Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN CO |
Entity Central Index Key | 92,122 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 999,474,028 |
ALABAMA POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | ALABAMA POWER CO |
Entity Central Index Key | 3,153 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 30,537,500 |
GEORGIA POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | GEORGIA POWER CO |
Entity Central Index Key | 41,091 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 9,261,500 |
GULF POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | GULF POWER CO |
Entity Central Index Key | 44,545 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 7,392,717 |
MISSISSIPPI POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | MISSISSIPPI POWER CO |
Entity Central Index Key | 66,904 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 1,121,000 |
SOUTHERN POWER CO | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN POWER CO |
Entity Central Index Key | 1,160,661 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 1,000 |
SOUTHERN Co GAS | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN Co GAS |
Entity Central Index Key | 1,004,155 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding (in shares) | 100 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Revenues: | ||||
Retail electric revenues | $ 3,777 | $ 3,748 | $ 7,171 | $ 7,124 |
Wholesale electric revenues | 618 | 446 | 1,149 | 842 |
Other electric revenues | 167 | 166 | 342 | 348 |
Natural gas revenues | 684 | 0 | 2,214 | 0 |
Other revenues | 184 | 99 | 326 | 137 |
Total operating revenues | 5,430 | 4,459 | 11,202 | 8,451 |
Operating Expenses: | ||||
Fuel | 1,092 | 1,023 | 2,088 | 1,934 |
Purchased power | 211 | 189 | 390 | 354 |
Cost of natural gas | 232 | 0 | 951 | 0 |
Cost of other sales | 114 | 58 | 203 | 77 |
Other operations and maintenance | 1,301 | 1,099 | 2,631 | 2,206 |
Depreciation and amortization | 754 | 569 | 1,469 | 1,110 |
Taxes other than income taxes | 308 | 255 | 638 | 511 |
Estimated loss on Kemper IGCC | 3,012 | 81 | 3,120 | 134 |
Total operating expenses | 7,024 | 3,274 | 11,490 | 6,326 |
Operating Income (Loss) | (1,594) | 1,185 | (288) | 2,125 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 58 | 45 | 115 | 98 |
Earnings (loss) from equity method investments | 28 | (1) | 67 | (1) |
Interest expense, net of amounts capitalized | (424) | (293) | (840) | (539) |
Other income (expense), net | (3) | (28) | (11) | (56) |
Total other income and (expense) | (341) | (277) | (669) | (498) |
Earnings (Loss) Before Income Taxes | (1,935) | 908 | (957) | 1,627 |
Income taxes (benefit) | (587) | 261 | (273) | 479 |
Consolidated Net Income (Loss) | (1,348) | 647 | (684) | 1,148 |
Dividends on preferred and preference stock of subsidiaries | 11 | 12 | 22 | 23 |
Net income attributable to noncontrolling interests | 22 | 12 | 17 | 13 |
Net Income | $ (1,381) | $ 623 | $ (723) | $ 1,112 |
Earnings (loss) per share — | ||||
Basic (in dollars per share) | $ (1.38) | $ 0.67 | $ (0.73) | $ 1.20 |
Diluted (in dollars per share) | $ (1.37) | $ 0.66 | $ (0.72) | $ 1.20 |
Average number of shares of common stock outstanding (in millions) | ||||
Basic (in shares) | 998 | 934 | 996 | 925 |
Diluted (in shares) | 1,005 | 940 | 1,003 | 931 |
Cash dividends paid per share of common stock (in dollars per share) | $ 0.58 | $ 0.56 | $ 1.14 | $ 1.1025 |
SOUTHERN POWER CO | ||||
Operating Revenues: | ||||
Wholesale revenues, non-affiliates | $ 436 | $ 264 | $ 783 | $ 480 |
Wholesale revenues, affiliates | 90 | 107 | 190 | 204 |
Other revenues | 3 | 2 | 6 | 4 |
Total operating revenues | 529 | 373 | 979 | 688 |
Operating Expenses: | ||||
Fuel | 139 | 96 | 271 | 187 |
Purchased power, non-affiliates | 29 | 21 | 54 | 35 |
Purchased power, affiliates | 11 | 2 | 16 | 8 |
Other operations and maintenance | 97 | 86 | 190 | 162 |
Depreciation and amortization | 129 | 81 | 247 | 154 |
Taxes other than income taxes | 12 | 6 | 24 | 13 |
Total operating expenses | 417 | 292 | 802 | 559 |
Operating Income (Loss) | 112 | 81 | 177 | 129 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (48) | (22) | (97) | (43) |
Other income (expense), net | 2 | 1 | (2) | 1 |
Total other income and (expense) | (46) | (21) | (99) | (42) |
Earnings (Loss) Before Income Taxes | 66 | 60 | 78 | 87 |
Income taxes (benefit) | (38) | (41) | (90) | (65) |
Consolidated Net Income (Loss) | 104 | 101 | 168 | 152 |
Net income attributable to noncontrolling interests | 22 | 12 | 17 | 13 |
Net Income | 82 | 89 | 151 | 139 |
ALABAMA POWER CO | ||||
Operating Revenues: | ||||
Retail electric revenues | 1,333 | 1,316 | 2,560 | 2,510 |
Wholesale revenues, non-affiliates | 68 | 67 | 133 | 130 |
Wholesale revenues, affiliates | 32 | 9 | 65 | 31 |
Other revenues | 51 | 52 | 108 | 105 |
Total operating revenues | 1,484 | 1,444 | 2,866 | 2,776 |
Operating Expenses: | ||||
Fuel | 303 | 295 | 601 | 564 |
Purchased power, non-affiliates | 40 | 40 | 75 | 76 |
Purchased power, affiliates | 34 | 55 | 62 | 88 |
Other operations and maintenance | 375 | 355 | 743 | 747 |
Depreciation and amortization | 183 | 175 | 364 | 347 |
Taxes other than income taxes | 95 | 94 | 191 | 191 |
Total operating expenses | 1,030 | 1,014 | 2,036 | 2,013 |
Operating Income (Loss) | 454 | 430 | 830 | 763 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 8 | 6 | 16 | 16 |
Interest expense, net of amounts capitalized | (77) | (74) | (153) | (147) |
Other income (expense), net | 1 | (4) | (4) | (11) |
Total other income and (expense) | (68) | (72) | (141) | (142) |
Earnings (Loss) Before Income Taxes | 386 | 358 | 689 | 621 |
Income taxes (benefit) | 151 | 140 | 277 | 242 |
Consolidated Net Income (Loss) | 235 | 218 | 412 | 379 |
Dividends on preferred and preference stock of subsidiaries | 5 | 5 | 9 | 9 |
Net Income | 230 | 213 | 403 | 370 |
GEORGIA POWER CO | ||||
Operating Revenues: | ||||
Retail electric revenues | 1,904 | 1,907 | 3,593 | 3,624 |
Wholesale revenues, non-affiliates | 40 | 40 | 79 | 82 |
Wholesale revenues, affiliates | 9 | 10 | 17 | 15 |
Other revenues | 95 | 94 | 191 | 202 |
Total operating revenues | 2,048 | 2,051 | 3,880 | 3,923 |
Operating Expenses: | ||||
Fuel | 445 | 439 | 815 | 815 |
Purchased power, non-affiliates | 103 | 92 | 191 | 175 |
Purchased power, affiliates | 138 | 111 | 310 | 250 |
Other operations and maintenance | 399 | 439 | 781 | 896 |
Depreciation and amortization | 223 | 214 | 444 | 425 |
Taxes other than income taxes | 101 | 100 | 199 | 197 |
Total operating expenses | 1,409 | 1,395 | 2,740 | 2,758 |
Operating Income (Loss) | 639 | 656 | 1,140 | 1,165 |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 25 | 24 | ||
Interest expense, net of amounts capitalized | (104) | (99) | (205) | (193) |
Other income (expense), net | 16 | 8 | 36 | 26 |
Total other income and (expense) | (88) | (91) | (169) | (167) |
Earnings (Loss) Before Income Taxes | 551 | 565 | 971 | 998 |
Income taxes (benefit) | 199 | 211 | 355 | 371 |
Consolidated Net Income (Loss) | 352 | 354 | 616 | 627 |
Dividends on preferred and preference stock of subsidiaries | 5 | 5 | 9 | 9 |
Net Income | 347 | 349 | 607 | 618 |
GULF POWER CO | ||||
Operating Revenues: | ||||
Retail electric revenues | 318 | 319 | 596 | 602 |
Wholesale revenues, non-affiliates | 12 | 15 | 30 | 31 |
Wholesale revenues, affiliates | 10 | 15 | 47 | 36 |
Other revenues | 17 | 16 | 34 | 31 |
Total operating revenues | 357 | 365 | 707 | 700 |
Operating Expenses: | ||||
Fuel | 88 | 107 | 196 | 201 |
Purchased power, non-affiliates | 35 | 32 | 67 | 62 |
Purchased power, affiliates | 9 | 4 | 11 | 5 |
Other operations and maintenance | 87 | 77 | 171 | 155 |
Depreciation and amortization | 35 | 42 | 53 | 80 |
Taxes other than income taxes | 28 | 29 | 55 | 58 |
Loss on Plant Scherer Unit 3 | 0 | 0 | 33 | 0 |
Total operating expenses | 282 | 291 | 586 | 561 |
Operating Income (Loss) | 75 | 74 | 121 | 139 |
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | (13) | (12) | (24) | (25) |
Other income (expense), net | (1) | (1) | (2) | (2) |
Total other income and (expense) | (14) | (13) | (26) | (27) |
Earnings (Loss) Before Income Taxes | 61 | 61 | 95 | 112 |
Income taxes (benefit) | 24 | 24 | 38 | 44 |
Consolidated Net Income (Loss) | 37 | 37 | 57 | 68 |
Dividends on preferred and preference stock of subsidiaries | 2 | 3 | 4 | 5 |
Net Income | 35 | 34 | 53 | 63 |
MISSISSIPPI POWER CO | ||||
Operating Revenues: | ||||
Retail electric revenues | 222 | 206 | 422 | 389 |
Wholesale revenues, non-affiliates | 62 | 60 | 124 | 120 |
Wholesale revenues, affiliates | 15 | 7 | 20 | 16 |
Other revenues | 4 | 4 | 9 | 8 |
Total operating revenues | 303 | 277 | 575 | 533 |
Operating Expenses: | ||||
Fuel | 102 | 81 | 180 | 157 |
Purchased power, non-affiliates | 2 | 1 | 3 | 1 |
Purchased power, affiliates | 4 | 4 | 11 | 9 |
Other operations and maintenance | 70 | 68 | 144 | 136 |
Depreciation and amortization | 41 | 45 | 81 | 84 |
Taxes other than income taxes | 26 | 25 | 52 | 50 |
Estimated loss on Kemper IGCC | 3,012 | 81 | 3,120 | 134 |
Total operating expenses | 3,257 | 305 | 3,591 | 571 |
Operating Income (Loss) | (2,954) | (28) | (3,016) | (38) |
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 36 | 30 | 71 | 59 |
Interest expense, net of amounts capitalized | (17) | (15) | (37) | (31) |
Other income (expense), net | 1 | (1) | 1 | (3) |
Total other income and (expense) | 20 | 14 | 35 | 25 |
Earnings (Loss) Before Income Taxes | (2,934) | (14) | (2,981) | (13) |
Income taxes (benefit) | (881) | (17) | (908) | (27) |
Consolidated Net Income (Loss) | (2,053) | 3 | (2,073) | 14 |
Dividends on preferred and preference stock of subsidiaries | 1 | 1 | 1 | 1 |
Net Income | (2,054) | 2 | (2,074) | 13 |
SOUTHERN Co GAS | ||||
Operating Revenues: | ||||
Natural gas revenues | 684 | 2,214 | ||
Other revenues | 32 | 62 | ||
Total operating revenues | 716 | 2,276 | ||
Operating Expenses: | ||||
Cost of natural gas | 232 | 951 | ||
Cost of other sales | 6 | 13 | ||
Other operations and maintenance | 213 | 467 | ||
Depreciation and amortization | 125 | 244 | ||
Merger-related expenses | 0 | 0 | ||
Taxes other than income taxes | 44 | 114 | ||
Total operating expenses | 620 | 1,789 | ||
Operating Income (Loss) | 96 | 487 | ||
Other Income and (Expense): | ||||
Earnings (loss) from equity method investments | 29 | 68 | ||
Interest expense, net of amounts capitalized | (48) | (94) | ||
Other income (expense), net | 3 | 7 | ||
Total other income and (expense) | (16) | (19) | ||
Earnings (Loss) Before Income Taxes | 80 | 468 | ||
Income taxes (benefit) | 31 | 180 | ||
Consolidated Net Income (Loss) | 49 | 288 | ||
Net income attributable to noncontrolling interests | 0 | 0 | ||
Net Income | $ 49 | $ 288 | ||
Predecessor | SOUTHERN Co GAS | ||||
Operating Revenues: | ||||
Natural gas revenues | 539 | 1,841 | ||
Other revenues | 32 | 64 | ||
Total operating revenues | 571 | 1,905 | ||
Operating Expenses: | ||||
Cost of natural gas | 184 | 755 | ||
Cost of other sales | 7 | 14 | ||
Other operations and maintenance | 213 | 454 | ||
Depreciation and amortization | 104 | 206 | ||
Merger-related expenses | 53 | 56 | ||
Taxes other than income taxes | 37 | 99 | ||
Total operating expenses | 598 | 1,584 | ||
Operating Income (Loss) | (27) | 321 | ||
Other Income and (Expense): | ||||
Earnings (loss) from equity method investments | 1 | 2 | ||
Interest expense, net of amounts capitalized | (48) | (96) | ||
Other income (expense), net | 2 | 5 | ||
Total other income and (expense) | (45) | (89) | ||
Earnings (Loss) Before Income Taxes | (72) | 232 | ||
Income taxes (benefit) | (24) | 87 | ||
Consolidated Net Income (Loss) | (48) | 145 | ||
Net income attributable to noncontrolling interests | 3 | 14 | ||
Net Income | $ (51) | $ 131 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Income (Unaudited) - Parenthetical - SOUTHERN Co GAS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Excise taxes collected | $ 19 | $ 67 | ||
Predecessor | ||||
Excise taxes collected | $ 17 | $ 57 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Income | $ (1,348) | $ 647 | $ (684) | $ 1,148 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 38 | (20) | 29 | (137) |
Reclassification adjustment for amounts included in net income, net of tax | (41) | 16 | (42) | 18 |
Pension and other postretirement benefit plans: | ||||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 | 2 | 2 |
Total other comprehensive income (loss) | (2) | (3) | (11) | (117) |
Comprehensive Income (Loss) | (1,350) | 644 | (695) | 1,031 |
Dividends on preferred and preference stock of subsidiaries | 11 | 12 | 22 | 23 |
Comprehensive income attributable to noncontrolling interests | 22 | 12 | 17 | 13 |
Comprehensive Income (Loss) Attributable to Parent | (1,383) | 620 | (734) | 995 |
ALABAMA POWER CO | ||||
Net Income | 235 | 218 | 412 | 379 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 0 | 0 | 0 | (2) |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 | 2 | 2 |
Pension and other postretirement benefit plans: | ||||
Total other comprehensive income (loss) | 1 | 1 | 2 | 0 |
Comprehensive Income (Loss) | 236 | 219 | 414 | 379 |
Dividends on preferred and preference stock of subsidiaries | 5 | 5 | 9 | 9 |
GEORGIA POWER CO | ||||
Net Income | 352 | 354 | 616 | 627 |
Qualifying hedges: | ||||
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 | 2 | 1 |
Pension and other postretirement benefit plans: | ||||
Total other comprehensive income (loss) | 1 | 1 | 2 | 1 |
Comprehensive Income (Loss) | 353 | 355 | 618 | 628 |
Dividends on preferred and preference stock of subsidiaries | 5 | 5 | 9 | 9 |
GULF POWER CO | ||||
Net Income | 37 | 37 | 57 | 68 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | (1) | (1) | (1) | (4) |
Pension and other postretirement benefit plans: | ||||
Total other comprehensive income (loss) | (1) | (1) | (1) | (4) |
Comprehensive Income (Loss) | 36 | 36 | 56 | 64 |
Dividends on preferred and preference stock of subsidiaries | 2 | 3 | 4 | 5 |
MISSISSIPPI POWER CO | ||||
Net Income | (2,053) | 3 | (2,073) | 14 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 0 | 0 | 1 | 0 |
Pension and other postretirement benefit plans: | ||||
Total other comprehensive income (loss) | 0 | 0 | 1 | 0 |
Comprehensive Income (Loss) | (2,053) | 3 | (2,072) | 14 |
Dividends on preferred and preference stock of subsidiaries | 1 | 1 | 1 | 1 |
SOUTHERN POWER CO | ||||
Net Income | 104 | 101 | 168 | 152 |
Qualifying hedges: | ||||
Changes in fair value, net of tax | 40 | (24) | 32 | (24) |
Reclassification adjustment for amounts included in net income, net of tax | (45) | 13 | (48) | 14 |
Pension and other postretirement benefit plans: | ||||
Total other comprehensive income (loss) | (5) | (11) | (16) | (10) |
Comprehensive Income (Loss) | 99 | 90 | 152 | 142 |
Comprehensive income attributable to noncontrolling interests | 22 | 12 | 17 | 13 |
Comprehensive Income (Loss) Attributable to Parent | 77 | 78 | 135 | 129 |
SOUTHERN Co GAS | ||||
Net Income | 49 | 288 | ||
Qualifying hedges: | ||||
Changes in fair value, net of tax | (1) | (2) | ||
Reclassification adjustment for amounts included in net income, net of tax | 0 | 0 | ||
Pension and other postretirement benefit plans: | ||||
Reclassification adjustment for amounts included in net income, net of tax | 0 | (1) | ||
Total other comprehensive income (loss) | (1) | (3) | ||
Comprehensive Income (Loss) | 48 | 285 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive Income (Loss) Attributable to Parent | $ 48 | $ 285 | ||
Predecessor | SOUTHERN Co GAS | ||||
Net Income | (48) | 145 | ||
Qualifying hedges: | ||||
Changes in fair value, net of tax | (12) | (41) | ||
Reclassification adjustment for amounts included in net income, net of tax | 2 | 1 | ||
Pension and other postretirement benefit plans: | ||||
Reclassification adjustment for amounts included in net income, net of tax | 2 | 5 | ||
Total other comprehensive income (loss) | (8) | (35) | ||
Comprehensive Income (Loss) | (56) | 110 | ||
Comprehensive income attributable to noncontrolling interests | 3 | 14 | ||
Comprehensive Income (Loss) Attributable to Parent | $ (59) | $ 96 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in fair value, tax | $ 23 | $ (13) | $ 17 | $ (85) |
Reclassification adjustment for qualified hedges, tax | (25) | 10 | (26) | 11 |
Reclassification adjustment for pension and other post retirement benefit plans, tax | 1 | 0 | 1 | 1 |
ALABAMA POWER CO | ||||
Changes in fair value, tax | 0 | 0 | 0 | (1) |
Reclassification adjustment for qualified hedges, tax | 1 | 0 | 1 | 1 |
GEORGIA POWER CO | ||||
Reclassification adjustment for qualified hedges, tax | 0 | 0 | 1 | 1 |
GULF POWER CO | ||||
Changes in fair value, tax | 0 | (1) | (1) | (3) |
MISSISSIPPI POWER CO | ||||
Changes in fair value, tax | 0 | 0 | 0 | 0 |
SOUTHERN POWER CO | ||||
Changes in fair value, tax | 24 | (15) | 20 | (15) |
Reclassification adjustment for qualified hedges, tax | (27) | 8 | (30) | 8 |
SOUTHERN Co GAS | ||||
Changes in fair value, tax | (1) | (2) | ||
Reclassification adjustment for qualified hedges, tax | 0 | 0 | ||
Reclassification adjustment for pension and other post retirement benefit plans, tax | $ 0 | $ 0 | ||
Predecessor | SOUTHERN Co GAS | ||||
Changes in fair value, tax | (7) | (23) | ||
Reclassification adjustment for qualified hedges, tax | 0 | 0 | ||
Reclassification adjustment for pension and other post retirement benefit plans, tax | $ 2 | $ 4 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities: | ||
Net Income | $ (684) | $ 1,148 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 1,683 | 1,306 |
Deferred income taxes | (270) | 279 |
Allowance for equity funds used during construction | (115) | (98) |
Pension, postretirement, and other employee benefits | (83) | (56) |
Settlement of asset retirement obligations | (87) | (66) |
Stock based compensation expense | 73 | 69 |
Hedge settlements | 1 | (201) |
Estimated loss on Kemper IGCC | 3,120 | 134 |
Income taxes receivable, non-current | (58) | 0 |
Other, net | (63) | 63 |
Changes in certain current assets and liabilities — | ||
-Receivables | 110 | (197) |
-Prepayments | (61) | (28) |
-Fossil fuel stock | 6 | 70 |
-Natural gas for sale, net of temporary LIFO liquidation | 223 | 0 |
-Other current assets | (36) | (25) |
-Accounts payable | (353) | (71) |
-Accrued taxes | (132) | 74 |
-Accrued compensation | (331) | (222) |
-Retail fuel cost over recovery | (187) | (54) |
-Other current liabilities | (14) | 15 |
Net cash provided from operating activities | 2,742 | 2,140 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (1,062) | (897) |
Property additions | (3,398) | (3,486) |
Investment in restricted cash | (16) | (8,608) |
Distribution of restricted cash | 27 | 649 |
Nuclear decommissioning trust fund purchases | (388) | (585) |
Nuclear decommissioning trust fund sales | 383 | 580 |
Cost of removal, net of salvage | (128) | (99) |
Change in construction payables, net | (117) | (260) |
Investment in unconsolidated subsidiaries | (116) | 0 |
Payments pursuant to LTSAs | (132) | (82) |
Other investing activities | 58 | 113 |
Net cash used for investing activities | (4,889) | (12,675) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 30 | 471 |
Proceeds — | ||
Long-term debt | 2,958 | 12,038 |
Common stock | 417 | 1,383 |
Short-term borrowings | 1,004 | 0 |
Redemptions and repurchases — | ||
Long-term debt | (1,478) | (1,272) |
Preference stock | (150) | 0 |
Short-term borrowings | 0 | (475) |
Distributions to noncontrolling interests | (40) | (11) |
Capital contributions from noncontrolling interests | 73 | 179 |
Purchase of membership interests from noncontrolling interests | 0 | (129) |
Payment of common stock dividends | (1,134) | (1,023) |
Other financing activities | (75) | (133) |
Net cash provided from financing activities | 1,605 | 11,028 |
Net Change in Cash and Cash Equivalents | (542) | 493 |
Cash and Cash Equivalents at Beginning of Period | 1,975 | 1,404 |
Cash and Cash Equivalents at End of Period | 1,433 | 1,897 |
Cash paid (received) during the period for — | ||
Interest | 833 | 458 |
Income taxes, net | 1 | (138) |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 629 | 549 |
ALABAMA POWER CO | ||
Operating Activities: | ||
Net Income | 412 | 379 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 442 | 419 |
Deferred income taxes | 192 | 175 |
Allowance for equity funds used during construction | (16) | (16) |
Pension, postretirement, and other employee benefits | (24) | (23) |
Other, net | 4 | (33) |
Changes in certain current assets and liabilities — | ||
-Receivables | (58) | 64 |
-Fossil fuel stock | 13 | (32) |
-Other current assets | (75) | (67) |
-Accounts payable | (154) | (75) |
-Accrued taxes | 52 | 102 |
-Accrued compensation | (74) | (50) |
-Retail fuel cost over recovery | (65) | (60) |
-Other current liabilities | 7 | 8 |
Net cash provided from operating activities | 672 | 807 |
Investing Activities: | ||
Property additions | (738) | (645) |
Nuclear decommissioning trust fund purchases | (117) | (200) |
Nuclear decommissioning trust fund sales | 117 | 200 |
Cost of removal, net of salvage | (54) | (51) |
Change in construction payables, net | 48 | (27) |
Other investing activities | (15) | (18) |
Net cash used for investing activities | (759) | (741) |
Proceeds — | ||
Senior notes | 550 | 400 |
Capital contributions from parent company | 327 | 237 |
Other long-term debt | 0 | 45 |
Redemptions and repurchases — | ||
Redemptions — Senior notes | (200) | (200) |
Payment of common stock dividends | (357) | (382) |
Other financing activities | (14) | (17) |
