) |
Settlement of asset retirement obligations | (34) | (23) |
Other, net | (18) | 28 |
Changes in certain current assets and liabilities — | ||
-Receivables | 91 | 135 |
-Fossil fuel stock | (41) | 24 |
-Prepaid income taxes | (73) | 84 |
-Other current assets | 33 | 9 |
-Accounts payable | (166) | (180) |
-Accrued taxes | (245) | (191) |
-Accrued compensation | (67) | (85) |
-Other current liabilities | 42 | (3) |
Net cash used for operating activities | 212 | 373 |
Investing Activities: | ||
Property additions | (875) | (681) |
Nuclear decommissioning trust fund purchases | (129) | (255) |
Nuclear decommissioning trust fund sales | 124 | 250 |
Cost of removal, net of salvage | (58) | (26) |
Proceeds from asset dispositions | 7 | 134 |
Change in construction payables, net of joint owner portion | (38) | (47) |
Payments pursuant to LTSAs | (2) | (43) |
Other investing activities | (9) | 0 |
Net cash provided from (used for) investing activities | (980) | (668) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (19) | 0 |
Proceeds — | ||
FFB loan | 835 | 0 |
Pollution control revenue bonds | 343 | 0 |
Capital contributions from parent company | 27 | 1,474 |
Redemptions and repurchases — | ||
Pollution control revenue bonds | (108) | (278) |
Short-term borrowings | 0 | (150) |
Other long-term debt | 0 | (100) |
Payment of common stock dividends | (394) | (339) |
Other financing activities | (19) | (6) |
Net cash provided from (used for) financing activities | 665 | 601 |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (103) | 306 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 112 | 852 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 9 | 1,158 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 92 | 115 |
Noncash transactions — Accrued property additions at end of period | 607 | 525 |
MISSISSIPPI POWER CO | ||
Operating Activities: | ||
Net income (loss) | 37 | (7) |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 50 | 44 |
Deferred income taxes | (8) | 155 |
Estimated loss on Kemper IGCC | 6 | 37 |
Other, net | (10) | 3 |
Changes in certain current assets and liabilities — | ||
-Receivables | 11 | (129) |
-Other current assets | 7 | (12) |
-Accounts payable | (38) | (21) |
-Accrued taxes | (62) | (110) |
-Accrued compensation | (22) | (22) |
-Other current liabilities | 6 | 0 |
Net cash used for operating activities | (23) | (62) |
Investing Activities: | ||
Property additions | (45) | (33) |
Change in construction payables, net | (8) | (2) |
Other investing activities | (10) | (17) |
Net cash provided from (used for) investing activities | (63) | (52) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 0 | (4) |
Proceeds — | ||
Senior notes | 0 | 600 |
Short-term borrowings | 0 | 300 |
Pollution control revenue bonds | 43 | 0 |
Redemptions and repurchases — | ||
Other long-term debt | 0 | (900) |
Return of capital | (38) | 0 |
Other financing activities | 0 | (5) |
Net cash provided from (used for) financing activities | 5 | (9) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (81) | (123) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 293 | 248 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 212 | 125 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 13 | 21 |
Income taxes, net | 0 | 19 |
Noncash transactions — Accrued property additions at end of period | 27 | 30 |
SOUTHERN POWER CO | ||
Operating Activities: | ||
Net income (loss) | 27 | 115 |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 125 | 122 |
Deferred income taxes | 17 | (50) |
Amortization of investment tax credits | (14) | (14) |
Other, net | (7) | 2 |
Changes in certain current assets and liabilities — | ||
-Receivables | 10 | 48 |
-Prepaid income taxes | (9) | (32) |
-Other current assets | 3 | 5 |
-Accounts payable | (32) | (43) |
-Accrued compensation | (15) | (13) |
-Other current liabilities | 5 | 9 |
Net cash used for operating activities | 110 | 149 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (2) | (46) |
Property additions | (66) | (121) |
Change in construction payables, net | (7) | 25 |
Payments pursuant to LTSAs | (15) | (18) |
Other investing activities | 11 | 7 |
Net cash provided from (used for) investing activities | (79) | (153) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 5 | 29 |
Redemptions and repurchases — | ||
Distributions to noncontrolling interests | (36) | (13) |
Capital contributions from noncontrolling interests | 3 | 8 |
Payment of common stock dividends | (51) | (78) |
Net cash provided from (used for) financing activities | (79) | (54) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (48) | (58) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 181 | 140 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 133 | 82 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 28 | 29 |
Income taxes, net | 1 | (39) |
Noncash transactions — Accrued property additions at end of period | 19 | 57 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Net income (loss) | 270 | 279 |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities — | ||
Depreciation and amortization, total | 118 | 129 |
Deferred income taxes | 42 | 47 |
Mark-to-market adjustments | 45 | (59) |
Goodwill impairment | 0 | 42 |
Other, net | (20) | (2) |
Changes in certain current assets and liabilities — | ||
-Receivables | 238 | 175 |
-Natural gas for sale | 363 | 413 |
-Other current assets | 59 | 35 |
-Accounts payable | (353) | (119) |
-Accrued taxes | 21 | 28 |
-Accrued compensation | (50) | (38) |
-Other current liabilities | (50) | 48 |
Net cash used for operating activities | 683 | 978 |
Investing Activities: | ||
Property additions | (256) | (268) |
Cost of removal, net of salvage | (12) | (14) |
Change in construction payables, net | 1 | (46) |
Investment in unconsolidated subsidiaries | (10) | (29) |
Other investing activities | (13) | (4) |
Net cash provided from (used for) investing activities | (290) | (361) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (289) | (483) |
Redemptions and repurchases — | ||
Payment of common stock dividends | (118) | (118) |
Other financing activities | 5 | 6 |
Net cash provided from (used for) financing activities | (402) | (595) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (9) | 22 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 70 | 78 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 61 | 100 |
Cash paid (received) during the period for — | ||
Interest, net of amounts capitalized | 55 | 52 |
Income taxes, net | (1) | 0 |
Noncash transactions — Accrued property additions at end of period | $ 98 | $ 89 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest capitalized | $ 18 | $ 17 |
ALABAMA POWER CO | ||
Interest capitalized | 5 | 5 |
GEORGIA POWER CO | ||
Interest capitalized | 8 | 6 |
MISSISSIPPI POWER CO | ||
Interest capitalized | 0 | 0 |
SOUTHERN POWER CO | ||
Interest capitalized | 4 | 5 |
SOUTHERN Co GAS | ||
Interest capitalized | $ 2 | $ 1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 1,361 | $ 1,396 |
Receivables — | ||
Customer accounts receivable | 1,715 | 1,726 |
Energy marketing receivables | 529 | 801 |
Unbilled revenues | 555 | 654 |
Under recovered fuel clause revenues | 73 | 115 |
Other accounts and notes receivable | 863 | 813 |
Accumulated provision for uncollectible accounts | (46) | (50) |
Materials and supplies | 1,477 | 1,465 |
Fossil fuel for generation | 427 | 405 |
Natural gas for sale | 189 | 524 |
Prepaid expenses | 786 | 432 |
Assets from risk management activities, net of collateral | 111 | 222 |
Other regulatory assets | 482 | 525 |
Assets held for sale | 55 | 393 |
Other current assets | 132 | 162 |
Total current assets | 8,709 | 9,583 |
Property, Plant, and Equipment: | ||
In service | 102,673 | 103,706 |
Less: Accumulated depreciation | 30,834 | 31,038 |
Plant in service, net of depreciation | 71,839 | 72,668 |
Other utility plant, net | 1,315 | 0 |
Nuclear fuel, at amortized cost | 885 | 875 |
Construction work in progress | 7,598 | 7,254 |
Total property, plant, and equipment | 81,637 | 80,797 |
Other Property and Investments: | ||
Goodwill | 5,284 | 5,315 |
Equity investments in unconsolidated subsidiaries | 1,598 | 1,580 |
Other intangible assets, net of amortization | 585 | 613 |
Nuclear decommissioning trusts, at fair value | 1,875 | 1,721 |
Leveraged leases | 806 | 798 |
Miscellaneous property and investments | 363 | 269 |
Total other property and investments | 10,511 | 10,296 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,881 | |
Deferred charges related to income taxes | 794 | 794 |
Unamortized loss on reacquired debt | 318 | 323 |
Other regulatory assets, deferred | 8,191 | 8,308 |
Assets held for sale, deferred | 763 | 5,350 |
Other deferred charges and assets | 1,292 | 1,463 |
Total deferred charges and other assets | 13,239 | 16,238 |
Total Assets | 114,096 | 116,914 |
Current Liabilities: | ||
Securities due within one year | 2,315 | 3,198 |
Notes payable | 1,251 | 2,915 |
Energy marketing trade payables | 532 | 856 |
Accounts payable — | ||
Accounts payable | 2,037 | 2,580 |
Customer deposits | 483 | 522 |
Accrued taxes — | ||
Accrued income taxes | 340 | 21 |
Other accrued taxes | 331 | 635 |
Accrued interest | 412 | 472 |
Accrued compensation | 473 | 1,030 |
Asset retirement obligations | 417 | 404 |
Other regulatory liabilities | 310 | 376 |
Liabilities held for sale | 38 | 425 |
Operating lease obligations | 226 | |
Other current liabilities | 754 | 852 |
Total current liabilities | 9,919 | 14,286 |
Long-term Debt | 40,457 | 40,736 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 7,937 | 6,558 |
Deferred credits related to income taxes | 6,417 | 6,460 |
Accumulated deferred ITCs | 2,353 | 2,372 |
Employee benefit obligations | 2,084 | 2,147 |
Operating lease obligations, deferred | 1,720 | |
Asset retirement obligations, deferred | 9,011 | 8,990 |
Accrued environmental remediation | 261 | 268 |
Other cost of removal obligations | 2,304 | 2,297 |
Other regulatory liabilities, deferred | 211 | 169 |
Liabilities held for sale, deferred | 39 | 2,836 |
Other deferred credits and liabilities | 405 | 465 |
Total deferred credits and other liabilities | 32,742 | 32,562 |
Total Liabilities | 83,118 | 87,584 |
Redeemable Preferred Stock of Subsidiaries | 291 | 291 |
Stockholders' Equity: | ||
Total stockholders' equity | 30,687 | 29,039 |
Total Liabilities and Stockholders' Equity | 114,096 | 116,914 |
ALABAMA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 759 | 313 |
Receivables — | ||
Customer accounts receivable | 382 | 403 |
Unbilled revenues | 126 | 150 |
Affiliated | 45 | 94 |
Other accounts and notes receivable | 58 | 51 |
Accumulated provision for uncollectible accounts | (10) | (10) |
Materials and supplies | 558 | 546 |
Fossil fuel for generation | 120 | 141 |
Prepaid expenses | 113 | 66 |
Other regulatory assets | 125 | 137 |
Other current assets | 21 | 18 |
Total current assets | 2,297 | 1,909 |
Property, Plant, and Equipment: | ||
In service | 28,810 | 30,402 |
Less: Accumulated depreciation | 9,447 | 9,988 |
Plant in service, net of depreciation | 19,363 | 20,414 |
Other utility plant, net | 1,315 | 0 |
Nuclear fuel, at amortized cost | 320 | 324 |
Construction work in progress | 1,023 | 1,113 |
Total property, plant, and equipment | 22,021 | 21,851 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 64 | 65 |
Nuclear decommissioning trusts, at fair value | 933 | 847 |
Miscellaneous property and investments | 129 | 127 |
Total other property and investments | 1,126 | 1,039 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 160 | |
Deferred charges related to income taxes | 239 | 240 |
Deferred under recovered regulatory clause revenues | 21 | 116 |
Other regulatory assets, deferred | 1,350 | 1,386 |
Other deferred charges and assets | 193 | 189 |
Total deferred charges and other assets | 1,963 | 1,931 |
Total Assets | 27,407 | 26,730 |
Current Liabilities: | ||
Securities due within one year | 1 | 201 |
Accounts payable — | ||
Affiliated | 262 | 364 |
Other | 346 | 614 |
Customer deposits | 97 | 96 |
Accrued taxes — | ||
Other accrued taxes | 97 | 44 |
Accrued interest | 77 | 89 |
Accrued compensation | 102 | 227 |
Asset retirement obligations | 163 | 163 |
Operating lease obligations | 47 | |
Other current liabilities | 97 | 161 |
Total current liabilities | 1,242 | 1,959 |
Long-term Debt | 7,924 | 7,923 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 2,971 | 2,962 |
Deferred credits related to income taxes | 2,015 | 2,027 |
Accumulated deferred ITCs | 105 | 106 |
Employee benefit obligations | 302 | 314 |
Operating lease obligations, deferred | 147 | |
Asset retirement obligations, deferred | 3,064 | 3,047 |
Other cost of removal obligations | 489 | 497 |
Other regulatory liabilities, deferred | 107 | 69 |
Other deferred credits and liabilities | 30 | 58 |
Total deferred credits and other liabilities | 9,230 | 9,080 |
Total Liabilities | 18,396 | 18,962 |
Redeemable Preferred Stock | 291 | 291 |
Stockholders' Equity: | ||
Total stockholders' equity | 8,720 | 7,477 |
Total Liabilities and Stockholders' Equity | 27,407 | 26,730 |
GEORGIA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 9 | 4 |
Restricted cash and cash equivalents | 0 | 108 |
Receivables — | ||
Customer accounts receivable | 550 | 591 |
Unbilled revenues | 179 | 208 |
Under recovered fuel clause revenues | 73 | 115 |
Joint owner accounts receivable | 170 | 170 |
Affiliated | 21 | 39 |
Other accounts and notes receivable | 241 | 80 |
Accumulated provision for uncollectible accounts | (2) | (2) |
Materials and supplies | 504 | 519 |
Fossil fuel for generation | 272 | 231 |
Prepaid expenses | 193 | 142 |
Other regulatory assets | 210 | 199 |
Other current assets | 48 | 70 |
Total current assets | 2,468 | 2,474 |
Property, Plant, and Equipment: | ||
In service | 38,015 | 37,675 |
Less: Accumulated depreciation | 12,210 | 12,096 |
Plant in service, net of depreciation | 25,805 | 25,579 |
Nuclear fuel, at amortized cost | 565 | 550 |
Construction work in progress | 5,298 | 4,833 |
Total property, plant, and equipment | 31,668 | 30,962 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 50 | 51 |
Nuclear decommissioning trusts, at fair value | 942 | 873 |
Miscellaneous property and investments | 73 | 72 |
Total other property and investments | 1,065 | 996 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 1,519 | |
Deferred charges related to income taxes | 518 | 517 |
Other regulatory assets, deferred | 4,921 | 4,902 |
Other deferred charges and assets | 379 | 514 |
Total deferred charges and other assets | 7,337 | 5,933 |
Total Assets | 42,538 | 40,365 |
Current Liabilities: | ||
Securities due within one year | 973 | 617 |
Notes payable | 275 | 294 |
Accounts payable — | ||
Affiliated | 448 | 575 |
Other | 827 | 890 |
Customer deposits | 278 | 276 |
Accrued taxes — | ||
Other accrued taxes | 132 | 377 |
Accrued interest | 103 | 105 |
Accrued compensation | 112 | 221 |
Asset retirement obligations | 221 | 202 |
Other regulatory liabilities | 197 | 169 |
Operating lease obligations | 139 | |
Other current liabilities | 305 | 183 |
Total current liabilities | 3,871 | 3,909 |
Long-term Debt | 10,108 | 9,364 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,192 | 3,062 |
Deferred credits related to income taxes | 3,079 | 3,080 |
Accumulated deferred ITCs | 259 | 262 |
Employee benefit obligations | 567 | 599 |
Operating lease obligations, deferred | 1,404 | |
Asset retirement obligations, deferred | 5,634 | 5,627 |
Other deferred credits and liabilities | 155 | 139 |
Total deferred credits and other liabilities | 14,290 | 12,769 |
Total Liabilities | 28,269 | 26,042 |
Stockholders' Equity: | ||
Total stockholders' equity | 14,269 | 14,323 |
Total Liabilities and Stockholders' Equity | 42,538 | 40,365 |
MISSISSIPPI POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 212 | 293 |
Receivables — | ||
Customer accounts receivable | 29 | 34 |
Unbilled revenues | 37 | 41 |
Affiliated | 16 | 21 |
Other accounts and notes receivable | 36 | 31 |
Materials and supplies | 52 | 53 |
Fossil fuel for generation | 23 | 20 |
Other regulatory assets | 102 | 116 |
Other current assets | 6 | 19 |
Total current assets | 513 | 628 |
Property, Plant, and Equipment: | ||
In service | 4,821 | 4,900 |
Less: Accumulated depreciation | 1,467 | 1,429 |
Plant in service, net of depreciation | 3,354 | 3,471 |
Construction work in progress | 110 | 103 |
Total property, plant, and equipment | 3,464 | 3,574 |
Other Property and Investments: | ||
Total other property and investments | 123 | 24 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 8 | |
Deferred charges related to income taxes | 33 | 33 |
Other regulatory assets, deferred | 487 | 474 |
Accumulated deferred income taxes | 148 | 150 |
Other deferred charges and assets | 17 | 3 |
Total deferred charges and other assets | 685 | 660 |
Total Assets | 4,785 | 4,886 |
Current Liabilities: | ||
Securities due within one year | 339 | 40 |
Accounts payable — | ||
Affiliated | 52 | 60 |
Other | 50 | 90 |
Accrued taxes — | ||
Other accrued taxes | 33 | 95 |
Accrued interest | 20 | 15 |
Accrued compensation | 16 | 38 |
Accrued plant closure costs | 26 | 29 |
Asset retirement obligations | 28 | 34 |
Operating lease obligations | 3 | |
Other current liabilities | 55 | 40 |
Over recovered regulatory clause liabilities | 14 | 14 |
Total current liabilities | 633 | 455 |
Long-term Debt | 1,280 | 1,539 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 373 | 378 |
Deferred credits related to income taxes | 367 | 382 |
Employee benefit obligations | 111 | 115 |
Operating lease obligations, deferred | 5 | |
Asset retirement obligations, deferred | 127 | 126 |
Other cost of removal obligations | 186 | 185 |
Other regulatory liabilities, deferred | 80 | 81 |
Other deferred credits and liabilities | 18 | 16 |
Total deferred credits and other liabilities | 1,262 | 1,283 |
Total Liabilities | 3,175 | 3,277 |
Stockholders' Equity: | ||
Total stockholders' equity | 1,610 | 1,609 |
Total Liabilities and Stockholders' Equity | 4,785 | 4,886 |
SOUTHERN POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 133 | 181 |
Receivables — | ||
Customer accounts receivable | 120 | 111 |
Affiliated | 33 | 55 |
Other accounts and notes receivable | 116 | 116 |
Materials and supplies | 218 | 220 |
Prepaid income taxes | 1,190 | 25 |
Other current assets | 37 | 37 |
Total current assets | 1,847 | 745 |
Property, Plant, and Equipment: | ||
In service | 13,284 | 13,271 |
Less: Accumulated depreciation | 2,288 | 2,171 |
Plant in service, net of depreciation | 10,996 | 11,100 |
Construction work in progress | 409 | 430 |
Total property, plant, and equipment | 11,405 | 11,530 |
Other Property and Investments: | ||
Intangible assets, net of amortization | 340 | 345 |
Miscellaneous property and investments | 2 | 0 |
Total other property and investments | 342 | 345 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 372 | |
Prepaid LTSAs | 102 | 98 |
Accumulated deferred income taxes | 17 | 1,186 |
Income taxes receivable, non-current | 33 | 30 |
Assets held for sale, deferred | 644 | 576 |
Other deferred charges and assets | 342 | 373 |
Total deferred charges and other assets | 1,510 | 2,263 |
Total Assets | 15,104 | 14,883 |
Current Liabilities: | ||
Securities due within one year | 599 | 599 |
Notes payable | 105 | 100 |
Accounts payable — | ||
Affiliated | 69 | 92 |
Other | 66 | 77 |
Accrued taxes — | ||
Accrued income taxes | 11 | 6 |
Accrued interest | 44 | 36 |
Liabilities held for sale | 9 | 15 |
Operating lease obligations | 22 | |
Other current liabilities | 111 | 106 |
Total current liabilities | 1,014 | 1,031 |
Long-term Debt | 4,396 | 4,418 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 107 | 105 |
Accumulated deferred ITCs | 1,817 | 1,832 |
Operating lease obligations, deferred | 371 | |
Other deferred credits and liabilities | 181 | 213 |
Total deferred credits and other liabilities | 2,476 | 2,150 |
Total Liabilities | 7,886 | 7,599 |
Stockholders' Equity: | ||
Total stockholders' equity | 7,218 | 7,284 |
Total Liabilities and Stockholders' Equity | 15,104 | 14,883 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 57 | 64 |
Receivables — | ||
Customer accounts receivable | 472 | 370 |
Energy marketing receivables | 529 | 801 |
Unbilled revenues | 179 | 213 |
Affiliated | 9 | 11 |
Other accounts and notes receivable | 108 | 142 |
Accumulated provision for uncollectible accounts | (27) | (30) |
Natural gas for sale | 189 | 524 |
Prepaid expenses | 99 | 118 |
Assets from risk management activities, net of collateral | 108 | 219 |
Other regulatory assets | 46 | 73 |
Other current assets | 42 | 50 |
Total current assets | 1,811 | 2,555 |
Property, Plant, and Equipment: | ||
In service | 15,417 | 15,177 |
Less: Accumulated depreciation | 4,466 | 4,400 |
Plant in service, net of depreciation | 10,951 | 10,777 |
Construction work in progress | 577 | 580 |
Total property, plant, and equipment | 11,528 | 11,357 |
Other Property and Investments: | ||
Goodwill | 5,015 | 5,015 |
Equity investments in unconsolidated subsidiaries | 1,557 | 1,538 |
Other intangible assets, net of amortization | 93 | 101 |
Miscellaneous property and investments | 20 | 20 |
Total other property and investments | 6,685 | 6,674 |
Deferred Charges and Other Assets: | ||
Operating lease right-of-use assets, net of amortization | 86 | |
Other regulatory assets, deferred | 657 | 669 |
Other deferred charges and assets | 185 | 193 |
Total deferred charges and other assets | 928 | 862 |
Total Assets | 20,952 | 21,448 |
Current Liabilities: | ||
Securities due within one year | 354 | 357 |
Notes payable | 361 | 650 |
Energy marketing trade payables | 532 | 856 |
Accounts payable — | ||
Affiliated | 31 | 45 |
Other | 391 | 402 |
Customer deposits | 91 | 133 |
Accrued taxes — | ||
Accrued income taxes | 89 | 66 |
Other accrued taxes | 72 | 75 |
Accrued interest | 64 | 55 |
Accrued compensation | 49 | 100 |
Liabilities from risk management activities, net of collateral | 26 | 76 |
Other regulatory liabilities | 86 | 79 |
Operating lease obligations | 13 | |
Other current liabilities | 160 | 130 |
Total current liabilities | 2,306 | 3,024 |
Long-term Debt | 5,574 | 5,583 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 1,064 | 1,016 |
Deferred credits related to income taxes | 926 | 940 |
Employee benefit obligations | 351 | 357 |
Operating lease obligations, deferred | 71 | |
Accrued environmental remediation | 261 | 268 |
Other cost of removal obligations | 1,598 | 1,585 |
Other deferred credits and liabilities | 63 | 105 |
Total deferred credits and other liabilities | 4,334 | 4,271 |
Total Liabilities | 12,214 | 12,878 |
Stockholders' Equity: | ||
Total stockholders' equity | 8,738 | 8,570 |
Total Liabilities and Stockholders' Equity | $ 20,952 | $ 21,448 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Other intangible assets, amortization | $ 251 | $ 235 |
SOUTHERN POWER CO | ||
Other intangible assets, amortization | 67 | 61 |
SOUTHERN Co GAS | ||
Other intangible assets, amortization | $ 153 | $ 145 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Treasury | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ALABAMA POWER CO | ALABAMA POWER COCommon Stock | ALABAMA POWER COPaid-In Capital | ALABAMA POWER CORetained Earnings | ALABAMA POWER COAccumulated Other Comprehensive Income (Loss) | GEORGIA POWER CO | GEORGIA POWER COCommon Stock | GEORGIA POWER COPaid-In Capital | GEORGIA POWER CORetained Earnings | GEORGIA POWER COAccumulated Other Comprehensive Income (Loss) | MISSISSIPPI POWER CO | MISSISSIPPI POWER COCommon Stock | MISSISSIPPI POWER COPaid-In Capital | MISSISSIPPI POWER CORetained Earnings | MISSISSIPPI POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER CO | SOUTHERN POWER COPaid-In Capital | SOUTHERN POWER CORetained Earnings | SOUTHERN POWER COAccumulated Other Comprehensive Income (Loss) | SOUTHERN POWER COTotal Common Stockholders' Equity | SOUTHERN POWER CONoncontrolling Interests | SOUTHERN Co GAS | SOUTHERN Co GASPaid-In Capital | SOUTHERN Co GASRetained Earnings | SOUTHERN Co GASAccumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 1,008,532 | 929 | 31,000 | 9,000 | 1,000 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 25,528 | $ 5,037 | $ (36) | $ 10,470 | $ 8,885 | $ (189) | $ 1,361 | $ 6,829 | $ 1,222 | $ 2,986 | $ 2,647 | $ (26) | $ 11,931 | $ 398 | $ 7,328 | $ 4,215 | $ (10) | $ 1,358 | $ 38 | $ 4,529 | $ (3,205) | $ (4) | $ 6,498 | $ 3,662 | $ 1,478 | $ (2) | $ 5,138 | $ 1,360 | $ 9,022 | $ 9,214 | $ (212) | $ 20 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income (loss) | 938 | 938 | 225 | 225 | 352 | 352 | (7) | (7) | 121 | 121 | 121 | 279 | 279 | |||||||||||||||||||
Other comprehensive income (loss) | 30 | 30 | 1 | 1 | 1 | 1 | (1) | (1) | 24 | 24 | 24 | 2 | 2 | |||||||||||||||||||
Stock issued (in shares) | 4,055 | |||||||||||||||||||||||||||||||
Stock issued | 113 | $ 16 | 97 | |||||||||||||||||||||||||||||
Stock-based compensation | 36 | 36 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (586) | (586) | (202) | (202) | (339) | (339) | (78) | (78) | (78) | (118) | (118) | |||||||||||||||||||||
Contributions from noncontrolling interests | 9 | 9 | 9 | 9 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (13) | (13) | (13) | (13) | ||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (6) | (6) | (6) | (6) | ||||||||||||||||||||||||||||
Other (in shares) | (33) | |||||||||||||||||||||||||||||||
Other | (24) | $ 1 | $ (2) | 20 | (41) | (2) | (6) | (6) | (1) | 1 | (2) | (1) | (1) | 2 | (2) | 5 | 3 | (1) | 0 | (4) | 4 | |||||||||||
Return of capital | 0 | |||||||||||||||||||||||||||||||
Capital contributions from parent company | 488 | 488 | 1,476 | 1,476 | 2 | 2 | 1 | 1 | 1 | 14 | 14 | |||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2018 | 1,012,587 | 962 | 31,000 | 9,000 | 1,000 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2018 | 26,025 | $ 5,054 | $ (38) | 10,603 | 9,257 | (200) | 1,349 | 7,335 | $ 1,222 | 3,474 | 2,670 | (31) | 13,420 | $ 398 | 8,805 | 4,228 | (11) | 1,351 | $ 38 | 4,531 | (3,213) | (5) | 6,558 | 3,663 | 1,519 | 27 | 5,209 | 1,349 | 9,199 | 9,228 | (55) | 26 |
Beginning balance (in shares) at Dec. 31, 2018 | 1,034,741 | 953 | 31,000 | 9,000 | 1,000 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | 29,039 | $ 5,164 | $ (38) | 11,094 | 8,706 | (203) | 4,316 | 7,477 | $ 1,222 | 3,508 | 2,775 | (28) | 14,323 | $ 398 | 10,322 | 3,612 | (9) | 1,609 | $ 38 | 4,546 | (2,971) | (4) | 7,284 | 1,600 | 1,352 | 16 | 2,968 | 4,316 | 8,570 | 8,856 | (312) | 26 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income (loss) | 2,084 | 2,084 | 217 | 217 | 311 | 311 | 37 | 37 | 56 | 56 | 56 | 270 | 270 | |||||||||||||||||||
Other comprehensive income (loss) | 1 | 1 | 1 | 1 | (4) | (4) | (4) | (1) | (1) | |||||||||||||||||||||||
Stock issued (in shares) | 6,547 | |||||||||||||||||||||||||||||||
Stock issued | 224 | $ 28 | 196 | |||||||||||||||||||||||||||||
Stock-based compensation | 24 | 24 | ||||||||||||||||||||||||||||||
Cash dividends on common stock | (622) | (622) | (211) | (211) | (394) | (394) | (51) | (51) | (51) | (118) | (118) | |||||||||||||||||||||
Contributions from noncontrolling interests | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (41) | (41) | (41) | (41) | ||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (29) | (29) | (29) | (29) | ||||||||||||||||||||||||||||
Other (in shares) | (39) | |||||||||||||||||||||||||||||||
Other | 5 | $ (2) | 7 | (1) | 1 | (1) | (1) | 0 | (1) | (1) | (1) | (2) | 1 | |||||||||||||||||||
Return of capital | (38) | (38) | ||||||||||||||||||||||||||||||
Capital contributions from parent company | 1,236 | 1,236 | 29 | 29 | 2 | 2 | 1 | 1 | 1 | 17 | 17 | |||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 1,041,288 | 992 | 31,000 | 9,000 | 1,000 | |||||||||||||||||||||||||||
Ending balance at Mar. 31, 2019 | $ 30,687 | $ 5,192 | $ (40) | $ 11,321 | $ 10,167 | $ (203) | $ 4,250 | $ 8,720 | $ 1,222 | $ 4,744 | $ 2,781 | $ (27) | $ 14,269 | $ 398 | $ 10,350 | $ 3,529 | $ (8) | $ 1,610 | $ 38 | $ 4,510 | $ (2,934) | $ (4) | $ 7,218 | $ 1,600 | $ 1,356 | $ 12 | $ 2,968 | $ 4,250 | $ 8,738 | $ 8,873 | $ (160) | $ 25 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.60 | $ 0.58 |
Introduction
Introduction | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION | INTRODUCTION The condensed quarterly financial statements of each registrant included herein have been prepared by such registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2018 have been derived from the audited financial statements of each registrant. In the opinion of each registrant's management, the information regarding such registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2019 and 2018 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each registrant believes that the disclosures regarding such registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. Recently Adopted Accounting Standards In 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASU 2016-02 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The accounting required by lessors is relatively unchanged and there is no change to the accounting for existing leveraged leases. The registrants adopted the new standard effective January 1, 2019. See Note (L) for additional information and related disclosures. Goodwill and Other Intangible Assets Goodwill at March 31, 2019 and December 31, 2018 was as follows: At March 31, 2019 At December 31, 2018 (in millions) Southern Company $ 5,284 $ 5,315 Southern Company Gas: Gas distribution operations $ 4,034 $ 4,034 Gas marketing services 981 981 Southern Company Gas total $ 5,015 $ 5,015 Goodwill is not amortized but is subject to an annual impairment test during the fourth quarter of each year or more frequently if impairment indicators arise. Other intangible assets were as follows: At March 31, 2019 At December 31, 2018 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 211 $ (100 ) $ 111 $ 223 $ (94 ) $ 129 Trade names 70 (22 ) 48 70 (21 ) 49 Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 PPA fair value adjustments 405 (67 ) 338 405 (61 ) 344 Other 11 (6 ) 5 11 (5 ) 6 Total other intangible assets subject to amortization $ 761 $ (251 ) $ 510 $ 773 $ (235 ) $ 538 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 836 $ (251 ) $ 585 $ 848 $ (235 ) $ 613 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 405 $ (67 ) $ 338 $ 405 $ (61 ) $ 344 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (89 ) $ 67 $ 156 $ (84 ) $ 72 Trade names 26 (8 ) 18 26 (7 ) 19 Wholesale gas services Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 Total other intangible assets subject to amortization $ 246 $ (153 ) $ 93 $ 246 $ (145 ) $ 101 Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2019 (in millions) Southern Company $ 17 Southern Power (a) $ 6 Southern Company Gas Gas marketing services (b) $ 6 Wholesale gas services (a) 2 Southern Company Gas total $ 8 (a) Recorded as a reduction to operating revenues. (b) Included in depreciation and amortization. Restricted Cash At December 31, 2018, Georgia Power had restricted cash related to the redemption of pollution control revenue bonds, which were redeemed in January 2019. See Note (F) under " Financing Activities " for additional information. At both March 31, 2019 and December 31, 2018 , Southern Company Gas had restricted cash held as collateral for worker's compensation, life insurance, and long-term disability insurance. The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the registrants that had restricted cash at March 31, 2019 and/or December 31, 2018 : Southern Company Southern Company Gas (in millions) At March 31, 2019 Cash and cash equivalents $ 1,361 $ 57 Restricted cash: Other accounts and notes receivable 4 4 Total cash, cash equivalents, and restricted cash $ 1,364 (*) $ 61 (*) Total does not add due to rounding. Southern Company Georgia Power Southern Company Gas (in millions) At December 31, 2018 Cash and cash equivalents $ 1,396 $ 4 $ 64 Cash and cash equivalents held for sale 9 — — Restricted cash: Restricted cash — 108 — Other accounts and notes receivable 114 — 6 Total cash, cash equivalents, and restricted cash $ 1,519 $ 112 $ 70 Natural Gas for Sale Southern Company Gas, with the exception of Nicor Gas, carries natural gas inventory on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Southern Company Gas had no material adjustment in any period presented. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated. Nicor Gas' inventory decrement at March 31, 2019 is expected to be restored prior to year end. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters. The recovery balances for certain of Alabama Power's, Georgia Power's, and Mississippi Power's regulatory clauses at March 31, 2019 and December 31, 2018 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, (in millions) Alabama Power Rate CNP Compliance Deferred under recovered regulatory clause revenues $ — $ 42 Customer accounts receivable 25 — Rate CNP PPA Deferred under recovered regulatory clause revenues 21 25 Retail Energy Cost Recovery (*) Deferred under recovered regulatory clause revenues — 109 Other regulatory liabilities, deferred 2 — Natural Disaster Reserve Other regulatory liabilities, deferred 22 20 Georgia Power Fuel Cost Recovery Receivables – under recovered fuel clause revenues $ 73 $ 115 Mississippi Power Fuel Cost Recovery Over recovered retail fuel costs $ 10 $ 8 (*) In accordance with an accounting order issued on February 5, 2019 by the Alabama PSC, Alabama Power utilized $75 million of the 2018 Rate RSE refund liability to reduce the Rate ECR under recovered balance. See Note 2 to the financial statements under "Alabama Power – Rate ECR" in Item 8 of the Form 10-K for additional information. Alabama Power Environmental Accounting Order In connection with management's decision to retire Plant Gorgas, in February 2019, Alabama Power reclassified approximately $1.3 billion for Plant Gorgas Unit 10 from plant in service, net of depreciation to other utility plant, net and continued to depreciate the asset according to the original depreciation rates. On April 15, 2019, Alabama Power retired Plant Gorgas Units 8, 9, and 10 and reclassified approximately $740 million of the remaining net investment costs of the units to a regulatory asset to be recovered over the units' remaining useful lives as established prior to the decision to retire. Additionally, approximately $700 million of net capitalized asset retirement costs will be reclassified to a regulatory asset and recovered in accordance with accounting guidance provided by the Alabama PSC. See Note 2 to the financial statements under "Alabama Power – Environmental Accounting Order" and Note 6 in Item 8 of the Form 10-K for additional information. Georgia Power Nuclear Construction See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information regarding Georgia Power's construction of Plant Vogtle Units 3 and 4, the joint ownership agreements and related funding agreement, VCM reports, and the NCCR tariff. In 2009, the Georgia PSC certified construction of Plant Vogtle Units 3 and 4. Georgia Power holds a 45.7% ownership interest in Plant Vogtle Units 3 and 4. In 2012, the NRC issued the related combined construction and operating licenses, which allowed full construction of the two AP1000 nuclear units (with electric generating capacity of approximately 1,100 MWs each) and related facilities to begin. Until March 2017, construction on Plant Vogtle Units 3 and 4 continued under the Vogtle 3 and 4 Agreement, which was a substantially fixed price agreement. In March 2017, the EPC Contractor filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. In connection with the EPC Contractor's bankruptcy filing, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into several transitional arrangements to allow construction to continue. In July 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, entered into the Vogtle Services Agreement, whereby Westinghouse provides facility design and engineering services, procurement and technical support, and staff augmentation on a time and materials cost basis. The Vogtle Services Agreement provides that it will continue until the start-up and testing of Plant Vogtle Units 3 and 4 are complete and electricity is generated and sold from both units. The Vogtle Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. In October 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, executed the Bechtel Agreement, a cost reimbursable plus fee arrangement, whereby Bechtel is reimbursed for actual costs plus a base fee and an at-risk fee, which is subject to adjustment based on Bechtel's performance against cost and schedule targets. Each Vogtle Owner is severally (not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to Bechtel under the Bechtel Agreement. The Vogtle Owners may terminate the Bechtel Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay amounts related to work performed prior to the termination (including the applicable portion of the base fee), certain termination-related costs, and, at certain stages of the work, the applicable portion of the at-risk fee. Bechtel may terminate the Bechtel Agreement under certain circumstances, including certain Vogtle Owner suspensions of work, certain breaches of the Bechtel Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. Cost and Schedule Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by the expected in-service dates of November 2021 and November 2022, respectively, is as follows: (in billions) Base project capital cost forecast (a)(b) $ 8.0 Construction contingency estimate 0.4 Total project capital cost forecast (a)(b) 8.4 Net investment as of March 31, 2019 (b) (4.9 ) Remaining estimate to complete (a) $ 3.5 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $325 million . (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related Customer Refunds. Georgia Power estimates that its financing costs for construction of Plant Vogtle Units 3 and 4 will total approximately $3.1 billion , of which $1.9 billion had been incurred through March 31, 2019 . In April 2019, Southern Nuclear completed a cost and schedule validation process to verify and update quantities of commodities remaining to install, labor hours to install remaining quantities and related productivity, testing and system turnover requirements, and forecasted staffing needs and related costs. This process confirmed the total estimated project capital cost forecast for Plant Vogtle Units 3 and 4. The expected in-service dates of November 2021 for Unit 3 and November 2022 for Unit 4, as previously approved by the Georgia PSC, remain unchanged. As construction continues, challenges with management of contractors, subcontractors, and vendors; supervision of craft labor and related craft labor productivity, ability to attract and retain craft labor, and/or related cost escalation; procurement, fabrication, delivery, assembly, and/or installation and the initial testing and start-up, including any required engineering changes, of plant systems, structures, or components (some of which are based on new technology that only recently began initial operation in the global nuclear industry at this scale), any of which may require additional labor and/or materials; or other issues could arise and change the projected schedule and estimated cost. Monthly construction production targets established as part of a strategy to maintain and build margin to the approved in-service dates will continue to increase significantly throughout 2019. To meet these increasing monthly targets, existing craft construction productivity must improve and additional craft laborers must be retained and deployed. There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4 at the federal and state level and additional challenges may arise. Processes are in place that are designed to assure compliance with the requirements specified in the Westinghouse Design Control Document and the combined construction and operating licenses, including inspections by Southern Nuclear and the NRC that occur throughout construction. As a result of such compliance processes, certain license amendment requests have been filed and approved or are pending before the NRC. Various design and other licensing-based compliance matters, including the timely resolution of ITAAC and the related approvals by the NRC, may arise, which may result in additional license amendments or require other resolution. If any license amendment requests or other licensing-based compliance issues are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs. The ultimate outcome of these matters cannot be determined at this time. However, any extension of the regulatory-approved project schedule is currently estimated to result in additional base capital costs of approximately $50 million per month, based on Georgia Power's ownership interests, and AFUDC of approximately $12 million per month. While Georgia Power is not precluded from seeking recovery of any future capital cost forecast increase, management will ultimately determine whether or not to seek recovery. Any further changes to the capital cost forecast that are not expected to be recoverable through regulated rates will be required to be charged to income and such charges could be material. Joint Owner Contracts In November 2017, the Vogtle Owners entered into an amendment to their joint ownership agreements for Plant Vogtle Units 3 and 4 to provide for, among other conditions, additional Vogtle Owner approval requirements. Effective in August 2018, the Vogtle Owners further amended the joint ownership agreements to clarify and provide procedures for certain provisions of the joint ownership agreements related to adverse events that require the vote of the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 to continue construction (as amended, and together with the November 2017 amendment, the Vogtle Joint Ownership Agreements). The Vogtle Joint Ownership Agreements also confirm that the Vogtle Owners' sole recourse against Georgia Power or Southern Nuclear for any action or inaction in connection with their performance as agent for the Vogtle Owners is limited to removal of Georgia Power and/or Southern Nuclear as agent, except in cases of willful misconduct. As a result of the increase in the total project capital cost forecast and Georgia Power's decision not to seek rate recovery of the increase in the base capital costs in conjunction with the nineteenth VCM report, the holders of at least 90% of the ownership interests in Plant Vogtle Units 3 and 4 were required to vote to continue construction. In September 2018, the Vogtle Owners unanimously voted to continue construction of Plant Vogtle Units 3 and 4. Amendments to the Vogtle Joint Ownership Agreements In connection with the vote to continue construction, Georgia Power entered into (i) a binding term sheet (Vogtle Owner Term Sheet) with the other Vogtle Owners and MEAG's wholly-owned subsidiaries MEAG Power SPVJ, LLC (MEAG SPVJ), MEAG Power SPVM, LLC (MEAG SPVM), and MEAG Power SPVP, LLC (MEAG SPVP) to take certain actions which partially mitigate potential financial exposure for the other Vogtle Owners, including additional amendments to the Vogtle Joint Ownership Agreements and the purchase of PTCs from the other Vogtle Owners at pre-established prices, and (ii) a term sheet (MEAG Term Sheet) with MEAG and MEAG SPVJ to provide funding with respect to MEAG SPVJ's ownership interest in Plant Vogtle Units 3 and 4 under certain circumstances. On January 14, 2019, Georgia Power, MEAG, and MEAG SPVJ entered into an agreement to implement the provisions of the MEAG Term Sheet. On February 18, 2019, Georgia Power, the other Vogtle Owners, and MEAG's wholly-owned subsidiaries MEAG SPVJ, MEAG SPVM, and MEAG SPVP entered into certain amendments to the Vogtle Joint Ownership Agreements to implement the provisions of the Vogtle Owner Term Sheet. The ultimate outcome of these matters cannot be determined at this time. Regulatory Matters In 2009, the Georgia PSC voted to certify construction of Plant Vogtle Units 3 and 4 with a certified capital cost of $4.418 billion . In addition, in 2009 the Georgia PSC approved inclusion of the Plant Vogtle Units 3 and 4 related CWIP accounts in rate base, and the State of Georgia enacted the Georgia Nuclear Energy Financing Act, which allows Georgia Power to recover financing costs for Plant Vogtle Units 3 and 4. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff up to the certified capital cost of $4.418 billion . At March 31, 2019 , Georgia Power had recovered approximately $1.9 billion of financing costs. Financing costs related to capital costs above $4.418 billion will be recovered through AFUDC; however, Georgia Power will not record AFUDC related to any capital costs in excess of the total deemed reasonable by the Georgia PSC (currently $7.3 billion ) and not requested for rate recovery. In December 2018, the Georgia PSC approved Georgia Power's request to increase the NCCR tariff by $88 million annually, effective January 1, 2019. Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 of each year. In 2013, in connection with the eighth VCM report, the Georgia PSC approved a stipulation between Georgia Power and the staff of the Georgia PSC to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate in accordance with the 2009 certification order until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. In 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving certain prudency matters in connection with the fifteenth VCM report. In December 2017, the Georgia PSC voted to approve (and issued its related order on January 11, 2018) Georgia Power's seventeenth VCM report and modified the Vogtle Cost Settlement Agreement. The Vogtle Cost Settlement Agreement, as modified by the January 11, 2018 order, resolved the following regulatory matters related to Plant Vogtle Units 3 and 4: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report should be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement was reasonable and prudent and none of the amounts paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) (a) capital costs incurred up to $5.68 billion would be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, (b) Georgia Power would have the burden to show that any capital costs above $5.68 billion were prudent, and (c) a revised capital cost forecast of $7.3 billion (after reflecting the impact of payments received under the Guarantee Settlement Agreement and related Customer Refunds) was found reasonable; (iv) construction of Plant Vogtle Units 3 and 4 should be completed, with Southern Nuclear serving as project manager and Bechtel as primary contractor; (v) approved and deemed reasonable Georgia Power's revised schedule placing Plant Vogtle Units 3 and 4 in service in November 2021 and November 2022, respectively; (vi) confirmed that the revised cost forecast does not represent a cost cap and that prudence decisions on cost recovery will be made at a later date, consistent with applicable Georgia law; (vii) reduced the ROE used to calculate the NCCR tariff (a) from 10.95% (the ROE rate setting point authorized by the Georgia PSC in the 2013 ARP) to 10.00% effective January 1, 2016, (b) from 10.00% to 8.30% , effective January 1, 2020, and (c) from 8.30% to 5.30% , effective January 1, 2021 (provided that the ROE in no case will be less than Georgia Power's average cost of long-term debt); (viii) reduced the ROE used for AFUDC equity for Plant Vogtle Units 3 and 4 from 10.00% to Georgia Power's average cost of long-term debt, effective January 1, 2018; and (ix) agreed that upon Unit 3 reaching commercial operation, retail base rates would be adjusted to include carrying costs on those capital costs deemed prudent in the Vogtle Cost Settlement Agreement. The January 11, 2018 order also stated that if Plant Vogtle Units 3 and 4 are not commercially operational by June 1, 2021 and June 1, 2022, respectively, the ROE used to calculate the NCCR tariff will be further reduced by 10 basis points each month (but not lower than Georgia Power's average cost of long-term debt) until the respective Unit is commercially operational. The ROE reductions negatively impacted earnings by approximately $100 million in 2018 and are estimated to have negative earnings impacts of approximately $75 million in 2019 and an aggregate of approximately $635 million from 2020 to 2022. In its January 11, 2018 order, the Georgia PSC also stated if other conditions change and assumptions upon which Georgia Power's seventeenth VCM report are based do not materialize, the Georgia PSC reserved the right to reconsider the decision to continue construction. In February 2018, Georgia Interfaith Power & Light, Inc. (GIPL) and Partnership for Southern Equity, Inc. (PSE) filed a petition appealing the Georgia PSC's January 11, 2018 order with the Fulton County Superior Court. In March 2018, Georgia Watch filed a similar appeal to the Fulton County Superior Court for judicial review of the Georgia PSC's decision and denial of Georgia Watch's motion for reconsideration. In December 2018, the Fulton County Superior Court granted Georgia Power's motion to dismiss the two appeals. On January 9, 2019, GIPL, PSE, and Georgia Watch filed an appeal of this decision with the Georgia Court of Appeals. Georgia Power believes the appeal has no merit; however, an adverse outcome in the appeal combined with subsequent adverse action by the Georgia PSC could have a material impact on Southern Company's and Georgia Power's results of operations, financial condition, and liquidity. In August 2018, Georgia Power filed its nineteenth VCM report with the Georgia PSC, which requested approval of $578 million of construction capital costs incurred from January 1, 2018 through June 30, 2018. On February 19, 2019, the Georgia PSC approved the nineteenth VCM, but deferred approval of $51.6 million of expenditures related to Georgia Power's portion of an administrative claim filed in the Westinghouse bankruptcy proceedings. Through the nineteenth VCM, the Georgia PSC has approved total construction capital costs incurred through June 30, 2018 of $5.4 billion (before $1.7 billion of payments received under the Guarantee Settlement Agreement and approximately $188 million in related Customer Refunds). In addition, the staff of the Georgia PSC requested, and Georgia Power agreed, to report the results of the cost and schedule validation process to the Georgia PSC (which is expected to occur by May 1, 2019) and to file its twentieth VCM report concurrently with the twenty-first VCM report by August 31, 2019. The ultimate outcome of these matters cannot be determined at this time. DOE Financing At March 31, 2019 , Georgia Power had borrowed $3.46 billion related to Plant Vogtle Units 3 and 4 costs as provided through the Amended and Restated Loan Guarantee Agreement and related multi-advance credit facilities among Georgia Power, the DOE, and the FFB, which provide for borrowings of up to approximately $5.130 billion , subject to the satisfaction of certain conditions. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K and Note (F) under " DOE Loan Guarantee Borrowings " for additional information, including applicable covenants, events of default, mandatory prepayment events, and conditions to borrowing. The ultimate outcome of these matters cannot be determined at this time. Mississippi Power Municipal and Rural Association Tariff On March 28, 2019, Mississippi Power filed a request with the FERC for a decrease in wholesale base revenues under the MRA tariff as agreed upon in a settlement agreement reached with its wholesale customers resolving all matters related to the Kemper County energy facility similar to the retail rate settlement agreement approved by the Mississippi PSC in February 2018 and reflecting the impacts of the Tax Reform Legislation. The MRA settlement agreement provides that base rates will decrease $3.7 million annually, effective January 1, 2019. Mississippi Power expects the matter to be resolved in the second quarter 2019. The ultimate outcome of this matter cannot be determined at this time. Kemper County Energy Facility As the mining permit holder, Liberty Fuels Company, LLC has a legal obligation to perform mine reclamation, and Mississippi Power has a contractual obligation to fund all reclamation activities. As a result of the abandonment of the Kemper IGCC, final mine reclamation began in 2018 and is expected to be substantially completed in 2020, with monitoring expected to continue through 2027. See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information. During the first quarter 2019, Mississippi Power recorded pre-tax charges to income of $2 million ( $1 million after tax), primarily resulting from the abandonment and related closure activities and ongoing period costs, net of sales proceeds, for the mine and gasifier-related assets at the Kemper County energy facility. Additional closure costs for the mine and gasifier-related assets, currently estimated at up to $10 million pre-tax (excluding salvage, net of dismantlement costs), may be incurred through the first half of 2020. In addition, period costs, including, but not limited to, costs for compliance and safety, ARO accretion, and property taxes for the mine and gasifier-related assets, are estimated at $11 million for the remainder of 2019 and $2 million to $6 million annually in 2020 through 2023. In addition, Mississippi Power constructed the CO 2 pipeline for the planned transport of captured CO 2 for use in enhanced oil recovery and is currently evaluating its options regarding the final disposition of the CO 2 pipeline, including removal of the pipeline. This evaluation is expected to be complete later in 2019. If Mississippi Power ultimately decides to remove the CO 2 pipeline, the cost of removal would have a material impact on Mississippi Power's financial statements and could have a material impact on Southern Company's financial statements. In December 2018, Mississippi Power filed with the DOE its request for property closeout certification under the contract related to the $387 million of grants received. Mississippi Power and the DOE are currently in discussions regarding the requested closeout and property disposition, which may require payment to the DOE for a portion of certain property that is to be retained by Mississippi Power. In connection with the DOE closeout discussions, on April 29, 2019, the Civil Division of the Department of Justice informed Southern Company and Mississippi Power of an investigation related to the Kemper County energy facility. The ultimate outcome of these matters cannot be determined at this time; however, they could have a material impact on Mississippi Power's and Southern Company's financial statements. Southern Company Gas Rate Proceedings Nicor Gas In November 2018, Nicor Gas filed a general base rate case with the Illinois Commission requesting a $230 million increase in annual base rate revenues. The requested increase is based on a projected test year for the 12 -month period ending September 30, 2020, a ROE of 10.6% , and an increase in the equity ratio from 52% to 54% to address the negative cash flow and credit metric impacts of the Tax Reform Legislation. On April 16, 2019, Nicor Gas entered into a stipulation agreement to resolve all related issues with the Staff of the Illinois Commission, including a ROE of 9.86% and an equity ratio of 54% . Also on April 16, 2019, Nicor Gas filed its rebuttal testimony with the Illinois Commission incorporating the stipulation agreement and addressing the remaining items outstanding with the other two intervenors. As a result of the stipulation agreement and rebuttal testimony, the revised requested annual revenue increase is $180 million . The Illinois Commission is expected to rule on the requested increase within the statutory time limit of 11 months from the filing of the rate case, after which rate adjustments will be effective. The ultimate outcome of this matter cannot be determined at this time. Virginia Natural Gas In December 2018, the Virginia Commission approved Virginia Natural Gas' annual information form filing, which reduced annual base rates by $14 million effective January 1, 2019 due to lower tax expense as a result of the Tax Reform Legislation. This approval also required Virginia Natural Gas to issue customer refunds, via bill credits, for $14 million related to 2018 tax benefits deferred as a regulatory liability, current, on the balance sheet at December 31, 2018. These customer refunds were completed in the first quarter 2019. Regulatory Infrastructure Programs Southern Company Gas is engaged in various infrastructure programs that update or expand its gas distribution systems to improve reliability and help ensure the safety of its utility infrastructure, and recovers in rates its investment and a return associated with these infrastructure programs. In addition to capital expenditures recovered through base rates by each of the natural gas distribution utilities, Nicor Gas and Virginia Natural Gas have separate rate riders that provide for timely recovery of capital expenditures for specific infrastructure replacement programs. Virginia Natural Gas On April 8, 2019, Virginia Natural Gas filed an application with the Virginia Commission to amend and extend its Steps to Advance Virginia's Energy program. The proposal would allow Virginia Natural Gas to continue replacing aging pipeline infrastructure and increase its authorized investment under the currently-approved plan. Virginia Natural Gas seeks to amend its currently-approved plan by increasing the authorized investment in 2019 from $35 million to $40 million and to extend the plan for an additional five years until 2024, with proposed annual investments of $50 million in 2020, $60 million in 2021, and $70 million in each year from 2022 through 2024, for a maximum total investment over the six - year term (2019 through 2024) of $370 million . The proposed investment schedule would also allow for variances of up to $6 million in 2019, $8 million in 2020, $9 million in 2021, and $10 million in each year from 2022 through 2024, with a total potential net variance of up to $10 million allowed for the program. The Virginia Commission is expected to rule on the request in the third quarter 2019. The ultimate outcome of this matter cannot be determined at this time. Affiliate Asset Management Agreements On March 15, 2019, the Virginia Commission approved an extension of Virginia Natural Gas' asset management agreement with Sequent to March 31, 2021. FERC Matters See Note 2 to the financial statements under "FERC Matters – Open Access Transmission Tariff" in Item 8 of the Form 10-K for additional information. On March 25, 2019, the Alabama Municipal Electric Authority and Cooperative Energy and SCS and the traditional electric operating companies filed a formal settlement agreement with the FERC agreeing to a rate reduction based on a 10.6% ROE, with a retroactive effective date of May 10, 2018, and a five -year moratorium on these parties seeking changes to the OATT formula rate. The ultimate outcome of this matter cannot be determined at this time; however, if approved by the FERC as filed, the OATT settlement would not have a material impact on the financial statements of any of the traditional electric operating companies or Southern Company. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES See Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters Each registrant is subject to certain claims and legal actions arising in the ordinary course of business. In addition, the business activities of Southern Company's subsidiaries are subject to extensive governmental regulation related to public health and the environment, such as laws and regulations governing air, water, land, and protection of natural resources. Litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental laws and regulations, has occurred throughout the U.S. This litigation has included claims for damages alleged to have been caused by CO 2 and other emissions, CCR, and alleged exposure to hazardous materials, and/or requests for injunctive relief in connection with such matters. The ultimate outcome of such pending or potential litigation against each registrant and any subsidiaries cannot be predicted at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such registrant's financial statements. Southern Company In January 2017, a putative securities class action complaint was filed against Southern Company, certain of its officers, and certain former Mississippi Power officers in the U.S. District Court for the Northern District of Georgia by Monroe County Employees' Retirement System on behalf of all persons who purchased shares of Southern Company's common stock between April 25, 2012 and October 29, 2013. The complaint alleges that Southern Company, certain of its officers, and certain former Mississippi Power officers made materially false and misleading statements regarding the Kemper County energy facility in violation of certain provisions under the Securities Exchange Act of 1934, as amended. The complaint seeks, among other things, compensatory damages and litigation costs and attorneys' fees. In 2017, the plaintiffs filed an amended complaint that provided additional detail about their claims, increased the purported class period by one day, and added certain other former Mississippi Power officers as defendants. Also in 2017, the defendants filed a motion to dismiss the plaintiffs' amended complaint with prejudice, to which the plaintiffs filed an opposition. In March 2018, the court issued an order granting, in part, the defendants' motion to dismiss. The court dismissed certain claims against certain officers of Southern Company and Mississippi Power and dismissed the allegations related to a number of the statements that plaintiffs challenged as being false or misleading. In April 2018, the defendants filed a motion for reconsideration of the court's order, seeking dismissal of the remaining claims in the lawsuit. In August 2018, the court denied the motion for reconsideration and denied a motion to certify the issue for interlocutory appeal. In February 2017, Jean Vineyard and Judy Mesirov each filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of Georgia. Each of these lawsuits names as defendants Southern Company, certain of its directors, certain of its officers, and certain former Mississippi Power officers. In 2017, these two shareholder derivative lawsuits were consolidated in the U.S. District Court for the Northern District of Georgia. The complaints allege that the defendants caused Southern Company to make false or misleading statements regarding the Kemper County energy facility cost and schedule. Further, the complaints allege that the defendants were unjustly enriched and caused the waste of corporate assets and also allege that the individual defendants violated their fiduciary duties. Each plaintiff seeks to recover, on behalf of Southern Company, unspecified actual damages and, on each plaintiff's own behalf, attorneys' fees and costs in bringing the lawsuit. Each plaintiff also seeks certain changes to Southern Company's corporate governance and internal processes. In April 2018, the court entered an order staying this lawsuit until 30 days after the resolution of any dispositive motions or any settlement, whichever is earlier, in the putative securities class action. In May 2017, Helen E. Piper Survivor's Trust filed a shareholder derivative lawsuit in the Superior Court of Gwinnett County, Georgia that names as defendants Southern Company, certain of its directors, certain of its officers, and certain former Mississippi Power officers. The complaint alleges that the individual defendants, among other things, breached their fiduciary duties in connection with schedule delays and cost overruns associated with the construction of the Kemper County energy facility. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper County energy facility schedule and cost and failed to implement necessary internal controls to prevent harm to Southern Company. The plaintiff seeks to recover, on behalf of Southern Company, unspecified actual damages and disgorgement of profits and, on its behalf, attorneys' fees and costs in bringing the lawsuit. The plaintiff also seeks certain unspecified changes to Southern Company's corporate governance and internal processes. In May 2018, the court entered an order staying this lawsuit until 30 days after the resolution of any dispositive motions or any settlement, whichever is earlier, in the putative securities class action. Southern Company believes these legal challenges have no merit; however, an adverse outcome in any of these proceedings could have an impact on Southern Company's results of operations, financial condition, and liquidity. The ultimate outcome of these matters cannot be determined at this time. Georgia Power In 2011, plaintiffs filed a putative class action against Georgia Power in the Superior Court of Fulton County, Georgia alleging that Georgia Power's collection in rates of amounts for municipal franchise fees (which fees are paid to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state tort law claims. In 2016, the Georgia Court of Appeals reversed the trial court's previous dismissal of the case and remanded the case to the trial court. Georgia Power filed a petition for writ of certiorari with the Georgia Supreme Court, which was granted in 2017. In June 2018, the Georgia Supreme Court affirmed the judgment of the Georgia Court of Appeals and remanded the case to the trial court for further proceedings. Following a motion by Georgia Power, on February 13, 2019, the Superior Court of Fulton County ordered the parties to submit petitions to the Georgia PSC for a declaratory ruling to address certain terms the court previously held were ambiguous as used in the Georgia PSC's orders. The order entered by the Superior Court of Fulton County also conditionally certified the proposed class. In March 2019, Georgia Power and the plaintiffs filed petitions with the Georgia PSC seeking confirmation of the proper application of the municipal franchise fee schedule pursuant to the Georgia PSC's orders. Georgia Power and the plaintiffs also have filed notices of appeal with the Georgia Court of Appeals regarding the Superior Court of Fulton County's February 2019 order. Georgia Power believes the plaintiffs' claims have no merit. The amount of any possible losses cannot be calculated at this time because, among other factors, it is unknown whether conditional class certification will be upheld and the ultimate composition of any class and whether any losses would be subject to recovery from any municipalities. The ultimate outcome of this matter cannot be determined at this time. Mississippi Power In May 2018, Southern Company and Mississippi Power received a notice of dispute and arbitration demand filed by Martin Product Sales, LLC (Martin) based on two agreements, both related to Kemper IGCC byproducts for which Mississippi Power provided termination notices in 2017. Martin alleges breach of contract, breach of good faith and fair dealing, fraud and misrepresentation, and civil conspiracy and makes a claim for damages in the amount of approximately $143 million , as well as additional unspecified damages, attorney's fees, costs, and interest. In the first quarter 2019, Mississippi Power and Southern Company filed motions to dismiss. Southern Company and Mississippi Power believe this legal challenge has no merit; however, an adverse outcome in this proceeding could have a material impact on Southern Company's and Mississippi Power's results of operations, financial condition, and liquidity. The ultimate outcome of this matter cannot be determined at this time. In November 2018, Ray C. Turnage and 10 other individual plaintiffs filed a putative class action complaint against Mississippi Power and the three current members of the Mississippi PSC in the U.S. District Court for the Southern District of Mississippi. Mississippi Power received Mississippi PSC approval in 2013 to charge a mirror CWIP rate premised upon including in its rate base pre-construction and construction costs for the Kemper IGCC prior to placing the Kemper IGCC into service. The Mississippi Supreme Court reversed that approval and ordered Mississippi Power to refund the amounts paid by customers under the previously-approved mirror CWIP rate. The plaintiffs allege that the initial approval process, and the amount approved, were improper. They also allege that Mississippi Power underpaid customers in the refund process by applying an incorrect interest rate. The plaintiffs seek to recover, on behalf of themselves and their putative class, actual damages, punitive damages, pre-judgment interest, post-judgment interest, attorney's fees, and costs. In response to Mississippi Power and the Mississippi PSC each filing a motion to dismiss, the plaintiffs filed an amended complaint on March 14, 2019. The amended complaint included four additional plaintiffs and additional claims for gross negligence, reckless conduct, and intentional wrongdoing. Mississippi Power and the Mississippi PSC have each filed a motion to dismiss the amended complaint. Mississippi Power believes this legal challenge has no merit; however, an adverse outcome in this proceeding could have a material impact on Mississippi Power's results of operations, financial condition, and liquidity. The ultimate outcome of this matter cannot be determined at this time. Southern Power Southern Power indirectly owns a 51% membership interest in RE Roserock LLC (Roserock), the owner of the Roserock facility in Pecos County, Texas. Prior to the facility being placed in service in 2016, certain solar panels were damaged during installation by the construction contractor, McCarthy Building Companies, Inc. (McCarthy), and certain solar panels were damaged by a hail event that also occurred during construction. In connection therewith, Southern Power withheld payment of approximately $26 million to the construction contractor, which placed a lien on the Roserock facility for the same amount. In 2017, Roserock filed a lawsuit in the state district court in Pecos County, Texas against XL Insurance America, Inc. and North American Elite Insurance Company seeking recovery from an insurance policy for damages resulting from the hail event and McCarthy's installation practices. In June 2018, the court granted Roserock's motion for partial summary judgment, finding that the insurers were in breach of contract and in violation of the Texas Insurance Code for failing to pay any monies owed for the hail claim. Separate lawsuits were filed between Roserock and McCarthy, as well as other parties, and that litigation was consolidated in the U.S. District Court for the Western District of Texas. On April 18, 2019, Roserock and the parties to the state and federal lawsuits executed a settlement agreement and mutual release that resolves both lawsuits. Under the agreement, the lawsuits will be dismissed and McCarthy will release its lien following payments of all amounts (which are expected to occur in May 2019). Roserock will pay $26 million to McCarthy that was withheld and included in the original construction costs and will receive funds that will cover all related legal costs and the replacement costs of certain solar panels. In addition, during the first quarter 2019, Roserock received a partial payment of approximately $5 million in insurance proceeds toward the hail event. Any additional funds received in excess of the initial replacement costs are expected to be recognized as a gain when received by Roserock in the second quarter 2019, but are not expected to have a material impact on Southern Power's net income. Environmental Remediation The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental compliance costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies. Georgia Power's environmental remediation liability was $18 million and $23 million as of March 31, 2019 and December 31, 2018 , respectively. Georgia Power has been designated or identified as a potentially responsible party at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act, and assessment and potential cleanup of such sites is expected. Southern Company Gas' environmental remediation liability was $289 million and $294 million as of March 31, 2019 and December 31, 2018 , respectively, based on the estimated cost of environmental investigation and remediation associated with known current and former manufactured gas plant operating sites. These environmental remediation expenditures are recoverable from customers through rate mechanisms approved by the applicable state regulatory agencies of the natural gas distribution utilities, with the exception of one site representing $2 million of the total accrued remediation costs. The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of Southern Company, Georgia Power, or Southern Company Gas. Other Matters Mississippi Power In conjunction with Southern Company's sale of Gulf Power, Mississippi Power and Gulf Power have committed to seek a restructuring of their 50% undivided ownership interests in Plant Daniel such that each of them would, after the restructuring, own 100% of a generating unit. On January 15, 2019, Gulf Power provided notice to Mississippi Power that Gulf Power will retire its share of the generating capacity of Plant Daniel on January 15, 2024. Mississippi Power has the option to purchase Gulf Power's ownership interest for $1 on January 15, 2024, provided that Mississippi Power exercises the option no later than 120 days prior to that date. Mississippi Power is assessing the potential operational and economic effects of Gulf Power's notice. The ultimate outcome of these matters remains subject to completion of Mississippi Power's evaluations and applicable regulatory approvals, including by the FERC and the Mississippi PSC, and cannot be determined at this time. See Note (K) under " Southern Company " for information regarding the sale of Gulf Power. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The registrants generate revenues from a variety of sources, some of which are excluded from the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), such as leases, derivatives, and certain cost recovery mechanisms. See Note 1 to the financial statements under "Recently Adopted Accounting Standards – Revenue" in Item 8 of the Form 10-K for additional information on the adoption of ASC 606 for revenue from contracts with customers and Note 1 to the financial statements under "Revenues" and "Other Taxes" in Item 8 of the Form 10-K for additional information on the revenue policies of the registrants. For additional information on revenues accounted for under other accounting guidance, see Notes (J) and (L) for energy-related derivative contracts and lessor revenues, respectively, Note 1 to the financial statements under "Revenues – Southern Company Gas" in Item 8 of the Form 10-K for alternative revenue programs at the natural gas distribution utilities, and Note 2 to the financial statements in Item 8 of the Form 10-K for cost recovery mechanisms. The following tables disaggregate revenue sources for the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (in millions) Southern Company Operating revenues Retail electric revenues (a) Residential $ 1,288 $ 1,539 Commercial 1,093 1,243 Industrial 677 756 Other 26 30 Natural gas distribution revenues 1,163 1,224 Alternative revenue programs (b) (2 ) (24 ) Total retail electric and gas distribution revenues $ 4,245 $ 4,768 Wholesale energy revenues (c)(d) 367 472 Wholesale capacity revenues (d) 132 151 Other natural gas revenues (e)(f) 313 407 Other revenues (g) 355 574 Total operating revenues $ 5,412 $ 6,372 (a) Retail electric revenues include $8 million and $18 million of revenues accounted for as leases for the three months ended March 31, 2019 and 2018 , respectively, and a (net reduction) or net increase of $(103) million and $117 million for the three months ended March 31, 2019 and 2018 , respectively, from certain cost recovery mechanisms that are not accounted for as revenue under ASC 606. (b) Alternative revenue program revenues are presented net of any previously recognized program amounts billed to customers during the same accounting period. (c) Wholesale energy revenues include $53 million and $93 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues accounted for as derivatives, primarily related to physical energy sales in the wholesale electricity market. (d) Wholesale energy and wholesale capacity revenues include $66 million and $25 million , respectively, for the three months ended March 31, 2019 and $69 million and $30 million , respectively, for the three months ended March 31, 2018 related to PPAs accounted for as leases. (e) Other natural gas revenues related to Southern Company Gas' energy and risk management activities are presented net of the related costs of those activities and include gross third-party revenues of $1.9 billion for each of the three months ended March 31, 2019 and 2018 , of which $1.2 billion and $1.1 billion , respectively, relates to contracts that are accounted for as derivatives. See Note (M) under " Southern Company Gas " for additional information on the components of wholesale gas services operating revenues. (f) Other natural gas revenues for the three months ended March 31, 2019 include $9 million of revenues accounted for as leases. (g) Other revenues include $96 million and $90 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues not accounted for under ASC 606, including $31 million and $33 million in 2019 and 2018, respectively, accounted for as leases. Alabama Power Georgia Power Mississippi Power (in millions) For the Three Months Ended March 31, 2019 Operating revenues Retail revenues (a)(b) Residential $ 540 $ 688 $ 60 Commercial 354 674 65 Industrial 313 289 74 Other 6 17 4 Total retail electric revenues $ 1,213 $ 1,668 $ 203 Wholesale energy revenues (c) 94 18 78 Wholesale capacity revenues 27 14 1 Other revenues (b)(d) 74 133 5 Total operating revenues $ 1,408 $ 1,833 $ 287 For the Three Months Ended March 31, 2018 Operating revenues Retail revenues (a)(b) Residential $ 570 $ 744 $ 60 Commercial 371 717 62 Industrial 338 316 70 Other 6 21 2 Total retail electric revenues $ 1,285 $ 1,798 $ 194 Wholesale energy revenues (c) 101 40 98 Wholesale capacity revenues 24 14 4 Other revenues (b)(d) 63 109 6 Total operating revenues $ 1,473 $ 1,961 $ 302 (a) Retail revenues at Alabama Power, Georgia Power, and Mississippi Power include a net increase or (net reduction) of $(57) million , $(47) million , and $1 million , respectively, for the three months ended March 31, 2019 and $47 million , $10 million , and $76 million , respectively, for the three months ended March 31, 2018 related to certain cost recovery mechanisms that are not accounted for as revenue under ASC 606. (b) Retail revenues and other revenues at Georgia Power include $8 million and $11 million , respectively, for the three months ended March 31, 2019 and $18 million and $33 million , respectively, for the three months ended March 31, 2018 of revenues accounted for as leases. (c) Wholesale energy revenues at Alabama Power, Georgia Power, and Mississippi Power include $3 million , $4 million , and $1 million , respectively, for the three months ended March 31, 2019 and $5 million , $7 million , and $1 million , respectively, for the three months ended March 31, 2018 accounted for as derivatives primarily related to physical energy sales in the wholesale electricity market. (d) Other revenues at Alabama Power and Georgia Power include $28 million and $31 million , respectively, for the three months ended March 31, 2019 and $25 million and $26 million , respectively, for the three months ended March 31, 2018 of revenues not accounted for under ASC 606. For the Three Months Ended March 31, 2019 For the Three (in millions) Southern Power PPA capacity revenues (a) $ 127 $ 138 PPA energy revenues (a) 227 254 Non-PPA revenues (b) 85 115 Other revenues 4 2 Total operating revenues $ 443 $ 509 (a) PPA capacity revenues and PPA energy revenues include $41 million and $72 million , respectively, for the three months ended March 31, 2019 and $47 million and $76 million , respectively, for the three months ended March 31, 2018 related to PPAs accounted for as leases. (b) Non-PPA revenues include $45 million and $79 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues from short-term sales related to physical energy sales from uncovered capacity in the wholesale electricity market. For the Three Months Ended March 31, 2019 For the Three (in millions) Southern Company Gas Operating revenues Natural gas distribution revenues Residential $ 601 $ 660 Commercial 170 192 Transportation 256 277 Industrial 17 17 Other 119 78 Alternative revenue programs (a) (2 ) (24 ) Total natural gas distribution revenues $ 1,161 $ 1,200 Gas pipeline investments (b) 8 8 Wholesale gas services (c) 66 146 Gas marketing services (d) 229 271 Other revenues 10 14 Total operating revenues $ 1,474 $ 1,639 (a) Alternative revenue program revenues are presented net of any previously recognized program amounts billed to customers during the same accounting period. (b) Revenues from gas pipeline investments include $8 million for the three months ended March 31, 2019 accounted for as leases. (c) Wholesale gas services revenues are presented net of the related costs associated with its energy trading and risk management activities. Operating revenues, as presented, include gross third-party revenues of $1.9 billion for each of the three months ended March 31, 2019 and 2018 , of which $1.2 billion and $1.1 billion , respectively, relates to contracts accounted for as derivatives. See Note (M) under " Southern Company Gas " for additional information on the components of wholesale gas services operating revenues. (d) Gas marketing services includes $6 million and $4 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues not accounted for under ASC 606. Contract Balances The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers as of March 31, 2019 and December 31, 2018 : Receivables Contract Assets Contract Liabilities March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in millions) Southern Company (*) $ 2,522 $ 2,630 $ 84 $ 102 $ 62 $ 32 Alabama Power 514 520 1 — 10 12 Georgia Power 668 721 41 58 25 7 Mississippi Power 85 100 — — — — Southern Power 99 118 — — 4 11 Southern Company Gas 948 952 — — 1 2 (*) Includes amounts related to held for sale investments. As of March 31, 2019 and December 31, 2018 , Georgia Power had contract assets primarily related to unregulated service agreements where payment is contingent on project completion and fixed retail customer bill programs where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over the one-year contract term. Alabama Power had contract liabilities for outstanding performance obligations primarily related to extended service agreements. Contract liabilities for Georgia Power and Southern Power relate to cash collections recognized in advance of revenue for certain unregulated service agreements and certain levelized PPAs, respectively. Southern Company's unregulated distributed generation business had $34 million and $39 million of contract assets and $25 million and $11 million of contract liabilities at March 31, 2019 and December 31, 2018 , respectively, remaining for outstanding performance obligations. The following table reflects revenue from contracts with customers recognized in the three-month period ended March 31, 2019 included in the contract liability at December 31, 2018 : Three Months Ended March 31, 2019 (in millions) Southern Company $ 17 Southern Power 10 Revenues recognized in the three-month period ended March 31, 2019 , which were included in contract liabilities at December 31, 2018 , were immaterial for Alabama Power, Georgia Power, and Southern Company Gas. Remaining Performance Obligations The traditional electric operating companies and Southern Power have long-term contracts with customers in which revenues are recognized when the performance obligations are satisfied during the contract term. These contracts primarily relate to PPAs whereby the traditional electric operating companies and Southern Power provide electricity and generation capacity to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related to certain fixed price contracts. Registrants with revenues from contracts with customers related to these performance obligations remaining at March 31, 2019 expect the revenues to be recognized as follows: 2019 (remaining) 2020 2021 2022 2023 Thereafter (in millions) Southern Company (*) $ 451 $ 349 $ 315 $ 310 $ 301 $ 2,219 Alabama Power 16 22 27 23 22 140 Georgia Power 30 38 40 30 31 82 Mississippi Power 2 3 1 — — — Southern Power 248 295 270 276 269 2,143 (*) Includes amounts related to held for sale investments. |