Net cash provided from financing activities | 306 | 83 |
Net Change in Cash and Cash Equivalents | 219 | 149 |
Cash and Cash Equivalents at Beginning of Period | 420 | 194 |
Cash and Cash Equivalents at End of Period | 639 | 343 |
Cash paid (received) during the period for — | ||
Interest | 140 | 131 |
Income taxes, net | 88 | (122) |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 132 | 94 |
GEORGIA POWER CO | ||
Operating Activities: | ||
Net Income | 616 | 627 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 543 | 530 |
Deferred income taxes | 159 | 157 |
Allowance for equity funds used during construction | (25) | (24) |
Deferred expenses | 41 | 39 |
Pension, postretirement, and other employee benefits | (45) | (28) |
Settlement of asset retirement obligations | (62) | (52) |
Other, net | (39) | 36 |
Changes in certain current assets and liabilities — | ||
-Receivables | (150) | (25) |
-Fossil fuel stock | (32) | 61 |
-Other current assets | (22) | 10 |
-Accounts payable | (153) | 6 |
-Accrued taxes | (194) | (137) |
-Accrued compensation | (65) | (44) |
-Retail fuel cost over recovery | (84) | 1 |
-Other current liabilities | (6) | 16 |
Net cash provided from operating activities | 482 | 1,173 |
Investing Activities: | ||
Property additions | (1,284) | (1,058) |
Nuclear decommissioning trust fund purchases | (271) | (386) |
Nuclear decommissioning trust fund sales | 266 | 380 |
Cost of removal, net of salvage | (32) | (34) |
Change in construction payables, net of joint owner portion | 1 | (75) |
Payments pursuant to LTSAs | (56) | (14) |
Sale of property | 63 | 0 |
Other investing activities | (12) | 17 |
Net cash used for investing activities | (1,325) | (1,170) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 37 | 39 |
Proceeds — | ||
Senior notes | 850 | 650 |
FFB loan | 0 | 300 |
Capital contributions from parent company | 380 | 239 |
Short-term borrowings | 800 | 0 |
Redemptions and repurchases — | ||
Pollution control revenue bonds | (27) | (4) |
Redemptions — Senior notes | (450) | (500) |
Payment of common stock dividends | (640) | (653) |
Other financing activities | (19) | (20) |
Net cash provided from financing activities | 931 | 51 |
Net Change in Cash and Cash Equivalents | 88 | 54 |
Cash and Cash Equivalents at Beginning of Period | 3 | 67 |
Cash and Cash Equivalents at End of Period | 91 | 121 |
Cash paid (received) during the period for — | ||
Interest | 186 | 174 |
Income taxes, net | 213 | 78 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 348 | 288 |
GULF POWER CO | ||
Operating Activities: | ||
Net Income | 57 | 68 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 56 | 83 |
Deferred income taxes | 19 | 16 |
Loss on Plant Scherer Unit 3 | 33 | 0 |
Other, net | (4) | (3) |
Changes in certain current assets and liabilities — | ||
-Receivables | (25) | (6) |
-Fossil fuel stock | 4 | 34 |
-Other current assets | 10 | 1 |
-Accrued taxes | 7 | 17 |
-Accrued compensation | (17) | (12) |
-Over recovered regulatory clause revenues | (19) | 5 |
-Other current liabilities | 3 | (7) |
Net cash provided from operating activities | 124 | 196 |
Investing Activities: | ||
Property additions | (97) | (68) |
Cost of removal, net of salvage | (9) | (4) |
Change in construction payables, net | (14) | (7) |
Other investing activities | (3) | (5) |
Net cash used for investing activities | (123) | (84) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (190) | 46 |
Proceeds — | ||
Senior notes | 300 | 0 |
Capital contributions from parent company | 5 | 5 |
Common stock | 175 | 0 |
Redemptions and repurchases — | ||
Preference stock | (150) | 0 |
Redemptions — Senior notes | (85) | (125) |
Payment of common stock dividends | (63) | (60) |
Other financing activities | (4) | (6) |
Net cash provided from financing activities | (12) | (140) |
Net Change in Cash and Cash Equivalents | (11) | (28) |
Cash and Cash Equivalents at Beginning of Period | 56 | 74 |
Cash and Cash Equivalents at End of Period | 45 | 46 |
Cash paid (received) during the period for — | ||
Interest | 22 | 28 |
Income taxes, net | 7 | (3) |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 19 | 13 |
MISSISSIPPI POWER CO | ||
Operating Activities: | ||
Net Income | (2,073) | 14 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 94 | 82 |
Deferred income taxes | (860) | (16) |
Allowance for equity funds used during construction | (71) | (59) |
Estimated loss on Kemper IGCC | 3,120 | 134 |
Other, net | (11) | (8) |
Changes in certain current assets and liabilities — | ||
-Receivables | (15) | 15 |
-Fossil fuel stock | 21 | 6 |
-Other current assets | (10) | 31 |
-Accounts payable | (20) | (12) |
-Accrued taxes | 0 | 20 |
-Accrued compensation | (17) | (12) |
-Over recovered regulatory clause revenues | (30) | 4 |
-Customer liability associated with Kemper refunds | 0 | (69) |
-Other current liabilities | 7 | 7 |
Net cash provided from operating activities | 135 | 137 |
Investing Activities: | ||
Property additions | (337) | (403) |
Change in construction payables, net | (19) | (11) |
Government grant proceeds | 0 | 137 |
Other investing activities | (5) | (19) |
Net cash used for investing activities | (361) | (296) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (10) | 0 |
Proceeds — | ||
Capital contributions from parent company | 1,001 | 226 |
Short-term borrowings | 4 | 0 |
Long-term debt to parent company | 40 | 200 |
Other long-term debt | 0 | 900 |
Redemptions and repurchases — | ||
Short-term borrowings | 0 | (475) |
Long-term debt to parent company | (591) | (225) |
Other long-term debt | (300) | (425) |
Other financing activities | (2) | (3) |
Net cash provided from financing activities | 142 | 198 |
Net Change in Cash and Cash Equivalents | (84) | 39 |
Cash and Cash Equivalents at Beginning of Period | 224 | 98 |
Cash and Cash Equivalents at End of Period | 140 | 137 |
Cash paid (received) during the period for — | ||
Interest | 26 | 26 |
Income taxes, net | (93) | (122) |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 59 | 94 |
SOUTHERN POWER CO | ||
Operating Activities: | ||
Net Income | 168 | 152 |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 264 | 159 |
Deferred income taxes | 91 | (71) |
Amortization of investment tax credits | (28) | (15) |
Deferred revenues | (34) | (31) |
Income taxes receivable, non-current | (58) | 0 |
Other, net | (1) | 9 |
Changes in certain current assets and liabilities — | ||
-Receivables | (58) | (76) |
-Prepaid income taxes | 33 | (147) |
-Other current assets | 20 | 5 |
-Accounts payable | (45) | 4 |
-Accrued taxes | 4 | 62 |
-Other current liabilities | (8) | 0 |
Net cash provided from operating activities | 348 | 51 |
Investing Activities: | ||
Business acquisitions, net of cash acquired | (1,020) | (502) |
Property additions | (145) | (1,281) |
Investment in restricted cash | (16) | (646) |
Distribution of restricted cash | 27 | 649 |
Change in construction payables, net | (167) | (137) |
Payments pursuant to LTSAs | (68) | (43) |
Other investing activities | (2) | (25) |
Net cash used for investing activities | (1,391) | (1,985) |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 189 | 695 |
Proceeds — | ||
Senior notes | 0 | 1,241 |
Capital contributions from parent company | 0 | 300 |
Redemptions and repurchases — | ||
Distributions to noncontrolling interests | (40) | (11) |
Capital contributions from noncontrolling interests | 73 | 179 |
Purchase of membership interests from noncontrolling interests | 0 | (129) |
Payment of common stock dividends | (158) | (136) |
Other financing activities | (21) | (13) |
Net cash provided from financing activities | 43 | 2,126 |
Net Change in Cash and Cash Equivalents | (1,000) | 192 |
Cash and Cash Equivalents at Beginning of Period | 1,099 | 830 |
Cash and Cash Equivalents at End of Period | 99 | 1,022 |
Cash paid (received) during the period for — | ||
Interest | 113 | 42 |
Income taxes, net | (117) | 115 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | 19 | 108 |
SOUTHERN Co GAS | ||
Operating Activities: | ||
Net Income | 288 | |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 244 | |
Deferred income taxes | 144 | |
Stock based compensation expense | 19 | |
Hedge settlements | 0 | |
Mark-to-market adjustments | (49) | |
Other, net | (53) | |
Changes in certain current assets and liabilities — | ||
-Receivables | 420 | |
-Natural gas for sale, net of temporary LIFO liquidation | 223 | |
-Prepaid income taxes | 24 | |
-Other current assets | (12) | |
-Accounts payable | (102) | |
-Accrued taxes | (8) | |
-Accrued compensation | (12) | |
-Other current liabilities | 25 | |
Net cash provided from operating activities | 1,151 | |
Investing Activities: | ||
Property additions | (684) | |
Cost of removal, net of salvage | (25) | |
Change in construction payables, net | 23 | |
Investment in unconsolidated subsidiaries | (111) | |
Other investing activities | 16 | |
Net cash used for investing activities | (781) | |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (631) | |
Redemptions and repurchases — First mortgage bonds | 0 | |
Proceeds — | ||
First mortgage bonds | 0 | |
Senior notes | 450 | |
Capital contributions from parent company | 57 | |
Redemptions and repurchases — | ||
Distributions to noncontrolling interests | 0 | |
Payment of common stock dividends | (221) | |
Other financing activities | (6) | |
Net cash provided from financing activities | (351) | |
Net Change in Cash and Cash Equivalents | 19 | |
Cash and Cash Equivalents at Beginning of Period | 19 | |
Cash and Cash Equivalents at End of Period | 38 | |
Cash paid (received) during the period for — | ||
Interest | 105 | |
Income taxes, net | 20 | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | $ 84 | |
Predecessor | SOUTHERN Co GAS | ||
Operating Activities: | ||
Net Income | 145 | |
Adjustments to reconcile consolidated net income (loss) to net cash provided from operating activities — | ||
Depreciation and amortization, total | 206 | |
Deferred income taxes | 8 | |
Stock based compensation expense | 20 | |
Hedge settlements | (26) | |
Mark-to-market adjustments | 162 | |
Other, net | (77) | |
Changes in certain current assets and liabilities — | ||
-Receivables | 181 | |
-Natural gas for sale, net of temporary LIFO liquidation | 273 | |
-Prepaid income taxes | 151 | |
-Other current assets | 37 | |
-Accounts payable | 43 | |
-Accrued taxes | 41 | |
-Accrued compensation | (21) | |
-Other current liabilities | (30) | |
Net cash provided from operating activities | 1,113 | |
Investing Activities: | ||
Property additions | (509) | |
Cost of removal, net of salvage | (32) | |
Change in construction payables, net | (7) | |
Investment in unconsolidated subsidiaries | (14) | |
Other investing activities | 3 | |
Net cash used for investing activities | (559) | |
Financing Activities: | ||
Increase (decrease) in notes payable, net | (896) | |
Redemptions and repurchases — First mortgage bonds | (125) | |
Proceeds — | ||
First mortgage bonds | 250 | |
Senior notes | 350 | |
Capital contributions from parent company | 0 | |
Redemptions and repurchases — | ||
Distributions to noncontrolling interests | (19) | |
Payment of common stock dividends | (128) | |
Other financing activities | 10 | |
Net cash provided from financing activities | (558) | |
Net Change in Cash and Cash Equivalents | (4) | |
Cash and Cash Equivalents at Beginning of Period | 19 | |
Cash and Cash Equivalents at End of Period | 15 | |
Cash paid (received) during the period for — | ||
Interest | 119 | |
Income taxes, net | (100) | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash transactions — Accrued property additions at end of period | $ 41 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net cash paid for capitalized interest | $ 55 | $ 61 |
ALABAMA POWER CO | ||
Net cash paid for capitalized interest | 6 | 7 |
GEORGIA POWER CO | ||
Net cash paid for capitalized interest | 11 | 10 |
GULF POWER CO | ||
Net cash paid for capitalized interest | 0 | 0 |
MISSISSIPPI POWER CO | ||
Interest paid | 53 | 49 |
Net cash paid for capitalized interest | 27 | 23 |
SOUTHERN POWER CO | ||
Net cash paid for capitalized interest | 4 | 21 |
SOUTHERN Co GAS | ||
Net cash paid for capitalized interest | $ 7 | |
Predecessor | SOUTHERN Co GAS | ||
Net cash paid for capitalized interest | $ 3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 1,433 | $ 1,975 |
Receivables — | ||
Customer accounts receivable | 1,600 | 1,565 |
Energy marketing receivables | 482 | 623 |
Unbilled revenues | 593 | 706 |
Under recovered regulatory clause revenues | 26 | 18 |
Income taxes receivable, current | 544 | 544 |
Other accounts and notes receivable | 513 | 377 |
Accumulated provision for uncollectible accounts | (52) | (43) |
Materials and supplies | 1,461 | 1,462 |
Fossil fuel for generation | 624 | 689 |
Natural gas for sale | 477 | 631 |
Prepaid expenses | 361 | 364 |
Other regulatory assets, current | 569 | 581 |
Other current assets | 206 | 230 |
Total current assets | 8,837 | 9,722 |
Property, Plant, and Equipment: | ||
In service | 101,021 | 98,416 |
Less: Accumulated depreciation | 30,667 | 29,852 |
Plant in service, net of depreciation | 70,354 | 68,564 |
Nuclear fuel, at amortized cost | 892 | 905 |
Construction work in progress | 7,440 | 8,977 |
Total property, plant, and equipment | 78,686 | 78,446 |
Other Property and Investments: | ||
Goodwill | 6,271 | 6,251 |
Equity investments in unconsolidated subsidiaries | 1,632 | 1,549 |
Other intangible assets, net of amortization | 929 | 970 |
Nuclear decommissioning trusts, at fair value | 1,722 | 1,606 |
Leveraged leases | 782 | 774 |
Miscellaneous property and investments | 230 | 270 |
Total other property and investments | 11,566 | 11,420 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 1,325 | 1,629 |
Unamortized loss on reacquired debt | 215 | 223 |
Other regulatory assets, deferred | 6,668 | 6,851 |
Other deferred charges and assets | 1,387 | 1,406 |
Total deferred charges and other assets | 9,595 | 10,109 |
Total Assets | 108,684 | 109,697 |
Current Liabilities: | ||
Securities due within one year | 3,031 | 2,587 |
Notes payable | 3,274 | 2,241 |
Energy marketing trade payables | 534 | 597 |
Accounts payable — | ||
Accounts payable | 1,920 | 2,228 |
Customer deposits | 546 | 558 |
Accrued taxes — | ||
Accrued income taxes | 125 | 193 |
Unrecognized tax benefits | 400 | 385 |
Other accrued taxes | 490 | 667 |
Accrued interest | 508 | 518 |
Accrued compensation | 584 | 915 |
Asset retirement obligations, current | 300 | 378 |
Liabilities from risk management activities, net of collateral | 71 | 107 |
Acquisitions payable | 0 | 489 |
Other regulatory liabilities, current | 169 | 236 |
Other current liabilities | 799 | 818 |
Total current liabilities | 12,751 | 12,917 |
Long-term Debt | 43,885 | 42,629 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 13,529 | 14,092 |
Deferred credits related to income taxes | 212 | 219 |
Accumulated deferred ITCs | 2,301 | 2,228 |
Employee benefit obligations | 2,156 | 2,299 |
Asset retirement obligations, deferred | 4,297 | 4,136 |
Accrued environmental remediation | 399 | 397 |
Other cost of removal obligations | 2,706 | 2,748 |
Other regulatory liabilities, deferred | 233 | 258 |
Other deferred credits and liabilities | 805 | 880 |
Total deferred credits and other liabilities | 26,638 | 27,257 |
Total Liabilities | 83,274 | 82,803 |
Redeemable Preferred Stock of Subsidiaries | 118 | 118 |
Redeemable Noncontrolling Interests | 51 | 164 |
Common Stockholders' Equity: | ||
Par value | 4,997 | 4,952 |
Paid-in capital | 10,106 | 9,661 |
Treasury, at cost | (34) | (31) |
Retained earnings (accumulated deficit) | 8,494 | 10,356 |
Accumulated other comprehensive loss | (191) | (180) |
Total Common Stockholders' Equity | 23,372 | 24,758 |
Preferred and Preference Stock of Subsidiaries | 462 | 609 |
Noncontrolling Interests | 1,407 | 1,245 |
Total Stockholders' Equity | 25,241 | 26,612 |
Total Liabilities and Stockholders' Equity | 108,684 | 109,697 |
ALABAMA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 639 | 420 |
Receivables — | ||
Customer accounts receivable | 357 | 348 |
Unbilled revenues | 161 | 146 |
Other accounts and notes receivable | 36 | 27 |
Affiliated | 33 | 40 |
Accumulated provision for uncollectible accounts | (9) | (10) |
Materials and supplies | 443 | 435 |
Fossil fuel for generation | 191 | 205 |
Prepaid expenses | 86 | 34 |
Other regulatory assets, current | 135 | 149 |
Other current assets | 7 | 11 |
Total current assets | 2,079 | 1,805 |
Property, Plant, and Equipment: | ||
In service | 26,466 | 26,031 |
Less: Accumulated depreciation | 9,354 | 9,112 |
Plant in service, net of depreciation | 17,112 | 16,919 |
Nuclear fuel, at amortized cost | 333 | 336 |
Construction work in progress | 668 | 491 |
Total property, plant, and equipment | 18,113 | 17,746 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 67 | 66 |
Nuclear decommissioning trusts, at fair value | 848 | 792 |
Miscellaneous property and investments | 119 | 112 |
Total other property and investments | 1,034 | 970 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 526 | 525 |
Deferred under recovered regulatory clause revenues | 6 | 150 |
Other regulatory assets, deferred | 1,209 | 1,157 |
Other deferred charges and assets | 166 | 163 |
Total deferred charges and other assets | 1,907 | 1,995 |
Total Assets | 23,133 | 22,516 |
Current Liabilities: | ||
Securities due within one year | 361 | 561 |
Accounts payable — | ||
Affiliated | 242 | 297 |
Other | 317 | 433 |
Customer deposits | 91 | 88 |
Accrued taxes — | ||
Accrued income taxes | 39 | 45 |
Other accrued taxes | 97 | 42 |
Accrued interest | 81 | 78 |
Accrued compensation | 125 | 193 |
Other regulatory liabilities, current | 15 | 85 |
Other current liabilities | 63 | 76 |
Total current liabilities | 1,431 | 1,898 |
Long-term Debt | 7,082 | 6,535 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 4,842 | 4,654 |
Deferred credits related to income taxes | 64 | 65 |
Accumulated deferred ITCs | 113 | 110 |
Employee benefit obligations | 269 | 300 |
Asset retirement obligations, deferred | 1,543 | 1,503 |
Other cost of removal obligations | 648 | 684 |
Other regulatory liabilities, deferred | 84 | 100 |
Other deferred credits and liabilities | 69 | 63 |
Total deferred credits and other liabilities | 7,632 | 7,479 |
Total Liabilities | 16,145 | 15,912 |
Redeemable Preferred Stock | 85 | 85 |
Preference Stock | 196 | 196 |
Common Stockholders' Equity: | ||
Par value | 1,222 | 1,222 |
Paid-in capital | 2,950 | 2,613 |
Retained earnings (accumulated deficit) | 2,564 | 2,518 |
Accumulated other comprehensive loss | (29) | (30) |
Total Common Stockholders' Equity | 6,707 | 6,323 |
Total Liabilities and Stockholders' Equity | 23,133 | 22,516 |
GEORGIA POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 91 | 3 |
Receivables — | ||
Customer accounts receivable | 565 | 523 |
Unbilled revenues | 251 | 224 |
Joint owner accounts receivable | 199 | 57 |
Other accounts and notes receivable | 62 | 81 |
Affiliated | 22 | 18 |
Accumulated provision for uncollectible accounts | (3) | (3) |
Materials and supplies | 477 | 479 |
Fossil fuel for generation | 330 | 298 |
Prepaid expenses | 55 | 105 |
Other regulatory assets, current | 193 | 193 |
Other current assets | 22 | 38 |
Total current assets | 2,264 | 2,016 |
Property, Plant, and Equipment: | ||
In service | 34,410 | 33,841 |
Less: Accumulated depreciation | 11,502 | 11,317 |
Plant in service, net of depreciation | 22,908 | 22,524 |
Nuclear fuel, at amortized cost | 559 | 569 |
Construction work in progress | 5,422 | 4,939 |
Total property, plant, and equipment | 28,889 | 28,032 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 56 | 60 |
Nuclear decommissioning trusts, at fair value | 874 | 814 |
Miscellaneous property and investments | 51 | 46 |
Total other property and investments | 981 | 920 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 675 | 676 |
Other regulatory assets, deferred | 2,790 | 2,774 |
Other deferred charges and assets | 589 | 417 |
Total deferred charges and other assets | 4,054 | 3,867 |
Total Assets | 36,188 | 34,835 |
Current Liabilities: | ||
Securities due within one year | 261 | 460 |
Notes payable | 1,228 | 391 |
Accounts payable — | ||
Affiliated | 367 | 438 |
Other | 657 | 589 |
Customer deposits | 269 | 265 |
Accrued taxes — | ||
Accrued income taxes | 212 | 407 |
Accrued interest | 115 | 106 |
Accrued compensation | 141 | 224 |
Asset retirement obligations, current | 251 | 299 |
Other current liabilities | 185 | 297 |
Total current liabilities | 3,686 | 3,476 |
Long-term Debt | 10,793 | 10,225 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 6,163 | 6,000 |
Deferred credits related to income taxes | 118 | 121 |
Accumulated deferred ITCs | 251 | 256 |
Employee benefit obligations | 652 | 703 |
Asset retirement obligations, deferred | 2,340 | 2,233 |
Other deferred credits and liabilities | 206 | 199 |
Total deferred credits and other liabilities | 9,730 | 9,512 |
Total Liabilities | 24,209 | 23,213 |
Redeemable Preferred Stock | 45 | 45 |
Preference Stock | 221 | 221 |
Common Stockholders' Equity: | ||
Par value | 398 | 398 |
Paid-in capital | 7,274 | 6,885 |
Retained earnings (accumulated deficit) | 4,052 | 4,086 |
Accumulated other comprehensive loss | (11) | (13) |
Total Common Stockholders' Equity | 11,713 | 11,356 |
Total Liabilities and Stockholders' Equity | 36,188 | 34,835 |
GULF POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 45 | 56 |
Receivables — | ||
Customer accounts receivable | 77 | 72 |
Unbilled revenues | 70 | 55 |