Consolidated Entities and Equit
Consolidated Entities and Equity Method Investments | 3 Months Ended |
Mar. 31, 2019 | |
Regulated Operations [Abstract] | |
CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS | CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS Southern Power Variable Interest Entities See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information on Southern Power's VIEs. Southern Power has certain wholly-owned subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests. Southern Power previously consolidated SP Solar and SP Wind. Southern Power continues to consolidate them following the 2018 sales of noncontrolling interests in each entity, as the primary beneficiary of each VIE, since it controls the most significant activities of each entity, including operating and maintaining their assets. Transfers and sales of the assets in the VIEs are subject to limited partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt. SP Solar At March 31, 2019 , SP Solar had total assets of $6.5 billion , total liabilities of $373 million , and noncontrolling interests of $1.2 billion . Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to Global Atlantic in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. SP Wind At March 31, 2019 , SP Wind had total assets of $2.6 billion , total liabilities of $141 million , and noncontrolling interests of $46 million . Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement. Southern Company Gas See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information on Southern Company Gas' equity method investments. Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2019 and December 31, 2018 and related income from those investments for the three -month periods ended March 31, 2019 and 2018 were as follows: Investment Balance March 31, 2019 December 31, 2018 (in millions) SNG $ 1,262 $ 1,261 Atlantic Coast Pipeline 96 83 PennEast Pipeline 75 71 Other 124 123 Total $ 1,557 $ 1,538 Earnings from Equity Method Investments Three Months Ended Three Months (in millions) SNG $ 42 $ 39 Atlantic Coast Pipeline 3 1 PennEast Pipeline 2 1 Other 1 1 Total $ 48 $ 42 SNG Selected financial information of SNG for the three months ended March 31, 2019 and 2018 is as follows: Income Statement Information Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) Revenues $ 166 $ 160 Operating income 106 99 Net income 84 78 |
Financing
Financing | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
FINANCING | FINANCING Bank Credit Arrangements Bank credit arrangements provide liquidity support to the registrants' commercial paper borrowings and the traditional electric operating companies' revenue bonds. The amount of variable rate revenue bonds of the traditional electric operating companies outstanding requiring liquidity support as of March 31, 2019 was approximately $1.4 billion (comprised of approximately $854 million at Alabama Power, $550 million at Georgia Power, and $40 million at Mississippi Power). In addition, at March 31, 2019 , the traditional electric operating companies had approximately $432 million (comprised of approximately $87 million at Alabama Power and $345 million at Georgia Power) of revenue bonds outstanding that were required to be remarketed within the next 12 months. Subsequent to March 31, 2019, Georgia Power purchased and held approximately $115 million of outstanding pollution control revenue bonds required to be remarketed. See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K and " Financing Activities " herein for additional information. The following table outlines the committed credit arrangements by company as of March 31, 2019 : Expires Company 2019 2020 2022 Total Unused (d) (in millions) Southern Company (a) $ — $ — $ 2,000 $ 2,000 $ 1,999 Alabama Power 33 500 800 1,333 1,333 Georgia Power — — 1,750 1,750 1,736 Mississippi Power 100 — — 100 100 Southern Power (b) — — 750 750 741 Southern Company Gas (c) — — 1,900 1,900 1,895 Other 30 — — 30 30 Southern Company Consolidated $ 163 $ 500 $ 7,200 $ 7,863 $ 7,834 (a) Represents the Southern Company parent entity. (b) Does not include Southern Power Company's $120 million continuing letter of credit facility for standby letters of credit expiring in 2021, of which $24 million was unused at March 31, 2019 . Southern Power's subsidiaries are not parties to its bank credit arrangement. (c) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.4 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. (d) Amounts used are for letters of credit. Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder. DOE Loan Guarantee Borrowings See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for additional information regarding Georgia Power's 2014 loan guarantee agreement. Pursuant to the loan guarantee program established under Title XVII of the Energy Policy Act of 2005 (Title XVII Loan Guarantee Program), Georgia Power and the DOE entered into a loan guarantee agreement in 2014 and the Amended and Restated Loan Guarantee Agreement in March 2019. Under the Amended and Restated Loan Guarantee Agreement, the DOE has agreed to guarantee the obligations of Georgia Power under note purchase agreements among the DOE, Georgia Power, and the FFB and related promissory notes which provide for two multi-advance term loan facilities (FFB Credit Facilities). Under the FFB Credit Facilities, Georgia Power may make term loan borrowings through the FFB in an amount up to approximately $5.130 billion , provided that total aggregate borrowings under the FFB Credit Facilities may not exceed 70% of (i) Eligible Project Costs minus (ii) approximately $1.492 billion (reflecting the amounts received by Georgia Power under the Guarantee Settlement Agreement less the Customer Refunds). In March 2019, Georgia Power made borrowings under the FFB Credit Facilities in an aggregate principal amount of $835 million at an interest rate of 3.213% through the final maturity date of February 20, 2044. At March 31, 2019 , Georgia Power had a total of $3.46 billion of borrowings outstanding under the FFB Credit Facilities. All borrowings under the FFB Credit Facilities are full recourse to Georgia Power, and Georgia Power is obligated to reimburse the DOE for any payments the DOE is required to make to the FFB under its guarantee. Georgia Power's reimbursement obligations to the DOE are full recourse and secured by a first priority lien on (i) Georgia Power's 45.7% undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. There are no restrictions on Georgia Power's ability to grant liens on other property. In addition to the conditions described above, future advances are subject to satisfaction of customary conditions, as well as certification of compliance with the requirements of the Title XVII Loan Guarantee Program, including accuracy of project-related representations and warranties, delivery of updated project-related information, and evidence of compliance with the prevailing wage requirements of the Davis-Bacon Act of 1931, as amended, and certification from the DOE's consulting engineer that proceeds of the advances are used to reimburse Eligible Project Costs. Upon satisfaction of all conditions described above, advances may be requested on a quarterly basis through 2023. The final maturity date for each advance under the FFB Credit Facilities is February 20, 2044. Interest is payable quarterly and principal payments will begin on February 20, 2020. Borrowings under the FFB Credit Facilities will bear interest at the applicable U.S. Treasury rate plus a spread equal to 0.375% . Under the Amended and Restated Loan Guarantee Agreement, Georgia Power is subject to customary borrower affirmative and negative covenants and events of default. In addition, Georgia Power is subject to project-related reporting requirements and other project-specific covenants and events of default. In the event certain mandatory prepayment events occur, the FFB's commitment to make further advances under the FFB Credit Facilities will terminate and Georgia Power will be required to prepay the outstanding principal amount of all borrowings under the FFB Credit Facilities over a period of five years (with level principal amortization). Among other things, these mandatory prepayment events include (i) the termination of the Vogtle Services Agreement or rejection of the Vogtle Services Agreement in any Westinghouse bankruptcy if Georgia Power does not maintain access to intellectual property rights under the related intellectual property licenses; (ii) termination of the Bechtel Agreement, unless the Vogtle Owners enter into a replacement agreement; (iii) cancellation of Plant Vogtle Units 3 and 4 by the Georgia PSC or by Georgia Power; (iv) failure of the holders of 90% of the ownership interests in Plant Vogtle Units 3 and 4 to vote to continue construction following certain schedule extensions; (v) cost disallowances by the Georgia PSC that could have a material adverse effect on completion of Plant Vogtle Units 3 and 4 or Georgia Power's ability to repay the outstanding borrowings under the FFB Credit Facilities; or (vi) loss of or failure to receive necessary regulatory approvals. Under certain circumstances, insurance proceeds and any proceeds from an event of taking must be applied to immediately prepay outstanding borrowings under the FFB Credit Facilities. In addition, if Georgia Power discontinues construction of Plant Vogtle Units 3 and 4, Georgia Power would be obligated to immediately repay a portion of the outstanding borrowings under the FFB Credit Facilities to the extent such outstanding borrowings exceed 70% of Eligible Project Costs, net of the proceeds received by Georgia Power under the Guarantee Settlement Agreement less the Customer Refunds. Georgia Power also may voluntarily prepay outstanding borrowings under the FFB Credit Facilities. Under the FFB Credit Facilities, any prepayment (whether mandatory or optional) will be made with a make-whole premium or discount, as applicable. In connection with any cancellation of Plant Vogtle Units 3 and 4, the DOE may elect to continue construction of Plant Vogtle Units 3 and 4. In such an event, the DOE will have the right to assume Georgia Power's rights and obligations under the principal agreements relating to Plant Vogtle Units 3 and 4 and to acquire all or a portion of Georgia Power's ownership interest in Plant Vogtle Units 3 and 4. Financing Activities The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2019 : Company Senior Note Maturities, Redemptions, and Repurchases Revenue Bond Issuances and Reofferings of Purchased Bonds Revenue Bond and Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (a) (in millions) Southern Company (b) $ 2,100 $ — $ — $ — $ — Alabama Power 200 — — — — Georgia Power — 343 108 835 2 Mississippi Power — 43 — — — Other — — — — 19 Southern Company Consolidated $ 2,300 $ 386 $ 108 $ 835 $ 21 (a) Includes reductions in finance lease obligations resulting from cash payments under finance leases. (b) Represents the Southern Company parent entity. Except as otherwise described herein, Southern Company and its subsidiaries used the proceeds of debt issuances for their redemptions and maturities shown in the table above, to repay short-term indebtedness, and for general corporate purposes, including working capital. The subsidiaries also used the proceeds for their construction programs. Southern Company In January 2019, Southern Company repaid a $250 million short-term uncommitted bank credit arrangement and a $1.5 billion short-term floating rate bank loan. Also in January 2019, through cash tender offers, Southern Company repurchased and retired approximately $522 million of the $1.0 billion aggregate principal amount outstanding of its 1.85% Senior Notes due July 1, 2019 ( 1.85% Notes), approximately $180 million of the $350 million aggregate principal amount outstanding of its Series 2014B 2.15% Senior Notes due September 1, 2019 (Series 2014B Notes), and approximately $504 million of the $750 million aggregate principal amount outstanding of its Series 2018A Floating Rate Notes due February 14, 2020 (Series 2018A Notes), for an aggregate purchase price, excluding accrued and unpaid interest, of approximately $1.2 billion . In addition, following the completion of the cash tender offers, in February 2019, Southern Company completed the redemption of all of the Series 2018A Notes, 1.85% Notes, and Series 2014B Notes remaining outstanding. Georgia Power In January 2019, Georgia Power redeemed approximately $13 million , $20 million , and $75 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), First Series 1992, Eighth Series 1994, and Second Series 1995, respectively. In March 2019, Georgia Power reoffered to the public the following pollution control revenue bonds that previously had been purchased and held by Georgia Power: • $173 million aggregate principal amount of Development Authority of Bartow County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Bowen Project), First Series 2009; • approximately $105 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), First Series 2013; and • $65 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 2008. Subsequent to March 31, 2019, Georgia Power purchased and held the following pollution control revenue bonds, which may be reoffered to the public at a later date: • $55 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fourth Series 1994; • $30 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fourth Series 1995; • $20 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Ninth Series 1994; and • $10 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 1994. Mississippi Power In March 2019, Mississippi Power reoffered to the public $43 million of Mississippi Business Finance Corporation Pollution Control Revenue Refunding Bonds, Series 2002, that previously had been purchased and held by Mississippi Power. Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under stock-based compensation plans. See Note 12 to the financial statements in Item 8 of the Form 10-K for information on stock-based compensation plans. The effect of stock-based compensation plans was determined using the treasury stock method. Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) As reported shares 1,038 1,011 Effect of stock-based compensation 7 5 Diluted shares 1,045 1,016 There were no stock-based compensation awards that were not included in the diluted earnings per share calculation because they were anti-dilutive for the three months ended March 31, 2019 and an immaterial amount of such awards was not included for the three months ended March 31, 2018 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Effective Tax Rate Details of significant changes in the effective tax rate for the applicable registrants are provided herein. Southern Company Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity and flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs, primarily at Southern Power. Southern Company's effective tax rate was 39.8% for the three months ended March 31, 2019 compared to 10.8% for the corresponding period in 2018 . The effective tax rate increase was primarily due to the tax impact from the sale of Gulf Power. See Note (K) for additional information. Alabama Power Alabama Power's effective tax rate was 21.9% for the three months ended March 31, 2019 compared to 26.3% for the corresponding period in 2018. The effective tax rate decrease was primarily due to the application in 2018 of the accounting order approved by the Alabama PSC in May 2018 related to the Tax Reform Legislation. See Note 2 to the financial statements under "Alabama Power – Tax Reform Accounting Order" in Item 8 of the Form 10-K for additional information. Mississippi Power Mississippi Power's effective tax rate was 15.5% for the three months ended March 31, 2019 compared to a benefit rate of (34.7)% for the corresponding period in 2018 . The effective tax rate increase was primarily due to lower estimated losses on the Kemper IGCC in 2019, partially offset by an increase in the flowback of excess deferred income taxes as a result of a settlement agreement reached with wholesale customers under the MRA tariff. See Note (B) under "Mississippi Power" for additional information. Southern Power Southern Power's effective tax benefit rate was (49.8)% for the three months ended March 31, 2019 compared to (647.0)% for the corresponding period in 2018 . The effective tax benefit rate decrease was primarily due to changes in state apportionment rates following the reorganization of Southern Power's legal entities that own and operate certain solar facilities and a reduction of tax benefits from wind PTCs primarily as a result of the sale of a noncontrolling tax equity interest in SP Wind. Southern Company Gas Southern Company Gas' effective tax rate was 22.3% for the three months ended March 31, 2019 compared to 27.2% for the corresponding period in 2018 . This decrease was primarily related to tax impacts of the goodwill impairment charge recorded in the first quarter 2018 and an increase in the flowback of excess deferred income taxes in 2019 primarily at Atlanta Gas Light as previously authorized by the Georgia PSC. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2019 . The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. Components of the net periodic benefit costs for the three months ended March 31, 2019 and 2018 are presented in the following tables. 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 Three Months Ended March 31, 2018 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 90 $ 19 $ 22 $ 4 $ 2 $ 8 Interest cost 116 25 35 5 1 10 Expected return on plan assets (236 ) (51 ) (74 ) (10 ) (3 ) (18 ) Amortization: Prior service costs 1 — — — — (1 ) Regulatory asset — — — — — 3 Net (gain)/loss 53 14 17 3 1 3 Net periodic pension cost (income) $ 24 $ 7 $ — $ 2 $ 1 $ 5 Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ 1 Interest cost 19 4 7 1 — 2 Expected return on plan assets (17 ) (6 ) (6 ) — — (2 ) Amortization: Prior service costs 2 1 — — — — Regulatory asset — — — — — 1 Net (gain)/loss 3 — 2 — — — Net periodic postretirement benefit cost $ 13 $ — $ 5 $ 1 $ — $ 2 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS As of March 31, 2019 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using: As of March 31, 2019: 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)(b) $ 322 $ 128 $ 4 $ — $ 454 Foreign currency derivatives — 38 — — 38 Investments in trusts: (c)(d) Domestic equity 682 120 — — 802 Foreign equity 60 195 — — 255 U.S. Treasury and government agency securities — 283 — — 283 Municipal bonds — 73 — — 73 Pooled funds – fixed income — 14 — — 14 Corporate bonds 24 298 — — 322 Mortgage and asset backed securities — 72 — — 72 Private equity — — — 48 48 Cash and cash equivalents 1 — — — 1 Other 28 4 — — 32 Cash equivalents 907 3 — — 910 Other investments 9 14 — — 23 Total $ 2,033 $ 1,242 $ 4 $ 48 $ 3,327 Liabilities: Energy-related derivatives (a)(b) $ 466 $ 106 $ 23 $ — $ 595 Interest rate derivatives — 35 — — 35 Foreign currency derivatives — 24 — — 24 Contingent consideration — — 21 — 21 Total $ 466 $ 165 $ 44 $ — $ 675 Fair Value Measurements Using: As of March 31, 2019: 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 $ — $ 6 $ — $ — $ 6 Nuclear decommissioning trusts: (c) Domestic equity 446 108 — — 554 Foreign equity 60 57 — — 117 U.S. Treasury and government agency securities — 18 — — 18 Municipal bonds — 1 — — 1 Corporate bonds 24 139 — — 163 Mortgage and asset backed securities — 24 — — 24 Private equity — — — 48 48 Other 5 — — — 5 Cash equivalents 569 3 — — 572 Other investments — 14 — — 14 Total $ 1,104 $ 370 $ — $ 48 $ 1,522 Liabilities: Energy-related derivatives $ — $ 7 $ — $ — $ 7 Georgia Power Assets: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Nuclear decommissioning trusts: (c)(d) Domestic equity 236 1 — — 237 Foreign equity — 134 — — 134 U.S. Treasury and government agency securities — 265 — — 265 Municipal bonds — 72 — — 72 Corporate bonds — 160 — — 160 Mortgage and asset backed securities — 47 — — 47 Other 23 4 — — 27 Total $ 259 $ 692 $ — $ — $ 951 Liabilities: Energy-related derivatives $ — $ 16 $ — $ — $ 16 Interest rate derivatives — 2 — — 2 Total $ — $ 18 $ — $ — $ 18 Fair Value Measurements Using: As of March 31, 2019: 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 202 — — — 202 Total $ 202 $ 3 $ — $ — $ 205 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Southern Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 38 — — 38 Cash equivalents 10 — — — 10 Total $ 10 $ 39 $ — $ — $ 49 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Foreign currency derivatives — 24 — — 24 Contingent consideration — — 21 — 21 Total $ — $ 27 $ 21 $ — $ 48 Southern Company Gas Assets: Energy-related derivatives (a)(b) $ 322 $ 108 $ 4 $ — $ 434 Non-qualified deferred compensation trusts: Domestic equity — 11 — — 11 Foreign equity — 4 — — 4 Pooled funds – fixed income — 14 — — 14 Cash equivalents 1 — — — 1 Cash equivalents 13 — — — 13 Total $ 336 $ 137 $ 4 $ — $ 477 Liabilities: Energy-related derivatives (a)(b) $ 466 $ 73 $ 23 $ — $ 562 (a) Energy-related derivatives exclude $11 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Energy-related derivatives exclude cash collateral of $190 million . (c) 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. (d) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2019 , approximately $72 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. Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased for the three months ended March 31, 2019 and decreased for the three months ended March 31, 2018 by the amounts shown in the table below. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) Southern Company $ 152 $ (11 ) Alabama Power 87 (5 ) Georgia Power 65 (6 ) Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby Southern Power is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligation is categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. As of March 31, 2019 , the fair value measurements of private equity investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $48 million and unfunded commitments related to the private equity investments totaled $49 million . Private equity funds include funds-of-funds that invest in high-quality private equity funds across several market sectors, funds that invest in real estate assets, and a fund that acquires companies to create resale value. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. As of March 31, 2019 , other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in millions) Long-term debt, including securities due within one year: Carrying amount $ 42,535 $ 7,921 $ 10,910 $ 1,619 $ 4,995 $ 5,928 Fair value 43,910 8,424 11,249 1,619 5,131 6,176 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the Merger. Southern Company Gas amortizes the fair value adjustments over the lives of the respective bonds. The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas. Commodity Contracts with Level 3 Valuation Inputs As of March 31, 2019 , the fair value of Southern Company Gas' Level 3 physical natural gas forward contracts was $19 million . Since commodity contracts classified as Level 3 typically include a combination of observable and unobservable components, the changes in fair value may include amounts due in part to observable market factors, or changes to assumptions on the unobservable components. The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2019 (in millions) Beginning balance $ — Transfers to Level 3 (30 ) Changes in fair value 11 Ending balance $ (19 ) Changes in fair value of Level 3 instruments represent changes in gains and losses for the periods that are reported on Southern Company Gas' statements of income in natural gas revenues. The valuation of certain commodity contracts requires the use of certain unobservable inputs. All forward pricing used in the valuation of such contracts is directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices used for determining fair value, reflect the best available market information. Unobservable inputs are updated using industry standard techniques such as extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Level 3 physical natural gas forward contracts include unobservable forward price inputs (ranging from $0.07 to $1.15 per mmBtu). Forward price increases (decreases) as of March 31, 2019 would have resulted in higher (lower) values on a net basis. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • 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. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. At March 31, 2019 , the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: Net Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company (*) 538 2022 2029 Alabama Power 72 2022 — Georgia Power 153 2022 — Mississippi Power 61 2022 — Southern Power 9 2020 — Southern Company Gas (*) 243 2021 2029 (*) 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 3.8 billion mmBtu and short natural gas positions of 3.6 billion mmBtu as of March 31, 2019 , which is also included in Southern Company's total volume. In addition to the volumes discussed above, the traditional electric operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess natural gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 40 million mmBtu for Southern Company, which includes 6 million mmBtu for Alabama Power, 12 million mmBtu for Georgia Power, 5 million mmBtu for Mississippi Power, and 13 million mmBtu for Southern Power. For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to earnings for the next 12 -month period ending March 31, 2020 are immaterial for all registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. At March 31, 2019 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value Gain (Loss) at March 31, 2019 (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company (*) $ 300 2.75% 3-month LIBOR+0.92% June 2020 $ (3 ) Southern Company (*) 1,500 2.35% 1-month LIBOR+0.87% July 2021 (30 ) Georgia Power 200 4.25% 3-month LIBOR+2.46% December 2019 (2 ) Southern Company Consolidated $ 2,000 $ (35 ) (*) Represents the Southern Company parent entity. The estimated pre-tax gains (losses) related to interest rate derivatives expected to be reclassified from accumulated OCI to interest expense for the next 12 -month period ending March 31, 2020 are $(19) million for Southern Company and immaterial for all other registrants. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2046 for the Southern Company parent entity, 2035 for Alabama Power, 2037 for Georgia Power, 2028 for Mississippi Power, and 2046 for Southern Company Gas. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. At March 31, 2019 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2019 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 2 Southern Power 564 3.78% 500 1.85% June 2026 11 Total $ 1,241 € 1,100 $ 13 The estimated pre-tax gains (losses) related to Southern Power's foreign currency derivatives expected to be reclassified from accumulated OCI to earnings for the next 12 -month period ending March 31, 2020 are $(24) million . Derivative Financial Statement Presentation and Amounts Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheet are presented net to the extent that there are netting arrangements or similar agreements with the counterparties. The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2019 As of December 31, 2018 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 $ 12 $ 10 $ 8 $ 23 Other deferred charges and assets/Other deferred credits and liabilities 11 21 9 26 Assets held for sale, current/Liabilities held for sale, current — — — 6 Total derivatives designated as hedging instruments for regulatory purposes $ 23 $ 31 $ 17 $ 55 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 3 $ 3 $ 7 Other deferred charges and assets/Other deferred credits and liabilities — 1 1 2 Interest rate derivatives: Other current assets/Other current liabilities — 20 — 19 Other deferred charges and assets/Other deferred credits and liabilities — 15 — 30 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 23 Other deferred charges and assets/Other deferred credits and liabilities 38 — 75 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 39 $ 63 $ 79 $ 81 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 259 $ 291 $ 561 $ 575 Other deferred charges and assets/Other deferred credits and liabilities 171 269 180 325 Total derivatives not designated as hedging instruments $ 430 $ 560 $ 741 $ 900 Gross amounts recognized $ 492 $ 654 $ 837 $ 1,036 Gross amounts offset (a) $ (333 ) $ (523 ) $ (524 ) $ (801 ) Net amounts recognized in the Balance Sheets (b) $ 159 $ 131 $ 313 $ 235 As of March 31, 2019 As of December 31, 2018 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 $ 2 $ 3 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 3 5 3 6 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 7 $ 6 $ 10 Gross amounts recognized $ 6 $ 7 $ 6 $ 10 Gross amounts offset $ (5 ) $ (5 ) $ (4 ) $ (4 ) Net amounts recognized in the Balance Sheets $ 1 $ 2 $ 2 $ 6 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 4 $ 5 $ 2 $ 8 Other deferred charges and assets/Other deferred credits and liabilities 5 11 4 13 Total derivatives designated as hedging instruments for regulatory purposes $ 9 $ 16 $ 6 $ 21 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ — $ 2 $ — $ 2 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ 2 $ — $ 2 Gross amounts recognized $ 9 $ 18 $ 6 $ 23 Gross amounts offset $ (8 ) $ (8 ) $ (6 ) $ (6 ) Net amounts recognized in the Balance Sheets $ 1 $ 10 $ — $ 17 As of March 31, 2019 As of December 31, 2018 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 $ 2 $ 2 $ 1 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 1 4 2 6 Total derivatives designated as hedging instruments for regulatory purposes $ 3 $ 6 $ 3 $ 9 Gross amounts recognized $ 3 $ 6 $ 3 $ 9 Gross amounts offset $ (3 ) $ (3 ) $ (2 ) $ (2 ) Net amounts recognized in the Balance Sheets $ — $ 3 $ 1 $ 7 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 2 $ 3 $ 6 Other deferred charges and assets/Other deferred credits and liabilities — 1 1 2 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 23 Other deferred charges and assets/Other deferred credits and liabilities 38 — 75 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 39 $ 27 $ 79 $ 31 Gross amounts recognized $ 39 $ 27 $ 79 $ 31 Gross amounts offset $ (1 ) $ (1 ) $ (3 ) $ (3 ) Net amounts recognized in the Balance Sheets $ 38 $ 26 $ 76 $ 28 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 $ 3 $ 1 $ 2 $ 8 Other deferred charges and assets/Other deferred credits and liabilities 1 — — 1 Total derivatives designated as hedging instruments for regulatory purposes $ 4 $ 1 $ 2 $ 9 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 $ — $ 1 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ 1 $ — $ 1 As of March 31, 2019 As of December 31, 2018 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 259 $ 291 $ 559 $ 574 Other deferred charges and assets/Other deferred credits and liabilities 171 269 180 325 Total derivatives not designated as hedging instruments $ 430 $ 560 $ 739 $ 899 Gross amounts of recognized $ 434 $ 562 $ 741 $ 909 Gross amounts offset (a) $ (316 ) $ (506 ) $ (508 ) $ (785 ) Net amounts recognized in the Balance Sheets (b) $ 118 $ 56 $ 233 $ 124 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $190 million and $277 million as of March 31, 2019 and December 31, 2018 , respectively. (b) Net amounts of derivative instruments outstanding exclude premium and intrinsic value associated with weather derivatives of $11 million and $8 million as of March 31, 2019 and December 31, 2018 , respectively. At March 31, 2019 and December 31, 2018 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at March 31, 2019 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 $ (5 ) $ (1 ) $ (2 ) $ (1 ) $ (1 ) Other regulatory assets, deferred (11 ) (2 ) (6 ) (3 ) — Other regulatory liabilities, current 7 1 1 1 4 Total energy-related derivative gains (losses) $ (9 ) $ (2 ) $ (7 ) $ (3 ) $ 3 (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $2 million at March 31, 2019 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2018 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 $ (19 ) $ (3 ) $ (6 ) $ (2 ) $ (8 ) Other regulatory assets, deferred (16 ) (3 ) (9 ) (4 ) — Assets held for sale, current (6 ) — — — — Other regulatory liabilities, current 1 — — — 1 Total energy-related derivative gains (losses) $ (40 ) $ (6 ) $ (15 ) $ (6 ) $ (7 ) For the three months ended March 31, 2019 and 2018 , the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months 2019 2018 (in millions) Southern Company Energy-related derivatives $ — $ 12 Interest rate derivatives — (2 ) Foreign currency derivatives (39 ) 53 Total $ (39 ) $ 63 Southern Power Energy-related derivatives $ — $ 11 Foreign currency derivatives (39 ) 53 Total $ (39 ) $ 64 For the three months ended March 31, 2019 and 2018 , the pre-tax effects of energy-related derivatives and interest rate derivatives designated as cash flow hedging instruments on accumulated OCI were immaterial for the other registrants. For the three months ended March 31, 2019 and 2018 , the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months 2019 2018 (in millions) Southern Company Total depreciation and amortization $ 751 $ 769 Gain (loss) on energy-related cash flow hedges (a) (3 ) 1 Total interest expense, net of amounts capitalized (430 ) (458 ) Gain (loss) on interest rate cash flow hedges (a) (5 ) (5 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (5 ) Gain (loss) on interest rate fair value hedges (b) 14 (24 ) Total other income (expense), net 78 60 Gain (loss) on foreign currency cash flow hedges (a)(c) (24 ) 36 Southern Power Total depreciation and amortization $ 119 $ 114 Gain (loss) on energy-related cash flow hedges (a) (3 ) 1 Total interest expense, net of amounts capitalized (44 ) (47 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (5 ) Total other income (expense), net 2 3 Gain (loss) on foreign currency cash flow hedges (a)(c) (24 ) 36 (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. For the three months ended March 31, 2019 and 2018 , the pre-tax effects of cash flow and fair value hedge accounting on income for energy-related derivatives and interest rate derivatives were immaterial for the traditional electric operating companies and Southern Company Gas. As of March 31, 2019 and December 31, 2018, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: 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, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 (in millions) (in millions) Southern Company Securities due within one year $ (499 ) $ (498 ) $ 1 $ 2 Long-term debt (2,065 ) (2,052 ) 28 41 Georgia Power Securities due within one year $ (499 ) $ (498 ) $ 1 $ 2 Long-term debt — — — — For the three months ended March 31, 2019 and 2018 , the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2019 2018 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 33 $ (15 ) Cost of natural gas 8 2 Total derivatives in non-designated hedging relationships $ 41 $ (13 ) (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for the three months ended March 31, 2019 and 2018 . For the three months ended March 31, 2019 and 2018 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments were immaterial f or the traditional electric operating companies and Southern Power. Contingent Features Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. At March 31, 2019 , the registrants had no collateral posted with derivative counterparties to satisfy these arrangements. For the registrants with interest rate derivatives at March 31, 2019 , the fair value of interest rate derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, was immaterial. At March 31, 2019 , the fair value of energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial for all registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. Following the sale of Gulf Power to NextEra Energy, Gulf Power is continuing to participate in the Southern Company power pool for a defined transition period that, subject to certain potential adjustments, is scheduled to end on January 1, 2024. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivatives executed with the same counterparty. Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Alabama Power and Southern Power may be required to post collateral. At March 31, 2019 , cash collateral posted in these accounts was immaterial. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts. At March 31, 2019 , cash collateral held on deposit in broker margin accounts was $190 million . The registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The registrants only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's and S&P or with counterparties who have posted collateral to cover potential credit exposure. The registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk. Prior to entering into a physical transaction, Southern Company Gas assigns physical wholesale counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch Ratings Inc. ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. In addition, Southern Company Gas conducts credit evaluations and obtains appropriate internal approvals for the counterparty's line of credit before any transaction with the counterparty is executed. In most cases, the counterparty must have an investment grade rating, which includes a minimum long-term debt rating of Baa3 from Moody's and BBB- from S&P. Generally, Southern Company Gas requires credit enhancements by way of a guaranty, cash deposit, or letter of credit for transaction counterparties that do not have investment grade ratings. Southern Company Gas also utilizes master netting agreements whenever possible to mitigate exposure to counterparty credit risk. When Southern Company Gas is engaged in more than one outstanding derivative transaction with the same counterparty and it also has a legally enforceable netting agreement with that counterparty, the "net" mark-to-market exposure represents the netting of the positive and negative exposures with that counterparty and a reasonable measure of Southern Company Gas' credit risk. Southern Company Gas also uses other netting agreements with certain counterparties with whom it conducts significant transactions. Master netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty. Southern Company Gas also nets across product lines and against cash collateral provided the master netting and cash collateral agreements include such provisions. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary. The registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company On January 1, 2019, Southern Company completed the sale of all of the capital stock of Gulf Power to 700 Universe, LLC, a wholly-owned subsidiary of NextEra Energy, for an aggregate cash purchase price of approximately $5.8 billion (less $1.3 billion of indebtedness assumed), subject to customary working capital adjustments. The preliminary gain associated with the sale of Gulf Power totaled $2.5 billion pre-tax ( $1.3 billion after tax). The assets and liabilities of Gulf Power were classified as assets held for sale and liabilities held for sale on Southern Company's balance sheet as of December 31, 2018. Southern Power Construction Projects in Progress During the three months ended March 31, 2019 , Southern Power continued construction of the projects set forth in the table below. Total aggregate construction costs, excluding the acquisition costs, are expected to be between $575 million and $640 million for the Plant Mankato expansion and the Wildhorse Mountain and Reading facilities. At March 31, 2019 , total costs of construction incurred for these projects were $347 million and are included in CWIP, except for the Plant Mankato expansion, which is included in assets held for sale in the financial statements . The ultimate outcome of these matters cannot be determined at this time. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Expected COD PPA Contract Period Mankato expansion (a) Natural Gas 385 Mankato, MN May 2019 20 years Wildhorse Mountain (b) Wind 100 Pushmataha County, OK Fourth quarter 2019 20 years Reading (c) Wind 200 Osage and Lyon Counties, KS Second quarter 2020 12 years (a) In November 2018, Southern Power entered into an agreement to sell all of its equity interests in Plant Mankato, including this expansion currently under construction. This transaction is subject to FERC and state commission approvals and is expected to close mid-2019. The ultimate outcome of this matter cannot be determined at this time. See " Sales of Natural Gas and Biomass Plants " below. (b) In May 2018, Southern Power purchased 100% of the Wildhorse Mountain facility. 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. (c) In August 2018, Southern Power purchased 100% of the membership interests of the Reading facility from the joint development arrangement with Renewable Energy Systems Americas, Inc. described below. 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. Development Projects Southern Power continues to evaluate and refine the deployment of the wind turbine equipment purchased in 2016 and 2017 to potential joint development and construction projects as well as the amount of MW capacity to be constructed. During the three months ended March 31, 2019, approximately $53 million of equipment was marketed for sale and, subsequent to March 31, 2019, was sold. At March 31, 2019, the equipment was classified as held for sale on Southern Company's and Southern Power's balance sheets. See " Assets Held for Sale " herein for additional information. The ultimate outcome of these matters cannot be determined at this time. Sales of Natural Gas and Biomass Plants In November 2018, Southern Power entered into an agreement with Northern States Power to sell all of its equity interests in Plant Mankato (including the 385 -MW expansion currently under construction) for an aggregate purchase price of approximately $650 million . The completion of the disposition is subject to the expansion unit reaching commercial operation as well as various other customary conditions to closing, including working capital and timing adjustments. This transaction is subject to FERC and state commission approvals. The assets and liabilities of Plant Mankato are classified as assets held for sale and liabilities held for sale on Southern Company's and Southern Power's balance sheets as of March 31, 2019 and December 31, 2018. See " Assets Held for Sale " herein for additional information. On April 17, 2019, Southern Power entered into an agreement to sell all of its equity interests in the Nacogdoches biomass-fueled facility to Austin Energy for an aggregate purchase price of $460 million , subject to customary closing conditions and working capital adjustments. Each of these sales is expected to close in mid-2019; however, the ultimate outcome of these matters cannot be determined at this time. Assets Subject to Lien Under the terms of the PPA and the expansion PPA for Plant Mankato, approximately $538 million of assets, primarily related to property, plant, and equipment, are subject to lien at March 31, 2019 . Assets Held for Sale As discussed above, Southern Company and Southern Power each have assets and liabilities held for sale on their balance sheets at March 31, 2019 and December 31, 2018. Assets and liabilities held for sale have been classified separately on each company's balance sheet at the lower of carrying value or fair value less costs to sell at the time the criteria for held-for-sale classification were met. For assets and liabilities held for sale recorded at fair value on a nonrecurring basis, the fair value of assets held for sale is based primarily on unobservable inputs (Level 3), which includes the agreed upon sales prices in executed sales agreements. Upon classification as held for sale in November 2018 for Plant Mankato, Southern Power ceased recognizing depreciation and amortization on the long-lived assets to be sold. The following table provides Southern Company's and Southern Power's major classes of assets and liabilities classified as held for sale at March 31, 2019 and December 31, 2018 : Southern Company Southern Power (in millions) At March 31, 2019 Assets Held for Sale: Current assets $ 55 $ 11 Total property, plant, and equipment 637 604 Goodwill and other intangible assets 82 40 Other non-current assets 44 — Total Assets Held for Sale $ 818 $ 655 Liabilities Held for Sale: Current liabilities $ 38 $ 9 Other non-current liabilities 39 — Total Liabilities Held for Sale $ 77 $ 9 At December 31, 2018 Assets Held for Sale: Current assets $ 393 $ 8 Total property, plant, and equipment 4,583 536 Goodwill and other intangible assets 40 40 Other non-current assets 727 — Total Assets Held for Sale $ 5,743 $ 584 Liabilities Held for Sale: Current liabilities $ 425 $ 15 Long-term debt 1,286 — Accumulated deferred income taxes 618 — Other non-current liabilities 932 — Total Liabilities Held for Sale $ 3,261 $ 15 Southern Company and Southern Power each concluded that the sale of their assets, both individually and combined, did not represent a strategic shift in operations that has, or is expected to have, a major effect on its operations and financial results; therefore, none of the assets related to the sales have been classified as discontinued operations for any of the periods presented. Gulf Power and Southern Power's equity interests in Plant Oleander and Plant Stanton Unit A (together, the Florida Plants) represented individually significant components of Southern Company and Southern Power, respectively; therefore, pre-tax profit for these components for the three months ended March 31, 2018 is presented below: For the Three Months (in millions) Earnings before income taxes: Gulf Power $ 55 Southern Power's Florida Plants $ 8 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES On January 1, 2019, the registrants adopted the provisions of FASB ASC Topic 842 (as amended), Leases (ASC 842), which require lessees to recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with right-of-use (ROU) assets that will be amortized over the term of each lease. The registrants elected the transition methodology provided by ASC 842, whereby the applicable requirements are applied on a prospective basis as of the adoption date of January 1, 2019, without restating prior periods. The registrants also elected the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. Additionally, the registrants applied the use-of-hindsight practical expedient in determining lease terms as of the date of adoption and elected the practical expedient that allows existing land easements not previously accounted for as leases not to be reassessed. Lessee As lessee, the registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric generating units $ 1,094 $ 159 $ 1,606 $ — $ — $ — Real estate/land 803 3 63 2 393 83 Communication towers 131 1 3 — — — Railcars 55 25 26 3 — — Other 153 10 16 3 — 1 Total $ 2,236 $ 198 $ 1,714 $ 8 $ 393 $ 84 Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 25 years while the land leases have remaining terms of up to 48 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies. Communication tower leases have terms of up to 10 years with options to renew for periods up to 20 years. While renewal options exist in many of the leases, other than for land leases associated with renewable energy facilities, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. The expected term of land leases associated with renewable energy facilities includes renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the affiliate PPA, which varies between four and 18 years. Georgia Power has several PPAs with Southern Power that Georgia Power accounts for as leases with a lease obligation of approximately $670 million at March 31, 2019 . The amount paid for energy under these affiliate PPAs reflects a price that would be paid in an arm's-length transaction as those amounts have been reviewed and approved by the Georgia PSC. Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial as of March 31, 2019 . Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: As of March 31, 2019 Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating Leases Operating lease ROU assets, net $ 1,926 $ 160 $ 1,519 $ 8 $ 372 $ 86 Operating lease obligations - current $ 239 $ 47 $ 139 $ 3 $ 22 $ 13 Operating lease obligations - non current 1,752 147 1,404 5 371 71 Total operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance Leases Finance lease ROU assets, net $ 242 $ 4 $ 145 $ — $ — $ — Finance lease obligations - current $ 38 $ 1 $ 10 $ — $ — $ — Finance lease obligations - noncurrent 207 3 161 — — — Total finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — (*) Includes operating lease ROU assets, net and operating lease obligations classified as held for sale. Lease costs for the three months ended March 31, 2019 , which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease cost Operating lease cost $ 69 $ 7 $ 49 $ 1 $ 7 $ 4 Finance lease cost: Amortization of ROU assets 7 — 4 — — — Interest on lease obligations 3 — 4 — — — Total finance lease cost 10 — 8 — — — Short-term lease costs 14 5 3 — — — Variable lease cost 19 — 16 — 1 — Sublease income — — — — — — Total lease cost $ 112 $ 12 $ 76 $ 1 $ 8 $ 4 Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 74 $ 13 $ 32 $ 1 $ 7 $ 4 Operating cash flows from finance leases 6 — 13 — — — Financing cash flows from finance leases 8 — 2 — — — ROU assets obtained in exchange for new operating lease obligations 15 2 4 — — — ROU assets obtained in exchange for new finance lease obligations 29 — 28 — — — As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Weighted-average remaining lease term in years: Operating leases 13.5 3.8 10.1 6.8 33.7 9.0 Finance leases 18.5 14.8 11.3 — — — Weighted-average discount rate: Operating leases 4.49 % 3.33 % 4.42 % 4.03 % 5.68 % 3.70 % Finance leases 5.00 % 3.75 % 10.68 % — % — % — % Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. As of March 31, 2019 , Southern Company and Southern Power have additional operating leases, primarily for land, that have not yet commenced. These operating leases are expected to commence during the remainder of 2019 through 2021, with lease terms of up to 30 years, and have estimated total obligations of $77 million . For additional information on each registrant's operating lease obligations at December 31, 2018, see Note 9 to the financial statements in Item 8 of the Form 10-K. Lessor With the exception of Southern Company Gas, the registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to five years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include tolling arrangements related to electric generating units accounted for as sales-type leases with terms of up to 20 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including renewable energy facilities, accounted for as operating leases with terms of up to 28 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with terms of up to 15 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 24 years. Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 No profit or loss was recognized by Mississippi Power upon commencement of a sales-type lease during the first quarter 2019. Lease income for Southern Power is included in wholesale revenues. Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. The undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases are as follows: As of March 31, 2019 Southern Company Mississippi Power (in millions) 2019 (remaining) $ 11 $ 11 2020 14 14 2021 14 14 2022 13 13 2023 12 12 Thereafter 135 135 Total undiscounted cash flows $ 199 $ 199 Lease receivable 108 108 Difference between undiscounted cash flows and discounted cash flows $ 91 $ 91 The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases (adjusted for intercompany eliminations) are as follows: As of March 31, 2019 Southern Company Georgia Power Southern Power Southern Company Gas (in millions) 2019 (remaining) $ 163 $ 20 $ 123 $ 26 2020 188 26 128 34 2021 183 18 131 34 2022 174 8 134 34 2023 171 2 137 34 Thereafter 1,809 — 1,017 498 Total $ 2,688 $ 74 $ 1,670 $ 660 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Southern Power allocates revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Alabama Power and Mississippi Power are immaterial. |
LEASES | LEASES On January 1, 2019, the registrants adopted the provisions of FASB ASC Topic 842 (as amended), Leases (ASC 842), which require lessees to recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with right-of-use (ROU) assets that will be amortized over the term of each lease. The registrants elected the transition methodology provided by ASC 842, whereby the applicable requirements are applied on a prospective basis as of the adoption date of January 1, 2019, without restating prior periods. The registrants also elected the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. Additionally, the registrants applied the use-of-hindsight practical expedient in determining lease terms as of the date of adoption and elected the practical expedient that allows existing land easements not previously accounted for as leases not to be reassessed. Lessee As lessee, the registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric generating units $ 1,094 $ 159 $ 1,606 $ — $ — $ — Real estate/land 803 3 63 2 393 83 Communication towers 131 1 3 — — — Railcars 55 25 26 3 — — Other 153 10 16 3 — 1 Total $ 2,236 $ 198 $ 1,714 $ 8 $ 393 $ 84 Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 25 years while the land leases have remaining terms of up to 48 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies. Communication tower leases have terms of up to 10 years with options to renew for periods up to 20 years. While renewal options exist in many of the leases, other than for land leases associated with renewable energy facilities, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. The expected term of land leases associated with renewable energy facilities includes renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the affiliate PPA, which varies between four and 18 years. Georgia Power has several PPAs with Southern Power that Georgia Power accounts for as leases with a lease obligation of approximately $670 million at March 31, 2019 . The amount paid for energy under these affiliate PPAs reflects a price that would be paid in an arm's-length transaction as those amounts have been reviewed and approved by the Georgia PSC. Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial as of March 31, 2019 . Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: As of March 31, 2019 Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating Leases Operating lease ROU assets, net $ 1,926 $ 160 $ 1,519 $ 8 $ 372 $ 86 Operating lease obligations - current $ 239 $ 47 $ 139 $ 3 $ 22 $ 13 Operating lease obligations - non current 1,752 147 1,404 5 371 71 Total operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance Leases Finance lease ROU assets, net $ 242 $ 4 $ 145 $ — $ — $ — Finance lease obligations - current $ 38 $ 1 $ 10 $ — $ — $ — Finance lease obligations - noncurrent 207 3 161 — — — Total finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — (*) Includes operating lease ROU assets, net and operating lease obligations classified as held for sale. Lease costs for the three months ended March 31, 2019 , which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease cost Operating lease cost $ 69 $ 7 $ 49 $ 1 $ 7 $ 4 Finance lease cost: Amortization of ROU assets 7 — 4 — — — Interest on lease obligations 3 — 4 — — — Total finance lease cost 10 — 8 — — — Short-term lease costs 14 5 3 — — — Variable lease cost 19 — 16 — 1 — Sublease income — — — — — — Total lease cost $ 112 $ 12 $ 76 $ 1 $ 8 $ 4 Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 74 $ 13 $ 32 $ 1 $ 7 $ 4 Operating cash flows from finance leases 6 — 13 — — — Financing cash flows from finance leases 8 — 2 — — — ROU assets obtained in exchange for new operating lease obligations 15 2 4 — — — ROU assets obtained in exchange for new finance lease obligations 29 — 28 — — — As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Weighted-average remaining lease term in years: Operating leases 13.5 3.8 10.1 6.8 33.7 9.0 Finance leases 18.5 14.8 11.3 — — — Weighted-average discount rate: Operating leases 4.49 % 3.33 % 4.42 % 4.03 % 5.68 % 3.70 % Finance leases 5.00 % 3.75 % 10.68 % — % — % — % Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. As of March 31, 2019 , Southern Company and Southern Power have additional operating leases, primarily for land, that have not yet commenced. These operating leases are expected to commence during the remainder of 2019 through 2021, with lease terms of up to 30 years, and have estimated total obligations of $77 million . For additional information on each registrant's operating lease obligations at December 31, 2018, see Note 9 to the financial statements in Item 8 of the Form 10-K. Lessor With the exception of Southern Company Gas, the registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to five years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include tolling arrangements related to electric generating units accounted for as sales-type leases with terms of up to 20 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including renewable energy facilities, accounted for as operating leases with terms of up to 28 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with terms of up to 15 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 24 years. Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 No profit or loss was recognized by Mississippi Power upon commencement of a sales-type lease during the first quarter 2019. Lease income for Southern Power is included in wholesale revenues. Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. The undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases are as follows: As of March 31, 2019 Southern Company Mississippi Power (in millions) 2019 (remaining) $ 11 $ 11 2020 14 14 2021 14 14 2022 13 13 2023 12 12 Thereafter 135 135 Total undiscounted cash flows $ 199 $ 199 Lease receivable 108 108 Difference between undiscounted cash flows and discounted cash flows $ 91 $ 91 The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases (adjusted for intercompany eliminations) are as follows: As of March 31, 2019 Southern Company Georgia Power Southern Power Southern Company Gas (in millions) 2019 (remaining) $ 163 $ 20 $ 123 $ 26 2020 188 26 128 34 2021 183 18 131 34 2022 174 8 134 34 2023 171 2 137 34 Thereafter 1,809 — 1,017 498 Total $ 2,688 $ 74 $ 1,670 $ 660 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Southern Power allocates revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Alabama Power and Mississippi Power are immaterial. |
LEASES | LEASES On January 1, 2019, the registrants adopted the provisions of FASB ASC Topic 842 (as amended), Leases (ASC 842), which require lessees to recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with right-of-use (ROU) assets that will be amortized over the term of each lease. The registrants elected the transition methodology provided by ASC 842, whereby the applicable requirements are applied on a prospective basis as of the adoption date of January 1, 2019, without restating prior periods. The registrants also elected the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. Additionally, the registrants applied the use-of-hindsight practical expedient in determining lease terms as of the date of adoption and elected the practical expedient that allows existing land easements not previously accounted for as leases not to be reassessed. Lessee As lessee, the registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric generating units $ 1,094 $ 159 $ 1,606 $ — $ — $ — Real estate/land 803 3 63 2 393 83 Communication towers 131 1 3 — — — Railcars 55 25 26 3 — — Other 153 10 16 3 — 1 Total $ 2,236 $ 198 $ 1,714 $ 8 $ 393 $ 84 Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 25 years while the land leases have remaining terms of up to 48 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies. Communication tower leases have terms of up to 10 years with options to renew for periods up to 20 years. While renewal options exist in many of the leases, other than for land leases associated with renewable energy facilities, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. The expected term of land leases associated with renewable energy facilities includes renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the affiliate PPA, which varies between four and 18 years. Georgia Power has several PPAs with Southern Power that Georgia Power accounts for as leases with a lease obligation of approximately $670 million at March 31, 2019 . The amount paid for energy under these affiliate PPAs reflects a price that would be paid in an arm's-length transaction as those amounts have been reviewed and approved by the Georgia PSC. Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial as of March 31, 2019 . Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: As of March 31, 2019 Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating Leases Operating lease ROU assets, net $ 1,926 $ 160 $ 1,519 $ 8 $ 372 $ 86 Operating lease obligations - current $ 239 $ 47 $ 139 $ 3 $ 22 $ 13 Operating lease obligations - non current 1,752 147 1,404 5 371 71 Total operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance Leases Finance lease ROU assets, net $ 242 $ 4 $ 145 $ — $ — $ — Finance lease obligations - current $ 38 $ 1 $ 10 $ — $ — $ — Finance lease obligations - noncurrent 207 3 161 — — — Total finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — (*) Includes operating lease ROU assets, net and operating lease obligations classified as held for sale. Lease costs for the three months ended March 31, 2019 , which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease cost Operating lease cost $ 69 $ 7 $ 49 $ 1 $ 7 $ 4 Finance lease cost: Amortization of ROU assets 7 — 4 — — — Interest on lease obligations 3 — 4 — — — Total finance lease cost 10 — 8 — — — Short-term lease costs 14 5 3 — — — Variable lease cost 19 — 16 — 1 — Sublease income — — — — — — Total lease cost $ 112 $ 12 $ 76 $ 1 $ 8 $ 4 Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 74 $ 13 $ 32 $ 1 $ 7 $ 4 Operating cash flows from finance leases 6 — 13 — — — Financing cash flows from finance leases 8 — 2 — — — ROU assets obtained in exchange for new operating lease obligations 15 2 4 — — — ROU assets obtained in exchange for new finance lease obligations 29 — 28 — — — As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Weighted-average remaining lease term in years: Operating leases 13.5 3.8 10.1 6.8 33.7 9.0 Finance leases 18.5 14.8 11.3 — — — Weighted-average discount rate: Operating leases 4.49 % 3.33 % 4.42 % 4.03 % 5.68 % 3.70 % Finance leases 5.00 % 3.75 % 10.68 % — % — % — % Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. As of March 31, 2019 , Southern Company and Southern Power have additional operating leases, primarily for land, that have not yet commenced. These operating leases are expected to commence during the remainder of 2019 through 2021, with lease terms of up to 30 years, and have estimated total obligations of $77 million . For additional information on each registrant's operating lease obligations at December 31, 2018, see Note 9 to the financial statements in Item 8 of the Form 10-K. Lessor With the exception of Southern Company Gas, the registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to five years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include tolling arrangements related to electric generating units accounted for as sales-type leases with terms of up to 20 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including renewable energy facilities, accounted for as operating leases with terms of up to 28 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with terms of up to 15 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 24 years. Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 No profit or loss was recognized by Mississippi Power upon commencement of a sales-type lease during the first quarter 2019. Lease income for Southern Power is included in wholesale revenues. Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. The undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases are as follows: As of March 31, 2019 Southern Company Mississippi Power (in millions) 2019 (remaining) $ 11 $ 11 2020 14 14 2021 14 14 2022 13 13 2023 12 12 Thereafter 135 135 Total undiscounted cash flows $ 199 $ 199 Lease receivable 108 108 Difference between undiscounted cash flows and discounted cash flows $ 91 $ 91 The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases (adjusted for intercompany eliminations) are as follows: As of March 31, 2019 Southern Company Georgia Power Southern Power Southern Company Gas (in millions) 2019 (remaining) $ 163 $ 20 $ 123 $ 26 2020 188 26 128 34 2021 183 18 131 34 2022 174 8 134 34 2023 171 2 137 34 Thereafter 1,809 — 1,017 498 Total $ 2,688 $ 74 $ 1,670 $ 660 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Southern Power allocates revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Alabama Power and Mississippi Power are immaterial. |
LEASES | LEASES On January 1, 2019, the registrants adopted the provisions of FASB ASC Topic 842 (as amended), Leases (ASC 842), which require lessees to recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with right-of-use (ROU) assets that will be amortized over the term of each lease. The registrants elected the transition methodology provided by ASC 842, whereby the applicable requirements are applied on a prospective basis as of the adoption date of January 1, 2019, without restating prior periods. The registrants also elected the package of practical expedients provided by ASC 842 that allows prior determinations of whether existing contracts are, or contain, leases and the classification of existing leases to continue without reassessment. Additionally, the registrants applied the use-of-hindsight practical expedient in determining lease terms as of the date of adoption and elected the practical expedient that allows existing land easements not previously accounted for as leases not to be reassessed. Lessee As lessee, the registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric generating units $ 1,094 $ 159 $ 1,606 $ — $ — $ — Real estate/land 803 3 63 2 393 83 Communication towers 131 1 3 — — — Railcars 55 25 26 3 — — Other 153 10 16 3 — 1 Total $ 2,236 $ 198 $ 1,714 $ 8 $ 393 $ 84 Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate leases have remaining terms of up to 25 years while the land leases have remaining terms of up to 48 years, including renewal periods. Communication towers are leased for the installation of equipment to provide cellular phone service to customers and to support the automated meter infrastructure programs at the traditional electric operating companies. Communication tower leases have terms of up to 10 years with options to renew for periods up to 20 years. While renewal options exist in many of the leases, other than for land leases associated with renewable energy facilities, the expected term used in calculating the lease obligation generally reflects only the noncancelable period of the lease as it is not considered reasonably certain that the lease will be extended. The expected term of land leases associated with renewable energy facilities includes renewal periods reasonably certain of exercise resulting in an expected lease term at least equal to the expected life of the renewable energy facilities. Contracts that Contain a Lease While not specifically structured as a lease, some of the PPAs at Alabama Power and Georgia Power are deemed to represent a lease of the underlying electric generating units when the terms of the PPA convey the right to control the use of the underlying assets. Amounts recorded for leases of electric generating units are generally based on the amount of scheduled capacity payments due over the remaining term of the affiliate PPA, which varies between four and 18 years. Georgia Power has several PPAs with Southern Power that Georgia Power accounts for as leases with a lease obligation of approximately $670 million at March 31, 2019 . The amount paid for energy under these affiliate PPAs reflects a price that would be paid in an arm's-length transaction as those amounts have been reviewed and approved by the Georgia PSC. Short-term Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet; the registrants generally recognize lease expense for these leases on a straight-line basis over the lease term. Residual Value Guarantees Residual value guarantees exist primarily in railcar leases at Alabama Power and Georgia Power and the amounts probable of being paid under those guarantees are included in the lease payments. All such amounts are immaterial as of March 31, 2019 . Lease and Nonlease Components For all asset categories, with the exception of electric generating units, gas pipelines, and real estate leases, the registrants combine lease payments and any nonlease components, such as asset maintenance, for purposes of calculating the lease obligation and the right-of-use asset. Balance sheet amounts recorded for operating and finance leases are as follows: As of March 31, 2019 Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating Leases Operating lease ROU assets, net $ 1,926 $ 160 $ 1,519 $ 8 $ 372 $ 86 Operating lease obligations - current $ 239 $ 47 $ 139 $ 3 $ 22 $ 13 Operating lease obligations - non current 1,752 147 1,404 5 371 71 Total operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance Leases Finance lease ROU assets, net $ 242 $ 4 $ 145 $ — $ — $ — Finance lease obligations - current $ 38 $ 1 $ 10 $ — $ — $ — Finance lease obligations - noncurrent 207 3 161 — — — Total finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — (*) Includes operating lease ROU assets, net and operating lease obligations classified as held for sale. Lease costs for the three months ended March 31, 2019 , which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease cost Operating lease cost $ 69 $ 7 $ 49 $ 1 $ 7 $ 4 Finance lease cost: Amortization of ROU assets 7 — 4 — — — Interest on lease obligations 3 — 4 — — — Total finance lease cost 10 — 8 — — — Short-term lease costs 14 5 3 — — — Variable lease cost 19 — 16 — 1 — Sublease income — — — — — — Total lease cost $ 112 $ 12 $ 76 $ 1 $ 8 $ 4 Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 74 $ 13 $ 32 $ 1 $ 7 $ 4 Operating cash flows from finance leases 6 — 13 — — — Financing cash flows from finance leases 8 — 2 — — — ROU assets obtained in exchange for new operating lease obligations 15 2 4 — — — ROU assets obtained in exchange for new finance lease obligations 29 — 28 — — — As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Weighted-average remaining lease term in years: Operating leases 13.5 3.8 10.1 6.8 33.7 9.0 Finance leases 18.5 14.8 11.3 — — — Weighted-average discount rate: Operating leases 4.49 % 3.33 % 4.42 % 4.03 % 5.68 % 3.70 % Finance leases 5.00 % 3.75 % 10.68 % — % — % — % Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — Payments made under PPAs at Georgia Power for energy generated from certain renewable energy facilities accounted for as operating and finance leases are considered variable lease costs and are therefore not reflected in the above maturity analysis. As of March 31, 2019 , Southern Company and Southern Power have additional operating leases, primarily for land, that have not yet commenced. These operating leases are expected to commence during the remainder of 2019 through 2021, with lease terms of up to 30 years, and have estimated total obligations of $77 million . For additional information on each registrant's operating lease obligations at December 31, 2018, see Note 9 to the financial statements in Item 8 of the Form 10-K. Lessor With the exception of Southern Company Gas, the registrants are each considered lessors in various arrangements that have been determined to contain a lease due to the customer's ability to control the use of the underlying asset owned by the applicable registrant. For the traditional electric operating companies, these arrangements consist of outdoor lighting contracts accounted for as operating leases with initial terms of up to five years, after which the contracts renew on a month-to-month basis at the customer's option. For Mississippi Power, these arrangements also include tolling arrangements related to electric generating units accounted for as sales-type leases with terms of up to 20 years. For Southern Power, these arrangements consist of PPAs related to electric generating units, including renewable energy facilities, accounted for as operating leases with terms of up to 28 years. For Southern Company, these arrangements also include PPAs related to fuel cells accounted for as operating leases with terms of up to 15 years. Southern Company Gas is the lessor in operating leases related to gas pipelines with remaining terms of up to 24 years. Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 No profit or loss was recognized by Mississippi Power upon commencement of a sales-type lease during the first quarter 2019. Lease income for Southern Power is included in wholesale revenues. Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Scheduled payments to be received under outdoor lighting contracts, tolling arrangements, and PPAs accounted for as leases are presented in the following maturity analyses. The undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases are as follows: As of March 31, 2019 Southern Company Mississippi Power (in millions) 2019 (remaining) $ 11 $ 11 2020 14 14 2021 14 14 2022 13 13 2023 12 12 Thereafter 135 135 Total undiscounted cash flows $ 199 $ 199 Lease receivable 108 108 Difference between undiscounted cash flows and discounted cash flows $ 91 $ 91 The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases (adjusted for intercompany eliminations) are as follows: As of March 31, 2019 Southern Company Georgia Power Southern Power Southern Company Gas (in millions) 2019 (remaining) $ 163 $ 20 $ 123 $ 26 2020 188 26 128 34 2021 183 18 131 34 2022 174 8 134 34 2023 171 2 137 34 Thereafter 1,809 — 1,017 498 Total $ 2,688 $ 74 $ 1,670 $ 660 Southern Power receives payments for renewable energy under PPAs accounted for as operating leases that are considered contingent rents and are therefore not reflected in the table above. Southern Power allocates revenue to the nonlease components of PPAs based on the stand-alone selling price of capacity and energy. The undiscounted cash flows to be received under outdoor lighting contracts accounted for as operating leases at Alabama Power and Mississippi Power are immaterial. |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION Southern Company The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments, wholesale gas services, and gas marketing services. Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. Revenues from sales by Southern Power to the traditional electric operating companies were $87 million for the three months ended March 31, 2019 and $83 million for the three months ended March 31, 2018 . Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies were immaterial for each of the three months ended March 31, 2019 and 2018 . Revenues from sales of natural gas from Southern Company Gas to Southern Power were $17 million for the three months ended March 31, 2019 and $36 million for the three months ended March 31, 2018 . The "All Other" column includes the Southern Company parent entity, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include providing energy technologies and services to electric utilities and large industrial, commercial, institutional, and municipal customers, as well as investments in telecommunications and leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three months ended March 31, 2019 and 2018 was as follows: Electric Utilities Traditional Electric Operating Companies Southern Power Eliminations Total Southern Company Gas All Other Eliminations Consolidated (in millions) 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)(b)(c) 565 56 — 621 270 1,195 (2 ) 2,084 At March 31, 2019: Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 268 $ (1 ) $ 5,284 Total assets 76,798 15,104 (779 ) 91,123 20,952 3,391 (1,370 ) 114,096 Three Months Ended March 31, 2018: Operating revenues $ 3,979 $ 509 $ (106 ) $ 4,382 $ 1,639 $ 401 $ (50 ) $ 6,372 Segment net income (loss) (a)(b)(d) 612 121 — 733 279 (74 ) — 938 At December 31, 2018: Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 298 $ — $ 5,315 Total assets 79,382 14,883 (306 ) 93,959 21,448 3,285 (1,778 ) 116,914 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional electric operating companies includes pre-tax charges for estimated losses on plants under construction of $2 million ( $1 million after tax) and $44 million ( $33 million after tax) for the three months ended March 31, 2019 and 2018 , respectively. See Note 2 to the financial statements in Item 8 of the Form 10-K and Note (B) under " Mississippi Power – Kemper County Energy Facility " 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 (K) under " Southern Company " for additional information. (d) Segment net income (loss) for Southern Company Gas includes a goodwill impairment charge of $42 million for the three months ended March 31, 2018 related to the sale of Pivotal Home Solutions. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2019 $ 3,084 $ 499 $ 212 $ 3,795 Three Months Ended March 31, 2018 3,568 623 191 4,382 Southern Company Gas' Revenues Gas (a) Gas (b) Other Total (in millions) Three Months Ended March 31, 2019 $ 1,161 $ 229 $ 84 $ 1,474 Three Months Ended March 31, 2018 1,200 271 168 1,639 (a) Operating revenues for the three gas distribution operations dispositions were $167 million for the three months ended March 31, 2018 . (b) Operating revenues for Pivotal Home Solutions were $32 million for the three months ended March 31, 2018 . Southern Company Gas Southern Company Gas manages its business through four reportable segments – gas distribution operations, gas pipeline investments, wholesale gas services, and gas marketing services. The non-reportable segments are combined and presented as all other. Gas distribution operations is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states. Gas pipeline investments consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG, two significant pipeline construction projects, and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. Wholesale gas services provides natural gas asset management and/or related logistics services for each of Southern Company Gas' utilities except Nicor Gas as well as for non-affiliated companies. Additionally, wholesale gas services engages in natural gas storage and gas pipeline arbitrage and related activities. Gas marketing services provides natural gas marketing to end-use customers primarily in Georgia and Illinois through SouthStar Energy Services, LLC. The all other column includes segments below the quantitative threshold for separate disclosure, including the storage and fuels operations, and the other subsidiaries that fall below the quantitative threshold for separate disclosure. Business segment financial data for the three months ended March 31, 2019 and 2018 was as follows: Gas Distribution Operations (a) Gas Pipeline Investments Wholesale Gas Services (b) Gas Marketing Services (c)(d) Total All Other Eliminations Consolidated (in millions) 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 March 31, 2019: 17,379 1,781 821 1,611 21,592 10,900 (11,540 ) 20,952 Three Months Ended March 31, 2018: Operating revenues $ 1,212 $ 8 $ 166 $ 271 $ 1,657 $ 15 $ (33 ) $ 1,639 Segment net income (loss) 149 27 104 13 293 (14 ) — 279 Total assets at December 31, 2018: 17,266 1,763 1,302 1,587 21,918 11,112 (11,582 ) $ 21,448 (a) Operating revenues for the three gas distribution operations dispositions were $167 million for the three months ended March 31, 2018. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. (b) 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, 2019 $ 1,926 $ 88 $ 2,014 $ 1,928 $ 86 Three Months Ended March 31, 2018 1,938 167 2,105 1,939 166 (c) Operating revenues for the gas marketing services disposition were $32 million for the three months ended March 31, 2018. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. (d) Segment net income (loss) for gas marketing services includes a goodwill impairment charge of $42 million for the three months ended March 31, 2018 related to the sale of Pivotal Home Solutions. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. |