Under recovered regulatory clause revenues | 26 | 17 |
Other accounts and notes receivable | 11 | 6 |
Affiliated | 8 | 17 |
Accumulated provision for uncollectible accounts | (1) | (1) |
Materials and supplies | 57 | 55 |
Fossil fuel for generation | 67 | 71 |
Other regulatory assets, current | 55 | 44 |
Other current assets | 17 | 30 |
Total current assets | 432 | 422 |
Property, Plant, and Equipment: | ||
In service | 5,156 | 5,140 |
Less: Accumulated depreciation | 1,427 | 1,382 |
Plant in service, net of depreciation | 3,729 | 3,758 |
Construction work in progress | 59 | 51 |
Total property, plant, and equipment | 3,788 | 3,809 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 57 | 58 |
Other regulatory assets, deferred | 510 | 512 |
Other deferred charges and assets | 22 | 21 |
Total deferred charges and other assets | 589 | 591 |
Total Assets | 4,809 | 4,822 |
Current Liabilities: | ||
Securities due within one year | 27 | 87 |
Notes payable | 78 | 268 |
Accounts payable — | ||
Affiliated | 52 | 59 |
Other | 46 | 54 |
Customer deposits | 35 | 35 |
Accrued taxes — | ||
Other accrued taxes | 27 | 20 |
Accrued interest | 9 | 8 |
Accrued compensation | 23 | 40 |
Deferred capacity expense, current | 22 | 22 |
Other regulatory liabilities, current | 0 | 16 |
Other current liabilities | 43 | 40 |
Total current liabilities | 362 | 649 |
Long-term Debt | 1,265 | 987 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 966 | 948 |
Employee benefit obligations | 92 | 96 |
Deferred capacity expense | 108 | 119 |
Asset retirement obligations, deferred | 125 | 120 |
Other cost of removal obligations | 218 | 249 |
Other regulatory liabilities, deferred | 46 | 47 |
Other deferred credits and liabilities | 74 | 71 |
Total deferred credits and other liabilities | 1,629 | 1,650 |
Total Liabilities | 3,256 | 3,286 |
Preference Stock | 0 | 147 |
Common Stockholders' Equity: | ||
Par value | 678 | 503 |
Paid-in capital | 596 | 589 |
Retained earnings (accumulated deficit) | 280 | 296 |
Accumulated other comprehensive loss | (1) | 1 |
Total Common Stockholders' Equity | 1,553 | 1,389 |
Total Liabilities and Stockholders' Equity | 4,809 | 4,822 |
MISSISSIPPI POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 140 | 224 |
Receivables — | ||
Customer accounts receivable | 33 | 29 |
Unbilled revenues | 42 | 42 |
Income taxes receivable, current | 544 | 544 |
Other accounts and notes receivable | 25 | 14 |
Affiliated | 20 | 15 |
Materials and supplies | 44 | 76 |
Fossil fuel for generation | 20 | 100 |
Other regulatory assets, current | 114 | 115 |
Other current assets | 2 | 8 |
Total current assets | 984 | 1,167 |
Property, Plant, and Equipment: | ||
In service | 4,826 | 4,865 |
Less: Accumulated depreciation | 1,283 | 1,289 |
Plant in service, net of depreciation | 3,543 | 3,576 |
Construction work in progress | 56 | 2,545 |
Total property, plant, and equipment | 3,599 | 6,121 |
Other Property and Investments: | ||
Total other property and investments | 22 | 12 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 61 | 361 |
Other regulatory assets, deferred | 441 | 518 |
Accumulated deferred income taxes | 404 | 0 |
Other deferred charges and assets | 20 | 56 |
Total deferred charges and other assets | 926 | 935 |
Total Assets | 5,531 | 8,235 |
Current Liabilities: | ||
Securities due within one year - parent | 0 | 551 |
Securities due within one year | 1,028 | 78 |
Notes payable | 17 | 23 |
Accounts payable — | ||
Affiliated | 54 | 62 |
Other | 109 | 135 |
Customer deposits | 16 | 16 |
Accrued taxes — | ||
Unrecognized tax benefits | 385 | 383 |
Other accrued taxes | 97 | 99 |
Accrued interest | 52 | 46 |
Accrued compensation | 25 | 42 |
Asset retirement obligations, current | 21 | 32 |
Over recovered regulatory clause liabilities | 21 | 51 |
Other current liabilities | 89 | 20 |
Total current liabilities | 1,914 | 1,538 |
Long-term Debt | 1,169 | 2,424 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 0 | 756 |
Employee benefit obligations | 111 | 115 |
Asset retirement obligations, deferred | 149 | 146 |
Other cost of removal obligations | 173 | 170 |
Other regulatory liabilities, deferred | 80 | 84 |
Other deferred credits and liabilities | 29 | 26 |
Total deferred credits and other liabilities | 542 | 1,297 |
Total Liabilities | 3,625 | 5,259 |
Redeemable Preferred Stock | 33 | 33 |
Common Stockholders' Equity: | ||
Par value | 38 | 38 |
Paid-in capital | 4,527 | 3,525 |
Retained earnings (accumulated deficit) | (2,689) | (616) |
Accumulated other comprehensive loss | (3) | (4) |
Total Common Stockholders' Equity | 1,873 | 2,943 |
Total Liabilities and Stockholders' Equity | 5,531 | 8,235 |
SOUTHERN POWER CO | ||
Current Assets: | ||
Cash and cash equivalents | 99 | 1,099 |
Receivables — | ||
Customer accounts receivable | 158 | 102 |
Other accounts and notes receivable | 37 | 34 |
Affiliated | 65 | 57 |
Materials and supplies | 349 | 337 |
Fossil fuel for generation | 15 | 15 |
Prepaid income taxes | 41 | 74 |
Other current assets | 26 | 39 |
Total current assets | 790 | 1,757 |
Property, Plant, and Equipment: | ||
In service | 13,731 | 12,728 |
Less: Accumulated depreciation | 1,689 | 1,484 |
Plant in service, net of depreciation | 12,042 | 11,244 |
Construction work in progress | 344 | 398 |
Total property, plant, and equipment | 12,386 | 11,642 |
Other Property and Investments: | ||
Goodwill | 2 | 2 |
Intangible assets, net (including goodwill) | 423 | 436 |
Total other property and investments | 423 | 436 |
Deferred Charges and Other Assets: | ||
Prepaid LTSAs | 61 | 101 |
Accumulated deferred income taxes | 536 | 594 |
Income Taxes Receivable, Noncurrent | 69 | 11 |
Other deferred charges and assets — affiliated | 28 | 13 |
Other deferred charges and assets | 410 | 615 |
Total deferred charges and other assets | 1,104 | 1,334 |
Total Assets | 14,703 | 15,169 |
Current Liabilities: | ||
Securities due within one year | 909 | 560 |
Notes payable | 398 | 209 |
Accounts payable — | ||
Affiliated | 68 | 88 |
Other | 93 | 278 |
Accrued taxes — | ||
Accrued income taxes | 35 | 148 |
Other accrued taxes | 21 | 7 |
Accrued interest | 25 | 36 |
Acquisitions payable | 0 | 461 |
Contingent consideration | 11 | 46 |
Other current liabilities | 67 | 70 |
Total current liabilities | 1,627 | 1,903 |
Long-term Debt | 4,816 | 5,068 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 174 | 152 |
Accumulated deferred ITCs | 1,914 | 1,839 |
Asset retirement obligations, deferred | 69 | 64 |
Other deferred credits and liabilities | 238 | 304 |
Total deferred credits and other liabilities | 2,395 | 2,359 |
Total Liabilities | 8,838 | 9,330 |
Redeemable Noncontrolling Interests | 51 | 164 |
Common Stockholders' Equity: | ||
Par value | 0 | 0 |
Paid-in capital | 3,671 | 3,671 |
Retained earnings (accumulated deficit) | 717 | 724 |
Accumulated other comprehensive loss | 19 | 35 |
Total Common Stockholders' Equity | 4,407 | 4,430 |
Noncontrolling interests | 1,407 | 1,245 |
Total Stockholders' Equity | 5,814 | 5,675 |
Total Liabilities and Stockholders' Equity | 14,703 | 15,169 |
SOUTHERN Co GAS | ||
Current Assets: | ||
Cash and cash equivalents | 38 | 19 |
Receivables — | ||
Customer accounts receivable | 270 | 364 |
Energy marketing receivables | 482 | 623 |
Unbilled revenues | 69 | 239 |
Other accounts and notes receivable | 63 | 76 |
Accumulated provision for uncollectible accounts | (35) | (27) |
Materials and supplies | 24 | 26 |
Natural gas for sale | 477 | 631 |
Prepaid expenses | 69 | 80 |
Assets from risk management activities, net of collateral | 114 | 128 |
Other regulatory assets, current | 72 | 81 |
Other current assets | 20 | 10 |
Total current assets | 1,663 | 2,250 |
Property, Plant, and Equipment: | ||
In service | 14,850 | 14,508 |
Less: Accumulated depreciation | 4,550 | 4,439 |
Plant in service, net of depreciation | 10,300 | 10,069 |
Construction work in progress | 779 | 496 |
Total property, plant, and equipment | 11,079 | 10,565 |
Other Property and Investments: | ||
Goodwill | 5,967 | 5,967 |
Equity investments in unconsolidated subsidiaries | 1,610 | 1,541 |
Other intangible assets, net of amortization | 320 | 366 |
Miscellaneous property and investments | 21 | 21 |
Total other property and investments | 7,918 | 7,895 |
Deferred Charges and Other Assets: | ||
Other regulatory assets, deferred | 963 | 973 |
Other deferred charges and assets | 186 | 170 |
Total deferred charges and other assets | 1,149 | 1,143 |
Total Assets | 21,809 | 21,853 |
Current Liabilities: | ||
Securities due within one year | 22 | 22 |
Notes payable | 626 | 1,257 |
Energy marketing trade payables | 534 | 597 |
Accounts payable — | ||
Accounts payable | 327 | 348 |
Customer deposits | 134 | 153 |
Accrued taxes — | ||
Accrued income taxes | 23 | 26 |
Other accrued taxes | 63 | 68 |
Accrued interest | 50 | 48 |
Accrued compensation | 45 | 58 |
Liabilities from risk management activities, net of collateral | 20 | 62 |
Other regulatory liabilities, current | 146 | 102 |
Accrued environmental remediation, current | 63 | 69 |
Temporary LIFO liquidation | 69 | 0 |
Other current liabilities | 113 | 108 |
Total current liabilities | 2,235 | 2,918 |
Long-term Debt | 5,677 | 5,259 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 2,091 | 1,975 |
Employee benefit obligations | 432 | 441 |
Accrued environmental remediation | 353 | 357 |
Other cost of removal obligations | 1,638 | 1,616 |
Other regulatory liabilities, deferred | 50 | 51 |
Other deferred credits and liabilities | 91 | 127 |
Total deferred credits and other liabilities | 4,655 | 4,567 |
Total Liabilities | 12,567 | 12,744 |
Common Stockholders' Equity: | ||
Par value | 0 | 0 |
Paid-in capital | 9,164 | 9,095 |
Retained earnings (accumulated deficit) | 55 | (12) |
Accumulated other comprehensive loss | 23 | 26 |
Total Stockholders' Equity | 9,242 | 9,109 |
Total Liabilities and Stockholders' Equity | $ 21,809 | $ 21,853 |
Condensed Consolidated Balance9
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Other intangible assets, accumulated amortization | $ 126,000,000 | $ 62,000,000 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (in shares) | 1,000,000,000 | 991,000,000 |
Treasury shares at cost (in shares) | 900,000 | 800,000 |
ALABAMA POWER CO | ||
Common stock, par value (in dollars per share) | $ 40 | $ 40 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 30,537,500 | 30,537,500 |
GEORGIA POWER CO | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 9,261,500 | 9,261,500 |
GULF POWER CO | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 7,392,717 | 5,642,717 |
MISSISSIPPI POWER CO | ||
Common stock, shares authorized (in shares) | 1,130,000 | 1,130,000 |
Common stock, shares outstanding (in shares) | 1,121,000 | 1,121,000 |
SOUTHERN POWER CO | ||
Other intangible assets, accumulated amortization | $ 35,000,000 | $ 22,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
SOUTHERN Co GAS | ||
Other intangible assets, accumulated amortization | $ 80,000,000 | $ 34,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Introduction
Introduction | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 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 June 30, 2017 and 2016 . 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. Southern Company's financial statements reflect its investments in its subsidiaries, including Southern Company Gas as a result of the Merger, on a consolidated basis. Southern Company Gas' results of operations and cash flows for the three and six months ended June 30, 2017 and financial condition as of June 30, 2017 and December 31, 2016 are reflected within Southern Company's consolidated amounts in these accompanying notes herein. The equity method is used for entities in which Southern Company has significant influence but does not control, including Southern Company Gas' investment in SNG, and for variable interest entities where Southern Company has an equity investment but is not the primary beneficiary. See Note (I) under " Southern Company – Merger with Southern Company Gas " for additional information regarding the Merger. Pursuant to the Merger, Southern Company pushed down the application of the acquisition method of accounting to the consolidated financial statements of Southern Company Gas such that the assets and liabilities are recorded at their respective fair values, and goodwill has been established for the excess of the purchase price over the fair value of net identifiable assets. Accordingly, the consolidated financial statements of Southern Company Gas for periods before and after July 1, 2016 (acquisition date) reflect different bases of accounting, and the financial positions and results of operations of those periods are not comparable. Throughout Southern Company Gas' condensed consolidated financial statements and the accompanying notes herein, periods prior to July 1, 2016 are identified as "predecessor," while periods after the acquisition date are identified as "successor." 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 Issued Accounting Standards In 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (ASC 606), replacing the existing accounting standard and industry specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. While the registrants expect most of their revenue to be included in the scope of ASC 606, they have not fully completed the evaluation of all revenue arrangements. The majority of Southern Company's, the traditional electric operating companies', and Southern Company Gas' revenue, including energy provided to customers, is from tariff offerings that provide electricity or natural gas without a defined contractual term, as well as longer-term contractual commitments , including PPAs and non-derivative natural gas asset management and optimization arrangements . The majority of Southern Power's revenues includes longer-term PPAs for generation capacity and energy. The registrants expect the adoption of ASC 606 will not result in a significant shift from the current timing of revenue recognition for such transactions . The registrants' ongoing evaluation of other revenue streams and related contracts includes unregulated sales to customers. Some revenue arrangements, such as certain PPAs , energy-related derivatives , and alternative revenue programs, are excluded from the scope of ASC 606 and, therefore, will be accounted for and disclosed or presented separately from revenues under ASC 606 on the registrants' financial statements. In addition, the power and utilities industry continues to evaluate other specific industry issues, including the applicability of ASC 606 to contributions in aid of construction (CIAC). Although final implementation guidance has not been issued, Southern Company, the traditional electric operating companies, and Southern Company Gas expect CIAC to be out of the scope of ASC 606. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017. The registrants intend to use the modified retrospective method of adoption effective January 1, 2018. The registrants have also elected to utilize practical expedients which allow them to apply the standard to open contracts at the date of adoption and to reflect the aggregate effect of all modifications when identifying performance obligations and allocating the transaction price for contracts modified before the effective date. Under the modified retrospective method of adoption, prior year reported results are not restated; however, a cumulative-effect adjustment to retained earnings at January 1, 2018 is recorded. In addition, disclosures will include comparative information on 2018 financial statement line items under current guidance. While the adoption of ASC 606, including the cumulative-effect adjustment, is not expected to have a material impact on either the timing or amount of revenues recognized in the registrants' financial statements, the registrants will continue to evaluate the requirements, as well as any additional clarifying guidance that may be issued. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 removes the requirement to compare the implied fair value of goodwill with the carrying amount as part of Step 2 of the goodwill impairment test. Under the new standard, the goodwill impairment loss will be measured as the excess of a reporting unit's carrying amount over its fair value, not exceeding the total amount of goodwill allocated to that reporting unit, which may increase the frequency of goodwill impairment charges if a future goodwill impairment test does not pass the Step 1 evaluation. ASU 2017-04 is effective prospectively for annual and interim periods beginning on or after December 15, 2019, and early adoption is permitted on testing dates after January 1, 2017. On March 10, 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07). ASU 2017-07 requires that an employer report the service cost component in the same line item or items as other compensation costs and requires the other components of net periodic pension and postretirement benefit costs to be separately presented in the income statement outside income from operations. Additionally, only the service cost component is eligible for capitalization, when applicable. However, all cost components remain eligible for capitalization under FERC regulations. ASU 2017-07 will be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension and postretirement benefit costs in the income statement. The capitalization of the service cost component of net periodic pension and postretirement benefit costs in assets will be applied on a prospective basis. ASU 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Southern Company, the traditional electric operating companies, and Southern Company Gas are currently evaluating the new standard. The presentation changes required for net periodic pension and postretirement benefit costs will result in a decrease in Southern Company's , the traditional electric operating companies', and Southern Company Gas' operating income and an increase in other income for 2016 and 2017 and are expected to result in a decrease in operating income and an increase in other income for 2018. The adoption of ASU 2017-07 is not expected to have a material impact on Southern Company's , the traditional electric operating companies', or Southern Company Gas' financial statements. Affiliate Transactions Prior to the completion of Southern Company Gas' acquisition of its 50% equity interest in SNG, SCS (as agent for Alabama Power, Georgia Power, and Southern Power) and Southern Company Gas had entered into long-term interstate natural gas transportation agreements with SNG. The interstate transportation service provided to Alabama Power, Georgia Power, Southern Power, and Southern Company Gas by SNG pursuant to these agreements is governed by the terms and conditions of SNG's natural gas tariff and is subject to FERC regulation. For the six months ended June 30, 2017 , transportation costs under these agreements for Alabama Power, Georgia Power, Southern Power, and Southern Company Gas were approximately $4 million , $51 million , $13 million , and $16 million , respectively. SCS, as agent for Georgia Power and Southern Power, has agreements with certain subsidiaries of Southern Company Gas to purchase natural gas. For the six months ended June 30, 2017 , natural gas purchases made by Georgia Power and Southern Power from Southern Company Gas' subsidiaries were approximately $9 million and $56 million , respectively. Goodwill and Other Intangible Assets At June 30, 2017 and December 31, 2016, goodwill was as follows: Goodwill At June 30, 2017 At December 31, 2016 (in millions) Southern Company $ 6,271 $ 6,251 Southern Power $ 2 $ 2 Southern Company Gas Gas distribution operations $ 4,702 $ 4,702 Gas marketing services 1,265 1,265 Southern Company Gas total $ 5,967 $ 5,967 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 June 30, 2017 At December 31, 2016 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 $ 288 $ (57 ) $ 231 $ 268 $ (32 ) $ 236 Trade names 159 (11 ) 148 158 (5 ) 153 Patents 4 — 4 4 — 4 Backlog 5 (1 ) 4 5 (1 ) 4 Storage and transportation contracts 64 (21 ) 43 64 (2 ) 62 Software and other 4 (1 ) 3 2 — 2 PPA fair value adjustments 456 (35 ) 421 456 (22 ) 434 Total other intangible assets subject to amortization $ 980 $ (126 ) $ 854 $ 957 $ (62 ) $ 895 Other intangible assets not subject to amortization: Federal Communications Commission licenses $ 75 $ — $ 75 $ 75 $ — $ 75 Total other intangible assets $ 1,055 $ (126 ) $ 929 $ 1,032 $ (62 ) $ 970 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 456 $ (35 ) $ 421 $ 456 $ (22 ) $ 434 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 221 $ (53 ) $ 168 $ 221 $ (30 ) $ 191 Trade names 115 (6 ) 109 115 (2 ) 113 Wholesale gas services Storage and transportation contracts 64 (21 ) 43 64 (2 ) 62 Total other intangible assets subject to amortization $ 400 $ (80 ) $ 320 $ 400 $ (34 ) $ 366 Amortization associated with other intangible assets was as follows: Three Months Ended Six Months Ended June 30, 2017 (in millions) Southern Company $ 29 $ 65 Southern Power $ 6 $ 13 Southern Company Gas $ 20 $ 46 See Note 12 to the financial statements of Southern Company under "Southern Power" and Note 2 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information regarding Southern Power's PPA fair value adjustments related to its business acquisitions. Also see Note (I) under " Southern Company – Acquisition of PowerSecure " and " – Merger with Southern Company Gas " for additional information. Property Damage Reserve See Note 1 to the financial statements of Gulf Power under "Property Damage Reserve" in Item 8 of the Form 10-K for additional information. Gulf Power's cost of repairing damages from major storms and other uninsured property damages, including uninsured damages to transmission and distribution facilities, generation facilities, and other property is charged to Gulf Power's property damage reserve. In accordance with a settlement agreement approved by the Florida PSC on April 4, 2017 (2017 Rate Case Settlement Agreement), Gulf Power suspended further property damage reserve accruals effective April 2017. Gulf Power may make discretionary accruals, but is required to resume accruals of $3.5 million annually if the reserve balance falls below zero . In addition, Gulf Power may initiate a storm surcharge to recover costs associated with any tropical systems named by the National Hurricane Center or other catastrophic storm events that reduce the property damage reserve in the aggregate by approximately $31 million ( 75% of the April 1, 2017 balance) or more. The storm surcharge would begin, on an interim basis, 60 days following the filing of a cost recovery petition, would be limited to $4.00 /month for a 1,000 KWH residential customer unless Gulf Power incurs in excess of $100 million in qualified storm recovery costs in a calendar year, and would replenish the storm reserve to approximately $40 million . See Note (B) under " Regulatory Matters – Gulf Power – Retail Base Rate Cases " for additional details regarding the 2017 Rate Case Settlement Agreement. Natural Gas for Sale Southern Company Gas' natural gas distribution utilities, with the exception of Nicor Gas, carry natural gas inventory on a WACOG basis. 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. Southern Company Gas' inventory decrement at June 30, 2017 is expected to be restored prior to year end. The cost of natural gas, including inventory costs, is recovered from customers under a purchased gas recovery mechanism adjusted for differences between actual costs and amounts billed; therefore, LIFO liquidations have no impact on Southern Company's or Southern Company Gas' net income. Natural gas inventories for Southern Company Gas' non-utility businesses are carried at the lower of weighted average cost or current market price, with cost determined 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 LOCOM adjustment in any period presented. |