Introduction (Policies)
Introduction (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The condensed quarterly financial statements of each registrant included herein have been prepared by such registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2018 have been derived from the audited financial statements of each registrant. In the opinion of each registrant's management, the information regarding such registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended March 31, 2019 and 2018 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each registrant believes that the disclosures regarding such registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. |
Reclassifications | Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. |
Recently Adopted Accounting Standards | In 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires lessees to recognize on the balance sheet a lease liability and a right-of-use asset for all leases. ASU 2016-02 also changes the recognition, measurement, and presentation of expense associated with leases and provides clarification regarding the identification of certain components of contracts that would represent a lease. The accounting required by lessors is relatively unchanged and there is no change to the accounting for existing leveraged leases. The registrants adopted the new standard effective January 1, 2019. See Note (L) for additional information and related disclosures. |
Goodwill and Other Intangible Assets | Goodwill is not amortized but is subject to an annual impairment test during the fourth quarter of each year or more frequently if impairment indicators arise. |
Restricted Cash | At December 31, 2018, Georgia Power had restricted cash related to the redemption of pollution control revenue bonds, which were redeemed in January 2019. See Note (F) under " Financing Activities " for additional information. At both March 31, 2019 and December 31, 2018 , Southern Company Gas had restricted cash held as collateral for worker's compensation, life insurance, and long-term disability insurance. |
Natural Gas For Sale | Southern Company Gas, with the exception of Nicor Gas, carries natural gas inventory on a WACOG basis. For any declines in market prices below the WACOG considered to be other than temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Southern Company Gas had no material adjustment in any period presented. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated. Nicor Gas' inventory decrement at March 31, 2019 is expected to be restored prior to year end. |
Valuation Methodologies | Valuation Methodologies The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used. For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. Southern Power has contingent payment obligations related to certain acquisitions whereby Southern Power is primarily obligated to make generation-based payments to the seller, which commenced at the commercial operation of the respective facility and continue through 2026. The obligation is categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of contingent consideration reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial. |
Derivatives | Interest Rate Derivatives Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. Foreign Currency Derivatives Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Southern Company Gas' wholesale gas operations use various contracts in its commercial activities that generally meet the definition of derivatives. For the traditional electric operating companies, Southern Power, and Southern Company Gas' other businesses, each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities to correspond with classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information. Energy-Related Derivatives The traditional electric operating companies, Southern Power, and Southern Company Gas enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Southern Company Gas also enters into weather derivative contracts as economic hedges of operating margins in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in operating revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in operating revenues. Energy-related derivative contracts are accounted for under one of three methods: • 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. Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. A |
Introduction (Tables)
Introduction (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Goodwill at March 31, 2019 and December 31, 2018 was as follows: At March 31, 2019 At December 31, 2018 (in millions) Southern Company $ 5,284 $ 5,315 Southern Company Gas: Gas distribution operations $ 4,034 $ 4,034 Gas marketing services 981 981 Southern Company Gas total $ 5,015 $ 5,015 |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets were as follows: At March 31, 2019 At December 31, 2018 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 211 $ (100 ) $ 111 $ 223 $ (94 ) $ 129 Trade names 70 (22 ) 48 70 (21 ) 49 Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 PPA fair value adjustments 405 (67 ) 338 405 (61 ) 344 Other 11 (6 ) 5 11 (5 ) 6 Total other intangible assets subject to amortization $ 761 $ (251 ) $ 510 $ 773 $ (235 ) $ 538 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 836 $ (251 ) $ 585 $ 848 $ (235 ) $ 613 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 405 $ (67 ) $ 338 $ 405 $ (61 ) $ 344 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (89 ) $ 67 $ 156 $ (84 ) $ 72 Trade names 26 (8 ) 18 26 (7 ) 19 Wholesale gas services Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 Total other intangible assets subject to amortization $ 246 $ (153 ) $ 93 $ 246 $ (145 ) $ 101 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets were as follows: At March 31, 2019 At December 31, 2018 Gross Carrying Amount Accumulated Amortization Other Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Other (in millions) (in millions) Southern Company Other intangible assets subject to amortization: Customer relationships $ 211 $ (100 ) $ 111 $ 223 $ (94 ) $ 129 Trade names 70 (22 ) 48 70 (21 ) 49 Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 PPA fair value adjustments 405 (67 ) 338 405 (61 ) 344 Other 11 (6 ) 5 11 (5 ) 6 Total other intangible assets subject to amortization $ 761 $ (251 ) $ 510 $ 773 $ (235 ) $ 538 Other intangible assets not subject to amortization: Federal Communications Commission licenses 75 — 75 75 — 75 Total other intangible assets $ 836 $ (251 ) $ 585 $ 848 $ (235 ) $ 613 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 405 $ (67 ) $ 338 $ 405 $ (61 ) $ 344 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 156 $ (89 ) $ 67 $ 156 $ (84 ) $ 72 Trade names 26 (8 ) 18 26 (7 ) 19 Wholesale gas services Storage and transportation contracts 64 (56 ) 8 64 (54 ) 10 Total other intangible assets subject to amortization $ 246 $ (153 ) $ 93 $ 246 $ (145 ) $ 101 |
Finite-lived Intangible Assets Amortization Expense | Amortization associated with other intangible assets was as follows: Three Months Ended March 31, 2019 (in millions) Southern Company $ 17 Southern Power (a) $ 6 Southern Company Gas Gas marketing services (b) $ 6 Wholesale gas services (a) 2 Southern Company Gas total $ 8 (a) Recorded as a reduction to operating revenues. (b) Included in depreciation and amortization. |
Schedule of Cash and Cash Equivalents | The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the registrants that had restricted cash at March 31, 2019 and/or December 31, 2018 : Southern Company Southern Company Gas (in millions) At March 31, 2019 Cash and cash equivalents $ 1,361 $ 57 Restricted cash: Other accounts and notes receivable 4 4 Total cash, cash equivalents, and restricted cash $ 1,364 (*) $ 61 (*) Total does not add due to rounding. Southern Company Georgia Power Southern Company Gas (in millions) At December 31, 2018 Cash and cash equivalents $ 1,396 $ 4 $ 64 Cash and cash equivalents held for sale 9 — — Restricted cash: Restricted cash — 108 — Other accounts and notes receivable 114 — 6 Total cash, cash equivalents, and restricted cash $ 1,519 $ 112 $ 70 |
Restrictions on Cash and Cash Equivalents | The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amounts shown in the condensed statements of cash flows for the registrants that had restricted cash at March 31, 2019 and/or December 31, 2018 : Southern Company Southern Company Gas (in millions) At March 31, 2019 Cash and cash equivalents $ 1,361 $ 57 Restricted cash: Other accounts and notes receivable 4 4 Total cash, cash equivalents, and restricted cash $ 1,364 (*) $ 61 (*) Total does not add due to rounding. Southern Company Georgia Power Southern Company Gas (in millions) At December 31, 2018 Cash and cash equivalents $ 1,396 $ 4 $ 64 Cash and cash equivalents held for sale 9 — — Restricted cash: Restricted cash — 108 — Other accounts and notes receivable 114 — 6 Total cash, cash equivalents, and restricted cash $ 1,519 $ 112 $ 70 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Cost Recovery Clauses | The recovery balances for certain of Alabama Power's, Georgia Power's, and Mississippi Power's regulatory clauses at March 31, 2019 and December 31, 2018 were as follows: Regulatory Clause Balance Sheet Line Item March 31, December 31, (in millions) Alabama Power Rate CNP Compliance Deferred under recovered regulatory clause revenues $ — $ 42 Customer accounts receivable 25 — Rate CNP PPA Deferred under recovered regulatory clause revenues 21 25 Retail Energy Cost Recovery (*) Deferred under recovered regulatory clause revenues — 109 Other regulatory liabilities, deferred 2 — Natural Disaster Reserve Other regulatory liabilities, deferred 22 20 Georgia Power Fuel Cost Recovery Receivables – under recovered fuel clause revenues $ 73 $ 115 Mississippi Power Fuel Cost Recovery Over recovered retail fuel costs $ 10 $ 8 (*) In accordance with an accounting order issued on February 5, 2019 by the Alabama PSC, Alabama Power utilized $75 million of the 2018 Rate RSE refund liability to reduce the Rate ECR under recovered balance. See Note 2 to the financial statements under "Alabama Power – Rate ECR" in Item 8 of the Form 10-K for additional information. |
Cost and Schedule | Georgia Power's approximate proportionate share of the remaining estimated capital cost to complete Plant Vogtle Units 3 and 4 by the expected in-service dates of November 2021 and November 2022, respectively, is as follows: (in billions) Base project capital cost forecast (a)(b) $ 8.0 Construction contingency estimate 0.4 Total project capital cost forecast (a)(b) 8.4 Net investment as of March 31, 2019 (b) (4.9 ) Remaining estimate to complete (a) $ 3.5 (a) Excludes financing costs expected to be capitalized through AFUDC of approximately $325 million . (b) Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related Customer Refunds. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate revenue sources for the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (in millions) Southern Company Operating revenues Retail electric revenues (a) Residential $ 1,288 $ 1,539 Commercial 1,093 1,243 Industrial 677 756 Other 26 30 Natural gas distribution revenues 1,163 1,224 Alternative revenue programs (b) (2 ) (24 ) Total retail electric and gas distribution revenues $ 4,245 $ 4,768 Wholesale energy revenues (c)(d) 367 472 Wholesale capacity revenues (d) 132 151 Other natural gas revenues (e)(f) 313 407 Other revenues (g) 355 574 Total operating revenues $ 5,412 $ 6,372 (a) Retail electric revenues include $8 million and $18 million of revenues accounted for as leases for the three months ended March 31, 2019 and 2018 , respectively, and a (net reduction) or net increase of $(103) million and $117 million for the three months ended March 31, 2019 and 2018 , respectively, from certain cost recovery mechanisms that are not accounted for as revenue under ASC 606. (b) Alternative revenue program revenues are presented net of any previously recognized program amounts billed to customers during the same accounting period. (c) Wholesale energy revenues include $53 million and $93 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues accounted for as derivatives, primarily related to physical energy sales in the wholesale electricity market. (d) Wholesale energy and wholesale capacity revenues include $66 million and $25 million , respectively, for the three months ended March 31, 2019 and $69 million and $30 million , respectively, for the three months ended March 31, 2018 related to PPAs accounted for as leases. (e) Other natural gas revenues related to Southern Company Gas' energy and risk management activities are presented net of the related costs of those activities and include gross third-party revenues of $1.9 billion for each of the three months ended March 31, 2019 and 2018 , of which $1.2 billion and $1.1 billion , respectively, relates to contracts that are accounted for as derivatives. See Note (M) under " Southern Company Gas " for additional information on the components of wholesale gas services operating revenues. (f) Other natural gas revenues for the three months ended March 31, 2019 include $9 million of revenues accounted for as leases. (g) Other revenues include $96 million and $90 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues not accounted for under ASC 606, including $31 million and $33 million in 2019 and 2018, respectively, accounted for as leases. Alabama Power Georgia Power Mississippi Power (in millions) For the Three Months Ended March 31, 2019 Operating revenues Retail revenues (a)(b) Residential $ 540 $ 688 $ 60 Commercial 354 674 65 Industrial 313 289 74 Other 6 17 4 Total retail electric revenues $ 1,213 $ 1,668 $ 203 Wholesale energy revenues (c) 94 18 78 Wholesale capacity revenues 27 14 1 Other revenues (b)(d) 74 133 5 Total operating revenues $ 1,408 $ 1,833 $ 287 For the Three Months Ended March 31, 2018 Operating revenues Retail revenues (a)(b) Residential $ 570 $ 744 $ 60 Commercial 371 717 62 Industrial 338 316 70 Other 6 21 2 Total retail electric revenues $ 1,285 $ 1,798 $ 194 Wholesale energy revenues (c) 101 40 98 Wholesale capacity revenues 24 14 4 Other revenues (b)(d) 63 109 6 Total operating revenues $ 1,473 $ 1,961 $ 302 (a) Retail revenues at Alabama Power, Georgia Power, and Mississippi Power include a net increase or (net reduction) of $(57) million , $(47) million , and $1 million , respectively, for the three months ended March 31, 2019 and $47 million , $10 million , and $76 million , respectively, for the three months ended March 31, 2018 related to certain cost recovery mechanisms that are not accounted for as revenue under ASC 606. (b) Retail revenues and other revenues at Georgia Power include $8 million and $11 million , respectively, for the three months ended March 31, 2019 and $18 million and $33 million , respectively, for the three months ended March 31, 2018 of revenues accounted for as leases. (c) Wholesale energy revenues at Alabama Power, Georgia Power, and Mississippi Power include $3 million , $4 million , and $1 million , respectively, for the three months ended March 31, 2019 and $5 million , $7 million , and $1 million , respectively, for the three months ended March 31, 2018 accounted for as derivatives primarily related to physical energy sales in the wholesale electricity market. (d) Other revenues at Alabama Power and Georgia Power include $28 million and $31 million , respectively, for the three months ended March 31, 2019 and $25 million and $26 million , respectively, for the three months ended March 31, 2018 of revenues not accounted for under ASC 606. For the Three Months Ended March 31, 2019 For the Three (in millions) Southern Power PPA capacity revenues (a) $ 127 $ 138 PPA energy revenues (a) 227 254 Non-PPA revenues (b) 85 115 Other revenues 4 2 Total operating revenues $ 443 $ 509 (a) PPA capacity revenues and PPA energy revenues include $41 million and $72 million , respectively, for the three months ended March 31, 2019 and $47 million and $76 million , respectively, for the three months ended March 31, 2018 related to PPAs accounted for as leases. (b) Non-PPA revenues include $45 million and $79 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues from short-term sales related to physical energy sales from uncovered capacity in the wholesale electricity market. For the Three Months Ended March 31, 2019 For the Three (in millions) Southern Company Gas Operating revenues Natural gas distribution revenues Residential $ 601 $ 660 Commercial 170 192 Transportation 256 277 Industrial 17 17 Other 119 78 Alternative revenue programs (a) (2 ) (24 ) Total natural gas distribution revenues $ 1,161 $ 1,200 Gas pipeline investments (b) 8 8 Wholesale gas services (c) 66 146 Gas marketing services (d) 229 271 Other revenues 10 14 Total operating revenues $ 1,474 $ 1,639 (a) Alternative revenue program revenues are presented net of any previously recognized program amounts billed to customers during the same accounting period. (b) Revenues from gas pipeline investments include $8 million for the three months ended March 31, 2019 accounted for as leases. (c) Wholesale gas services revenues are presented net of the related costs associated with its energy trading and risk management activities. Operating revenues, as presented, include gross third-party revenues of $1.9 billion for each of the three months ended March 31, 2019 and 2018 , of which $1.2 billion and $1.1 billion , respectively, relates to contracts accounted for as derivatives. See Note (M) under " Southern Company Gas " for additional information on the components of wholesale gas services operating revenues. (d) Gas marketing services includes $6 million and $4 million for the three months ended March 31, 2019 and 2018 , respectively, of revenues not accounted for under ASC 606. |
Contract with Customer, Asset and Liability and Revenue Recognized | The following table reflects revenue from contracts with customers recognized in the three-month period ended March 31, 2019 included in the contract liability at December 31, 2018 : Three Months Ended March 31, 2019 (in millions) Southern Company $ 17 Southern Power 10 The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers as of March 31, 2019 and December 31, 2018 : Receivables Contract Assets Contract Liabilities March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in millions) Southern Company (*) $ 2,522 $ 2,630 $ 84 $ 102 $ 62 $ 32 Alabama Power 514 520 1 — 10 12 Georgia Power 668 721 41 58 25 7 Mississippi Power 85 100 — — — — Southern Power 99 118 — — 4 11 Southern Company Gas 948 952 — — 1 2 (*) Includes amounts related to held for sale investments. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Registrants with revenues from contracts with customers related to these performance obligations remaining at March 31, 2019 expect the revenues to be recognized as follows: 2019 (remaining) 2020 2021 2022 2023 Thereafter (in millions) Southern Company (*) $ 451 $ 349 $ 315 $ 310 $ 301 $ 2,219 Alabama Power 16 22 27 23 22 140 Georgia Power 30 38 40 30 31 82 Mississippi Power 2 3 1 — — — Southern Power 248 295 270 276 269 2,143 (*) Includes amounts related to held for sale investments. |
Consolidated Entities and Equ_2
Consolidated Entities and Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Regulated Operations [Abstract] | |
Equity Method Investments | The carrying amounts of Southern Company Gas' equity method investments as of March 31, 2019 and December 31, 2018 and related income from those investments for the three -month periods ended March 31, 2019 and 2018 were as follows: Investment Balance March 31, 2019 December 31, 2018 (in millions) SNG $ 1,262 $ 1,261 Atlantic Coast Pipeline 96 83 PennEast Pipeline 75 71 Other 124 123 Total $ 1,557 $ 1,538 Selected financial information of SNG for the three months ended March 31, 2019 and 2018 is as follows: Income Statement Information Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) Revenues $ 166 $ 160 Operating income 106 99 Net income 84 78 |
Schedule of Other Nonoperating Income, by Component | Earnings from Equity Method Investments Three Months Ended Three Months (in millions) SNG $ 42 $ 39 Atlantic Coast Pipeline 3 1 PennEast Pipeline 2 1 Other 1 1 Total $ 48 $ 42 |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Credit Arrangements by Company | The following table outlines the committed credit arrangements by company as of March 31, 2019 : Expires Company 2019 2020 2022 Total Unused (d) (in millions) Southern Company (a) $ — $ — $ 2,000 $ 2,000 $ 1,999 Alabama Power 33 500 800 1,333 1,333 Georgia Power — — 1,750 1,750 1,736 Mississippi Power 100 — — 100 100 Southern Power (b) — — 750 750 741 Southern Company Gas (c) — — 1,900 1,900 1,895 Other 30 — — 30 30 Southern Company Consolidated $ 163 $ 500 $ 7,200 $ 7,863 $ 7,834 (a) Represents the Southern Company parent entity. (b) Does not include Southern Power Company's $120 million continuing letter of credit facility for standby letters of credit expiring in 2021, of which $24 million was unused at March 31, 2019 . Southern Power's subsidiaries are not parties to its bank credit arrangement. (c) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.4 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. (d) Amounts used are for letters of credit. |
Schedule of Long-term Debt Financing Activities | The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2019 : Company Senior Note Maturities, Redemptions, and Repurchases Revenue Bond Issuances and Reofferings of Purchased Bonds Revenue Bond and Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (a) (in millions) Southern Company (b) $ 2,100 $ — $ — $ — $ — Alabama Power 200 — — — — Georgia Power — 343 108 835 2 Mississippi Power — 43 — — — Other — — — — 19 Southern Company Consolidated $ 2,300 $ 386 $ 108 $ 835 $ 21 (a) Includes reductions in finance lease obligations resulting from cash payments under finance leases. (b) Represents the Southern Company parent entity. |
Shares Used to Compute Diluted Earnings Per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) As reported shares 1,038 1,011 Effect of stock-based compensation 7 5 Diluted shares 1,045 1,016 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2019 and 2018 are presented in the following tables. 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 Three Months Ended March 31, 2018 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Pension Plans Service cost $ 90 $ 19 $ 22 $ 4 $ 2 $ 8 Interest cost 116 25 35 5 1 10 Expected return on plan assets (236 ) (51 ) (74 ) (10 ) (3 ) (18 ) Amortization: Prior service costs 1 — — — — (1 ) Regulatory asset — — — — — 3 Net (gain)/loss 53 14 17 3 1 3 Net periodic pension cost (income) $ 24 $ 7 $ — $ 2 $ 1 $ 5 Postretirement Benefits Service cost $ 6 $ 1 $ 2 $ — $ — $ 1 Interest cost 19 4 7 1 — 2 Expected return on plan assets (17 ) (6 ) (6 ) — — (2 ) Amortization: Prior service costs 2 1 — — — — Regulatory asset — — — — — 1 Net (gain)/loss 3 — 2 — — — Net periodic postretirement benefit cost $ 13 $ — $ 5 $ 1 $ — $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of March 31, 2019 , assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using: As of March 31, 2019: 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)(b) $ 322 $ 128 $ 4 $ — $ 454 Foreign currency derivatives — 38 — — 38 Investments in trusts: (c)(d) Domestic equity 682 120 — — 802 Foreign equity 60 195 — — 255 U.S. Treasury and government agency securities — 283 — — 283 Municipal bonds — 73 — — 73 Pooled funds – fixed income — 14 — — 14 Corporate bonds 24 298 — — 322 Mortgage and asset backed securities — 72 — — 72 Private equity — — — 48 48 Cash and cash equivalents 1 — — — 1 Other 28 4 — — 32 Cash equivalents 907 3 — — 910 Other investments 9 14 — — 23 Total $ 2,033 $ 1,242 $ 4 $ 48 $ 3,327 Liabilities: Energy-related derivatives (a)(b) $ 466 $ 106 $ 23 $ — $ 595 Interest rate derivatives — 35 — — 35 Foreign currency derivatives — 24 — — 24 Contingent consideration — — 21 — 21 Total $ 466 $ 165 $ 44 $ — $ 675 Fair Value Measurements Using: As of March 31, 2019: 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 $ — $ 6 $ — $ — $ 6 Nuclear decommissioning trusts: (c) Domestic equity 446 108 — — 554 Foreign equity 60 57 — — 117 U.S. Treasury and government agency securities — 18 — — 18 Municipal bonds — 1 — — 1 Corporate bonds 24 139 — — 163 Mortgage and asset backed securities — 24 — — 24 Private equity — — — 48 48 Other 5 — — — 5 Cash equivalents 569 3 — — 572 Other investments — 14 — — 14 Total $ 1,104 $ 370 $ — $ 48 $ 1,522 Liabilities: Energy-related derivatives $ — $ 7 $ — $ — $ 7 Georgia Power Assets: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Nuclear decommissioning trusts: (c)(d) Domestic equity 236 1 — — 237 Foreign equity — 134 — — 134 U.S. Treasury and government agency securities — 265 — — 265 Municipal bonds — 72 — — 72 Corporate bonds — 160 — — 160 Mortgage and asset backed securities — 47 — — 47 Other 23 4 — — 27 Total $ 259 $ 692 $ — $ — $ 951 Liabilities: Energy-related derivatives $ — $ 16 $ — $ — $ 16 Interest rate derivatives — 2 — — 2 Total $ — $ 18 $ — $ — $ 18 Fair Value Measurements Using: As of March 31, 2019: 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 202 — — — 202 Total $ 202 $ 3 $ — $ — $ 205 Liabilities: Energy-related derivatives $ — $ 6 $ — $ — $ 6 Southern Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Foreign currency derivatives — 38 — — 38 Cash equivalents 10 — — — 10 Total $ 10 $ 39 $ — $ — $ 49 Liabilities: Energy-related derivatives $ — $ 3 $ — $ — $ 3 Foreign currency derivatives — 24 — — 24 Contingent consideration — — 21 — 21 Total $ — $ 27 $ 21 $ — $ 48 Southern Company Gas Assets: Energy-related derivatives (a)(b) $ 322 $ 108 $ 4 $ — $ 434 Non-qualified deferred compensation trusts: Domestic equity — 11 — — 11 Foreign equity — 4 — — 4 Pooled funds – fixed income — 14 — — 14 Cash equivalents 1 — — — 1 Cash equivalents 13 — — — 13 Total $ 336 $ 137 $ 4 $ — $ 477 Liabilities: Energy-related derivatives (a)(b) $ 466 $ 73 $ 23 $ — $ 562 (a) Energy-related derivatives exclude $11 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Energy-related derivatives exclude cash collateral of $190 million . (c) 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. (d) Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2019 , approximately $72 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. |
Schedule of Increase (Decrease) In Fair Value Of Funds | The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased for the three months ended March 31, 2019 and decreased for the three months ended March 31, 2018 by the amounts shown in the table below. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (in millions) Southern Company $ 152 $ (11 ) Alabama Power 87 (5 ) Georgia Power 65 (6 ) |
Financial Instruments for Which Carrying Amount Did Not Equal Fair Value | As of March 31, 2019 , other financial instruments for which the carrying amount did not equal fair value were as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (*) (in millions) Long-term debt, including securities due within one year: Carrying amount $ 42,535 $ 7,921 $ 10,910 $ 1,619 $ 4,995 $ 5,928 Fair value 43,910 8,424 11,249 1,619 5,131 6,176 (*) The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the Merger. Southern Company Gas amortizes the fair value adjustments over the lives of the respective bonds. |
Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component | The following table includes transfers to Level 3, which represent the fair value of Southern Company Gas' commodity derivative contracts that include a significant unobservable component for the first time during the period. Three Months Ended March 31, 2019 (in millions) Beginning balance $ — Transfers to Level 3 (30 ) Changes in fair value 11 Ending balance $ (19 ) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Energy-Related Derivatives | At March 31, 2019 , the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: Net Purchased mmBtu Longest Hedge Date Longest Non-Hedge Date (in millions) Southern Company (*) 538 2022 2029 Alabama Power 72 2022 — Georgia Power 153 2022 — Mississippi Power 61 2022 — Southern Power 9 2020 — Southern Company Gas (*) 243 2021 2029 (*) 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 3.8 billion mmBtu and short natural gas positions of 3.6 billion mmBtu as of March 31, 2019 , which is also included in Southern Company's total volume. |
Schedule of Interest Rate Derivatives | At March 31, 2019 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value Gain (Loss) at March 31, 2019 (in millions) (in millions) Fair Value Hedges of Existing Debt Southern Company (*) $ 300 2.75% 3-month LIBOR+0.92% June 2020 $ (3 ) Southern Company (*) 1,500 2.35% 1-month LIBOR+0.87% July 2021 (30 ) Georgia Power 200 4.25% 3-month LIBOR+2.46% December 2019 (2 ) Southern Company Consolidated $ 2,000 $ (35 ) (*) Represents the Southern Company parent entity. |
Schedule of Foreign Currency Derivatives | At March 31, 2019 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value Gain (Loss) at March 31, 2019 (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 2 Southern Power 564 3.78% 500 1.85% June 2026 11 Total $ 1,241 € 1,100 $ 13 |
Fair Value of Energy-Related Derivatives and Interest Rate Derivatives | The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected in the balance sheets as follows: As of March 31, 2019 As of December 31, 2018 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 $ 12 $ 10 $ 8 $ 23 Other deferred charges and assets/Other deferred credits and liabilities 11 21 9 26 Assets held for sale, current/Liabilities held for sale, current — — — 6 Total derivatives designated as hedging instruments for regulatory purposes $ 23 $ 31 $ 17 $ 55 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 3 $ 3 $ 7 Other deferred charges and assets/Other deferred credits and liabilities — 1 1 2 Interest rate derivatives: Other current assets/Other current liabilities — 20 — 19 Other deferred charges and assets/Other deferred credits and liabilities — 15 — 30 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 23 Other deferred charges and assets/Other deferred credits and liabilities 38 — 75 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 39 $ 63 $ 79 $ 81 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 259 $ 291 $ 561 $ 575 Other deferred charges and assets/Other deferred credits and liabilities 171 269 180 325 Total derivatives not designated as hedging instruments $ 430 $ 560 $ 741 $ 900 Gross amounts recognized $ 492 $ 654 $ 837 $ 1,036 Gross amounts offset (a) $ (333 ) $ (523 ) $ (524 ) $ (801 ) Net amounts recognized in the Balance Sheets (b) $ 159 $ 131 $ 313 $ 235 As of March 31, 2019 As of December 31, 2018 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 $ 2 $ 3 $ 4 Other deferred charges and assets/Other deferred credits and liabilities 3 5 3 6 Total derivatives designated as hedging instruments for regulatory purposes $ 6 $ 7 $ 6 $ 10 Gross amounts recognized $ 6 $ 7 $ 6 $ 10 Gross amounts offset $ (5 ) $ (5 ) $ (4 ) $ (4 ) Net amounts recognized in the Balance Sheets $ 1 $ 2 $ 2 $ 6 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 4 $ 5 $ 2 $ 8 Other deferred charges and assets/Other deferred credits and liabilities 5 11 4 13 Total derivatives designated as hedging instruments for regulatory purposes $ 9 $ 16 $ 6 $ 21 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ — $ 2 $ — $ 2 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ 2 $ — $ 2 Gross amounts recognized $ 9 $ 18 $ 6 $ 23 Gross amounts offset $ (8 ) $ (8 ) $ (6 ) $ (6 ) Net amounts recognized in the Balance Sheets $ 1 $ 10 $ — $ 17 As of March 31, 2019 As of December 31, 2018 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 $ 2 $ 2 $ 1 $ 3 Other deferred charges and assets/Other deferred credits and liabilities 1 4 2 6 Total derivatives designated as hedging instruments for regulatory purposes $ 3 $ 6 $ 3 $ 9 Gross amounts recognized $ 3 $ 6 $ 3 $ 9 Gross amounts offset $ (3 ) $ (3 ) $ (2 ) $ (2 ) Net amounts recognized in the Balance Sheets $ — $ 3 $ 1 $ 7 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 2 $ 3 $ 6 Other deferred charges and assets/Other deferred credits and liabilities — 1 1 2 Foreign currency derivatives: Other current assets/Other current liabilities — 24 — 23 Other deferred charges and assets/Other deferred credits and liabilities 38 — 75 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 39 $ 27 $ 79 $ 31 Gross amounts recognized $ 39 $ 27 $ 79 $ 31 Gross amounts offset $ (1 ) $ (1 ) $ (3 ) $ (3 ) Net amounts recognized in the Balance Sheets $ 38 $ 26 $ 76 $ 28 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 $ 3 $ 1 $ 2 $ 8 Other deferred charges and assets/Other deferred credits and liabilities 1 — — 1 Total derivatives designated as hedging instruments for regulatory purposes $ 4 $ 1 $ 2 $ 9 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 $ — $ 1 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ — $ 1 $ — $ 1 As of March 31, 2019 As of December 31, 2018 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 259 $ 291 $ 559 $ 574 Other deferred charges and assets/Other deferred credits and liabilities 171 269 180 325 Total derivatives not designated as hedging instruments $ 430 $ 560 $ 739 $ 899 Gross amounts of recognized $ 434 $ 562 $ 741 $ 909 Gross amounts offset (a) $ (316 ) $ (506 ) $ (508 ) $ (785 ) Net amounts recognized in the Balance Sheets (b) $ 118 $ 56 $ 233 $ 124 (a) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $190 million and $277 million as of March 31, 2019 and December 31, 2018 , respectively. (b) Net amounts of derivative instruments outstanding exclude premium and intrinsic value associated with weather derivatives of $11 million and $8 million as of March 31, 2019 and December 31, 2018 , respectively. |
Pre-tax Effects of Unrealized Derivative Gains (Losses) Arising from Energy-Related Derivative Instruments | At March 31, 2019 and December 31, 2018 , the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at March 31, 2019 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 $ (5 ) $ (1 ) $ (2 ) $ (1 ) $ (1 ) Other regulatory assets, deferred (11 ) (2 ) (6 ) (3 ) — Other regulatory liabilities, current 7 1 1 1 4 Total energy-related derivative gains (losses) $ (9 ) $ (2 ) $ (7 ) $ (3 ) $ 3 (*) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $2 million at March 31, 2019 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2018 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 $ (19 ) $ (3 ) $ (6 ) $ (2 ) $ (8 ) Other regulatory assets, deferred (16 ) (3 ) (9 ) (4 ) — Assets held for sale, current (6 ) — — — — Other regulatory liabilities, current 1 — — — 1 Total energy-related derivative gains (losses) $ (40 ) $ (6 ) $ (15 ) $ (6 ) $ (7 ) |