Contingencies and Regulatory Ma
Contingencies and Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND REGULATORY MATTERS | CONTINGENCIES AND REGULATORY MATTERS See Note 3 to the financial statements of the registrants in Item 8 of the Form 10-K for information relating to various lawsuits, other contingencies, and regulatory matters. 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 regulation of air emissions and water discharges. Litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental requirements such as air quality and water standards, 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 On January 20, 2017, a purported 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, Atlanta Division, 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 IGCC 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. On June 12, 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. On July 27, 2017, the defendants filed a motion to dismiss the plaintiffs' amended complaint with prejudice. On February 27, 2017, Jean Vineyard filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of 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 defendants caused Southern Company to make false or misleading statements regarding the Kemper IGCC cost and schedule. Further, the complaint alleges that the defendants were unjustly enriched and caused the waste of corporate assets. The plaintiff seeks to recover, on behalf of Southern Company, unspecified actual damages and, on her own behalf, attorneys' fees and costs in bringing the lawsuit. The plaintiff also seeks certain changes to Southern Company's corporate governance and internal processes. On March 27, 2017, the court deferred this lawsuit until 30 days after certain further action in the purported securities class action complaint discussed above. On May 15, 2017, Helen E. Piper Survivor's Trust filed a shareholder derivative lawsuit in the Superior Court of Gwinnett County, State of 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 IGCC. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper IGCC 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. On June 1, 2017, Judy Mesirov filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of Georgia, that names as defendants Southern Company, certain of its current and former 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 IGCC. The complaint further alleges that the individual defendants authorized or failed to correct false and misleading statements regarding the Kemper IGCC 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, disgorgement of profits, and equitable relief and, on her own 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. 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. Southern Company will vigorously defend itself in these matters, the ultimate outcome of which 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 municipal franchise fees (all of which are remitted to municipalities) exceeded the amounts allowed in orders of the Georgia PSC and alleging certain state tort law claims. In November 2016, the Georgia Court of Appeals reversed the trial court's previous dismissal of the case and remanded the case to the trial court for further proceedings. Georgia Power has filed a petition for writ of certiorari with the Georgia Supreme Court. Georgia Power believes the plaintiffs' claims have no merit and intends to vigorously defend itself in this matter. The ultimate outcome of this matter cannot be determined at this time. Southern Power During 2015, Southern Power indirectly acquired a 51% membership interest in RE Roserock LLC (Roserock), the owner of the Roserock facility in Pecos County, Texas, which was under construction by Recurrent Energy, LLC and was subsequently placed in service in November 2016. Prior to placing the facility in service, certain solar panels were damaged during installation. While the facility currently is generating energy consistent with operational expectations and PPA obligations, Southern Power is pursuing remedies under its insurance policies and other contracts to repair or replace these solar panels. In connection therewith, Southern Power is withholding payments of approximately $26 million from the construction contractor, who has placed a lien on the Roserock facility for the same amount. The amounts withheld are included in other accounts and notes payable and other current liabilities on Southern Company's consolidated balance sheets and other accounts payable and other current liabilities on Southern Power's consolidated balance sheets. On May 18, 2017, Roserock filed a lawsuit in the state district court in Pecos County, Texas, against X.L. America, Inc. (XL) and North American Elite Insurance Company (North American Elite) seeking recovery from an insurance policy for damages resulting from a hail storm and certain installation practices by the construction contractor, McCarthy Building Companies, Inc. (McCarthy). On May 19, 2017, Roserock filed a separate lawsuit against McCarthy in the state district court in Travis County, Texas alleging breach of contract and breach of warranty for the damages sustained at the Roserock facility, which has since been moved to the U.S. District Court for the Western District of Texas. On May 22, 2017, McCarthy filed a lawsuit against Roserock, Array Technologies, Inc., Canadian Solar (USA), Inc., XL, and North American Elite in the U.S. District Court for the Western District of Texas alleging, among other things, breach of contract, and requesting foreclosure of mechanic's liens against Roserock. On July 18, 2017, the U.S. District Court for the Western District of Texas consolidated the two pending lawsuits. Southern Power intends to vigorously pursue and defend these matters, the ultimate outcome of which cannot be determined at this time. Southern Company Gas Nicor Gas and Nicor Energy Services Company, wholly-owned subsidiaries of Southern Company Gas, and Nicor Inc. were defendants in a putative class action initially filed in 2011 in the state court in Cook County, Illinois. The plaintiffs purported to represent a class of the customers who purchased the Gas Line Comfort Guard product from Nicor Energy Services Company and variously alleged that the marketing, sale, and billing of the Gas Line Comfort Guard product violated the Illinois Consumer Fraud and Deceptive Business Practices Act, constituting common law fraud and resulting in unjust enrichment of these entities. The plaintiffs sought, on behalf of the classes they purported to represent, actual and punitive damages, interest, costs, attorney fees, and injunctive relief. On February 8, 2017, the judge denied the plaintiffs' motion for class certification and Southern Company Gas' motion for summary judgment. On March 7, 2017, the parties reached a settlement, which was finalized and effective on April 3, 2017. The settlement did not have a material impact on Southern Company's or Southern Company Gas' financial statements. Environmental Remediation The Southern Company system must comply with environmental laws and regulations that cover 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, New Jersey, Georgia, and Florida 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 $12 million and $17 million as of June 30, 2017 and December 31, 2016, 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. Gulf Power's environmental remediation liability includes estimated costs of environmental remediation projects of approximately $51 million and $44 million as of June 30, 2017 and December 31, 2016, respectively. These estimated costs primarily relate to site closure criteria by the Florida Department of Environmental Protection (FDEP) for potential impacts to soil and groundwater from herbicide applications at Gulf Power's substations. The schedule for completion of the remediation projects is subject to FDEP approval. The projects have been approved by the Florida PSC for recovery through Gulf Power's environmental cost recovery clause; therefore, these liabilities have no impact on net income. Southern Company Gas' environmental remediation liability was $416 million and $426 million as of June 30, 2017 and December 31, 2016, 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 $5 million of the total accrued remediation costs. The final outcome of these matters cannot be determined at this time. However, the final disposition of these matters is not expected to have a material impact on the financial statements of Southern Company, Georgia Power, Gulf Power, or Southern Company Gas. FERC Matters Municipal and Rural Associations Tariff See Note 3 to the financial statements of Mississippi Power under "FERC Matters" in Item 8 of the Form 10-K for additional information regarding a settlement agreement entered into by Mississippi Power regarding the establishment of a regulatory asset for Kemper IGCC-related costs. See " Integrated Coal Gasification Combined Cycle " herein for information regarding the Kemper IGCC. In March 2016, Mississippi Power reached a settlement agreement with its wholesale customers, which was subsequently approved by the FERC, for an increase in wholesale base revenues under the MRA cost-based electric tariff, primarily as a result of placing scrubbers for Plant Daniel Units 1 and 2 in service in 2015. The settlement agreement became effective for services rendered beginning May 1, 2016, resulting in an estimated annual revenue increase of $7 million under the MRA cost-based electric tariff. Additionally, under the settlement agreement, the tariff customers agreed to similar regulatory treatment for MRA tariff ratemaking as the treatment approved for retail ratemaking through an order issued by the Mississippi PSC in December 2015 (In-Service Asset Rate Order). This regulatory treatment primarily includes (i) recovery of the Kemper IGCC assets currently operational and providing service to customers and other related costs, (ii) amortization of the Kemper IGCC-related regulatory assets included in rates under the settlement agreement over the 36 months ending April 30, 2019, (iii) Kemper IGCC-related expenses included in rates under the settlement agreement no longer being deferred and charged to expense, and (iv) removing all of the Kemper IGCC CWIP from rate base with a corresponding increase in accrual of AFUDC. The additional resulting AFUDC totaled approximately $22 million through the suspension of Kemper IGCC start-up activities. See " Integrated Coal Gasification Combined Cycle " herein for additional information. Fuel Cost Recovery Mississippi Power has a wholesale MRA and a Market Based (MB) fuel cost recovery factor. At June 30, 2017 , the amount of over-recovered wholesale MRA fuel costs included in the balance sheets was $7 million compared to $13 million at December 31, 2016 . Over-recovered wholesale MB fuel costs included in the balance sheets were immaterial at June 30, 2017 and December 31, 2016 . See Note 3 to the financial statements of Mississippi Power under "FERC Matters – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information. Market-Based Rate Authority See Note 3 to the financial statements of Southern Company and Mississippi Power under "FERC Matters – Market-Based Rate Authority" and Note 3 to the financial statements of Alabama Power, Georgia Power, Gulf Power, and Southern Power under "FERC Matters" in Item 8 of the Form 10-K for additional information regarding the traditional electric operating companies' and Southern Power's market power proceeding and amendment to their market-rate tariff. On May 17, 2017, the FERC accepted the traditional electric operating companies' and Southern Power's compliance filing accepting the terms of the FERC's February 2, 2017 order regarding an amendment by the traditional electric operating companies and Southern Power to their market-based rate tariff. While the FERC's order references the traditional electric operating companies' and Southern Power's market power proceeding, it remains a separate, ongoing matter. Regulatory Matters Alabama Power See Note 3 to the financial statements of Southern Company and Alabama Power under "Regulatory Matters – Alabama Power" and "Retail Regulatory Matters," respectively, in Item 8 of the Form 10-K for additional information regarding Alabama Power's recovery of retail costs through various regulatory clauses and accounting orders. The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Line Item June 30, December 31, (in millions) Rate CNP Compliance (*) Deferred under recovered regulatory clause revenues $ 6 $ 9 Rate CNP PPA Over recovered regulatory clause revenues 1 — Deferred under recovered regulatory clause revenues — 142 Retail Energy Cost Recovery Other regulatory liabilities, current 11 76 Natural Disaster Reserve Other regulatory liabilities, deferred 56 69 (*) In accordance with an accounting order issued on February 17, 2017 by the Alabama PSC, Alabama Power reclassified $36 million of its under recovered balance for Rate CNP Compliance to a deferred regulatory asset account. Georgia Power Rate Plans See Note 3 to the financial statements of Southern Company and Georgia Power under "Regulatory Matters – Georgia Power – Rate Plans" and "Retail Regulatory Matters – Rate Plans," respectively, in Item 8 of the Form 10-K for additional information. Georgia Power's revenues from regulated retail operations are collected through various rate mechanisms subject to the oversight of the Georgia PSC. Georgia Power currently recovers its costs from the regulated retail business through the 2013 ARP, which includes traditional base tariff rates, Demand-Side Management tariffs, Environmental Compliance Cost Recovery tariffs, and Municipal Franchise Fee tariffs. In addition, financing costs related to the construction of Plant Vogtle Units 3 and 4 are being collected through the NCCR tariff and fuel costs are collected through a separate fuel cost recovery tariff. See " Nuclear Construction " herein and Note 3 to the financial statements of Southern Company under "Regulatory Matters – Georgia Power – Nuclear Construction" and Georgia Power under "Retail Regulatory Matters – Nuclear Construction" in Item 8 of the Form 10-K for additional information regarding the NCCR tariff. Also see " Fuel Cost Recovery " herein and Note 3 to the financial statements of Southern Company under "Regulatory Matters – Georgia Power – Fuel Cost Recovery" and Georgia Power under "Retail Regulatory Matters – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information regarding fuel cost recovery. Integrated Resource Plan See Note 3 to the financial statements of Southern Company and Georgia Power under "Regulatory Matters – Georgia Power – Integrated Resource Plan" and "Retail Regulatory Matters – Integrated Resource Plan," respectively, in Item 8 of the Form 10-K for additional information regarding Georgia Power's triennial Integrated Resource Plan. On March 7, 2017, the Georgia PSC approved Georgia Power's decision to suspend work at a future generation site in Stewart County, Georgia, due to changing economics, including load forecasts and lower fuel costs. The timing of recovery for costs incurred of approximately $50 million will be determined by the Georgia PSC in a future base rate case. The ultimate outcome of this matter cannot be determined at this time. Fuel Cost Recovery See Note 3 to the financial statements of Southern Company and Georgia Power under "Regulatory Matters – Georgia Power – Fuel Cost Recovery" and "Retail Regulatory Matters – Fuel Cost Recovery," respectively, in Item 8 of the Form 10-K for additional information. As of June 30, 2017 , Georgia Power's under recovered fuel balance totaled $61 million and is included in other deferred charges and assets on Southern Company's and Georgia Power's condensed balance sheets. As of December 31, 2016 , Georgia Power's over recovered fuel balance totaled $84 million and is included in other current liabilities on Southern Company's and Georgia Power's condensed balance sheets. Fuel cost recovery revenues are adjusted for differences in actual recoverable fuel costs and amounts billed in current regulated rates. Accordingly, changes in the billing factor will not have a significant effect on Southern Company's or Georgia Power's revenues or net income, but will affect cash flow. Nuclear Construction See Note 3 to the financial statements of Southern Company and Georgia Power under "Regulatory Matters – Georgia Power – Nuclear Construction" and "Retail Regulatory Matters – Nuclear Construction," respectively, in Item 8 of the Form 10-K for additional information regarding Georgia Power's construction of Plant Vogtle Units 3 and 4, Vogtle Construction Monitoring (VCM) reports, the NCCR tariff, and the Contractor Settlement Agreement. Vogtle 3 and 4 Agreement and EPC Contractor Bankruptcy In 2008, Georgia Power, acting for itself and as agent for the Vogtle Owners, entered into the Vogtle 3 and 4 Agreement, pursuant to which the EPC Contractor agreed to design, engineer, procure, construct, and test Plant Vogtle Units 3 and 4. Under the terms of the Vogtle 3 and 4 Agreement, the Vogtle Owners agreed to pay a purchase price subject to certain price escalations and adjustments, including fixed escalation amounts and index-based adjustments, as well as adjustments for change orders, and performance bonuses for early completion and unit performance. Georgia Power's proportionate share of Plant Vogtle Units 3 and 4 is 45.7% . The Vogtle 3 and 4 Agreement also provided for liquidated damages upon the EPC Contractor's failure to fulfill the schedule and certain performance guarantees, each subject to an aggregate cap of 10% of the contract price, or approximately $920 million (approximately $420 million based on Georgia Power's ownership interest). Under the Toshiba Guarantee, Toshiba guaranteed certain payment obligations of the EPC Contractor, including any liability of the EPC Contractor for abandonment of work. In January 2016, Westinghouse delivered to the Vogtle Owners $920 million of letters of credit from financial institutions (Westinghouse Letters of Credit) to secure a portion of the EPC Contractor's potential obligations under the Vogtle 3 and 4 Agreement. The Westinghouse Letters of Credit are subject to annual renewals through June 30, 2020 and require 60 days' written notice to Georgia Power in the event the Westinghouse Letters of Credit will not be renewed. Under the terms of the Vogtle 3 and 4 Agreement, the EPC Contractor did not have the right to terminate the Vogtle 3 and 4 Agreement for convenience. In the event of an abandonment of work by the EPC Contractor, the maximum liability of the EPC Contractor under the Vogtle 3 and 4 Agreement was 40% of the contract price (approximately $1.7 billion based on Georgia Power's ownership interest). On March 29, 2017, the EPC Contractor filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. To provide for a continuation of work at Plant Vogtle Units 3 and 4, Georgia Power, acting for itself and as agent for the Vogtle Owners, entered into an interim assessment agreement with the EPC Contractor (Interim Assessment Agreement), which the bankruptcy court approved on March 30, 2017. The Interim Assessment Agreement provided, among other items, that during the term of the Interim Assessment Agreement (i) Georgia Power was obligated to pay, on behalf of the Vogtle Owners, all costs accrued by the EPC Contractor for subcontractors and vendors for services performed or goods provided, with these amounts paid to the EPC Contractor, except that amounts accrued for Fluor Corporation (Fluor) were paid directly to Fluor; (ii) the EPC Contractor provided certain engineering, procurement, and management services for Plant Vogtle Units 3 and 4, to the same extent as contemplated by the Vogtle 3 and 4 Agreement, and Georgia Power, on behalf of the Vogtle Owners, made payments of $5.4 million per week for these services; (iii) Georgia Power had the right to make payments, on behalf of the Vogtle Owners, directly to subcontractors and vendors who had accounts past due with the EPC Contractor; (iv) the EPC Contractor used commercially reasonable efforts to provide information reasonably requested by Georgia Power as was necessary to continue construction and investigation of the completion status of Plant Vogtle Units 3 and 4; (v) the EPC Contractor rejected or accepted the Vogtle 3 and 4 Agreement by the termination of the Interim Assessment Agreement; and (vi) Georgia Power did not exercise any remedies against Toshiba under the Toshiba Guarantee. Under the Interim Assessment Agreement, all parties expressly reserved all rights and remedies under the Vogtle 3 and 4 Agreement and all related security and collateral under applicable law. The Interim Assessment Agreement, as amended, expired on July 27, 2017. Georgia Power's aggregate liability for the Vogtle Owners under the Interim Assessment Agreement totaled approximately $650 million , of which $552 million had been paid or accrued as of June 30, 2017. Georgia Power's proportionate share of this aggregate liability totaled approximately $297 million . Subsequent to the EPC Contractor bankruptcy filing, a number of subcontractors to the EPC Contractor, including Fluor Enterprises, Inc., a subsidiary of Fluor, alleged non-payment by the EPC Contractor for amounts owed for work performed on Plant Vogtle Units 3 and 4. Georgia Power, acting for itself and as agent for the Vogtle Owners, has taken, and continues to take, actions to remove liens filed by these subcontractors through the posting of surety bonds. Georgia Power estimates the aggregate liability, through July 31, 2017, of the Vogtle Owners for the removal of subcontractor liens and payment of other EPC Contractor pre-petition accounts payable to total approximately $400 million , of which $354 million had been paid or accrued as of June 30, 2017. Georgia Power's proportionate share of this aggregate liability totaled approximately $183 million . On June 9, 2017, Georgia Power and the other Vogtle Owners and Toshiba entered into a settlement agreement regarding the Toshiba Guarantee (Guarantee Settlement Agreement). Pursuant to the Guarantee Settlement Agreement, Toshiba acknowledged the amount of its obligation under the Toshiba Guarantee is $3.68 billion (Guarantee Obligations), of which Georgia Power's proportionate share is approximately $1.7 billion , and that the Guarantee Obligations exist regardless of whether Plant Vogtle Units 3 and 4 are completed. The Guarantee Settlement Agreement also provides for a schedule of payments for the Guarantee Obligations, beginning in October 2017 and continuing through January 2021. In the event Toshiba receives certain payments, including sale proceeds, from or related to Westinghouse (or its subsidiaries) or Toshiba Nuclear Energy Holdings (UK) Limited (or its subsidiaries), it will hold a portion of such payments in trust for the Vogtle Owners and promptly pay them as offsets against any remaining Guarantee Obligations. Under the Guarantee Settlement Agreement, the Vogtle Owners will forbear from exercising certain remedies, including drawing on the Westinghouse Letters of Credit, until June 30, 2020, unless certain events of nonpayment, insolvency, or other material breach of the Guarantee Settlement Agreement by Toshiba occur. If such an event occurs, the balance of the Guarantee Obligations will become immediately due and payable, and the Vogtle Owners may exercise any and all rights and remedies, including drawing on the Westinghouse Letters of Credit without restriction. In addition, the Guarantee Settlement Agreement does not restrict the Vogtle Owners from fully drawing on the Westinghouse Letters of Credit in the event they are not renewed or replaced prior to the expiration date. On June 23, 2017, Toshiba released a revised outlook for fiscal year 2016, which reflected a negative shareholders' equity balance of approximately $5 billion as of March 31, 2017, and announced that its independent audit process was continuing. Toshiba has also announced the existence of material events and conditions that raise substantial doubt about Toshiba's ability to continue as a going concern. As a result, substantial risk regarding the Vogtle Owners' ability to fully collect the Guarantee Obligations continues to exist. An inability or other failure by Toshiba to perform its obligations under the Guarantee Settlement Agreement could have a further material impact on the net cost to the Vogtle Owners to complete construction of Plant Vogtle Units 3 and 4 and, therefore, on Southern Company's and Georgia Power's financial statements. Additionally, on June 9, 2017, Georgia Power, acting for itself and as agent for the other Vogtle Owners, and the EPC Contractor entered into a services agreement (Services Agreement), which was amended and restated on July 20, 2017, for the EPC Contractor to transition construction management of Plant Vogtle Units 3 and 4 to Southern Nuclear and to provide ongoing design, engineering, and procurement services to Southern Nuclear. On July 20, 2017, the bankruptcy court approved the EPC Contractor's motion seeking authorization to (i) enter into the Services Agreement, (ii) assume and assign to the Vogtle Owners certain project-related contracts, (iii) join the Vogtle Owners as counterparties to certain assumed project-related contracts, and (iv) reject the Vogtle 3 and 4 Agreement. The Services Agreement, and the EPC Contractor's rejection of the Vogtle 3 and 4 Agreement, became effective upon approval by the DOE on July 27, 2017. The Services Agreement will continue until the start-up and testing of Plant Vogtle Units 3 and 4 is complete and electricity is generated and sold from both units. The Services Agreement is terminable by the Vogtle Owners upon 30 days' written notice. 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 nuclear construction projects certified by the Georgia PSC. Financing costs are recovered on all applicable certified costs through annual adjustments to the NCCR tariff by including the related CWIP accounts in rate base during the construction period. As of June 30, 2017 , Georgia Power had recovered approximately $1.4 billion of financing costs. On December 20, 2016, the Georgia PSC voted to approve a settlement agreement (Vogtle Cost Settlement Agreement) resolving the following prudence matters: (i) none of the $3.3 billion of costs incurred through December 31, 2015 and reflected in the fourteenth VCM report will be disallowed from rate base on the basis of imprudence; (ii) the Contractor Settlement Agreement is reasonable and prudent and none of the amounts paid or to be paid pursuant to the Contractor Settlement Agreement should be disallowed from rate base on the basis of imprudence; (iii) financing costs on verified and approved capital costs will be deemed prudent provided they are incurred prior to December 31, 2019 and December 31, 2020 for Plant Vogtle Units 3 and 4, respectively; and (iv) (a) the in-service capital cost forecast will be adjusted to $5.680 billion (Revised Forecast), which includes a contingency of $240 million above Georgia Power's then current forecast of $5.440 billion , (b) capital costs incurred up to the Revised Forecast will be presumed to be reasonable and prudent with the burden of proof on any party challenging such costs, and (c) Georgia Power would hav |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS As of June 30, 2017 , 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 June 30, 2017: 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) $ 193 $ 179 $ — $ — $ 372 Interest rate derivatives — 11 — — 11 Foreign currency derivatives — 56 — — 56 Nuclear decommissioning trusts (c) 728 966 — 25 1,719 Cash equivalents 834 — — — 834 Other investments 9 — 1 — 10 Total $ 1,764 $ 1,212 $ 1 $ 25 $ 3,002 Liabilities: Energy-related derivatives (a)(b) $ 205 $ 161 $ — $ — $ 366 Interest rate derivatives — 23 — — 23 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 20 — 20 Total $ 205 $ 207 $ 20 $ — $ 432 Alabama Power Assets: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Nuclear decommissioning trusts: (d) Domestic equity 411 79 — — 490 Foreign equity 56 54 — — 110 U.S. Treasury and government agency securities — 29 — — 29 Corporate bonds 22 145 — — 167 Mortgage and asset backed securities — 18 — — 18 Private Equity — — — 25 25 Other — 6 — — 6 Cash equivalents 493 — — — 493 Total $ 982 $ 340 $ — $ 25 $ 1,347 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Fair Value Measurements Using: As of June 30, 2017: 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) Georgia Power Assets: Energy-related derivatives $ — $ 15 $ — $ — $ 15 Interest rate derivatives — 1 — — 1 Nuclear decommissioning trusts: (d) (e) Domestic equity 225 1 — — 226 Foreign equity — 147 — — 147 U.S. Treasury and government agency securities — 198 — — 198 Municipal bonds — 72 — — 72 Corporate bonds — 169 — — 169 Mortgage and asset backed securities — 41 — — 41 Other 14 7 — — 21 Cash equivalents 50 — — — 50 Total $ 289 $ 651 $ — $ — $ 940 Liabilities: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Interest rate derivatives — 3 — — 3 Total $ — $ 17 $ — $ — $ 17 Gulf Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Cash equivalents 21 — — — 21 Total $ 21 $ 1 $ — $ — $ 22 Liabilities: Energy-related derivatives $ — $ 29 $ — $ — $ 29 Mississippi Power Assets: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Interest rate derivatives — 3 — — 3 Cash equivalents 100 — — — 100 Total $ 100 $ 5 $ — $ — $ 105 Liabilities: Energy-related derivatives $ — $ 10 $ — $ — $ 10 Fair Value Measurements Using: As of June 30, 2017: 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 Power Assets: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Foreign currency derivatives — 56 — — 56 Total $ — $ 70 $ — $ — $ 70 Liabilities: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 20 — 20 Total $ — $ 32 $ 20 $ — $ 52 Southern Company Gas Assets: Energy-related derivatives (a)(b) $ 193 $ 138 $ — $ — $ 331 Liabilities: Energy-related derivatives (a)(b) $ 205 $ 86 $ — $ — $ 291 (a) Excludes $11 million associated with certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Excludes cash collateral of $71 million . (c) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. (d) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. (e) Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of June 30, 2017 , approximately $38 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. 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 at Southern Company, including reinvested interest and dividends and excluding the funds' expenses, increased by $55 million and $118 million , respectively, for the three and six months ended June 30, 2017 , and by $47 million and $67 million , respectively, for the three and six months ended June 30, 2016 . Alabama Power recorded an increase in fair value of $28 million and $62 million , respectively, for the three and six months ended June 30, 2017 and $29 million and $40 million , respectively, for the three and six months ended June 30, 2016 as a change in regulatory liabilities related to its AROs. Georgia Power recorded increases in fair value of $27 million and $56 million , respectively, for the three and six months ended June 30, 2017 and $18 million and $27 million , respectively, for the three and six months ended June 30, 2016 as a change in its regulatory asset related to its AROs. 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 (H) for additional information on how these derivatives are used. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. For fair value measurements of the investments within the nuclear decommissioning 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. See Note 1 to the financial statements of Southern Company, Alabama Power, and Georgia Power 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 obligated to make generation-based payments to the seller over a period ranging from 10 to 30 years, beginning at the commercial operation date. 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, and is evaluated periodically. 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. "Other investments" include investments that are not traded in the open market. The fair value of these investments has been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. As of June 30, 2017 , the fair value measurements of private equity investments held in the nuclear decommissioning trust that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows: As of June 30, 2017: Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period (in millions) Southern Company $ 25 $ 22 Not Applicable Not Applicable Alabama Power $ 25 $ 22 Not Applicable Not Applicable Private equity funds include a fund-of-funds that invests 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. Liquidations are expected to occur at various times over the next 10 years . As of June 30, 2017 , other financial instruments for which the carrying amount did not equal fair value were as follows: Carrying Amount Fair Value (in millions) Long-term debt, including securities due within one year: Southern Company $ 46,631 $ 48,228 Alabama Power $ 7,440 $ 8,041 Georgia Power $ 10,888 $ 11,585 Gulf Power $ 1,292 $ 1,336 Mississippi Power $ 2,125 $ 2,071 Southern Power $ 5,725 $ 5,878 Southern Company Gas $ 5,699 $ 6,031 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, Gulf Power, Mississippi Power, Southern Power, and Southern Company Gas. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. Shares used to compute diluted earnings per share were as follows: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) As reported shares 998 934 996 925 Effect of options and performance share award units 7 6 7 6 Diluted shares 1,005 940 1,003 931 Stock options and performance share award units that were not included in the diluted earnings per share calculation because they were anti-dilutive were immaterial for the three and six months ended June 30, 2017 and 2016 . Changes in Stockholders' Equity The following table presents year-to-date changes in stockholders' equity of Southern Company: Number of Common Shares Common Preferred and Preference Stock of Subsidiaries Total Issued Treasury Noncontrolling Interests (*) (in thousands) (in millions) Balance at December 31, 2016 991,213 (819 ) $ 24,758 $ 609 $ 1,245 $ 26,612 Consolidated net income (loss) attributable to Southern Company — — (723 ) — — (723 ) Other comprehensive income (loss) — — (11 ) — — (11 ) Stock issued 9,129 — 417 — — 417 Stock-based compensation — — 72 — — 72 Cash dividends on common stock — — (1,134 ) — — (1,134 ) Preference stock redemption — — — (150 ) — (150 ) Contributions from noncontrolling interests — — — 71 71 Distributions to noncontrolling interests — — — — (40 ) (40 ) Net income attributable to noncontrolling interests — — — — 16 16 Reclassification from redeemable noncontrolling interests — — — — 114 114 Other — (49 ) (7 ) 3 1 (3 ) Balance at June 30, 2017 1,000,342 (868 ) $ 23,372 $ 462 $ 1,407 $ 25,241 Balance at December 31, 2015 915,073 (3,352 ) $ 20,592 $ 609 $ 781 $ 21,982 Consolidated net income attributable to Southern Company — — 1,112 — — 1,112 Other comprehensive income (loss) — — (117 ) — — (117 ) Stock issued 27,297 2,599 1,383 — — 1,383 Stock-based compensation — — 67 — — 67 Cash dividends on common stock — — (1,023 ) — — (1,023 ) Contributions from noncontrolling interests — — — — 169 169 Distributions to noncontrolling interests — — — — (10 ) (10 ) Purchase of membership interests from noncontrolling interests — — — — (129 ) (129 ) Net income attributable to noncontrolling interests — — — — 11 11 Other — (19 ) 1 — — 1 Balance at June 30, 2016 942,370 (772 ) $ 22,015 $ 609 $ 822 $ 23,446 (*) Related to Southern Power Company and excludes redeemable noncontrolling interests. In April 2017, approximately $114 million was reclassified from redeemable noncontrolling interests to noncontrolling interests, included in stockholder's equity, due to the expiration of SunPower Corp's option to require Southern Power to purchase its membership interests in one of the solar partnerships. See Note 10 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. |
Financing
Financing | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
FINANCING | FINANCING Going Concern As of June 30, 2017 , Mississippi Power's current liabilities exceeded current assets by approximately $930 million primarily due to approximately $935 million that will be required through June 30, 2018 to fund maturities of long-term debt and $17 million that will be required to fund maturities of short-term debt. In addition, Mississippi Power has $40 million of tax-exempt variable rate demand obligations that are supported by short-term credit facilities and $50 million of fixed rate pollution control revenue bonds that are required to be remarketed over the next 12 months. Mississippi Power intends to utilize operating cash flows, lines of credit, and bank term loans, as market conditions permit, as well as, under certain circumstances, commercial paper and/or equity contributions and/or loans from Southern Company to fund Mississippi Power's short-term capital needs. Specifically, Mississippi Power has been informed by Southern Company that in the event sufficient funds are not available from external sources, Southern Company intends to provide Mississippi Power with loans and/or equity contributions sufficient to fund the remaining indebtedness scheduled to mature and other cash needs over the next 12 months. Therefore, Mississippi Power's financial statement presentation contemplates continuation of Mississippi Power as a going concern as a result of Southern Company's anticipated ongoing financial support of Mississippi Power. For additional information, see Notes 1 and 6 to the financial statements of Mississippi Power under "Recently Issued Accounting Standards" and "Going Concern," respectively, in Item 8 of the Form 10-K and Note (B) under " Integrated Coal Gasification Combined Cycle ." DOE Loan Guarantee Borrowings See Note 6 to the financial statements of Southern Company and Georgia Power in Item 8 of the Form 10-K for additional information regarding Georgia Power's loan guarantee agreement (Loan Guarantee Agreement) with the DOE and related multi-advance term loan facility (FFB Credit Facility) with the FFB. On July 27, 2017, Georgia Power entered into an amendment to the Loan Guarantee Agreement (LGA Amendment) in connection with the DOE's consent to Georgia Power's entry into the Services Agreement and the related intellectual property licenses (IP Licenses). The purpose of the amendment is to clarify the operation of the Loan Guarantee Agreement pending Georgia Power's completion of its comprehensive schedule, cost-to-complete, and cancellation cost assessments being prepared as a result of the bankruptcy of the EPC Contractor (Cost Assessments). Under the terms of the Loan Guarantee Agreement, upon termination of the Vogtle 3 and 4 Agreement, further advances are conditioned upon the DOE's approval of any agreements entered into in replacement of the Vogtle 3 and 4 Agreement. Under the terms of the LGA Amendment, Georgia Power will not request any advances unless and until such time as Georgia Power has (i) completed the Cost Assessments and made a determination to continue construction of Plant Vogtle Units 3 and 4, (ii) delivered to the DOE an updated project schedule, construction budget, and other information, (iii) entered into one or more agreements with a construction contractor or contractors that will be primarily responsible for construction of Plant Vogtle Units 3 and 4 and such agreements have been approved by the DOE (together with the Services Agreement and the IP Licenses, the Replacement EPC Arrangements), and (iv) entered into a further amendment to the Loan Guarantee Agreement with the DOE to reflect the Replacement EPC Arrangements. Upon satisfaction of the conditions described above, advances may be requested under the FFB Credit Facility on a quarterly basis through 2020. The final maturity date for each advance under the FFB Credit Facility is February 20, 2044. Interest is payable quarterly and principal payments will begin on February 20, 2020. Borrowings under the FFB Credit Facility will bear interest at the applicable U.S. Treasury rate plus a spread equal to 0.375% . 