Pre-tax Effects of Interest Rate Derivatives, Designated as Cash Flow Hedging Instruments | For the three months ended March 31, 2019 and 2018 , the pre-tax effects of cash flow hedge accounting on accumulated OCI were as follows: Gain (Loss) Recognized in OCI on Derivative For the Three Months 2019 2018 (in millions) Southern Company Energy-related derivatives $ — $ 12 Interest rate derivatives — (2 ) Foreign currency derivatives (39 ) 53 Total $ (39 ) $ 63 Southern Power Energy-related derivatives $ — $ 11 Foreign currency derivatives (39 ) 53 Total $ (39 ) $ 64 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | For the three months ended March 31, 2019 and 2018 , the pre-tax effects of cash flow and fair value hedge accounting on income were as follows: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships For the Three Months 2019 2018 (in millions) Southern Company Total depreciation and amortization $ 751 $ 769 Gain (loss) on energy-related cash flow hedges (a) (3 ) 1 Total interest expense, net of amounts capitalized (430 ) (458 ) Gain (loss) on interest rate cash flow hedges (a) (5 ) (5 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (5 ) Gain (loss) on interest rate fair value hedges (b) 14 (24 ) Total other income (expense), net 78 60 Gain (loss) on foreign currency cash flow hedges (a)(c) (24 ) 36 Southern Power Total depreciation and amortization $ 119 $ 114 Gain (loss) on energy-related cash flow hedges (a) (3 ) 1 Total interest expense, net of amounts capitalized (44 ) (47 ) Gain (loss) on foreign currency cash flow hedges (a) (6 ) (5 ) Total other income (expense), net 2 3 Gain (loss) on foreign currency cash flow hedges (a)(c) (24 ) 36 (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. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | As of March 31, 2019 and December 31, 2018, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges: 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, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 (in millions) (in millions) Southern Company Securities due within one year $ (499 ) $ (498 ) $ 1 $ 2 Long-term debt (2,065 ) (2,052 ) 28 41 Georgia Power Securities due within one year $ (499 ) $ (498 ) $ 1 $ 2 Long-term debt — — — — |
Pre-tax Effect of Interest Rate and Energy Related Derivatives | For the three months ended March 31, 2019 and 2018 , the pre-tax effects of energy-related derivatives not designated as hedging instruments on the statements of income of Southern Company and Southern Company Gas were as follows: Gain (Loss) Three Months Ended March 31, Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2019 2018 (in millions) Energy-related derivatives: Natural gas revenues (*) $ 33 $ (15 ) Cost of natural gas 8 2 Total derivatives in non-designated hedging relationships $ 41 $ (13 ) (*) Excludes immaterial gains (losses) recorded in natural gas revenues associated with weather derivatives for the three months ended March 31, 2019 and 2018 . |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Construction Projects | Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Expected COD PPA Contract Period Mankato expansion (a) Natural Gas 385 Mankato, MN May 2019 20 years Wildhorse Mountain (b) Wind 100 Pushmataha County, OK Fourth quarter 2019 20 years Reading (c) Wind 200 Osage and Lyon Counties, KS Second quarter 2020 12 years (a) In November 2018, Southern Power entered into an agreement to sell all of its equity interests in Plant Mankato, including this expansion currently under construction. This transaction is subject to FERC and state commission approvals and is expected to close mid-2019. The ultimate outcome of this matter cannot be determined at this time. See " Sales of Natural Gas and Biomass Plants " below. (b) In May 2018, Southern Power purchased 100% of the Wildhorse Mountain facility. 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. (c) In August 2018, Southern Power purchased 100% of the membership interests of the Reading facility from the joint development arrangement with Renewable Energy Systems Americas, Inc. described below. 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. |
Disposal Groups, Including Discontinued Operations | Gulf Power and Southern Power's equity interests in Plant Oleander and Plant Stanton Unit A (together, the Florida Plants) represented individually significant components of Southern Company and Southern Power, respectively; therefore, pre-tax profit for these components for the three months ended March 31, 2018 is presented below: For the Three Months (in millions) Earnings before income taxes: Gulf Power $ 55 Southern Power's Florida Plants $ 8 The following table provides Southern Company's and Southern Power's major classes of assets and liabilities classified as held for sale at March 31, 2019 and December 31, 2018 : Southern Company Southern Power (in millions) At March 31, 2019 Assets Held for Sale: Current assets $ 55 $ 11 Total property, plant, and equipment 637 604 Goodwill and other intangible assets 82 40 Other non-current assets 44 — Total Assets Held for Sale $ 818 $ 655 Liabilities Held for Sale: Current liabilities $ 38 $ 9 Other non-current liabilities 39 — Total Liabilities Held for Sale $ 77 $ 9 At December 31, 2018 Assets Held for Sale: Current assets $ 393 $ 8 Total property, plant, and equipment 4,583 536 Goodwill and other intangible assets 40 40 Other non-current assets 727 — Total Assets Held for Sale $ 5,743 $ 584 Liabilities Held for Sale: Current liabilities $ 425 $ 15 Long-term debt 1,286 — Accumulated deferred income taxes 618 — Other non-current liabilities 932 — Total Liabilities Held for Sale $ 3,261 $ 15 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Major Categories of Lease Obligations | The major categories of lease obligations are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Electric generating units $ 1,094 $ 159 $ 1,606 $ — $ — $ — Real estate/land 803 3 63 2 393 83 Communication towers 131 1 3 — — — Railcars 55 25 26 3 — — Other 153 10 16 3 — 1 Total $ 2,236 $ 198 $ 1,714 $ 8 $ 393 $ 84 |
Balance Sheet Amounts Recorded for Operating and Financing Leases | Balance sheet amounts recorded for operating and finance leases are as follows: As of March 31, 2019 Southern Company (*) Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Operating Leases Operating lease ROU assets, net $ 1,926 $ 160 $ 1,519 $ 8 $ 372 $ 86 Operating lease obligations - current $ 239 $ 47 $ 139 $ 3 $ 22 $ 13 Operating lease obligations - non current 1,752 147 1,404 5 371 71 Total operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance Leases Finance lease ROU assets, net $ 242 $ 4 $ 145 $ — $ — $ — Finance lease obligations - current $ 38 $ 1 $ 10 $ — $ — $ — Finance lease obligations - noncurrent 207 3 161 — — — Total finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — (*) Includes operating lease ROU assets, net and operating lease obligations classified as held for sale. |
Lease Costs and Other Information | Lease costs for the three months ended March 31, 2019 , which includes both amounts recognized as operations and maintenance expense and amounts capitalized as part of the cost of another asset, are as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease cost Operating lease cost $ 69 $ 7 $ 49 $ 1 $ 7 $ 4 Finance lease cost: Amortization of ROU assets 7 — 4 — — — Interest on lease obligations 3 — 4 — — — Total finance lease cost 10 — 8 — — — Short-term lease costs 14 5 3 — — — Variable lease cost 19 — 16 — 1 — Sublease income — — — — — — Total lease cost $ 112 $ 12 $ 76 $ 1 $ 8 $ 4 Georgia Power has variable lease payments that are based on the amount of energy produced by certain renewable generating facilities subject to PPAs. Other information with respect to cash and noncash activities related to leases, as well as weighted-average lease terms and discount rates, is as follows: For the Three Months Ended March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Other information Cash paid for amounts included in the measurements of lease obligations: Operating cash flows from operating leases $ 74 $ 13 $ 32 $ 1 $ 7 $ 4 Operating cash flows from finance leases 6 — 13 — — — Financing cash flows from finance leases 8 — 2 — — — ROU assets obtained in exchange for new operating lease obligations 15 2 4 — — — ROU assets obtained in exchange for new finance lease obligations 29 — 28 — — — As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas Weighted-average remaining lease term in years: Operating leases 13.5 3.8 10.1 6.8 33.7 9.0 Finance leases 18.5 14.8 11.3 — — — Weighted-average discount rate: Operating leases 4.49 % 3.33 % 4.42 % 4.03 % 5.68 % 3.70 % Finance leases 5.00 % 3.75 % 10.68 % — % — % — % |
Maturities of Operating Lease Liabilities | Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — |
Maturities of Finance Lease Liabilities | Maturities of lease liabilities are as follows: As of March 31, 2019 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Maturity Analysis Operating leases: 2019 (remaining) $ 253 $ 46 $ 182 $ 2 $ 17 $ 12 2020 291 53 202 2 22 16 2021 274 52 197 1 23 16 2022 263 52 195 1 23 12 2023 198 3 196 1 24 10 Thereafter 1,637 1 984 2 848 36 Total 2,916 207 1,956 9 957 102 Less: Present value discount 925 13 413 1 564 18 Operating lease obligations $ 1,991 $ 194 $ 1,543 $ 8 $ 393 $ 84 Finance leases: 2019 (remaining) $ 24 $ 1 $ 22 $ — $ — $ — 2020 32 1 28 — — — 2021 26 1 25 — — — 2022 22 1 25 — — — 2023 18 1 25 — — — Thereafter 273 — 165 — — — Total 395 5 290 — — — Less: Present value discount 150 1 119 — — — Finance lease obligations $ 245 $ 4 $ 171 $ — $ — $ — |
Lease Income, Sales-type Leases | Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 |
Lease Income, Operating Leases | Lease income for the three months ended March 31, 2019 is as follows: For the Three Months Ended March 31, 2019 Southern Company Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Lease income - interest income on sales-type leases $ 2 $ — $ 2 $ — $ — Lease income - operating leases 71 19 — 41 9 Variable lease income 66 — — 72 — Total lease income $ 139 $ 19 $ 2 $ 113 $ 9 |
Undiscounted Cash Flows to be Received Under Tolling Arrangements Accounted for as Sales-type Leases | The undiscounted cash flows to be received under tolling arrangements accounted for as sales-type leases are as follows: As of March 31, 2019 Southern Company Mississippi Power (in millions) 2019 (remaining) $ 11 $ 11 2020 14 14 2021 14 14 2022 13 13 2023 12 12 Thereafter 135 135 Total undiscounted cash flows $ 199 $ 199 Lease receivable 108 108 Difference between undiscounted cash flows and discounted cash flows $ 91 $ 91 |
Undiscounted Cash Flows to be Received Under PPAs Accounted for as Operating Leases | The undiscounted cash flows to be received under operating leases and contracts accounted for as operating leases (adjusted for intercompany eliminations) are as follows: As of March 31, 2019 Southern Company Georgia Power Southern Power Southern Company Gas (in millions) 2019 (remaining) $ 163 $ 20 $ 123 $ 26 2020 188 26 128 34 2021 183 18 131 34 2022 174 8 134 34 2023 171 2 137 34 Thereafter 1,809 — 1,017 498 Total $ 2,688 $ 74 $ 1,670 $ 660 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Data for Business Segments | Financial data for business segments and products and services for the three months ended March 31, 2019 and 2018 was as follows: Electric Utilities Traditional Electric Operating Companies Southern Power Eliminations Total Southern Company Gas All Other Eliminations Consolidated (in millions) 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)(b)(c) 565 56 — 621 270 1,195 (2 ) 2,084 At March 31, 2019: Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 268 $ (1 ) $ 5,284 Total assets 76,798 15,104 (779 ) 91,123 20,952 3,391 (1,370 ) 114,096 Three Months Ended March 31, 2018: Operating revenues $ 3,979 $ 509 $ (106 ) $ 4,382 $ 1,639 $ 401 $ (50 ) $ 6,372 Segment net income (loss) (a)(b)(d) 612 121 — 733 279 (74 ) — 938 At December 31, 2018: Goodwill $ — $ 2 $ — $ 2 $ 5,015 $ 298 $ — $ 5,315 Total assets 79,382 14,883 (306 ) 93,959 21,448 3,285 (1,778 ) 116,914 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional electric operating companies includes pre-tax charges for estimated losses on plants under construction of $2 million ( $1 million after tax) and $44 million ( $33 million after tax) for the three months ended March 31, 2019 and 2018 , respectively. See Note 2 to the financial statements in Item 8 of the Form 10-K and Note (B) under " Mississippi Power – Kemper County Energy Facility " 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 (K) under " Southern Company " for additional information. (d) Segment net income (loss) for Southern Company Gas includes a goodwill impairment charge of $42 million for the three months ended March 31, 2018 related to the sale of Pivotal Home Solutions. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. Business segment financial data for the three months ended March 31, 2019 and 2018 was as follows: Gas Distribution Operations (a) Gas Pipeline Investments Wholesale Gas Services (b) Gas Marketing Services (c)(d) Total All Other Eliminations Consolidated (in millions) 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 March 31, 2019: 17,379 1,781 821 1,611 21,592 10,900 (11,540 ) 20,952 Three Months Ended March 31, 2018: Operating revenues $ 1,212 $ 8 $ 166 $ 271 $ 1,657 $ 15 $ (33 ) $ 1,639 Segment net income (loss) 149 27 104 13 293 (14 ) — 279 Total assets at December 31, 2018: 17,266 1,763 1,302 1,587 21,918 11,112 (11,582 ) $ 21,448 (a) Operating revenues for the three gas distribution operations dispositions were $167 million for the three months ended March 31, 2018. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. (b) 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, 2019 $ 1,926 $ 88 $ 2,014 $ 1,928 $ 86 Three Months Ended March 31, 2018 1,938 167 2,105 1,939 166 (c) Operating revenues for the gas marketing services disposition were $32 million for the three months ended March 31, 2018. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. (d) Segment net income (loss) for gas marketing services includes a goodwill impairment charge of $42 million for the three months ended March 31, 2018 related to the sale of Pivotal Home Solutions. See Note 15 to the financial statements in Item 8 of the Form 10-K under "Southern Company Gas" for additional information. |
Financial Data for Products and Services | Products and Services Electric Utilities' Revenues Retail Wholesale Other Total (in millions) Three Months Ended March 31, 2019 $ 3,084 $ 499 $ 212 $ 3,795 Three Months Ended March 31, 2018 3,568 623 191 4,382 Southern Company Gas' Revenues Gas (a) Gas (b) Other Total (in millions) Three Months Ended March 31, 2019 $ 1,161 $ 229 $ 84 $ 1,474 Three Months Ended March 31, 2018 1,200 271 168 1,639 (a) Operating revenues for the three gas distribution operations dispositions were $167 million for the three months ended March 31, 2018 . (b) Operating revenues for Pivotal Home Solutions were $32 million for the three months ended March 31, 2018 . |
Introduction - Narrative (Detai
Introduction - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
SOUTHERN Co GAS | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Inventory decrement | $ 0 | $ 0 |
Introduction - Goodwill (Detail
Introduction - Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 5,284 | $ 5,315 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,015 | $ 5,015 |
SOUTHERN Co GAS | Gas Distribution Operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,034 | |
SOUTHERN Co GAS | Gas Marketing Services | ||
Goodwill [Line Items] | ||
Goodwill | $ 981 |
Introduction - Other Intangible
Introduction - Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | $ 761 | $ 773 |
Accumulated Amortization | (251) | (235) |
Other Intangible Assets, Net | 510 | 538 |
Other intangible assets not subject to amortization: | ||
Federal Communications Commission licenses | 75 | 75 |
Total other intangible assets | ||
Gross Carrying Amount | 836 | 848 |
Other Intangible Assets, Net | 585 | 613 |
Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 211 | 223 |
Accumulated Amortization | (100) | (94) |
Other Intangible Assets, Net | 111 | 129 |
Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 70 | 70 |
Accumulated Amortization | (22) | (21) |
Other Intangible Assets, Net | 48 | 49 |
Other | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 11 | 11 |
Accumulated Amortization | (6) | (5) |
Other Intangible Assets, Net | 5 | 6 |
SOUTHERN POWER CO | ||
Other intangible assets subject to amortization: | ||
Accumulated Amortization | (67) | (61) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 405 | 405 |
Accumulated Amortization | (67) | (61) |
Other Intangible Assets, Net | 338 | 344 |
SOUTHERN Co GAS | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 246 | 246 |
Accumulated Amortization | (153) | (145) |
Other Intangible Assets, Net | 93 | 101 |
Total other intangible assets | ||
Other Intangible Assets, Net | 93 | 101 |
SOUTHERN Co GAS | Customer relationships | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 156 | 156 |
Accumulated Amortization | (89) | (84) |
Other Intangible Assets, Net | 67 | 72 |
SOUTHERN Co GAS | Trade names | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 26 | 26 |
Accumulated Amortization | (8) | (7) |
Other Intangible Assets, Net | 18 | 19 |
SOUTHERN Co GAS | Storage and transportation contracts | ||
Other intangible assets subject to amortization: | ||
Gross Carrying Amount | 64 | 64 |
Accumulated Amortization | (56) | (54) |
Other Intangible Assets, Net | $ 8 | $ 10 |
Introduction - Intangibles, Amo
Introduction - Intangibles, Amortization (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 17 |
SOUTHERN POWER CO | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 6 |
SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 8 |
Gas Marketing Services | SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | 6 |
Wholesale Gas Services | SOUTHERN Co GAS | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 2 |
Introduction - Restricted Cash
Introduction - Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,361 | $ 1,396 | ||
Cash and cash equivalents held for sale | 9 | |||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 1,364 | 1,519 | $ 2,290 | $ 2,147 |
Restricted cash | ||||
Restricted cash: | ||||
Restricted cash | 0 | |||
Other accounts and notes receivable | ||||
Restricted cash: | ||||
Restricted cash | 4 | 114 | ||
GEORGIA POWER CO | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 9 | 4 | ||
Cash and cash equivalents held for sale | 0 | |||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 9 | 112 | 1,158 | 852 |
GEORGIA POWER CO | Restricted cash | ||||
Restricted cash: | ||||
Restricted cash | 108 | |||
GEORGIA POWER CO | Other accounts and notes receivable | ||||
Restricted cash: | ||||
Restricted cash | 0 | |||
SOUTHERN Co GAS | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 57 | 64 | ||
Cash and cash equivalents held for sale | 0 | |||
Restricted cash: | ||||
Total cash, cash equivalents, and restricted cash | 61 | 70 | $ 100 | $ 78 |
SOUTHERN Co GAS | Restricted cash | ||||
Restricted cash: | ||||
Restricted cash | 0 | |||
SOUTHERN Co GAS | Other accounts and notes receivable | ||||
Restricted cash: | ||||
Restricted cash | $ 4 | $ 6 |
Regulatory Matters - Cost Recov
Regulatory Matters - Cost Recovery Clauses (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Feb. 05, 2019 | Dec. 31, 2018 |
ALABAMA POWER CO | |||
Loss Contingencies [Line Items] | |||
Rate RSE Refund Liability | $ 75 | ||
ALABAMA POWER CO | Deferred under recovered regulatory clause revenues | |||
Loss Contingencies [Line Items] | |||
Rate CNP Compliance | $ 0 | $ 42 | |
Rate CNP PPA | 21 | 25 | |
Retail Energy Cost Recovery() | 0 | 109 | |
ALABAMA POWER CO | Customer accounts receivable | |||
Loss Contingencies [Line Items] | |||
Rate CNP Compliance | 25 | 0 | |
ALABAMA POWER CO | Other regulatory liabilities, deferred | |||
Loss Contingencies [Line Items] | |||
Retail Energy Cost Recovery() | 2 | 0 | |
Natural Disaster Reserve | 22 | 20 | |
GEORGIA POWER CO | Receivables – under recovered fuel clause revenues | |||
Loss Contingencies [Line Items] | |||
Fuel Cost Recovery | 73 | 115 | |
MISSISSIPPI POWER CO | Over recovered retail fuel costs | |||
Loss Contingencies [Line Items] | |||
Fuel Cost Recovery | $ 10 | $ 8 |
Regulatory Matters - Alabama Po
Regulatory Matters - Alabama Power (Details) - USD ($) $ in Millions | Apr. 15, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Plant in service, net of depreciation | $ (71,839) | $ (72,668) | ||
Other utility plant, net | 1,315 | 0 | ||
ALABAMA POWER CO | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Plant in service, net of depreciation | (19,363) | (20,414) | ||
Other utility plant, net | $ 1,315 | $ 0 | ||
ALABAMA POWER CO | Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Plant in service, net of depreciation | $ 1,300 | |||
Other utility plant, net | $ 1,300 | |||
ALABAMA POWER CO | Subsequent Event | Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Capitalized asset retirement costs, net | $ 700 | |||
Regulatory asset to be recovered over the units' remaining useful lives | 700 | |||
ALABAMA POWER CO | Plant Gorgas Units 8, 9, and 10 | Subsequent Event | Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net investment costs | 740 | |||
Regulatory asset to be recovered over the units' remaining useful lives | $ 740 |
Regulatory Matters - Nuclear Co
Regulatory Matters - Nuclear Construction (Details) - GEORGIA POWER CO $ in Millions | Jan. 01, 2021 | Jan. 01, 2020 | Feb. 19, 2019USD ($) | Jan. 11, 2018USD ($) | Jan. 01, 2016 | Dec. 31, 2018USD ($)appeal | Aug. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2009USD ($)utilityMW | Dec. 31, 2022USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||||||||||||||
Number of construction units approved | utility | 2 | |||||||||||||
Electric generating capacity in mega watts under consortium agreement | MW | 1,100 | |||||||||||||
Additional construction capital costs | $ 3,300 | |||||||||||||
Estimated in-service capital cost | $ 4,418 | |||||||||||||
Financing costs collected, net of tax | $ 1,900 | |||||||||||||
Increase in NCCR tariff | $ 88 | |||||||||||||
Amendment to estimated in-service capital cost | $ 5,680 | |||||||||||||
Retail rate of return on common equity | 10.95% | |||||||||||||
Number of appeals | appeal | 2 | |||||||||||||
Requested capital construction costs | $ 5,400 | |||||||||||||
Deferred approval of expenditures related to administrative claim | $ 51.6 | |||||||||||||
FFB Loan | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Long-term line of credit | 3,460 | |||||||||||||
Eligible project costs to be reimbursed | $ 5,130 | |||||||||||||
Plant Vogtle Units 3 And 4 | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Proportionate ownership share | 45.70% | |||||||||||||
Construction financing costs | $ 1,900 | |||||||||||||
Base project capital cost forecast, monthly | 50 | |||||||||||||
Monthly AFUDC | 12 | |||||||||||||
Percentage of ownership interest required for voting for continuing construction | 90.00% | 90.00% | ||||||||||||
Cost settlement agreement revised forecast, net of payments | $ 7,300 | |||||||||||||
Public utilities, approved return on equity percentage | 10.00% | |||||||||||||
Public utilities, approved return on equity, monthly percentage decrease | 0.10% | |||||||||||||
Return on equity reduction, negative impact on earnings | $ 100 | |||||||||||||
Requested capital construction costs | $ 578 | |||||||||||||
Guarantor obligations | $ 1,700 | |||||||||||||
Customer refund | $ 188 | |||||||||||||
Plant Vogtle Units 3 And 4 | Scenario, Forecast | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Construction financing costs | $ 3,100 | |||||||||||||
Public utilities, approved return on equity percentage | 5.30% | 8.30% | ||||||||||||
Return on equity reduction, negative impact on earnings | $ 75 | $ 635 | ||||||||||||
Plant Vogtle Units 3 And 4 | Vogtle Owners | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Period of notice required in the event letters of credit are not renewed | 30 days |
Regulatory Matters - Nuclear _2
Regulatory Matters - Nuclear Construction Cost and Schedule (Details) - GEORGIA POWER CO - Plant Vogtle Units 3 And 4 $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Base project capital cost forecast | $ 8,000 |
Construction contingency estimate | 400 |
Total project capital cost forecast | 8,400 |
Net investment as of March 31, 2019 | (4,900) |
Remaining estimate to complete | 3,500 |
Expected capitalized costs | 325 |
Guarantor obligations | 1,700 |
Customer refund | $ 188 |
Regulatory Matters - Mississipp
Regulatory Matters - Mississippi Power (Details) $ in Millions | Mar. 28, 2019USD ($) |
MRA Revenue | MISSISSIPPI POWER CO | |
Loss Contingencies [Line Items] | |
Decrease in base rate under cost based electric tariff | $ 3.7 |
Regulatory Matters - Kemper Cou
Regulatory Matters - Kemper County Energy Facility (Details) - MISSISSIPPI POWER CO - Kemper IGCC - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 48 Months Ended |
Dec. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||||
Pre-tax charge to income | $ 2 | |||
Asset retirement obligation, liabilities incurred, net of tax | 1 | |||
Asset retirement obligation, expected cost | $ 10 | |||
Government grants received | $ 387 | |||
Scenario, Forecast | ||||
Loss Contingencies [Line Items] | ||||
Asset retirement obligation, liabilities incurred | $ 11 | |||
Minimum | Scenario, Forecast | ||||
Loss Contingencies [Line Items] | ||||
Asset retirement obligation, liabilities incurred | $ 2 | |||
Maximum | Scenario, Forecast | ||||
Loss Contingencies [Line Items] | ||||
Asset retirement obligation, liabilities incurred | $ 6 |
Regulatory Matters - Southern C
Regulatory Matters - Southern Company Gas (Details) $ in Millions | Apr. 16, 2019USD ($)intervenor | Apr. 08, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2018 |
Nicor Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Approved increase (decrease) in fuel rates amount | $ 230 | |||||
Public utilities, approved return on equity percentage | 10.60% | |||||
Regulatory equity ratio | 54.00% | 52.00% | ||||
Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Approved increase (decrease) in fuel rates amount | $ (14) | |||||
Bill credits | $ 14 | |||||
Subsequent Event | Nicor Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Public utilities, approved return on equity percentage | 9.86% | |||||
Regulatory equity ratio | 54.00% | |||||
Number of intervenors | intervenor | 2 | |||||
Requested increase in rate amounts | $ 180 | |||||
Subsequent Event | SAVE | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | $ 370 | |||||
Infrastructure replacement program, petitioned investment renewal term | 5 years | |||||
Infrastructure replacement program, petitioned investment term | 6 years | |||||
Infrastructure replacement program, proposed investment variance amount | $ 10 | |||||
Subsequent Event | SAVE | 2018 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Approved investment amount | 35 | |||||
Subsequent Event | SAVE | 2019 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 40 | |||||
Infrastructure replacement program, proposed investment variance amount | 6 | |||||
Subsequent Event | SAVE | 2020 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 50 | |||||
Infrastructure replacement program, proposed investment variance amount | 8 | |||||
Subsequent Event | SAVE | 2021 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 60 | |||||
Infrastructure replacement program, proposed investment variance amount | 9 | |||||
Subsequent Event | SAVE | 2022 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 70 | |||||
Infrastructure replacement program, proposed investment variance amount | 10 | |||||
Subsequent Event | SAVE | 2023 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 70 | |||||
Infrastructure replacement program, proposed investment variance amount | 10 | |||||
Subsequent Event | SAVE | 2024 | Virginia Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Infrastructure replacement program, proposed investment amount | 70 | |||||
Infrastructure replacement program, proposed investment variance amount | $ 10 |
Regulatory Matters - FERC Matte
Regulatory Matters - FERC Matters (Details) - Open Access Transmission Tariff - SCS | May 10, 2018 |
Loss Contingencies [Line Items] | |
Public utilities, approved return on equity percentage | 10.60% |
Moratorium period | 5 years |
Contingencies - General Litigat
Contingencies - General Litigation Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 31, 2019USD ($) | Nov. 30, 2018defendantplaintiff | May 31, 2018USD ($)agreement | Apr. 30, 2018 | Mar. 31, 2019USD ($) | Dec. 31, 2017claim | |
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | plaintiff | 10 | |||||
Pending Litigation | Putative Securities Class Action | ||||||
Loss Contingencies [Line Items] | ||||||
Increase in the purported class period | 1 day | |||||
Pending Litigation | Shareholder Derivative Lawsuits | ||||||
Loss Contingencies [Line Items] | ||||||
Pending number of claims | claim | 2 | |||||
Stay period | 30 days | 30 days | ||||
MISSISSIPPI POWER CO | Pending Litigation | Martin Product Sales, LLC Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Number of agreements | agreement | 2 | |||||
MISSISSIPPI POWER CO | Pending Litigation | Purported Violations Of Mississippi Consumer Protection Act | ||||||
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | plaintiff | 4 | |||||
Number of defendants | defendant | 3 | |||||
Martin Product Sales, LLC Litigation | Martin Product Sales, LLC Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought by litigation | $ 143 | |||||
SOUTHERN POWER CO | ||||||
Loss Contingencies [Line Items] | ||||||
Withholding of construction contract payments | $ 26 | |||||
SOUTHERN POWER CO | RE Roserock, LLC | RE Roserock, LLC | ||||||
Loss Contingencies [Line Items] | ||||||
Ownership percentage by parent | 51.00% | |||||
RE Roserock, LLC | ||||||
Loss Contingencies [Line Items] | ||||||
Insurance proceeds | $ 5 | |||||
RE Roserock, LLC | Scenario, Forecast | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Amount paid to other party | $ 26 |
Contingencies - Environmental R
Contingencies - Environmental Remediation (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
GEORGIA POWER CO | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 18 | $ 23 |
SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | 289 | $ 294 |
Location One | SOUTHERN Co GAS | ||
Loss Contingencies [Line Items] | ||
Environmental remediation liability, current and former sites | $ 2 |
Contingencies - Other Matters (
Contingencies - Other Matters (Details) - Subsequent Event - Scenario, Forecast - Plant Daniel Units 1 And 2 | 60 Months Ended |
Jan. 15, 2024USD ($) | |
GULF POWER CO | |
Loss Contingencies [Line Items] | |
Undivided ownership interest to be sold | 50.00% |
Undivided ownership interest, ownership interest in individual unit | 100.00% |
MISSISSIPPI POWER CO | |
Loss Contingencies [Line Items] | |
Payments to acquire business | $ 1 |
Option to purchase, period | 120 days |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregate Revenue Sources (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 5,412 | $ 6,372 |
Revenue from leases | 139 | |
Total retail electric and gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 4,245 | 4,768 |
Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leases | 8 | 18 |
Increase (decrease) in revenue from cost recovery mechanisms | (103) | 117 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,288 | 1,539 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,093 | 1,243 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 677 | 756 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 26 | 30 |
Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,163 | 1,224 |
Alternative revenue programs | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | (2) | (24) |
Wholesale energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 367 | 472 |
Revenue from leases | 66 | 69 |
Revenue from transactions accounted for as derivatives | 53 | 93 |
Wholesale capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 132 | 151 |
Revenue from leases | 25 | 30 |
Other natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 313 | 407 |
Revenue from leases | 9 | |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 355 | 574 |
Revenue from leases | 31 | 33 |
Revenues not accounted for under ASC 606 | 96 | 90 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,408 | 1,473 |
ALABAMA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,213 | 1,285 |
Increase (decrease) in revenue from cost recovery mechanisms | (57) | 47 |
ALABAMA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 540 | 570 |
ALABAMA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 354 | 371 |
ALABAMA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 313 | 338 |
ALABAMA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 6 | 6 |
ALABAMA POWER CO | Wholesale energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 94 | 101 |
Revenue from transactions accounted for as derivatives | 3 | 5 |
ALABAMA POWER CO | Wholesale capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 27 | 24 |
ALABAMA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 74 | 63 |
Revenues not accounted for under ASC 606 | 28 | 25 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,833 | 1,961 |
Revenue from leases | 19 | |
GEORGIA POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,668 | 1,798 |
Revenue from leases | 8 | 18 |
Increase (decrease) in revenue from cost recovery mechanisms | (47) | 10 |
GEORGIA POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 688 | 744 |
GEORGIA POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 674 | 717 |
GEORGIA POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 289 | 316 |
GEORGIA POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 17 | 21 |
GEORGIA POWER CO | Wholesale energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 18 | 40 |
Revenue from transactions accounted for as derivatives | 4 | 7 |
GEORGIA POWER CO | Wholesale capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 14 | 14 |
GEORGIA POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 133 | 109 |
Revenue from leases | 11 | 33 |
Revenues not accounted for under ASC 606 | 31 | 26 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 287 | 302 |
Revenue from leases | 2 | |
MISSISSIPPI POWER CO | Retail electric revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 203 | 194 |
Increase (decrease) in revenue from cost recovery mechanisms | 1 | 76 |
MISSISSIPPI POWER CO | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 60 | 60 |
MISSISSIPPI POWER CO | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 65 | 62 |
MISSISSIPPI POWER CO | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 74 | 70 |
MISSISSIPPI POWER CO | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 4 | 2 |
MISSISSIPPI POWER CO | Wholesale energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 78 | 98 |
Revenue from transactions accounted for as derivatives | 1 | 1 |
MISSISSIPPI POWER CO | Wholesale capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1 | 4 |
MISSISSIPPI POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 5 | 6 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 443 | 509 |
Revenue from leases | 113 | |
SOUTHERN POWER CO | PPA capacity revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 127 | 138 |
Revenue from leases | 41 | 47 |
SOUTHERN POWER CO | PPA energy revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 227 | 254 |
Revenue from leases | 72 | 76 |
SOUTHERN POWER CO | Non-PPA revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 85 | 115 |
Revenue from transactions accounted for as derivatives | 45 | 79 |
SOUTHERN POWER CO | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 4 | 2 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,474 | 1,639 |
Revenue from leases | 9 | |
SOUTHERN Co GAS | Wholesale Gas Services | Third Party Gross Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from transactions accounted for as derivatives | 1,200 | 1,100 |
SOUTHERN Co GAS | Natural gas distribution revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,161 | 1,200 |
SOUTHERN Co GAS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 601 | 660 |
SOUTHERN Co GAS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 170 | 192 |
SOUTHERN Co GAS | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 256 | 277 |
SOUTHERN Co GAS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 17 | 17 |
SOUTHERN Co GAS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 119 | 78 |
SOUTHERN Co GAS | Alternative revenue programs | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | (2) | (24) |
SOUTHERN Co GAS | Gas pipeline investments | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 8 | 8 |
Revenue from leases | 8 | |
SOUTHERN Co GAS | Wholesale Gas Services | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 66 | 146 |
SOUTHERN Co GAS | Gas marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 229 | 271 |
Revenues not accounted for under ASC 606 | 6 | 4 |
SOUTHERN Co GAS | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 10 | 14 |
Operating Segments | SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,495 | 1,657 |
Operating Segments | SOUTHERN Co GAS | Wholesale Gas Services | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 86 | 166 |
Operating Segments | SOUTHERN Co GAS | Wholesale Gas Services | Third Party Gross Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 1,926 | $ 1,938 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 2,522 | $ 2,630 |
Contract Assets | 84 | 102 |
Contract Liabilities | 62 | 32 |
ALABAMA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 514 | 520 |
Contract Assets | 1 | 0 |
Contract Liabilities | 10 | 12 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 668 | 721 |
Contract Assets | 41 | 58 |
Contract Liabilities | 25 | 7 |
MISSISSIPPI POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 85 | 100 |
Contract Assets | 0 | 0 |
Contract Liabilities | 0 | 0 |
SOUTHERN POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 99 | 118 |
Contract Assets | 0 | 0 |
Contract Liabilities | 4 | 11 |
SOUTHERN Co GAS | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 948 | 952 |
Contract Assets | 0 | 0 |
Contract Liabilities | $ 1 | $ 2 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 84 | $ 102 |
Contract liabilities | 62 | 32 |
Unregulated Distributed Generation | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 34 | 39 |
Contract liabilities | $ 25 | 11 |
GEORGIA POWER CO | ||
Disaggregation of Revenue [Line Items] | ||
Performance obligation, expected timing of satisfaction | Georgia Power had contract assets primarily related to unregulated service agreements where payment is contingent on project completion and fixed retail customer bill programs where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over the one-year contract term. | |
Contract assets | $ 41 | 58 |
Contract liabilities | $ 25 | $ 7 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue from contracts with customers recognized | $ 17 |
SOUTHERN POWER CO | |
Disaggregation of Revenue [Line Items] | |
Revenue from contracts with customers recognized | $ 10 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 451 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 349 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 315 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 310 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 301 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,219 |
Performance obligation, expected timing of satisfaction | |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 16 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 22 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 27 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 23 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 22 |
Performance obligation, expected timing of satisfaction | 1 year |
ALABAMA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 140 |