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, accuracy of project-related representations and warranties, delivery of updated project-related information, absence of liens on Georgia Power's ownership interest in Plant Vogtle Units 3 and 4 other than permitted liens, 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. Under the 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 Facility will terminate and Georgia Power will be required to prepay the outstanding principal amount of all borrowings under the FFB Credit Facility over a period of five years (with level principal amortization). Among other things, these mandatory prepayment events include (i) the termination of the Services Agreement or rejection of the Services Agreement in bankruptcy if Georgia Power does not maintain access to intellectual property rights under the IP Licenses; (ii) a decision by Georgia Power not to continue construction of Plant Vogtle Units 3 and 4; (iii) a failure by Georgia Power to complete the Cost Assessments or enter into Replacement EPC Arrangements by December 31, 2017; (iv) cancellation of Plant Vogtle Units 3 and 4 by the Georgia PSC, or by Georgia Power if authorized by the Georgia PSC; and (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 Facility. 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 Facility. In addition, under certain circumstances Georgia Power may be required to make additional prepayments in connection with its receipt of payments under the Guarantee Settlement Agreement or from the EPC Contractor under the Vogtle 3 and 4 Agreement. Georgia Power also may voluntarily prepay outstanding borrowings under the FFB Credit Facility. Under the FFB Credit Facility, any prepayment (whether mandatory or optional) will be made with a make-whole premium or discount, as applicable. See Note (B) under " Regulatory Matters – Georgia Power – Nuclear Construction " for additional information regarding Plant Vogtle Units 3 and 4. Bank Credit Arrangements Bank credit arrangements provide liquidity support to the registrants' commercial paper borrowings and the traditional electric operating companies' pollution control revenue bonds. The amount of variable rate pollution control revenue bonds of the traditional electric operating companies outstanding requiring liquidity support as of June 30, 2017 was approximately $1.6 billion (comprised of approximately $890 million at Alabama Power, $550 million at Georgia Power, $82 million at Gulf Power, and $40 million at Mississippi Power). In June 2017, Georgia Power remarketed $318 million of variable rate pollution control bonds in index rate modes, reducing the liquidity support utilized under Georgia Power's bank credit arrangement. In addition, at June 30, 2017 , the traditional electric operating companies had approximately $626 million (comprised of approximately $436 million at Georgia Power, $140 million at Gulf Power, and $50 million at Mississippi Power) of pollution control revenue bonds outstanding that were required to be reoffered within the next 12 months. See Note 6 to the financial statements of each registrant 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 June 30, 2017 : Expires Executable Term Loans Expires Within One Year Company 2017 2018 2019 2020 2022 Total Unused One Year Two Years Term Out No Term Out (in millions) Southern Company (a) $ — $ — $ — $ — $ 2,000 $ 2,000 $ 2,000 $ — $ — $ — $ — Alabama Power 3 532 — — 800 1,335 1,335 — — — 35 Georgia Power — — — — 1,750 1,750 1,732 — — — — Gulf Power 30 195 25 30 — 280 280 45 — — 40 Mississippi Power 113 — — — — 113 100 — 13 13 100 Southern Power Company — — — — 750 750 675 — — — — Southern Company Gas (b) — — — — 1,900 1,900 1,849 — — — — Other 10 30 — — — 40 40 20 — 20 20 Southern Company Consolidated $ 156 $ 757 $ 25 $ 30 $ 7,200 $ 8,168 $ 8,011 $ 65 $ 13 $ 33 $ 195 (a) Represents the Southern Company parent entity. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.2 billion of these arrangements. Southern Company Gas' committed credit arrangements also include $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. As reflected in the table above, in May 2017, Southern Company, Alabama Power, Georgia Power, and Southern Power Company each amended certain of their multi-year credit arrangements, which, among other things, extended the maturity dates from 2020 to 2022. Southern Company and Southern Power Company increased their borrowing ability under these arrangements to $2.0 billion from $1.25 billion and to $750 million from $600 million , respectively. Southern Company also terminated its $1.0 billion facility maturing in 2018. Also in May 2017, Southern Company Gas Capital and Nicor Gas terminated their existing credit arrangements for $1.3 billion and $700 million , respectively, which were to mature in 2017 and 2018, and entered into a new multi-year credit arrangement currently allocated for $1.2 billion and $700 million , respectively, with a maturity date of 2022. 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. Financing Activities The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first six months of 2017 : Company Senior Note Issuances Senior Note Maturities and Redemptions Revenue Bond Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (a) (in millions) Southern Company (b) $ 300 $ — $ — $ 500 $ 400 Alabama Power 550 200 — — — Georgia Power 850 450 27 — 3 Gulf Power 300 85 — 6 — Mississippi Power — — — 40 893 Southern Power — — — 3 3 Southern Company Gas (c) 450 — — — — Other — — — — 8 Elimination (d) — — — (40 ) (591 ) Southern Company Consolidated $ 2,450 $ 735 $ 27 $ 509 $ 716 (a) Includes reductions in capital lease obligations resulting from cash payments under capital leases. (b) Represents the Southern Company parent entity. (c) The senior notes were issued by Southern Company Gas Capital and guaranteed by the Southern Company Gas parent entity. (d) Intercompany loans from Southern Company to Mississippi Power eliminated in Southern Company's Consolidated Financial Statements. Southern Company In June 2017, Southern Company issued $500 million aggregate principal amount of Series 2017A 5.325% Junior Subordinated Notes due June 21, 2057. The proceeds were used to repay short-term indebtedness and for other general corporate purposes. Also in June 2017, Southern Company issued $300 million aggregate principal amount of Series 2017A Floating Rate Senior Notes due September 30, 2020, which bear interest at a floating rate based on three -month LIBOR. The proceeds were used to repay short-term indebtedness and for other general corporate purposes. Also in June 2017, Southern Company entered into two $100 million aggregate principal amount floating rate bank term loan agreements, which mature on June 21, 2018 and June 29, 2018 and bear interest based on one -month LIBOR. The proceeds were used for working capital and other general corporate purposes. Alabama Power In March 2017, Alabama Power issued $550 million aggregate principal amount of Series 2017A 2.45% Senior Notes due March 30, 2022. The proceeds were used to repay Alabama Power's short-term indebtedness and for general corporate purposes, including Alabama Power's continuous construction program. Georgia Power In March 2017, Georgia Power issued $450 million aggregate principal amount of Series 2017A 2.00% Senior Notes due March 30, 2020 and $400 million aggregate principal amount of Series 2017B 3.25% Senior Notes due March 30, 2027. The proceeds were used to repay a portion of Georgia Power's short-term indebtedness and for general corporate purposes, including Georgia Power's continuous construction program. In April 2017, Georgia Power purchased and held $27 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fifth Series 1995. Georgia Power may reoffer these bonds to the public at a later date. In June 2017, Georgia Power entered into three floating rate bank loans in aggregate principal amounts of $50 million , $150 million , and $100 million , which mature on December 1, 2017, May 31, 2018, and June 28, 2018, respectively, and bear interest based on one -month LIBOR. Also in June 2017, Georgia Power borrowed $500 million pursuant to an uncommitted bank credit arrangement, which bears interest at a rate agreed upon by Georgia Power and the bank from time to time and is payable on no less than 30 days' demand by the bank. The proceeds from these bank loans were used to repay a portion of Georgia Power's existing indebtedness and for working capital and other general corporate purposes, including Georgia Power's continuous construction program. Gulf Power In March 2017, Gulf Power extended the maturity of a $100 million short-term floating rate bank loan bearing interest based on one -month LIBOR from April 2017 to October 2017 and subsequently repaid the loan in May 2017. In May 2017, Gulf Power issued $300 million aggregate principal amount of Series 2017A 3.30% Senior Notes due May 30, 2027. The proceeds, together with other funds, were used to repay at maturity $85 million aggregate principal amount of Series 2007A 5.90% Senior Notes due June 15, 2017; to repay outstanding commercial paper borrowings; to repay a $100 million short-term floating rate bank loan, as discussed above; and to redeem 550,000 shares ( $55 million aggregate liquidation amount) of Gulf Power's 6.00% Series Preference Stock, 450,000 shares ( $45 million aggregate liquidation amount) of Gulf Power's Series 2007A 6.45% Preference Stock, and 500,000 shares ( $50 million aggregate liquidation amount) of Gulf Power's Series 2013A 5.60% Preference Stock. Mississippi Power In March 2017, Mississippi Power issued a $9 million short-term bank note bearing interest at 5% per annum, which was repaid in April 2017. In February 2017, Mississippi Power amended $551 million in promissory notes to Southern Company extending the maturity dates of the notes from December 1, 2017 to July 31, 2018. In the second quarter 2017, Mississippi Power borrowed an additional $40 million under a promissory note issued to Southern Company. In June 2017, Southern Company made equity contributions totaling $1.0 billion to Mississippi Power. Mississippi Power used a portion of the proceeds to (i) prepay $300 million of the outstanding principal amount under its $1.2 billion unsecured term loan, which matures on March 30, 2018; (ii) repay all of the $591 million outstanding principal amount of promissory notes to Southern Company; and (iii) repay a $10 million short-term bank loan. Southern Company Gas In May 2017, Southern Company Gas Capital issued $450 million aggregate principal amount of Series 2017A 4.40% Senior Notes due May 30, 2047. The proceeds were used to repay Southern Company Gas' short-term indebtedness and for general corporate purposes. |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Southern Company has a defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at Southern Company Gas, as discussed below, and PowerSecure. The Southern Company 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 Southern Company qualified pension plan are anticipated for the year ending December 31, 2017 . Southern Company also provides certain defined benefit pension plans for a selected group of management and highly compensated employees. Benefits under these non-qualified pension plans are funded on a cash basis. In addition, Southern Company provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund related other postretirement trusts to the extent required by their respective regulatory commissions. In addition, Southern Company Gas has a qualified defined benefit, trusteed, pension plan covering certain eligible employees, which was closed in 2012 to new employees. This qualified pension plan is funded in accordance with requirements of ERISA. No mandatory contributions to the Southern Company Gas qualified pension plan are anticipated for the year ending December 31, 2017 . Southern Company Gas also provides certain non-qualified defined benefit and defined contribution pension plans for a selected group of management and highly compensated employees. Benefits under these non-qualified pension plans are funded on a cash basis. In addition, Southern Company Gas provides certain medical care and life insurance benefits for eligible retired employees through a postretirement benefit plan. Southern Company Gas also has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. See Note 2 to the financial statements of Southern Company, Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Company Gas in Item 8 of the Form 10-K for additional information. Components of the net periodic benefit costs for the three and six months ended June 30, 2017 and 2016 are presented in the following tables. Pension Plans Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended June 30, 2017 Service cost $ 74 $ 16 $ 18 $ 4 $ 3 Interest cost 113 24 35 5 5 Expected return on plan assets (225 ) (49 ) (70 ) (9 ) (10 ) Amortization: Prior service costs 3 — 1 — 1 Net (gain)/loss 41 11 14 1 2 Net periodic pension cost (income) $ 6 $ 2 $ (2 ) $ 1 $ 1 Six Months Ended June 30, 2017 Service cost $ 147 $ 32 $ 37 $ 7 $ 7 Interest cost 227 48 69 10 10 Expected return on plan assets (449 ) (98 ) (141 ) (19 ) (20 ) Amortization: Prior service costs 6 1 2 — 1 Net (gain)/loss 81 21 28 3 4 Net periodic pension cost (income) $ 12 $ 4 $ (5 ) $ 1 $ 2 Three Months Ended June 30, 2016 Service cost $ 62 $ 15 $ 18 $ 3 $ 3 Interest cost 101 24 34 4 5 Expected return on plan assets (187 ) (46 ) (65 ) (8 ) (8 ) Amortization: Prior service costs 3 — 2 1 — Net (gain)/loss 37 10 13 1 1 Net periodic pension cost $ 16 $ 3 $ 2 $ 1 $ 1 Six Months Ended June 30, 2016 Service cost $ 124 $ 29 $ 35 $ 6 $ 6 Interest cost 201 48 68 9 10 Expected return on plan assets (374 ) (92 ) (129 ) (17 ) (17 ) Amortization: Prior service costs 7 1 3 1 — Net (gain)/loss 75 20 27 3 3 Net periodic pension cost $ 33 $ 6 $ 4 $ 2 $ 2 Pension Plans Southern Company Gas (in millions) Successor – Three Months Ended June 30, 2017 Service cost $ 5 Interest cost 10 Expected return on plan assets (17 ) Amortization: Prior service costs (1 ) Net (gain)/loss 5 Net periodic pension cost $ 2 Successor – Six Months Ended June 30, 2017 Service cost $ 11 Interest cost 20 Expected return on plan assets (35 ) Amortization: Prior service costs (1 ) Net (gain)/loss 10 Net periodic pension cost $ 5 Predecessor – Three Months Ended June 30, 2016 Service cost $ 7 Interest cost 11 Expected return on plan assets (17 ) Amortization: Prior service costs (1 ) Net (gain)/loss 7 Net periodic pension cost $ 7 Predecessor – Six Months Ended June 30, 2016 Service cost $ 13 Interest cost 21 Expected return on plan assets (33 ) Amortization: Prior service costs (1 ) Net (gain)/loss 13 Net periodic pension cost $ 13 Postretirement Benefits Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended June 30, 2017 Service cost $ 6 $ 2 $ 1 $ 1 $ 1 Interest cost 20 4 8 — 1 Expected return on plan assets (17 ) (8 ) (6 ) (1 ) (1 ) Amortization: Prior service costs 1 1 1 — — Net (gain)/loss 5 1 1 — — Net periodic postretirement benefit cost $ 15 $ — $ 5 $ — $ 1 Six Months Ended June 30, 2017 Service cost $ 12 $ 3 $ 3 $ 1 $ 1 Interest cost 40 9 15 1 2 Expected return on plan assets (33 ) (14 ) (12 ) (1 ) (1 ) Amortization: Prior service costs 3 2 1 — — Net (gain)/loss 7 1 3 — — Net periodic postretirement benefit cost $ 29 $ 1 $ 10 $ 1 $ 2 Three Months Ended June 30, 2016 Service cost $ 6 $ 2 $ 1 $ 1 $ 1 Interest cost 17 4 7 — 1 Expected return on plan assets (14 ) (7 ) (5 ) (1 ) (1 ) Amortization: Prior service costs 1 1 1 — — Net (gain)/loss 4 1 2 — — Net periodic postretirement benefit cost $ 14 $ 1 $ 6 $ — $ 1 Six Months Ended June 30, 2016 Service cost $ 11 $ 3 $ 3 $ 1 $ 1 Interest cost 35 9 15 1 2 Expected return on plan assets (28 ) (13 ) (11 ) (1 ) (1 ) Amortization: Prior service costs 3 2 1 — — Net (gain)/loss 7 1 4 — — Net periodic postretirement benefit cost $ 28 $ 2 $ 12 $ 1 $ 2 Postretirement Benefits Southern Company Gas (in millions) Successor – Three Months Ended June 30, 2017 Service cost $ — Interest cost 2 Expected return on plan assets (1 ) Amortization: Prior service costs — Net (gain)/loss 1 Net periodic postretirement benefit cost $ 2 Successor – Six Months Ended June 30, 2017 Service cost $ 1 Interest cost 5 Expected return on plan assets (3 ) Amortization: Prior service costs (1 ) Net (gain)/loss 2 Net periodic postretirement benefit cost $ 4 Predecessor – Three Months Ended June 30, 2016 Service cost $ — Interest cost 2 Expected return on plan assets (1 ) Amortization: Prior service costs — Net (gain)/loss 1 Net periodic postretirement benefit cost $ 2 Predecessor – Six Months Ended June 30, 2016 Service cost $ 1 Interest cost 5 Expected return on plan assets (3 ) Amortization: Prior service costs (1 ) Net (gain)/loss 2 Net periodic postretirement benefit cost $ 4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES See Note 5 to the financial statements of each registrant in Item 8 of the Form 10-K for additional tax information. Current and Deferred Income Taxes Tax Credit Carryforwards Southern Company had federal ITC and PTC carryforwards (primarily related to Southern Power) totaling $1.9 billion as of June 30, 2017 compared to $1.8 billion as of December 31, 2016 . The federal ITC carryforwards begin expiring in 2032 but are expected to be fully utilized by 2022. The PTC carryforwards begin expiring in 2036 but are expected to be utilized by 2022. The expected utilization of tax credit carryforwards could be further delayed by numerous factors. These factors include the acquisition of additional renewable projects, increased generation at existing wind facilities, carrying back the federal net operating loss, and potential tax reform legislation, as well as additional deductions in the event of an asset abandonment. The ultimate outcome of these matters cannot be determined at this time. Valuation Allowances At June 30, 2017 , valuation allowances were as follows: Mississippi Power Southern Company Gas Southern Company (in millions) Federal $ — $ 18 $ 18 State (net of federal benefit) 46 1 63 Balance at June 30, 2017 $ 46 $ 19 $ 81 Southern Company had valuation allowances, net of the federal benefit, of $81 million at June 30, 2017 compared to $21 million at December 31, 2016. The increase was primarily due to Mississippi Power's projected inability to utilize the State of Mississippi net operating loss. Effective Tax Rate 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 federal income tax benefits from ITCs and PTCs. Southern Company's effective tax (benefit) rate was (28.6)% for the six months ended June 30, 2017 compared to 29.4% for the corresponding period in 2016 . The effective tax rate decrease was primarily due to the estimated probable losses on the Kemper IGCC, net of the non-deductible AFUDC equity portion. Other factors include an increase in tax benefits from wind PTCs and state apportionment rate changes, partially offset by a decrease in tax benefits from ITCs and an increase in state valuation allowances. Southern Company recognizes PTCs when wind energy is generated and sold (using the prescribed KWH rate in applicable federal and state statutes), which may differ significantly from amounts computed on a quarterly basis using an overall estimated annual effective income tax rate. Southern Company uses this method of recognition since the amount of PTCs can be significantly impacted by wind generation. This method can significantly affect the effective income tax rate for the period depending on the amount of pretax income. Mississippi Power Mississippi Power's effective tax (benefit) rate was (30.5)% for the six months ended June 30, 2017 compared to (208.1)% for the corresponding period in 2016 . The effective tax rate increase was primarily due to the estimated probable losses on the Kemper IGCC, net of the non-deductible AFUDC equity portion and the related state valuation allowances. Southern Power Southern Power's effective tax (benefit) rate was (114.7)% for the six months ended June 30, 2017 compared to (74.0)% for the corresponding period in 2016 . The effective tax rate decrease was primarily due to additional PTCs arising from Southern Power's wind facility acquisitions, state apportionment rate changes, and lower pre-tax earnings, partially offset by a decrease in tax benefits from ITCs. Southern Power recognizes PTCs when wind energy is generated and sold (using the prescribed KWH rate in applicable federal and state statutes), which may differ significantly from amounts computed on a quarterly basis using an overall estimated annual effective income tax rate. Southern Power uses this method of recognition since the amount of PTCs can be significantly impacted by wind generation. This method can significantly affect the effective income tax rate for the period depending on the amount of pretax income. Unrecognized Tax Benefits See Note 5 to the financial statements of each registrant under "Unrecognized Tax Benefits" in Item 8 of the Form 10-K for additional information. Changes during the six months ended June 30, 2017 for unrecognized tax benefits were as follows: Mississippi Power Southern Power Southern Company (in millions) Unrecognized tax benefits as of December 31, 2016 $ 465 $ 17 $ 484 Tax positions from current periods 3 1 10 Tax positions from prior periods — 1 7 Balance as of June 30, 2017 $ 468 $ 19 $ 501 The tax positions from current and prior periods primarily relate to state tax benefits and charitable contribution carryforwards that will be impacted as a result of the proposed settlement of R&E expenditures associated with the Kemper IGCC. See " Section 174 Research and Experimental Deduction " herein for additional information. These amounts are presented on a gross basis without considering the related