Performance obligation, expected timing of satisfaction | |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 30 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 38 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 40 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 30 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 31 |
Performance obligation, expected timing of satisfaction | 1 year |
GEORGIA POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 82 |
Performance obligation, expected timing of satisfaction | |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2 |
Performance obligation, expected timing of satisfaction | 1 year |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 3 |
Performance obligation, expected timing of satisfaction | 1 year |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 1 |
Performance obligation, expected timing of satisfaction | 1 year |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
MISSISSIPPI POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Performance obligation, expected timing of satisfaction | |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 248 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 295 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 270 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 276 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 269 |
Performance obligation, expected timing of satisfaction | 1 year |
SOUTHERN POWER CO | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,143 |
Performance obligation, expected timing of satisfaction |
Consolidated Entities and Equ_3
Consolidated Entities and Equity Method Investments - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)investor | |
SOUTHERN POWER CO | |
Schedule of Equity Method Investments [Line Items] | |
Distribution made to limited partner, cash distributions paid, percentage | 67.00% |
Global Atlantic | |
Schedule of Equity Method Investments [Line Items] | |
Distribution made to limited partner, cash distributions paid, percentage | 33.00% |
SP Solar Holdings I, LP | Variable Interest Entity, Primary Beneficiary | SOUTHERN POWER CO | |
Schedule of Equity Method Investments [Line Items] | |
Assets | $ 6,500 |
Liabilities | 373 |
Noncontrolling interests related to other partners' interests | $ 1,200 |
SP Wind | SOUTHERN POWER CO | |
Schedule of Equity Method Investments [Line Items] | |
Distribution made to limited partner, cash distributions paid, percentage | 60.00% |
Number of financial investors | investor | 3 |
SP Wind | Financial Investors | |
Schedule of Equity Method Investments [Line Items] | |
Distribution made to limited partner, cash distributions paid, percentage | 40.00% |
SP Wind | Variable Interest Entity, Primary Beneficiary | SOUTHERN POWER CO | |
Schedule of Equity Method Investments [Line Items] | |
Assets | $ 2,600 |
Liabilities | 141 |
Noncontrolling interests related to other partners' interests | $ 46 |
Consolidated Entities and Equ_4
Consolidated Entities and Equity Method Investments - Balance Sheet Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 1,598 | $ 1,580 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,557 | 1,538 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 1,262 | 1,261 |
SOUTHERN Co GAS | Atlantic Coast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 96 | 83 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | 75 | 71 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 124 | $ 123 |
Consolidated Entities and Equ_5
Consolidated Entities and Equity Method Investments - Income Statement Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 48 | $ 41 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 48 | 42 |
SOUTHERN Co GAS | SNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 42 | 39 |
SOUTHERN Co GAS | Atlantic Coast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 3 | 1 |
SOUTHERN Co GAS | PennEast Pipeline | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | 2 | 1 |
SOUTHERN Co GAS | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings from Equity Method Investments | $ 1 | $ 1 |
Consolidated Entities and Equ_6
Consolidated Entities and Equity Method Investments - Investment in SNG (Details) - SNG - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement Information | ||
Revenues | $ 166 | $ 160 |
Operating income | 106 | 99 |
Net income | $ 84 | $ 78 |
Financing - Narrative (Details)
Financing - Narrative (Details) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Mar. 31, 2019USD ($)loanshares | Mar. 31, 2018USD ($)shares | Dec. 31, 2014 | Apr. 30, 2019USD ($) | Aug. 31, 2018 | |
Debt Instrument [Line Items] | |||||||
Variable rate pollution control revenue bonds outstanding | $ 1,400,000,000 | $ 1,400,000,000 | |||||
Maximum borrowing capacity | 7,863,000,000 | 7,863,000,000 | |||||
Repayments of short-term debt | $ 1,750,000,000 | $ 150,000,000 | |||||
Stock-based compensation awards not included in the diluted earnings per share calculation because they were anti-dilutive (in shares) | shares | 0 | 0 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | $ 1,200,000,000 | ||||||
Senior Notes | 1.85% Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.85% | ||||||
Repurchase amount | $ 522,000,000 | ||||||
Debt face amount | $ 1,000,000,000 | ||||||
Senior Notes | Series 2014B Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.15% | ||||||
Repurchase amount | $ 180,000,000 | ||||||
Debt face amount | 350,000,000 | ||||||
Senior Notes | Series 2018A Notes | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase amount | 504,000,000 | ||||||
Debt face amount | 750,000,000 | ||||||
Notes Payable to Banks | Uncommitted Bank Credit Arrangement | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of short-term debt | 250,000,000 | ||||||
Notes Payable to Banks | Floating Rate Bank Term Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of short-term debt | 1,500,000,000 | ||||||
ALABAMA POWER CO | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate pollution control revenue bonds outstanding | 854,000,000 | $ 854,000,000 | |||||
Fixed rate pollution control revenue bonds outstanding | 87,000,000 | 87,000,000 | |||||
Maximum borrowing capacity | 1,333,000,000 | 1,333,000,000 | |||||
GEORGIA POWER CO | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate pollution control revenue bonds outstanding | 550,000,000 | 550,000,000 | |||||
Fixed rate pollution control revenue bonds outstanding | 345,000,000 | 345,000,000 | |||||
Maximum borrowing capacity | 1,750,000,000 | 1,750,000,000 | |||||
Repayments of short-term debt | 0 | $ 150,000,000 | |||||
GEORGIA POWER CO | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate pollution control revenue bonds outstanding | $ 115,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project) First Series 1992 | |||||||
Debt Instrument [Line Items] | |||||||
Redeemed aggregate principal amount | 13,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Eighth Series 1994 | |||||||
Debt Instrument [Line Items] | |||||||
Redeemed aggregate principal amount | 20,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 1995 | |||||||
Debt Instrument [Line Items] | |||||||
Redeemed aggregate principal amount | $ 75,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Bartow County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Bowen Project), First Series 2009 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 173,000,000 | 173,000,000 | |||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), First Series 2013 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 105,000,000 | 105,000,000 | |||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 2008 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 65,000,000 | $ 65,000,000 | |||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fourth Series 1994 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 55,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fourth Series 1995 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 30,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Ninth Series 1994 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 20,000,000 | ||||||
GEORGIA POWER CO | Municipal bonds | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 1994 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 10,000,000 | ||||||
GEORGIA POWER CO | Plant Vogtle Units 3 And 4 | |||||||
Debt Instrument [Line Items] | |||||||
Undivided ownership interest | 45.70% | ||||||
GEORGIA POWER CO | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Number of term loan facilities | loan | 2 | ||||||
GEORGIA POWER CO | 2014 FFB Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Eligible project costs to be reimbursed | $ 5,130,000,000 | ||||||
Eligible project costs to be reimbursed, percentage | 70.00% | ||||||
Borrowings made | $ 835,000,000 | ||||||
Interest rate | 3.213% | 3.213% | |||||
Borrowings outstanding | $ 3,460,000,000 | $ 3,460,000,000 | |||||
Amortization period for line of credit facility | 5 years | ||||||
GEORGIA POWER CO | 2014 FFB Credit Facility | U.S. Treasury Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread | 0.375% | ||||||
GEORGIA POWER CO | Additional FFB Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Eligible project costs to be reimbursed, percentage | 70.00% | ||||||
Amounts received under Guarantee Settlement Agreement, less Custumer Refunds | $ 1,492,000,000 | 1,492,000,000 | |||||
MISSISSIPPI POWER CO | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate pollution control revenue bonds outstanding | 40,000,000 | 40,000,000 | |||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | |||||
MISSISSIPPI POWER CO | Municipal bonds | Mississippi Business Finance Corporation Pollution Control Revenue Refunding Bonds, Series 2002 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 43,000,000 | 43,000,000 | |||||
Traditional Electric Operating Companies | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate pollution control revenue bonds outstanding | 432,000,000 | 432,000,000 | |||||
SOUTHERN POWER CO | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 750,000,000 | 750,000,000 | |||||
SOUTHERN Co GAS | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 1,900,000,000 | 1,900,000,000 | |||||
Nicor Gas | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | |||||||
Debt Instrument [Line Items] | |||||||
Undivided ownership interest | 45.70% | 45.70% | |||||
Failure to vote, percentage of ownership interests | 90.00% | 90.00% |
Financing - Schedule of Credit
Financing - Schedule of Credit Arrangements (Details) | Mar. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Expires, 2019 | $ 163,000,000 |
Expires, 2020 | 500,000,000 |
Expires, 2022 | 7,200,000,000 |
Total | 7,863,000,000 |
Unused | 7,834,000,000 |
Southern Company | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 0 |
Expires, 2020 | 0 |
Expires, 2022 | 2,000,000,000 |
Total | 2,000,000,000 |
Unused | 1,999,000,000 |
ALABAMA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 33,000,000 |
Expires, 2020 | 500,000,000 |
Expires, 2022 | 800,000,000 |
Total | 1,333,000,000 |
Unused | 1,333,000,000 |
GEORGIA POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 0 |
Expires, 2020 | 0 |
Expires, 2022 | 1,750,000,000 |
Total | 1,750,000,000 |
Unused | 1,736,000,000 |
MISSISSIPPI POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 100,000,000 |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Total | 100,000,000 |
Unused | 100,000,000 |
SOUTHERN POWER CO | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 0 |
Expires, 2020 | 0 |
Expires, 2022 | 750,000,000 |
Total | 750,000,000 |
Unused | 741,000,000 |
SOUTHERN POWER CO | Standby Letters of Credit | |
Line of Credit Facility [Line Items] | |
Total | 120,000,000 |
Unused | 24,000,000 |
SOUTHERN Co GAS | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 0 |
Expires, 2020 | 0 |
Expires, 2022 | 1,900,000,000 |
Total | 1,900,000,000 |
Unused | 1,895,000,000 |
Other | |
Line of Credit Facility [Line Items] | |
Expires, 2019 | 30,000,000 |
Expires, 2020 | 0 |
Expires, 2022 | 0 |
Total | 30,000,000 |
Unused | 30,000,000 |
Southern Company Gas Capital | |
Line of Credit Facility [Line Items] | |
Total | 1,400,000,000 |
Nicor Gas | |
Line of Credit Facility [Line Items] | |
Total | $ 500,000,000 |
Financing - Schedule of Long-Te
Financing - Schedule of Long-Term Debt Financing Activities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | $ 2,300 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 386 |
Revenue Bond Maturities, Redemptions, and Repurchases | 108 |
Other Long-Term Debt Issuances | 835 |
Other Long-Term Debt Redemptions and Maturities | 21 |
Southern Company | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | 2,100 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 0 |
ALABAMA POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | 200 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 0 |
GEORGIA POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | 0 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 343 |
Revenue Bond Maturities, Redemptions, and Repurchases | 108 |
Other Long-Term Debt Issuances | 835 |
Other Long-Term Debt Redemptions and Maturities | 2 |
MISSISSIPPI POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | 0 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 43 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 0 |
Other | |
Debt Instrument [Line Items] | |
Senior Note Maturities, Redemptions, and Repurchases | 0 |
Revenue Bond Issuances and Reofferings of Purchased Bonds | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | $ 19 |
Financing - Shares Used to Comp
Financing - Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
As reported shares | 1,038 | 1,011 |
Effect of stock-based compensation | 7 | 5 |
Diluted shares | 1,045 | 1,016 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 39.80% | 10.80% |
ALABAMA POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 21.90% | 26.30% |
MISSISSIPPI POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 15.50% | (34.70%) |
SOUTHERN POWER CO | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | (49.80%) | (647.00%) |
SOUTHERN Co GAS | ||
Income Tax Contingency [Line Items] | ||
Effective tax (benefit) rate | 22.30% | 27.20% |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization: | ||
Net (gain)/loss | ||
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | |
Pension Plans | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 17,000,000 | 19,000,000 |
Interest cost | 28,000,000 | 25,000,000 |
Expected return on plan assets | (51,000,000) | (51,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 9,000,000 | 14,000,000 |
Net periodic pension cost (income) | 3,000,000 | 7,000,000 |
Pension Plans | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 19,000,000 | 22,000,000 |
Interest cost | 39,000,000 | 35,000,000 |
Expected return on plan assets | (73,000,000) | (74,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 11,000,000 | 17,000,000 |
Net periodic pension cost (income) | (4,000,000) | 0 |
Pension Plans | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 3,000,000 | 4,000,000 |
Interest cost | 6,000,000 | 5,000,000 |
Expected return on plan assets | (10,000,000) | (10,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 1,000,000 | 3,000,000 |
Net periodic pension cost (income) | 0 | 2,000,000 |
Pension Plans | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2,000,000 | 2,000,000 |
Interest cost | 1,000,000 | 1,000,000 |
Expected return on plan assets | (2,000,000) | (3,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 1,000,000 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 |
Pension Plans | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 6,000,000 | 8,000,000 |
Interest cost | 9,000,000 | 10,000,000 |
Expected return on plan assets | (15,000,000) | (18,000,000) |
Amortization: | ||
Prior service costs | (1,000,000) | (1,000,000) |
Regulatory asset | 3,000,000 | 3,000,000 |
Net (gain)/loss | 1,000,000 | 3,000,000 |
Net periodic pension cost (income) | 3,000,000 | 5,000,000 |
Pension Plans | Southern Company | ||
Pension Plans and Postretirement Plans | ||
Service cost | 73,000,000 | 90,000,000 |
Interest cost | 123,000,000 | 116,000,000 |
Expected return on plan assets | (221,000,000) | (236,000,000) |
Amortization: | ||
Prior service costs | 0 | 1,000,000 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 30,000,000 | 53,000,000 |
Net periodic pension cost (income) | 5,000,000 | 24,000,000 |
Postretirement Benefits | ALABAMA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 1,000,000 |
Interest cost | 4,000,000 | 4,000,000 |
Expected return on plan assets | (6,000,000) | (6,000,000) |
Amortization: | ||
Prior service costs | 1,000,000 | 1,000,000 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | GEORGIA POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 2,000,000 |
Interest cost | 7,000,000 | 7,000,000 |
Expected return on plan assets | (6,000,000) | (6,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 2,000,000 |
Net periodic pension cost (income) | 2,000,000 | 5,000,000 |
Postretirement Benefits | MISSISSIPPI POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1,000,000 | 1,000,000 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 |
Postretirement Benefits | SOUTHERN POWER CO | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 |
Postretirement Benefits | SOUTHERN Co GAS | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1,000,000 | 1,000,000 |
Interest cost | 2,000,000 | 2,000,000 |
Expected return on plan assets | (2,000,000) | (2,000,000) |
Amortization: | ||
Prior service costs | 0 | 0 |
Regulatory asset | 2,000,000 | 1,000,000 |
Net (gain)/loss | (1,000,000) | 0 |
Net periodic pension cost (income) | 2,000,000 | 2,000,000 |
Postretirement Benefits | Southern Company | ||
Pension Plans and Postretirement Plans | ||
Service cost | 5,000,000 | 6,000,000 |
Interest cost | 17,000,000 | 19,000,000 |
Expected return on plan assets | (16,000,000) | (17,000,000) |
Amortization: | ||
Prior service costs | 1,000,000 | 2,000,000 |
Regulatory asset | 0 | 0 |
Net (gain)/loss | (1,000,000) | 3,000,000 |
Net periodic pension cost (income) | $ 6,000,000 | $ 13,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Derivatives | $ 159 | $ 313 |
Liabilities: | ||
Derivatives | 131 | 235 |
Collateral already posted, aggregate fair value | 190 | |
ALABAMA POWER CO | ||
Assets: | ||
Derivatives | 1 | 2 |
Liabilities: | ||
Derivatives | 2 | 6 |
GEORGIA POWER CO | ||
Assets: | ||
Derivatives | 1 | 0 |
Investments in trusts | 72 | |
Liabilities: | ||
Derivatives | 10 | 17 |
MISSISSIPPI POWER CO | ||
Assets: | ||
Derivatives | 0 | 1 |
Liabilities: | ||
Derivatives | 3 | 7 |
SOUTHERN POWER CO | ||
Assets: | ||
Derivatives | 38 | 76 |
Liabilities: | ||
Derivatives | 26 | 28 |
SOUTHERN Co GAS | ||
Assets: | ||
Derivatives | 118 | 233 |
Liabilities: | ||
Derivatives | 56 | 124 |
Collateral already posted, aggregate fair value | 190 | $ 277 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 910 | |
Other investments | 23 | |
Total | 3,327 | |
Liabilities: | ||
Contingent consideration | 21 | |
Total | 675 | |
Fair Value, Measurements, Recurring | Weather Derivative | ||
Liabilities: | ||
Derivatives | 11 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 907 | |
Other investments | 9 | |
Total | 2,033 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 466 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 3 | |
Other investments | 14 | |
Total | 1,242 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 165 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 4 | |
Liabilities: | ||
Contingent consideration | 21 | |
Total | 44 | |
Fair Value, Measurements, Recurring | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 48 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | ||
Assets: | ||
Derivatives | 454 | |
Liabilities: | ||
Derivatives | 595 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 322 | |
Liabilities: | ||
Derivatives | 466 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 128 | |
Liabilities: | ||
Derivatives | 106 | |
Fair Value, Measurements, Recurring | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 4 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | ||
Liabilities: | ||
Derivatives | 35 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 35 | |
Fair Value, Measurements, Recurring | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Assets: | ||
Derivatives | 38 | |
Liabilities: | ||
Derivatives | 24 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 38 | |
Liabilities: | ||
Derivatives | 24 | |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Investments in trusts | 802 | |
Fair Value, Measurements, Recurring | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 682 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 120 | |
Fair Value, Measurements, Recurring | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Foreign equity | ||
Assets: | ||
Investments in trusts | 255 | |
Fair Value, Measurements, Recurring | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 195 | |
Fair Value, Measurements, Recurring | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 283 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 283 | |
Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Assets: | ||
Investments in trusts | 73 | |
Fair Value, Measurements, Recurring | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 73 | |
Fair Value, Measurements, Recurring | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | ||
Assets: | ||
Investments in trusts | 14 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 14 | |
Fair Value, Measurements, Recurring | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Investments in trusts | 322 | |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 24 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 298 | |
Fair Value, Measurements, Recurring | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 72 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 72 | |
Fair Value, Measurements, Recurring | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | ||
Assets: | ||
Investments in trusts | 48 | |
Fair Value, Measurements, Recurring | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 48 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Investments in trusts | 32 | |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 28 | |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 4 | |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | ||
Assets: | ||
Cash equivalents | 572 | |
Other investments | 14 | |
Total | 1,522 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 569 | |
Other investments | 0 | |
Total | 1,104 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 3 | |
Other investments | 14 | |
Total | 370 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Total | 48 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 6 | |
Liabilities: | ||
Derivatives | 7 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 6 | |
Liabilities: | ||
Derivatives | 7 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 554 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 446 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 108 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 117 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 60 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 57 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 18 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 18 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 163 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 24 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 139 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 24 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 24 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | ||
Assets: | ||
Investments in trusts | 48 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Private equity | Net Asset Value as a Practical Expedient (NAV) | ||
Assets: | ||
Investments in trusts | 48 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 5 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | ALABAMA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | ||
Assets: | ||
Total | 951 | |
Liabilities: | ||
Total | 18 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total | 259 | |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 692 | |
Liabilities: | ||
Total | 18 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 0 | |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 9 | |
Liabilities: | ||
Derivatives | 16 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 9 | |
Liabilities: | ||
Derivatives | 16 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | ||
Liabilities: | ||
Derivatives | 2 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivatives | 2 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | ||
Assets: | ||
Investments in trusts | 237 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 236 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 1 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | ||
Assets: | ||
Investments in trusts | 134 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 134 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | ||
Assets: | ||
Investments in trusts | 265 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 265 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | U.S. Treasury and government agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | ||
Assets: | ||
Investments in trusts | 72 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 72 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Municipal bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | ||
Assets: | ||
Investments in trusts | 160 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 160 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | ||
Assets: | ||
Investments in trusts | 47 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 47 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Mortgage and asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | ||
Assets: | ||
Investments in trusts | 27 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investments in trusts | 23 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments in trusts | 4 | |
Fair Value, Measurements, Recurring | GEORGIA POWER CO | Other | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments in trusts | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | ||
Assets: | ||
Cash equivalents | 202 | |
Total | 205 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 202 | |
Total | 202 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 3 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 3 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 3 | |
Liabilities: | ||
Derivatives | 6 | |
Fair Value, Measurements, Recurring | MISSISSIPPI POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | ||
Assets: | ||
Cash equivalents | 10 | |
Total | 49 | |
Liabilities: | ||
Contingent consideration | 21 | |
Total | 48 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 10 | |
Total | 10 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 39 | |
Liabilities: | ||
Contingent consideration | 0 | |
Total | 27 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Contingent consideration | 21 | |
Total | 21 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | ||
Assets: | ||
Derivatives | 1 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 1 | |
Liabilities: | ||
Derivatives | 3 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | ||
Assets: | ||
Derivatives | 38 | |
Liabilities: | ||
Derivatives | 24 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 38 | |
Liabilities: | ||
Derivatives | 24 | |
Fair Value, Measurements, Recurring | SOUTHERN POWER CO | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | ||
Assets: | ||
Cash equivalents | 13 | |
Total | 477 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 13 | |
Total | 336 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 137 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Total | 4 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | ||
Assets: | ||
Derivatives | 434 | |
Liabilities: | ||
Derivatives | 562 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivatives | 322 | |
Liabilities: | ||
Derivatives | 466 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivatives | 108 | |
Liabilities: | ||
Derivatives | 73 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Energy-related derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivatives | 4 | |
Liabilities: | ||
Derivatives | 23 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 11 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 11 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Domestic equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | ||
Assets: | ||
Non-qualified deferred compensation trusts | 4 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 4 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Foreign equity | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | ||
Assets: | ||
Non-qualified deferred compensation trusts | 14 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 14 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Pooled funds – fixed income | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash and cash equivalents | ||
Assets: | ||
Non-qualified deferred compensation trusts | 1 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 1 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Non-qualified deferred compensation trusts | 0 | |
Fair Value, Measurements, Recurring | SOUTHERN Co GAS | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Non-qualified deferred compensation trusts | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Increase (Decrease) In Fair Value Of Funds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ 152 | $ (11) |
ALABAMA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | 87 | (5) |
GEORGIA POWER CO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Increase (decrease) in fair value of funds | $ 65 | $ (6) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Mar. 31, 2019USD ($)$ / MMBTU | Dec. 31, 2018USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Derivatives | $ 131 | $ 235 |
ALABAMA POWER CO | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Derivatives | 2 | 6 |
ALABAMA POWER CO | Private equity | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 48 | |
Unfunded commitments | 49 | |
SOUTHERN Co GAS | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Derivatives | 56 | $ 124 |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of derivatives | $ 19 | |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Minimum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Measurement input (usd per mmbtu) | $ / MMBTU | 0.07 | |
SOUTHERN Co GAS | Significant Unobservable Inputs (Level 3) | Energy-related derivatives | Forward Price | Valuation, Market Approach | Maximum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Measurement input (usd per mmbtu) | $ / MMBTU | 1.15 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Mar. 31, 2019USD ($) |
Long-term debt, including securities due within one year: | |
Carrying amount | $ 42,535 |
Fair value | 43,910 |
ALABAMA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 7,921 |
Fair value | 8,424 |
GEORGIA POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 10,910 |
Fair value | 11,249 |
MISSISSIPPI POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 1,619 |
Fair value | 1,619 |
SOUTHERN POWER CO | |
Long-term debt, including securities due within one year: | |
Carrying amount | 4,995 |
Fair value | 5,131 |
SOUTHERN Co GAS | |
Long-term debt, including securities due within one year: | |
Carrying amount | 5,928 |
Fair value | $ 6,176 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Commodity Derivative Contracts that Include a Significant Unobservable Component (Details) - SOUTHERN Co GAS $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 0 |
Transfers to Level 3 | (30) |
Changes in fair value | 11 |
Ending balance | $ (19) |
Derivatives - Energy-Related an
Derivatives - Energy-Related and Interest Rate Derivatives (Details) MMBTU in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)MMBTU | |
Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 538 |
Interest rate derivatives | |
Interest rate derivatives | |
Notional Amount | $ | $ 2,000,000,000 |
Fair Value Gain (Loss) at March 31, 2019 | $ | (35,000,000) |
Southern Company | Interest rate derivatives | June 2020 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ | $ 300,000,000 |
Interest Rate Received | 2.75% |
Fair Value Gain (Loss) at March 31, 2019 | $ | $ (3,000,000) |
Southern Company | Interest rate derivatives | July 2021 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ | $ 1,500,000,000 |
Interest Rate Received | 2.35% |
Fair Value Gain (Loss) at March 31, 2019 | $ | $ (30,000,000) |
Southern Company | LIBOR | Interest rate derivatives | June 2020 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.92% |
Southern Company | LIBOR | Interest rate derivatives | July 2021 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.87% |
ALABAMA POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 72 |
GEORGIA POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 153 |
GEORGIA POWER CO | Interest rate derivatives | December 2019 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ | $ 200,000,000 |
Interest Rate Received | 4.25% |
Fair Value Gain (Loss) at March 31, 2019 | $ | $ (2,000,000) |
GEORGIA POWER CO | LIBOR | Interest rate derivatives | December 2019 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 2.46% |
MISSISSIPPI POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 61 |
SOUTHERN POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 9 |
SOUTHERN Co GAS | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | MMBTU | 243 |
SOUTHERN Co GAS | Energy-related, Natural Gas | Derivatives not designated as hedging instruments | Long | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | MMBTU | 3,800 |
SOUTHERN Co GAS | Energy-related, Natural Gas | Derivatives not designated as hedging instruments | Short | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | MMBTU | 3,600 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) MMBTU in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)MMBTU | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 40 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (19,000,000) | |
Collateral already posted, aggregate fair value | $ 190,000,000 | |
ALABAMA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 6 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 0 | |
GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 12 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 0 | |
MISSISSIPPI POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 5 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 0 | |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 13 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 0 | |
Parent Company and Southern Power | ||
Derivative [Line Items] | ||
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | (24,000,000) | |
Registrants | Derivative Counterparties | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | 0 | |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | 0 | |
Collateral already posted, aggregate fair value | $ 190,000,000 | $ 277,000,000 |
Derivatives - Foreign Currency
Derivatives - Foreign Currency Derivatives (Details) - 3 months ended Mar. 31, 2019 - Cash Flow Hedges of Existing Debt - Foreign currency derivatives € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 1,241 | |
Receive Notional | € | € 1,100 | |
Fair Value Gain (Loss) at March 31, 2019 | 13 | |
SOUTHERN POWER CO | June 2022 | ||
Derivative [Line Items] | ||
Pay Notional | $ 677 | |
Pay Rate | 2.95% | |
Receive Notional | € | 600 | |
Receive Rate | 1.00% | |
Fair Value Gain (Loss) at March 31, 2019 | $ 2 | |
SOUTHERN POWER CO | June 2026 | ||
Derivative [Line Items] | ||
Pay Notional | $ 564 | |
Pay Rate | 3.78% | |
Receive Notional | € | € 500 | |
Receive Rate | 1.85% | |
Fair Value Gain (Loss) at March 31, 2019 | $ 11 |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Statement Presentation and Amounts With Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | $ 492 | $ 837 |
Derivatives, liabilities | 654 | 1,036 |
Derivative asset, Gross amounts offset | (333) | (524) |
Derivative liability, Gross amounts offset | (523) | (801) |
Derivative asset | 159 | 313 |
Derivative liability | 131 | 235 |
Collateral already posted, aggregate fair value | 190 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 430 | 741 |
Derivatives, liabilities | 560 | 900 |
Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 259 | 561 |
Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 291 | 575 |
Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 171 | 180 |
Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 269 | 325 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 23 | 17 |
Derivatives, liabilities | 31 | 55 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 12 | 8 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 10 | 23 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 11 | 9 |
Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 21 | 26 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 39 | 79 |
Derivatives, liabilities | 63 | 81 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 3 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 3 | 7 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 2 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 20 | 19 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 15 | 30 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 24 | 23 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 38 | 75 |
Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 6 | 6 |
Derivatives, liabilities | 7 | 10 |
Derivative asset, Gross amounts offset | (5) | (4) |
Derivative liability, Gross amounts offset | (5) | (4) |
Derivative asset | 1 | 2 |
Derivative liability | 2 | 6 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 6 | 6 |
Derivatives, liabilities | 7 | 10 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 4 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 5 | 6 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 9 | 6 |
Derivatives, liabilities | 18 | 23 |
Derivative asset, Gross amounts offset | (8) | (6) |
Derivative liability, Gross amounts offset | (8) | (6) |
Derivative asset | 1 | 0 |
Derivative liability | 10 | 17 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 9 | 6 |
Derivatives, liabilities | 16 | 21 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 2 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 5 | 8 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | 4 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 11 | 13 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 2 | 2 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Interest rate derivatives | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 2 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
Derivatives, liabilities | 6 | 9 |
Derivative asset, Gross amounts offset | (3) | (2) |
Derivative liability, Gross amounts offset | (3) | (2) |
Derivative asset | 0 | 1 |
Derivative liability | 3 | 7 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
Derivatives, liabilities | 6 | 9 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 1 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 3 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 4 | 6 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 39 | 79 |
Derivatives, liabilities | 27 | 31 |
Derivative asset, Gross amounts offset | (1) | (3) |
Derivative liability, Gross amounts offset | (1) | (3) |
Derivative asset | 38 | 76 |
Derivative liability | 26 | 28 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 39 | 79 |
Derivatives, liabilities | 27 | 31 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 3 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 6 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 2 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Under recovered fuel balance | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 24 | 23 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 38 | 75 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 434 | 741 |