federal or state income tax impact. The impact on the effective tax rate, if recognized, is as follows: As of June 30, 2017 As of December 31, 2016 Mississippi Power Southern Power Southern Company Southern Company (in millions) Tax positions impacting the effective tax rate $ 4 $ 19 $ 37 $ 20 Tax positions not impacting the effective tax rate 464 — 464 464 Balance of unrecognized tax benefits $ 468 $ 19 $ 501 $ 484 The tax positions impacting the effective tax rate primarily relate to federal deferred income tax credits and Southern Company's estimate of the uncertainty related to the amount of those benefits, and state tax benefits and charitable contribution carryforwards that will be impacted as a result of the proposed settlement of R&E expenditures associated with the Kemper IGCC. See " Section 174 Research and Experimental Deduction " herein for additional information. If these tax positions are not able to be recognized due to a federal audit adjustment in the amount that has been estimated, the amount of tax credit carryforwards discussed above would be reduced by approximately $98 million . Accrued interest for all tax positions other than the Section 174 R&E deductions was immaterial for all periods presented. All of the registrants classify interest on tax uncertainties as interest expense. None of the registrants accrued any penalties on uncertain tax positions. It is reasonably possible that the amount of the unrecognized tax benefits could change within 12 months . The settlement of federal and state audits and the U.S. Congress Joint Committee on Taxation approval of the R&E expenditures associated with the Kemper IGCC could impact the balances significantly. At this time, an estimate of the range of reasonably possible outcomes cannot be determined. See " Section 174 Research and Experimental Deduction " herein for more information. The IRS has finalized its audits of Southern Company's consolidated federal income tax returns through 2012. Southern Company has filed its 2013, 2014, and 2015 federal income tax returns and has received partial acceptance letters from the IRS; however, the IRS has not finalized its audits. Southern Company is a participant in the Compliance Assurance Process of the IRS. In addition, the pre-Merger Southern Company Gas 2014 federal tax return is currently under audit. The audits for Southern Company's state income tax returns have either been concluded, or the statute of limitations has expired, for years prior to 2011. Section 174 Research and Experimental Deduction Southern Company reflected deductions for R&E expenditures related to the Kemper IGCC in its federal income tax calculations since 2013 and filed amended federal income tax returns for 2008 through 2013 to also include such deductions. The Kemper IGCC is based on first-of-a-kind technology, and Southern Company and Mississippi Power believe that a significant portion of the plant costs qualify as deductible R&E expenditures under IRC Section 174. In December 2016, Southern Company and the IRS reached a proposed settlement, subject to approval of the U.S. Congress Joint Committee on Taxation, resolving a methodology for these deductions. Due to the uncertainty related to this tax position, Southern Company and Mississippi Power had unrecognized tax benefits associated with these R&E deductions totaling approximately $464 million and associated interest of $36 million as of June 30, 2017 . If the suspension of the Kemper IGCC start-up activities results in an abandonment, any amount not allowed under IRC Section 174 would be claimed as a deduction under IRC Section 165, and would result in a reversal of the related unrecognized tax benefits, excluding interest. The ultimate outcome of this matter cannot be determined at this time. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2017 | |
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 (C) for additional information. In the statements of cash flows, the cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. The 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. Energy-Related Derivatives Southern Company, 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 is expected to continue to mitigate price volatility. The Florida PSC extended the moratorium on Gulf Power's fuel-hedging program through January 1, 2021 in connection with the 2017 Rate Case Settlement Agreement. The moratorium does not have an impact on the recovery of existing hedges entered into under the previously-approved hedging program. 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 the statements of income. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts which are 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 OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. • 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 June 30, 2017 , the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, 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 (*) 472 2021 2024 Alabama Power 70 2020 — Georgia Power 160 2020 — Gulf Power 35 2020 — Mississippi Power 41 2021 — Southern Power 25 2017 — Southern Company Gas (*) 141 2019 2024 (*) Southern Company's and 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 3.5 billion mmBtu and short natural gas positions of 3.4 billion mmBtu as of June 30, 2017 , 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 gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 31 million mmBtu for Southern Company, 10 million mmbtu for Georgia Power and Southern Power, 5 million mmbtu for Alabama Power, and 3 million mmBtu for Gulf Power and Mississippi Power. For cash flow hedges of energy-related derivatives, the amounts expected to be reclassified from accumulated OCI to earnings for the next 12 -month period ending June 30, 2018 are $6 million for Southern Power and immaterial for all other registrants. Interest Rate Derivatives Southern Company and certain subsidiaries may also 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 effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. 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, providing an offset, with any difference representing ineffectiveness. 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 June 30, 2017 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value (in millions) (in millions) Cash Flow Hedges of Existing Debt Mississippi Power $ 900 1-month 0.79% March 2018 $ 3 Fair Value Hedges of Existing Debt Southern Company (*) 250 1.30% 3-month August 2017 — Southern Company (*) 300 2.75% 3-month June 2020 1 Southern Company (*) 1,500 2.35% 1-month July 2021 (14 ) Georgia Power 250 5.40% 3-month June 2018 — Georgia Power 500 1.95% 3-month December 2018 (2 ) Georgia Power 200 4.25% 3-month December 2019 1 Southern Company Consolidated $ 3,900 $ (11 ) (*) 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 June 30, 2018 are $(21) million for Southern Company and immaterial for all other registrants. Southern Company and certain subsidiaries have deferred gains and losses expected to be amortized into earnings through 2046 . Foreign Currency Derivatives Southern Company and certain subsidiaries may also 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 effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time that the hedged transactions affect earnings, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Any ineffectiveness is recorded directly to earnings. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. At June 30, 2017 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 18 Southern Power 564 3.78% 500 1.85% June 2026 15 Total $ 1,241 € 1,100 $ 33 The estimated pre-tax gains (losses) related to foreign currency derivatives that will be reclassified from accumulated OCI to earnings for the next 12 -month period ending June 30, 2018 are $(23) million for Southern Company and Southern Power. 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 June 30, 2017 As of December 31, 2016 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/Liabilities from risk management activities, net of collateral $ 23 $ 35 $ 73 $ 27 Other deferred charges and assets/Other deferred credits and liabilities 8 31 25 33 Total derivatives designated as hedging instruments for regulatory purposes $ 31 $ 66 $ 98 $ 60 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Liabilities from risk management activities, net of collateral $ 13 $ 10 $ 23 $ 7 Interest rate derivatives: Other current assets/Liabilities from risk management activities, net of collateral 11 1 12 1 Other deferred charges and assets/Other deferred credits and liabilities — 22 1 28 Foreign currency derivatives: Other current assets/Liabilities from risk management activities, net of collateral — 23 — 25 Other deferred charges and assets/Other deferred credits and liabilities 56 — — 33 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 80 $ 56 $ 36 $ 94 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Liabilities from risk management activities, net of collateral $ 237 $ 202 $ 489 $ 483 Other deferred charges and assets/Other deferred credits and liabilities 102 86 66 81 Interest rate derivatives: Other current assets/Liabilities from risk management activities, net of collateral — — 1 — Total derivatives not designated as hedging instruments $ 339 $ 288 $ 556 $ 564 Gross amounts recognized $ 450 $ 410 $ 690 $ 718 Gross amounts offset (*) $ (219 ) $ (290 ) $ (462 ) $ (524 ) Net amounts recognized in the Balance Sheets $ 231 $ 120 $ 228 $ 194 As of June 30, 2017 As of December 31, 2016 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/Liabilities from risk management activities $ 7 $ 7 $ 13 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 2 4 7 4 Total derivatives designated as hedging instruments for regulatory purposes $ 9 $ 11 $ 20 $ 9 Gross amounts recognized $ 9 $ 11 $ 20 $ 9 Gross amounts offset $ (6 ) $ (6 ) $ (8 ) $ (8 ) Net amounts recognized in the Balance Sheets $ 3 $ 5 $ 12 $ 1 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 10 $ 4 $ 30 $ 1 Other deferred charges and assets/Other deferred credits and liabilities 5 10 14 7 Total derivatives designated as hedging instruments for regulatory purposes $ 15 $ 14 $ 44 $ 8 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ 1 $ 1 $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities — 2 — 3 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 3 $ 2 $ 3 Gross amounts recognized $ 16 $ 17 $ 46 $ 11 Gross amounts offset $ (9 ) $ (9 ) $ (8 ) $ (8 ) Net amounts recognized in the Balance Sheets $ 7 $ 8 $ 38 $ 3 Gulf Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Liabilities from risk management activities $ 1 $ 16 $ 4 $ 12 Other deferred charges and assets/Other deferred credits and liabilities — 13 1 17 Total derivatives designated as hedging instruments for regulatory purposes $ 1 $ 29 $ 5 $ 29 Gross amounts recognized $ 1 $ 29 $ 5 $ 29 Gross amounts offset $ (1 ) $ (1 ) $ (4 ) $ (4 ) Net amounts recognized in the Balance Sheets $ — $ 28 $ 1 $ 25 As of June 30, 2017 As of December 31, 2016 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 6 $ 2 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 1 4 2 5 Total derivatives designated as hedging instruments for regulatory purposes $ 2 $ 10 $ 4 $ 11 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ 3 $ — $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 3 $ — $ 3 $ — Gross amounts recognized $ 5 $ 10 $ 7 $ 11 Gross amounts offset $ (2 ) $ (2 ) $ (3 ) $ (3 ) Net amounts recognized in the Balance Sheets $ 3 $ 8 $ 4 $ 8 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 13 $ 8 $ 18 $ 4 Foreign currency derivatives: Other current assets/Other current liabilities — 23 — 25 Other deferred charges and assets/Other deferred credits and liabilities 56 — — 33 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 69 $ 31 $ 18 $ 62 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 1 $ 3 $ 1 Interest rate derivatives: Other current assets/Other current liabilities — — 1 — Total derivatives not designated as hedging instruments $ 1 $ 1 $ 4 $ 1 Gross amounts recognized $ 70 $ 32 $ 22 $ 63 Gross amounts offset $ (2 ) $ (2 ) $ (5 ) $ (5 ) Net amounts recognized in the Balance Sheets $ 68 $ 30 $ 17 $ 58 As of June 30, 2017 As of December 31, 2016 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 4 $ 2 $ 24 $ 3 Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives designated as hedging instruments for regulatory purposes $ 4 $ 2 $ 25 $ 3 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 $ — $ 2 $ 4 $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 236 $ 201 $ 486 $ 482 Other deferred charges and assets/Other deferred credits and liabilities 102 86 66 81 Total derivatives not designated as hedging instruments $ 338 $ 287 $ 552 $ 563 Gross amounts of recognized $ 342 $ 291 $ 581 $ 569 Gross amounts offset (*) $ (196 ) $ (267 ) $ (435 ) $ (497 ) Net amounts recognized in the Balance Sheets $ 146 $ 24 $ 146 $ 72 (*) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $71 million and $62 million as of June 30, 2017 and December 31, 2016 , respectively. At June 30, 2017 and December 31, 2016 , 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 June 30, 2017 Derivative Category and Balance Sheet Location Southern Company (b) Alabama Power Georgia Power Gulf Power Mississippi Power Southern Company Gas (b) (in millions) Energy-related derivatives: Other regulatory assets, current $ (24 ) $ (3 ) $ — $ (15 ) $ (5 ) $ (1 ) Other regulatory assets, deferred (23 ) (2 ) (5 ) (13 ) (3 ) — Other regulatory liabilities, current (a) 13 3 6 — — 4 Total energy-related derivative gains (losses) $ (34 ) $ (2 ) $ 1 $ (28 ) $ (8 ) $ 3 (a) Georgia Power includes other regulatory liabilities, current in other current liabilities. (b) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $ 1 million at June 30, 2017 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2016 Derivative Category and Balance Sheet Location Southern Company (c) Alabama Power Georgia Power Gulf Power Mississippi Power Southern Company Gas (c) (in millions) Energy-related derivatives: Other regulatory assets, current $ (16 ) $ (1 ) $ — $ (9 ) $ (5 ) $ (1 ) Other regulatory assets, deferred (19 ) — — (16 ) (3 ) — Other regulatory liabilities, current (a) 56 8 29 1 1 17 Other regulatory liabilities, deferred (b) 12 4 7 — — 1 Total energy-related derivative gains (losses) $ 33 $ 11 $ 36 $ (24 ) $ (7 ) $ 17 (a) Georgia Power includes other regulatory liabilities, current in other current liabilities. (b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. (c) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $ 8 million at December 31, 2016 . For the three months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives, interest rate derivatives, and foreign currency derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Statements of Income Location Amount 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy-related derivatives $ (9 ) $ — Depreciation and amortization $ (2 ) $ — Interest rate derivatives (1 ) 6 Interest expense, net of amounts capitalized (5 ) (4 ) Foreign currency derivatives 71 (39 ) Interest expense, net of amounts capitalized (5 ) (1 ) Other income (expense), net (*) 79 (20 ) Total $ 61 $ (33 ) $ 67 $ (25 ) Alabama Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (2 ) $ (2 ) Georgia Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Gulf Power Interest rate derivatives $ (1 ) $ (2 ) Interest expense, net of amounts capitalized $ — $ — Southern Power Energy-related derivatives $ (7 ) $ — Depreciation and amortization $ (2 ) $ — Foreign currency derivatives 71 (39 ) Interest expense, net of amounts capitalized (5 ) (1 ) Other income (expense), net (*) 79 (20 ) Total $ 64 $ (39 ) $ 72 $ (21 ) (*) 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 Southern Company Gas, the pre-tax effect of energy related derivatives and interest rate derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings for the successor three months ended June 30, 2017 and the predecessor three months ended June 30, 2016 were as follows: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Successor Predecessor Successor Predecessor Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Statements of Income Location Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Energy-related derivatives $ (2 ) $ — Cost of natural gas $ — $ (1 ) Interest rate derivatives — (19 ) Interest expense, net of amounts capitalized — (1 ) Total $ (2 ) $ (19 ) $ — $ (2 ) For the six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives, interest rate derivatives, and foreign currency derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Gain (Loss) Gain (Loss) Reclassified from Accumulated OCI into Statements of Income Location Amount 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy-related derivatives $ (20 ) $ — Depreciation and amortization $ (6 ) $ — Interest rate derivatives (1 ) (184 ) Interest expense, net of amounts capitalized (10 ) (7 ) Foreign currency derivatives 67 (39 ) Interest expense, net of amounts capitalized (12 ) (1 ) Other income (expense), net (*) 96 (20 ) Total $ 46 $ (223 ) $ 68 $ (28 ) Alabama Power Interest rate derivatives $ — $ (4 ) Interest expense, net of amounts capitalized $ (3 ) $ (3 ) Georgia Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (3 ) $ (2 ) Gulf Power Energy-related derivatives $ (1 ) $ — Depreciation and amortization $ — $ — Interest rate derivatives (1 ) (7 ) Interest expense, net of amounts capitalized — — Total $ (2 ) $ (7 ) $ — $ — Mississippi Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Southern Power Energy-related derivatives $ (15 ) $ — Depreciation and amortization $ (6 ) $ — Interest rate derivatives — — Interest expense, net of amounts capitalized — (1 ) Foreign currency derivatives 67 (39 ) Interest expense, net of amounts capitalized (12 ) (1 ) Other income (expense), net (*) 96 (20 ) Total $ 52 $ (39 ) $ 78 $ (22 ) (*) 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 Southern Company Gas, the pre-tax effect of energy related derivatives and interest rate derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings for the successor six months ended June 30, 2017 and the predecessor six months ended June 30, 2016 were as follows: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Successor Predecessor Successor Predecessor Derivatives in Cash Flow Hedging Relationships Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Statements of Income Location Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Energy-related derivatives $ (4 ) $ — Cost of natural gas $ — $ (1 ) Interest rate derivatives — (64 ) Interest expense, net of amounts capitalized — — Total $ (4 ) $ (64 ) $ — $ (1 ) For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives and interest rate derivatives designated as cash flow hedging instruments were immaterial for the other registrants. For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments on the statements of income were as follows: Gain (Loss) Three Months Ended Six Months Ended Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy Related derivatives: Natural gas revenues (*) $ 16 $ — $ 65 $ — Cost of natural gas (2 ) — (4 ) — Total derivatives in non-designated hedging relationships $ 14 $ — $ 61 $ — (*) Excludes gains (losses) recorded in cost of natural gas associated with weather derivatives of $1 million and $15 million for the three and six months ended June 30, 2017 , respectively. Gain (Loss) Successor Predecessor Successor Predecessor Derivatives in Non-Designated Hedging Relationships Statements of Income Location Three Months Ended Three Months Ended Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Southern Company Gas Energy Related derivatives: Natural gas revenues (*) $ 16 $ (21 ) $ 65 $ (1 ) Cost of natural gas (2 ) (61 ) (4 ) (62 ) Total derivatives in non-designated hedging relationships $ 14 $ (82 ) $ 61 $ (63 ) (*) Excludes gains recorded in cost of natural gas associated with weather derivatives of $15 million for the successor six months ended June 30, 2017 and immaterial amounts for all other periods presented. For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments were immaterial for the traditional electric operating companies and Southern Power. For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were as follows: Derivatives in Fair Value Hedging Relationships Gain (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivative Category Statements of Income Location 2017 2016 2017 2016 (in millions) (in millions) Southern Company Interest rate derivatives: Interest expense, net of amounts capitalized $ 7 $ 4 $ (1 ) $ 24 Georgia Power Interest rate derivatives: Interest expense, net of amounts capitalized $ — $ — $ (1 ) $ 15 For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were offset by changes to the carrying value of long-term debt. There was no material ineffectiveness recorded in earnings for any registrant for any period presented. 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 June 30, 2017 , the registrants had no collateral posted with derivative counterparties to satisfy these arrangements. At June 30, 2017 , the fair value of derivative liabilities with contingent features was immaterial for all registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were $11 million for Southern Company, $10 million for the traditional electric operating companies and Southern Power, and $1 million for Southern Company Gas. 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. 