Derivatives, liabilities | 562 | 909 |
Derivative asset, Gross amounts offset | (316) | (508) |
Derivative liability, Gross amounts offset | (506) | (785) |
Derivative asset | 118 | 233 |
Derivative liability | 56 | 124 |
Collateral already posted, aggregate fair value | 190 | 277 |
Weather derivative premium | 11 | 8 |
SOUTHERN Co GAS | Gain (loss) on energy-related cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | 2 | |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 430 | 739 |
Derivatives, liabilities | 560 | 899 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 171 | 180 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 269 | 325 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 259 | 559 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Gain (loss) on energy-related cash flow hedges | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 291 | 574 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 2 |
Derivatives, liabilities | 1 | 9 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 2 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 8 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Derivatives, liabilities | 1 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Assets from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Assets held for sale, current | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Derivatives designated as hedging instruments for regulatory purposes | Gain (loss) on energy-related cash flow hedges | Liabilities held for sale, current | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | $ 0 | $ 6 |
Derivatives - Pre-tax Effects o
Derivatives - Pre-tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral already posted, aggregate fair value | $ 190 | ||
Gain (Loss) Recognized in OCI on Derivative | (39) | $ 63 | |
SOUTHERN POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | (39) | 64 | |
SOUTHERN Co GAS | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral already posted, aggregate fair value | 190 | $ 277 | |
Energy-related derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (9) | (40) | |
Gain (Loss) Recognized in OCI on Derivative | 0 | 12 | |
Energy-related derivatives | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (5) | (19) | |
Energy-related derivatives | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (11) | (16) | |
Energy-related derivatives | Assets held for sale, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (6) | ||
Energy-related derivatives | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 7 | 1 | |
Energy-related derivatives | ALABAMA POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (2) | (6) | |
Energy-related derivatives | ALABAMA POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (1) | (3) | |
Energy-related derivatives | ALABAMA POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (2) | (3) | |
Energy-related derivatives | ALABAMA POWER CO | Assets held for sale, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | ||
Energy-related derivatives | ALABAMA POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 1 | 0 | |
Energy-related derivatives | GEORGIA POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (7) | (15) | |
Energy-related derivatives | GEORGIA POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (2) | (6) | |
Energy-related derivatives | GEORGIA POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (6) | (9) | |
Energy-related derivatives | GEORGIA POWER CO | Assets held for sale, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | ||
Energy-related derivatives | GEORGIA POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 1 | 0 | |
Energy-related derivatives | MISSISSIPPI POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (3) | (6) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (1) | (2) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (3) | (4) | |
Energy-related derivatives | MISSISSIPPI POWER CO | Assets held for sale, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | ||
Energy-related derivatives | MISSISSIPPI POWER CO | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 1 | 0 | |
Energy-related derivatives | SOUTHERN POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | 0 | 11 | |
Energy-related derivatives | SOUTHERN Co GAS | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 3 | (7) | |
Collateral already posted, aggregate fair value | 2 | ||
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory assets, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | (1) | (8) | |
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory assets, deferred | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | 0 | |
Energy-related derivatives | SOUTHERN Co GAS | Assets held for sale, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 0 | ||
Energy-related derivatives | SOUTHERN Co GAS | Other regulatory liabilities, current | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total energy-related derivative gains (losses) | 4 | $ 1 | |
Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | 0 | (2) | |
Foreign currency derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | (39) | 53 | |
Foreign currency derivatives | SOUTHERN POWER CO | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | $ (39) | $ 53 |
Derivatives - Location and Amou
Derivatives - Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Depreciation and amortization | $ 751 | $ 769 |
Total interest expense, net of amounts capitalized | (430) | (458) |
Total other income (expense), net | 78 | 60 |
Cash Flow Hedging | Gain (loss) on energy-related cash flow hedges | Total depreciation and amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (3) | 1 |
Cash Flow Hedging | Interest rate derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (5) | (5) |
Cash Flow Hedging | Foreign currency derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (6) | (5) |
Cash Flow Hedging | Foreign currency derivatives | Total other income (expense), net | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (24) | 36 |
Fair Value Hedging | Interest rate derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | 14 | (24) |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Depreciation and amortization | 119 | 114 |
Total interest expense, net of amounts capitalized | (44) | (47) |
Total other income (expense), net | 2 | 3 |
SOUTHERN POWER CO | Cash Flow Hedging | Gain (loss) on energy-related cash flow hedges | Total depreciation and amortization | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (3) | 1 |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Total interest expense, net of amounts capitalized | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (6) | (5) |
SOUTHERN POWER CO | Cash Flow Hedging | Foreign currency derivatives | Total other income (expense), net | ||
Derivative [Line Items] | ||
Gain (loss) on hedge | (24) | 36 |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Depreciation and amortization | 118 | 129 |
Total interest expense, net of amounts capitalized | (59) | (59) |
Total other income (expense), net | $ 5 | $ 12 |
Derivatives - Cumulative Basis
Derivatives - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Securities due within one year | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | $ (499) | $ (498) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 1 | 2 |
Securities due within one year | GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (499) | (498) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 1 | 2 |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | (2,065) | (2,052) |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | 28 | 41 |
Long-term debt | GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Carrying Amount of the Hedged Item | 0 | 0 |
Cumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item | $ 0 | $ 0 |
Derivatives - Pre-tax Effects_2
Derivatives - Pre-tax Effects of Derivatives Not Designated as Hedging (Details) - Derivatives not designated as hedging instruments - Energy-related derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 41 | $ (13) |
Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 33 | (15) |
Total cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 8 | 2 |
SOUTHERN Co GAS | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 41 | (13) |
SOUTHERN Co GAS | Natural gas revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 33 | (15) |
SOUTHERN Co GAS | Total cost of natural gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 8 | $ 2 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Southern Company's Sale of Gulf Power (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Preliminary gain | $ 2,503 | $ (1) | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | GULF POWER CO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses, net of cash divested | $ 5,800 | |||
Amount of indebtedness assumed at closing | $ 1,300 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | GULF POWER CO | Scenario, Forecast | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Preliminary gain | $ 2,500 | |||
Preliminary gain, net of tax | $ 1,300 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Southern Power Narrative (Details) $ in Millions | 14 Months Ended | |||
Dec. 31, 2019USD ($)MW | May 31, 2019MW | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | ||||
Construction work in progress | $ 7,598 | $ 7,254 | ||
Property, plant, and equipment, subject to lien | 114,096 | 116,914 | ||
SOUTHERN POWER CO | ||||
Business Acquisition [Line Items] | ||||
Construction work in progress | 409 | 430 | ||
Property, plant, and equipment, subject to lien | 15,104 | $ 14,883 | ||
SOUTHERN POWER CO | Lien | ||||
Business Acquisition [Line Items] | ||||
Property, plant, and equipment, subject to lien | 538 | |||
SOUTHERN POWER CO | Disposal Group, Held-for-sale, Not Discontinued Operations | Mankato expansion | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Proceeds from divestiture of businesses, net of cash divested | $ 650 | |||
Approximate nameplate capacity (MW) | MW | 385 | |||
SOUTHERN POWER CO | Disposal Group, Held-for-sale, Not Discontinued Operations | Nacogdoches Biomass-Fueled Facility | Subsequent Event | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Nacogdoches biomass-fueled facility | $ 460 | |||
SOUTHERN POWER CO | Wind Generating Facility | ||||
Business Acquisition [Line Items] | ||||
Equipment marketed for sale | 53 | |||
SOUTHERN POWER CO | Series of Construction Projects | ||||
Business Acquisition [Line Items] | ||||
Construction work in progress | 347 | |||
SOUTHERN POWER CO | Series of Construction Projects | Minimum | ||||
Business Acquisition [Line Items] | ||||
Estimated future construction payments | 575 | |||
SOUTHERN POWER CO | Series of Construction Projects | Maximum | ||||
Business Acquisition [Line Items] | ||||
Estimated future construction payments | $ 640 | |||
SOUTHERN POWER CO | Mankato expansion | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Approximate nameplate capacity (MW) | MW | 385 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Schedule of Construction Projects (Details) - SOUTHERN POWER CO - MW | 1 Months Ended | 3 Months Ended | |||
May 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2018 | May 31, 2018 | |
Wild Horse Mountain | Wild Horse Mountain | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Wild Horse Mountain | Wild Horse Mountain | Class B Membership Interest | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Reading | Reading | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Reading | Reading | Class B Membership Interest | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Scenario, Forecast | Mankato expansion | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 385 | ||||
PPA Contract Period | 20 years | ||||
Scenario, Forecast | Wild Horse Mountain | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 100 | ||||
PPA Contract Period | 20 years | ||||
Scenario, Forecast | Reading | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 200 | ||||
PPA Contract Period | 12 years |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Assets Held for Sale (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets Held for Sale: | ||
Current assets | $ 55 | $ 393 |
Liabilities Held for Sale: | ||
Current liabilities | 38 | 425 |
Other non-current liabilities | 39 | 2,836 |
SOUTHERN POWER CO | ||
Liabilities Held for Sale: | ||
Current liabilities | 9 | 15 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale: | ||
Current assets | 55 | 393 |
Total property, plant, and equipment | 637 | 4,583 |
Goodwill and other intangible assets | 82 | 40 |
Other non-current assets | 44 | 727 |
Total Assets Held for Sale | 818 | 5,743 |
Liabilities Held for Sale: | ||
Current liabilities | 38 | 425 |
Long-term debt | 1,286 | |
Accumulated deferred income taxes | 618 | |
Other non-current liabilities | 39 | 932 |
Total Liabilities Held for Sale | 77 | 3,261 |
Disposal Group, Held-for-sale, Not Discontinued Operations | SOUTHERN POWER CO | ||
Assets Held for Sale: | ||
Current assets | 11 | 8 |
Total property, plant, and equipment | 604 | 536 |
Goodwill and other intangible assets | 40 | 40 |
Other non-current assets | 0 | 0 |
Total Assets Held for Sale | 655 | 584 |
Liabilities Held for Sale: | ||
Current liabilities | 9 | 15 |
Long-term debt | 0 | |
Accumulated deferred income taxes | 0 | |
Other non-current liabilities | 0 | 0 |
Total Liabilities Held for Sale | $ 9 | $ 15 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Pre-tax Profit (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
GULF POWER CO | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Earnings before income taxes | $ 55 |
SOUTHERN POWER CO | Florida Plants | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Earnings before income taxes | $ 8 |
Leases - Major Categories of Le
Leases - Major Categories of Lease Obligations (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Lease obligations | $ 2,236 |
Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 1,094 |
Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 803 |
Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 131 |
Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 55 |
Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 153 |
ALABAMA POWER CO | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 198 |
ALABAMA POWER CO | Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 159 |
ALABAMA POWER CO | Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 3 |
ALABAMA POWER CO | Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 1 |
ALABAMA POWER CO | Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 25 |
ALABAMA POWER CO | Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 10 |
GEORGIA POWER CO | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 1,714 |
GEORGIA POWER CO | Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 1,606 |
GEORGIA POWER CO | Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 63 |
GEORGIA POWER CO | Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 3 |
GEORGIA POWER CO | Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 26 |
GEORGIA POWER CO | Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 16 |
MISSISSIPPI POWER CO | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 8 |
MISSISSIPPI POWER CO | Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
MISSISSIPPI POWER CO | Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 2 |
MISSISSIPPI POWER CO | Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
MISSISSIPPI POWER CO | Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 3 |
MISSISSIPPI POWER CO | Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 3 |
SOUTHERN POWER CO | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 393 |
SOUTHERN POWER CO | Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN POWER CO | Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 393 |
SOUTHERN POWER CO | Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN POWER CO | Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN POWER CO | Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN Co GAS | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 84 |
SOUTHERN Co GAS | Electric generating units | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN Co GAS | Real estate/land | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 83 |
SOUTHERN Co GAS | Communication towers | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN Co GAS | Railcars | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | 0 |
SOUTHERN Co GAS | Other | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | $ 1 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 13 years 6 months |
Total estimate obligations of leases that have not yet commenced | $ 77 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term, lease not yet commenced | 30 years |
Real estate | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 25 years |
Communication towers | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, lease term | 10 years |
Lessee, renewal period | 20 years |
Fuel cells | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, operating lease | 15 years |
GEORGIA POWER CO | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 10 years 1 month |
Lease obligations | $ 1,543 |
GEORGIA POWER CO | Real estate | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 25 years |
GEORGIA POWER CO | Electric generating units | Affiliate | |
Lessee, Lease, Description [Line Items] | |
Lease obligations | $ 670 |
GEORGIA POWER CO | Electric generating units | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 4 years |
GEORGIA POWER CO | Electric generating units | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 18 years |
GEORGIA POWER CO | Outdoor lighting | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, operating lease | 5 years |
SOUTHERN Co GAS | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 9 years |
Lease obligations | $ 84 |
SOUTHERN Co GAS | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, remaining term | 24 years |
SOUTHERN Co GAS | Real estate | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 25 years |
SOUTHERN POWER CO | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 33 years 8 months |
Lease obligations | $ 393 |
Total estimate obligations of leases that have not yet commenced | $ 77 |
SOUTHERN POWER CO | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term, lease not yet commenced | 30 years |
SOUTHERN POWER CO | Land | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, lease term | 48 years |
SOUTHERN POWER CO | Electric generating units | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, operating lease | 28 years |
ALABAMA POWER CO | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 3 years 9 months |
Lease obligations | $ 194 |
ALABAMA POWER CO | Electric generating units | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 4 years |
ALABAMA POWER CO | Electric generating units | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 18 years |
ALABAMA POWER CO | Outdoor lighting | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, operating lease | 5 years |
MISSISSIPPI POWER CO | |
Lessee, Lease, Description [Line Items] | |
Remaining terms | 6 years 9 months |
Lease obligations | $ 8 |
MISSISSIPPI POWER CO | Electric generating units | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, sales-type lease | 20 years |
MISSISSIPPI POWER CO | Outdoor lighting | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessor, lease term, operating lease | 5 years |
Leases - Balance Sheet Amounts
Leases - Balance Sheet Amounts Recorded for Operating and Financing Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Leases | |
Operating lease ROU assets, net, including held for sale | $ 1,926 |
Operating lease ROU assets, net | 1,881 |
Operating lease obligations - current, including held for sale | 239 |
Operating lease obligations - current | 226 |
Operating lease obligations - non current, including held for sale | 1,752 |
Operating lease obligations - non current | 1,720 |
Total operating lease obligations, including held for sale | 1,991 |
Finance Leases | |
Finance lease ROU assets, net | 242 |
Finance lease obligations - current | 38 |
Finance lease obligations - noncurrent | 207 |
Total finance lease obligations | 245 |
ALABAMA POWER CO | |
Operating Leases | |
Operating lease ROU assets, net | 160 |
Operating lease obligations - current | 47 |
Operating lease obligations - non current | 147 |
Total operating lease obligations | 194 |
Finance Leases | |
Finance lease ROU assets, net | 4 |
Finance lease obligations - current | 1 |
Finance lease obligations - noncurrent | 3 |
Total finance lease obligations | 4 |
GEORGIA POWER CO | |
Operating Leases | |
Operating lease ROU assets, net | 1,519 |
Operating lease obligations - current | 139 |
Operating lease obligations - non current | 1,404 |
Total operating lease obligations | 1,543 |
Finance Leases | |
Finance lease ROU assets, net | 145 |
Finance lease obligations - current | 10 |
Finance lease obligations - noncurrent | 161 |
Total finance lease obligations | 171 |
MISSISSIPPI POWER CO | |
Operating Leases | |
Operating lease ROU assets, net | 8 |
Operating lease obligations - current | 3 |
Operating lease obligations - non current | 5 |
Total operating lease obligations | 8 |
Finance Leases | |
Finance lease ROU assets, net | 0 |
Finance lease obligations - current | 0 |
Finance lease obligations - noncurrent | 0 |
Total finance lease obligations | 0 |
SOUTHERN POWER CO | |
Operating Leases | |
Operating lease ROU assets, net | 372 |
Operating lease obligations - current | 22 |
Operating lease obligations - non current | 371 |
Total operating lease obligations | 393 |
Finance Leases | |
Finance lease ROU assets, net | 0 |
Finance lease obligations - current | 0 |
Finance lease obligations - noncurrent | 0 |
Total finance lease obligations | 0 |
SOUTHERN Co GAS | |
Operating Leases | |
Operating lease ROU assets, net | 86 |
Operating lease obligations - current | 13 |
Operating lease obligations - non current | 71 |
Total operating lease obligations | 84 |
Finance Leases | |
Finance lease ROU assets, net | 0 |
Finance lease obligations - current | 0 |
Finance lease obligations - noncurrent | 0 |
Total finance lease obligations | $ 0 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 69 |
Finance lease cost: | |
Amortization of ROU assets | 7 |
Interest on lease obligations | 3 |
Total finance lease cost | 10 |
Short-term lease costs | 14 |
Variable lease cost | 19 |
Sublease income | 0 |
Total lease cost | 112 |
ALABAMA POWER CO | |
Lease cost | |
Operating lease cost | 7 |
Finance lease cost: | |
Amortization of ROU assets | 0 |
Interest on lease obligations | 0 |
Total finance lease cost | 0 |
Short-term lease costs | 5 |
Variable lease cost | 0 |
Sublease income | 0 |
Total lease cost | 12 |
GEORGIA POWER CO | |
Lease cost | |
Operating lease cost | 49 |
Finance lease cost: | |
Amortization of ROU assets | 4 |
Interest on lease obligations | 4 |
Total finance lease cost | 8 |
Short-term lease costs | 3 |
Variable lease cost | 16 |
Sublease income | 0 |
Total lease cost | 76 |
MISSISSIPPI POWER CO | |
Lease cost | |
Operating lease cost | 1 |
Finance lease cost: | |
Amortization of ROU assets | 0 |
Interest on lease obligations | 0 |
Total finance lease cost | 0 |
Short-term lease costs | 0 |
Variable lease cost | 0 |
Sublease income | 0 |
Total lease cost | 1 |
SOUTHERN POWER CO | |
Lease cost | |
Operating lease cost | 7 |
Finance lease cost: | |
Amortization of ROU assets | 0 |
Interest on lease obligations | 0 |
Total finance lease cost | 0 |
Short-term lease costs | 0 |
Variable lease cost | 1 |
Sublease income | 0 |
Total lease cost | 8 |
SOUTHERN Co GAS | |
Lease cost | |
Operating lease cost | 4 |
Finance lease cost: | |
Amortization of ROU assets | 0 |
Interest on lease obligations | 0 |
Total finance lease cost | 0 |
Short-term lease costs | 0 |
Variable lease cost | 0 |
Sublease income | 0 |
Total lease cost | $ 4 |
Leases - Other Information (Det
Leases - Other Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 74 |
Operating cash flows from finance leases | 6 |
Financing cash flows from finance leases | 8 |
ROU assets obtained in exchange for new operating lease obligations | 15 |
ROU assets obtained in exchange for new finance lease obligations | $ 29 |
Weighted-average remaining lease term in years: | |
Operating leases | 13 years 6 months |
Finance leases | 18 years 6 months |
Weighted-average discount rate: | |
Operating leases | 4.49% |
Finance leases | 5.00% |
ALABAMA POWER CO | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 13 |
Operating cash flows from finance leases | 0 |
Financing cash flows from finance leases | 0 |
ROU assets obtained in exchange for new operating lease obligations | 2 |
ROU assets obtained in exchange for new finance lease obligations | $ 0 |
Weighted-average remaining lease term in years: | |
Operating leases | 3 years 9 months |
Finance leases | 14 years 9 months |
Weighted-average discount rate: | |
Operating leases | 3.33% |
Finance leases | 3.75% |
GEORGIA POWER CO | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 32 |
Operating cash flows from finance leases | 13 |
Financing cash flows from finance leases | 2 |
ROU assets obtained in exchange for new operating lease obligations | 4 |
ROU assets obtained in exchange for new finance lease obligations | $ 28 |
Weighted-average remaining lease term in years: | |
Operating leases | 10 years 1 month |
Finance leases | 11 years 3 months |
Weighted-average discount rate: | |
Operating leases | 4.42% |
Finance leases | 10.68% |
MISSISSIPPI POWER CO | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 1 |
Operating cash flows from finance leases | 0 |
Financing cash flows from finance leases | 0 |
ROU assets obtained in exchange for new operating lease obligations | 0 |
ROU assets obtained in exchange for new finance lease obligations | $ 0 |
Weighted-average remaining lease term in years: | |
Operating leases | 6 years 9 months |
Weighted-average discount rate: | |
Operating leases | 4.03% |
SOUTHERN POWER CO | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 7 |
Operating cash flows from finance leases | 0 |
Financing cash flows from finance leases | 0 |
ROU assets obtained in exchange for new operating lease obligations | 0 |
ROU assets obtained in exchange for new finance lease obligations | $ 0 |
Weighted-average remaining lease term in years: | |
Operating leases | 33 years 8 months |
Weighted-average discount rate: | |
Operating leases | 5.68% |
SOUTHERN Co GAS | |
Cash paid for amounts included in the measurements of lease obligations: | |
Operating cash flows from operating leases | $ 4 |
Operating cash flows from finance leases | 0 |
Financing cash flows from finance leases | 0 |
ROU assets obtained in exchange for new operating lease obligations | 0 |
ROU assets obtained in exchange for new finance lease obligations | $ 0 |
Weighted-average remaining lease term in years: | |
Operating leases | 9 years |
Weighted-average discount rate: | |
Operating leases | 3.70% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating leases: | |
2019 (remaining) | $ 253 |
2020 | 291 |
2021 | 274 |
2022 | 263 |
2023 | 198 |
Thereafter | 1,637 |
Total | 2,916 |
Less: Present value discount | 925 |
Operating lease obligations, including held for sale | 1,991 |
Finance leases: | |
2019 (remaining) | 24 |
2020 | 32 |
2021 | 26 |
2022 | 22 |
2023 | 18 |
Thereafter | 273 |
Total | 395 |
Less: Present value discount | 150 |
Finance lease obligations | 245 |
ALABAMA POWER CO | |
Operating leases: | |
2019 (remaining) | 46 |
2020 | 53 |
2021 | 52 |
2022 | 52 |
2023 | 3 |
Thereafter | 1 |
Total | 207 |
Less: Present value discount | 13 |
Operating lease obligations | 194 |
Finance leases: | |
2019 (remaining) | 1 |
2020 | 1 |
2021 | 1 |
2022 | 1 |
2023 | 1 |
Thereafter | 0 |
Total | 5 |
Less: Present value discount | 1 |
Finance lease obligations | 4 |
GEORGIA POWER CO | |
Operating leases: | |
2019 (remaining) | 182 |
2020 | 202 |
2021 | 197 |
2022 | 195 |
2023 | 196 |
Thereafter | 984 |
Total | 1,956 |
Less: Present value discount | 413 |
Operating lease obligations | 1,543 |
Finance leases: | |
2019 (remaining) | 22 |
2020 | 28 |
2021 | 25 |
2022 | 25 |
2023 | 25 |
Thereafter | 165 |
Total | 290 |
Less: Present value discount | 119 |
Finance lease obligations | 171 |
MISSISSIPPI POWER CO | |
Operating leases: | |
2019 (remaining) | 2 |
2020 | 2 |
2021 | 1 |
2022 | 1 |
2023 | 1 |
Thereafter | 2 |
Total | 9 |
Less: Present value discount | 1 |
Operating lease obligations | 8 |
Finance leases: | |
2019 (remaining) | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | 0 |
Less: Present value discount | 0 |
Finance lease obligations | 0 |
SOUTHERN POWER CO | |
Operating leases: | |
2019 (remaining) | 17 |
2020 | 22 |
2021 | 23 |
2022 | 23 |
2023 | 24 |
Thereafter | 848 |
Total | 957 |
Less: Present value discount | 564 |
Operating lease obligations | 393 |
Finance leases: | |
2019 (remaining) | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | 0 |
Less: Present value discount | 0 |
Finance lease obligations | 0 |
SOUTHERN Co GAS | |
Operating leases: | |
2019 (remaining) | 12 |
2020 | 16 |
2021 | 16 |
2022 | 12 |
2023 | 10 |
Thereafter | 36 |
Total | 102 |
Less: Present value discount | 18 |
Operating lease obligations | 84 |
Finance leases: | |
2019 (remaining) | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | 0 |
Less: Present value discount | 0 |
Finance lease obligations | $ 0 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | |
Lease income - interest income on sales-type leases | $ 2 |
Lease income - operating leases | 71 |
Variable lease income | 66 |
Total lease income | 139 |
GEORGIA POWER CO | |
Lessor, Lease, Description [Line Items] | |
Lease income - interest income on sales-type leases | 0 |
Lease income - operating leases | 19 |
Variable lease income | 0 |
Total lease income | 19 |
MISSISSIPPI POWER CO | |
Lessor, Lease, Description [Line Items] | |
Lease income - interest income on sales-type leases | 2 |
Lease income - operating leases | 0 |
Variable lease income | 0 |
Total lease income | 2 |
SOUTHERN POWER CO | |
Lessor, Lease, Description [Line Items] | |
Lease income - interest income on sales-type leases | 0 |
Lease income - operating leases | 41 |
Variable lease income | 72 |
Total lease income | 113 |
SOUTHERN Co GAS | |
Lessor, Lease, Description [Line Items] | |
Lease income - interest income on sales-type leases | 0 |
Lease income - operating leases | 9 |
Variable lease income | 0 |
Total lease income | $ 9 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows to be Received Under Tolling Arrangements Accounted for as Sales-type Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | $ 11 |
2020 | 14 |
2021 | 14 |
2022 | 13 |
2023 | 12 |
Thereafter | 135 |
Total undiscounted cash flows | 199 |
Lease receivable | 108 |
Difference between undiscounted cash flows and discounted cash flows | 91 |
MISSISSIPPI POWER CO | |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | 11 |
2020 | 14 |
2021 | 14 |
2022 | 13 |
2023 | 12 |
Thereafter | 135 |
Total undiscounted cash flows | 199 |
Lease receivable | 108 |
Difference between undiscounted cash flows and discounted cash flows | $ 91 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows to be Received Under PPAs Accounted for as Operating Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | $ 163 |
2020 | 188 |
2021 | 183 |
2022 | 174 |
2023 | 171 |
Thereafter | 1,809 |
Total | 2,688 |
GEORGIA POWER CO | |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | 20 |
2020 | 26 |
2021 | 18 |
2022 | 8 |
2023 | 2 |
Thereafter | 0 |
Total | 74 |
SOUTHERN POWER CO | |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | 123 |
2020 | 128 |
2021 | 131 |
2022 | 134 |
2023 | 137 |
Thereafter | 1,017 |
Total | 1,670 |
SOUTHERN Co GAS | |
Lessor, Lease, Description [Line Items] | |
2019 (remaining) | 26 |
2020 | 34 |
2021 | 34 |
2022 | 34 |
2023 | 34 |
Thereafter | 498 |
Total | $ 660 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)statepipelinesegment | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 3 | |
Total operating revenues | $ 5,412 | $ 6,372 |
Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 1,474 | 1,607 |
SOUTHERN POWER CO | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 443 | 509 |
SOUTHERN POWER CO | Wholesale revenues, affiliates | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 87 | 83 |
SOUTHERN POWER CO | Traditional Electric Operating Companies | Wholesale revenues, affiliates | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 87 | 83 |
SOUTHERN Co GAS | ||
Segment Reporting Information [Line Items] | ||
Number of states in which entity operates | state | 4 | |
Total operating revenues | $ 1,474 | 1,639 |
Number of reportable segments | segment | 4 | |
SOUTHERN Co GAS | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Number of pipeline construction projects | pipeline | 2 | |
SOUTHERN Co GAS | SNG | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
SOUTHERN Co GAS | Dalton Pipeline | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage, equity method investment | 50.00% | |
SOUTHERN Co GAS | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 1,476 | 1,631 |
SOUTHERN Co GAS | Traditional Electric Operating Companies | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 0 | 0 |
SOUTHERN Co GAS | Southern Company | Natural gas | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 17 | $ 36 |
Segment and Related Informati_4
Segment and Related Information - Financial Data for Business Segments (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($)utility | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 5,412 | $ 6,372 | |
Segment net income (loss) | 2,084 | 938 | |
Goodwill | 5,284 | $ 5,315 | |
Total assets | 114,096 | 116,914 | |
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,474 | 1,639 | |
Segment net income (loss) | 270 | 279 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 20,952 | 21,448 | |
Goodwill impairment | 0 | $ 42 | |
SOUTHERN Co GAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Number of natural gas distribution utilities disposed | utility | 3 | ||
Traditional Electric Operating Companies | GEORGIA POWER AND MISSISSIPPI POWER CO | Kemper County Energy Facility | |||
Segment Reporting Information [Line Items] | |||
Public utilities, property, plant and equipment, amount of loss (recovery) on plant abandonment | 2 | $ 44 | |
Public utilities, property, plant and equipment, amount of loss (recovery) on plant abandonment after tax | 1 | 33 | |
SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,474 | 1,639 | |
SOUTHERN Co GAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pivotal Home Solutions | |||
Segment Reporting Information [Line Items] | |||
Goodwill impairment | 42 | ||
All Other | Disposal Group, Disposed of by Sale, Not Discontinued Operations | GULF POWER CO | |||
Segment Reporting Information [Line Items] | |||
Preliminary pre-tax gain | 2,500 | ||
Preliminary after-tax gain | 1,300 | ||
Gas Distribution Operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 4,034 | ||
Gas Distribution Operations | SOUTHERN Co GAS | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 167 | ||
Gas Marketing Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 981 | ||
Operating revenues | 32 | ||
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,495 | 1,657 | |
Segment net income (loss) | 273 | 293 | |
Total assets | 21,592 | 21,918 | |
Operating Segments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,474 | 1,639 | |
Segment net income (loss) | 270 | 279 | |
Goodwill | 5,015 | 5,015 | |
Total assets | 20,952 | 21,448 | |
Operating Segments | All Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 182 | 401 | |
Segment net income (loss) | 1,195 | (74) | |
Goodwill | 268 | 298 | |
Total assets | 3,391 | 3,285 | |
Operating Segments | All Other | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 11 | 15 | |
Segment net income (loss) | (3) | (14) | |
Total assets | 10,900 | 11,112 | |
Operating Segments | Gas Distribution Operations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,172 | 1,212 | |
Segment net income (loss) | 133 | 149 | |
Total assets | 17,379 | 17,266 | |
Operating Segments | Gas Pipeline Investments | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 8 | |
Segment net income (loss) | 32 | 27 | |
Total assets | 1,781 | 1,763 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 86 | 166 | |
Segment net income (loss) | 47 | 104 | |
Total assets | 821 | 1,302 | |
Less Gross Gas Costs | 1,928 | 1,939 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | Third Party Gross Revenues | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,926 | 1,938 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | Intercompany Revenues | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 88 | 167 | |
Operating Segments | Wholesale Gas Services | SOUTHERN Co GAS | Total Gross Revenues | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,014 | 2,105 | |
Operating Segments | Gas Marketing Services | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 229 | 271 | |
Segment net income (loss) | 61 | 13 | |
Total assets | 1,611 | 1,587 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (39) | (50) | |
Segment net income (loss) | (2) | 0 | |
Goodwill | (1) | 0 | |
Total assets | (1,370) | (1,778) | |
Eliminations | SOUTHERN Co GAS | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (32) | (33) | |
Segment net income (loss) | 0 | 0 | |
Total assets | (11,540) | (11,582) | |
Electric Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,795 | 4,382 | |
Segment net income (loss) | 621 | 733 | |
Goodwill | 2 | 2 | |
Total assets | 91,123 | 93,959 | |
Electric Utilities | Operating Segments | Traditional Electric Operating Companies | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,445 | 3,979 | |
Segment net income (loss) | 565 | 612 | |
Goodwill | 0 | 0 | |
Total assets | 76,798 | 79,382 | |
Electric Utilities | Operating Segments | SOUTHERN POWER CO | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 443 | 509 | |
Segment net income (loss) | 56 | 121 | |
Goodwill | 2 | 2 | |
Total assets | 15,104 | 14,883 | |
Electric Utilities | Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (93) | (106) | |
Segment net income (loss) | 0 | $ 0 | |
Goodwill | 0 | 0 | |
Total assets | $ (779) | $ (306) |
Segment and Related Informati_5
Segment and Related Information - Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Concentration Risk [Line Items] | ||
Operating revenues | $ 5,412 | $ 6,372 |
Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,084 | 3,568 |
Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 499 | 623 |
Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 168 | 161 |
Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,163 | 1,224 |
Electric Utilities' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,795 | 4,382 |
Electric Utilities' Revenues | Retail | ||
Concentration Risk [Line Items] | ||
Operating revenues | 3,084 | 3,568 |
Electric Utilities' Revenues | Wholesale | ||
Concentration Risk [Line Items] | ||
Operating revenues | 499 | 623 |
Electric Utilities' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | 212 | 191 |
Southern Company Gas' Revenues | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,474 | 1,639 |
Southern Company Gas' Revenues | Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 1,161 | 1,200 |
Southern Company Gas' Revenues | Gas Distribution Operations | Revenues | Product Concentration Risk | Three Gas Distribution Operations | ||
Concentration Risk [Line Items] | ||
Operating revenues | 167 | |
Southern Company Gas' Revenues | Gas Marketing Services | ||
Concentration Risk [Line Items] | ||
Operating revenues | 229 | 271 |
Southern Company Gas' Revenues | Gas Marketing Services | Revenues | Product Concentration Risk | Pivotal Home Solutions | ||
Concentration Risk [Line Items] | ||
Operating revenues | 32 | |
Southern Company Gas' Revenues | Other | ||
Concentration Risk [Line Items] | ||
Operating revenues | $ 84 | $ 168 |