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 June 30, 2017 , 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 June 30, 2017 , cash collateral held on deposit in broker margin accounts was $71 million . Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas are exposed to losses related to financial instruments in the event of counterparties' nonperformance. Southern Company, the traditional electric operating companies, Southern Power, and Southern Company Gas only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's a |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Southern Company Merger with Southern Company Gas Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas through the natural gas distribution utilities. On July 1, 2016, Southern Company completed the Merger for a total purchase price of approximately $8.0 billion and Southern Company Gas became a wholly-owned, direct subsidiary of Southern Company. The Merger was accounted for using the acquisition method of accounting with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The following table presents the final purchase price allocation: Southern Company Gas Purchase Price (in millions) Current assets $ 1,557 Property, plant, and equipment 10,108 Goodwill 5,967 Intangible assets 400 Regulatory assets 1,118 Other assets 229 Current liabilities (2,201 ) Other liabilities (4,742 ) Long-term debt (4,261 ) Noncontrolling interest (174 ) Total purchase price $ 8,001 The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed of $6.0 billion is recognized as goodwill, which is primarily attributable to positioning the Southern Company system to provide natural gas infrastructure to meet customers' growing energy needs and to compete for growth across the energy value chain. Southern Company anticipates that much of the value assigned to goodwill will not be deductible for tax purposes. The valuation of identifiable intangible assets included customer relationships, trade names, and storage and transportation contracts with estimated lives of one to 28 years . The estimated fair value measurements of identifiable intangible assets were primarily based on significant unobservable inputs (Level 3). The results of operations for Southern Company Gas have been included in Southern Company's consolidated financial statements from the date of acquisition and consist of operating revenues of $716 million and $2.3 billion and net income of $49 million and $288 million for the three and six months ended June 30, 2017 , respectively. The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Southern Company Gas was completed on January 1, 2015. The summarized unaudited pro forma consolidated statement of earnings information includes adjustments for (i) intercompany sales, (ii) amortization of intangible assets, (iii) adjustments to interest expense to reflect current interest rates on Southern Company Gas debt and additional interest expense associated with borrowings by Southern Company to fund the Merger, and (iv) the elimination of nonrecurring expenses associated with the Merger. For the Six Months Ended June 30, 2016 Operating revenues (in millions) $ 10,346 Net income attributable to Southern Company (in millions) $ 1,255 Basic Earnings Per Share (EPS) $ 1.34 Diluted EPS $ 1.33 These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on January 1, 2015 or the results that would be attained in the future. Acquisition of PowerSecure On May 9, 2016, Southern Company acquired all of the outstanding stock of PowerSecure, a provider of products and services in the areas of distributed generation, energy efficiency, and utility infrastructure, for $18.75 per common share in cash, resulting in an aggregate purchase price of $429 million . As a result, PowerSecure became a wholly-owned subsidiary of Southern Company. The acquisition of PowerSecure was accounted for using the acquisition method of accounting with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The following table presents the final purchase price allocation: PowerSecure Purchase Price (in millions) Current assets $ 172 Property, plant, and equipment 46 Intangible assets 106 Goodwill 284 Other assets 4 Current liabilities (121 ) Long-term debt, including current portion (48 ) Deferred credits and other liabilities (14 ) Total purchase price $ 429 The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed of $284 million was recognized as goodwill, which is primarily attributable to expected business expansion opportunities for PowerSecure. Southern Company anticipates that the majority of the value assigned to goodwill will not be deductible for tax purposes. The valuation of identifiable intangible assets included customer relationships, trade names, patents, backlog, and software with estimated lives of one to 26 years. The estimated fair value measurements of identifiable intangible assets were primarily based on significant unobservable inputs (Level 3). The results of operations for PowerSecure have been included in Southern Company's consolidated financial statements from the date of acquisition and are immaterial to the consolidated financial results of Southern Company. Pro forma results of operations have not been presented for the acquisition because the effects of the acquisition were immaterial to Southern Company's consolidated financial results for all periods presented. Southern Power See Note 2 to the financial statements of Southern Power and Note 12 to the financial statements of Southern Company under "Southern Power" in Item 8 of the Form 10-K for additional information. Acquisitions During the Six Months Ended June 30, 2017 During the six months ended June 30, 2017, in accordance with Southern Power's overall growth strategy, Southern Renewable Partnerships, LLC (SRP), one of Southern Power's wholly-owned subsidiaries, acquired the Bethel wind facility . Acquisition-related costs were expensed as incurred and were not material. Project Facility Resource Seller; Acquisition Date Approximate Nameplate Capacity ( MW ) Location Southern Power Percentage Ownership Actual COD PPA Contract Period Bethel Wind Invenergy, 276 Castro County, TX 100 % January 2017 12 years The aggregate amounts of revenue and net income, excluding impacts from PTCs, recognized by Southern Power related to the Bethel facility included in Southern Power's condensed consolidated statements of income for year-to-date 2017 were immaterial . The Bethel facility did not have operating revenues or activities prior to completion of construction and the assets being placed in service; therefore, supplemental pro forma information for the comparable 2016 period is not meaningful and has been omitted. In connection with Southern Power's 2016 acquisitions, allocations of the purchase price to individual assets were finalized during the six months ended June 30, 2017 with no changes to amounts originally reported for Boulder 1, Grant Plains, Grant Wind, Henrietta, Mankato, Passadumkeag, Salt Fork, Tyler Bluff, and Wake Wind. Acquisitions Subsequent to June 30, 2017 Subsequent to June 30, 2017, Southern Power acquired a 100% ownership interest in and commenced construction of the Cactus Flats 148 -MW wind facility, the majority of which is covered by two PPAs, which expire in 2030 and 2033. The facility is expected to be placed in service in mid-2018. The ultimate outcome of this matter cannot be determined at this time. Construction Projects Completed and in Progress During the six months ended June 30, 2017 , in accordance with its overall growth strategy, Southern Power completed construction of and placed in service, or continued construction of, the projects set forth in the following table. Through June 30, 2017 , total costs of construction incurred for these projects were $421 million , of which $49 million remained in CWIP for the Mankato facility acquired in 2016. Total aggregate construction costs, excluding the acquisition costs, are expected to be $170 million to $190 million for the Mankato facility. The ultimate outcome of this matter cannot be determined at this time. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Completed During the Six Months Ended June 30, 2017 East Pecos Solar 120 Pecos County, TX March 2017 15 years Lamesa Solar 102 Dawson County, TX April 2017 15 years Project Under Construction as of June 30, 2017 Mankato Natural Gas 345 Mankato, MN Second quarter 2019 20 years Development Projects In December 2016, as part of Southern Power's renewable development strategy, SRP entered into a joint development agreement with Renewable Energy Systems Americas, Inc. to develop and construct approximately 3,000 MWs of wind projects. Also in December 2016, Southern Power signed agreements and made payments to purchase wind turbine equipment from Siemens Wind Power, Inc. and Vestas-American Wind Technology, Inc. to be used for construction of the facilities. All of the wind turbine equipment was delivered by April 2017, which allows the projects to qualify for 100% PTCs for 10 years following their expected commercial operation dates between 2018 and 2020. The ultimate outcome of these matters cannot be determined at this time. |
Joint Ownership Agreements
Joint Ownership Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Regulated Operations [Abstract] | |
JOINT OWNERSHIP AGREEMENTS | JOINT OWNERSHIP AGREEMENTS Southern Company Gas See Note 4 to the financial statements of Southern Company Gas in Item 8 of the Form 10-K for additional information. Equity Method Investments The carrying amounts of Southern Company Gas' equity method investments as of June 30, 2017 and December 31, 2016 and related income from those investments for the successor three and six month periods ended June 30, 2017 and the predecessor three and six month periods ended June 30, 2016 were as follows: Balance Sheet Information June 30, 2017 December 31, 2016 (in millions) SNG $ 1,405 $ 1,394 Atlantic Coast Pipeline 53 33 PennEast Pipeline 45 22 Triton 43 44 Pivotal JAX LNG, LLC 32 16 Horizon Pipeline 31 30 Other 1 2 Total $ 1,610 $ 1,541 Successor Predecessor Successor Predecessor Income Statement Information Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) SNG $ 24 $ — $ 58 $ — Triton 2 1 2 1 PennEast Pipeline 1 — 4 — Atlantic Coast Pipeline 2 — 3 — Horizon Pipeline — — 1 1 Total $ 29 $ 1 $ 68 $ 2 Southern Natural Gas In September 2016, Southern Company Gas, through a wholly-owned, indirect subsidiary, acquired a 50% equity interest in SNG, which is accounted for as an equity method investment. On March 31, 2017, Southern Company Gas made an additional $50 million contribution to maintain its 50% equity interest in SNG. See Note 11 to the financial statements of Southern Company Gas under "Investment in SNG" in Item 8 of the Form 10-K for additional information on this investment. Selected financial information of SNG for the three and six months ended June 30, 2017 is as follows: Income Statement Information Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (in millions) Revenues $ 143 $ 298 Operating income $ 63 $ 147 Net income $ 48 $ 114 |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2017 | |
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 four traditional electric operating companies – Alabama Power, Georgia Power, Gulf Power, and Mississippi Power – are vertically integrated utilities providing electric service in four Southeastern states. Southern Power 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 the seven natural gas distribution utilities in seven states and is involved in several other complementary businesses including gas marketing services, wholesale gas services, and gas midstream operations. Southern Company's reportable business segments are the sale of electricity by the four 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 $90 million and $190 million for the three and six months ended June 30, 2017 , respectively, and $107 million and $204 million for the three and six months ended June 30, 2016 , respectively. 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 and six months ended June 30, 2017 and 2016 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 Operating revenues $ 4,157 $ 529 $ (101 ) $ 4,585 $ 716 $ 166 $ (37 ) $ 5,430 Segment net income (loss) (a)(b) (1,442 ) 82 — (1,360 ) 49 (68 ) (2 ) (1,381 ) Six Months Ended Operating revenues $ 7,943 $ 979 $ (206 ) $ 8,716 $ 2,276 $ 289 $ (79 ) $ 11,202 Segment net income (loss) (a)(b)(c) (1,010 ) 151 — (859 ) 288 (152 ) — (723 ) Total assets at June 30, 2017 $ 71,503 $ 14,703 $ (317 ) $ 85,889 $ 21,809 $ 2,348 $ (1,362 ) $ 108,684 Three Months Ended Operating revenues $ 4,115 $ 373 $ (109 ) $ 4,379 $ — $ 125 $ (45 ) $ 4,459 Segment net income (loss) (a)(b) 599 89 — 688 — (61 ) (4 ) 623 Six Months Ended Operating revenues $ 7,884 $ 688 $ (212 ) $ 8,360 $ — $ 172 $ (81 ) $ 8,451 Segment net income (loss) (a)(b) 1,064 139 — 1,203 — (84 ) (7 ) 1,112 Total assets at December 31, 2016 $ 72,141 $ 15,169 $ (316 ) $ 86,994 $ 21,853 $ 2,474 $ (1,624 ) $ 109,697 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional electric operating companies includes pre-tax charges for estimated probable losses on the Kemper IGCC of $3.0 billion ( $2.1 billion after tax) and $81 million ( $50 million after tax) for the three months ended June 30, 2017 and 2016 , respectively, and $3.1 billion ( $2.2 billion after tax) and $134 million ( $83 million after tax) for the six months ended June 30, 2017 and 2016 , respectively. See Note (B) under " Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate " for additional information. (c) Segment net income (loss) for the traditional electric operating companies also includes a pre-tax charge for the write-down of Gulf Power's ownership of Plant Scherer Unit 3 of $33 million ( $20 million after tax) for the six months ended June 30, 2017 . See Note (B) under " Regulatory Matters – Gulf Power – Retail Base Rate Cases " for additional information. Products and Services Electric Utilities' Revenues Period Retail Wholesale Other Total (in millions) Three Months Ended June 30, 2017 $ 3,777 $ 618 $ 190 $ 4,585 Three Months Ended June 30, 2016 3,748 446 185 4,379 Six Months Ended June 30, 2017 $ 7,171 $ 1,149 $ 396 $ 8,716 Six Months Ended June 30, 2016 7,124 842 394 8,360 Southern Company Gas' Revenues Period Gas Gas Other Total (in millions) Three Months Ended June 30, 2017 $ 557 $ 166 $ (7 ) $ 716 Six Months Ended June 30, 2017 $ 1,689 $ 454 $ 133 $ 2,276 Southern Company Gas Southern Company Gas manages its business through four reportable segments – gas distribution operations, gas marketing services, wholesale gas services, and gas midstream operations. 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 seven states. Gas marketing services includes natural gas marketing to end-use customers primarily in Georgia and Illinois. Additionally, gas marketing services provides home equipment protection products and services. 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 midstream operations primarily consists of Southern Company Gas' pipeline investments, with storage and fuel operations also aggregated into this segment. The all other column includes segments below the quantitative threshold for separate disclosure, including the subsidiaries that fall below the quantitative threshold for separate disclosure. After the Merger, Southern Company Gas changed its segment performance measure to net income. In order to properly assess net income by segment, Southern Company Gas executed various intercompany note agreements to revise interest charges to its segments. Since such agreements did not exist in the predecessor period, Southern Company Gas is unable to provide the comparable net income. Business segment financial data for the successor three and six months ended June 30, 2017 and the predecessor three and six months ended June 30, 2016 was as follows: Gas Distribution Operations Gas Marketing Services Wholesale Gas Services (*) Gas Midstream Operations Total All Other Eliminations Consolidated (in millions) Successor – Three Months Ended June 30, 2017: Operating revenues $ 603 $ 166 $ (12 ) $ 12 $ 769 $ 3 $ (56 ) $ 716 Segment net income 54 4 (17 ) 9 50 (1 ) — 49 Successor – Six Months Ended June 30, 2017: Operating revenues $ 1,783 $ 454 $ 119 $ 37 $ 2,393 $ 5 $ (122 ) $ 2,276 Segment net income 171 35 51 25 282 6 — 288 Successor – Total assets at $ 18,257 $ 2,093 $ 989 $ 2,381 $ 23,720 $ 11,182 $ (13,093 ) $ 21,809 Gas Distribution Operations Gas Marketing Services Wholesale Gas Services (*) Gas Midstream Operations Total All Other Eliminations Consolidated (in millions) Predecessor – Three Months Ended June 30, 2016: Operating revenues $ 547 $ 149 $ (95 ) $ 10 $ 611 $ 2 $ (42 ) $ 571 Segment EBIT 118 29 (112 ) (5 ) 30 (55 ) 1 (24 ) Predecessor – Six Months Ended June 30, 2016: Operating revenues $ 1,575 $ 435 $ (32 ) $ 25 $ 2,003 $ 4 $ (102 ) $ 1,905 Segment EBIT 353 109 (68 ) (6 ) 388 (60 ) — 328 Successor – Total assets at $ 19,453 $ 2,084 $ 1,127 $ 2,211 $ 24,875 $ 11,145 $ (14,167 ) $ 21,853 (*) 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) Successor – Three Months Ended June 30, 2017 $ 1,531 $ 123 $ 1,654 $ 1,666 $ (12 ) Successor – Six Months Ended June 30, 2017 3,370 259 3,629 3,510 119 Predecessor – Three Months Ended June 30 , 2016 $ 1,061 $ 58 $ 1,119 $ 1,214 $ (95 ) Predecessor – Six Months Ended June 30 , 2016 2,500 143 2,643 2,675 (32 ) |
Introduction (Policies)
Introduction (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 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 June 30, 2017 and 2016 . 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. Southern Company's financial statements reflect its investments in its subsidiaries, including Southern Company Gas as a result of the Merger, on a consolidated basis. Southern Company Gas' results of operations and cash flows for the three and six months ended June 30, 2017 and financial condition as of June 30, 2017 and December 31, 2016 are reflected within Southern Company's consolidated amounts in these accompanying notes herein. The equity method is used for entities in which Southern Company has significant influence but does not control, including Southern Company Gas' investment in SNG, and for variable interest entities where Southern Company has an equity investment but is not the primary beneficiary. See Note (I) under " Southern Company – Merger with Southern Company Gas " for additional information regarding the Merger. Pursuant to the Merger, Southern Company pushed down the application of the acquisition method of accounting to the consolidated financial statements of Southern Company Gas such that the assets and liabilities are recorded at their respective fair values, and goodwill has been established for the excess of the purchase price over the fair value of net identifiable assets. Accordingly, the consolidated financial statements of Southern Company Gas for periods before and after July 1, 2016 (acquisition date) reflect different bases of accounting, and the financial positions and results of operations of those periods are not comparable. Throughout Southern Company Gas' condensed consolidated financial statements and the accompanying notes herein, periods prior to July 1, 2016 are identified as "predecessor," while periods after the acquisition date are identified as "successor." |
Reclassification | 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 Issued Accounting Standards | Recently Issued Accounting Standards In 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (ASC 606), replacing the existing accounting standard and industry specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. While the registrants expect most of their revenue to be included in the scope of ASC 606, they have not fully completed the evaluation of all revenue arrangements. The majority of Southern Company's, the traditional electric operating companies', and Southern Company Gas' revenue, including energy provided to customers, is from tariff offerings that provide electricity or natural gas without a defined contractual term, as well as longer-term contractual commitments , including PPAs and non-derivative natural gas asset management and optimization arrangements . The majority of Southern Power's revenues includes longer-term PPAs for generation capacity and energy. The registrants expect the adoption of ASC 606 will not result in a significant shift from the current timing of revenue recognition for such transactions . The registrants' ongoing evaluation of other revenue streams and related contracts includes unregulated sales to customers. Some revenue arrangements, such as certain PPAs , energy-related derivatives , and alternative revenue programs, are excluded from the scope of ASC 606 and, therefore, will be accounted for and disclosed or presented separately from revenues under ASC 606 on the registrants' financial statements. In addition, the power and utilities industry continues to evaluate other specific industry issues, including the applicability of ASC 606 to contributions in aid of construction (CIAC). Although final implementation guidance has not been issued, Southern Company, the traditional electric operating companies, and Southern Company Gas expect CIAC to be out of the scope of ASC 606. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017. The registrants intend to use the modified retrospective method of adoption effective January 1, 2018. The registrants have also elected to utilize practical expedients which allow them to apply the standard to open contracts at the date of adoption and to reflect the aggregate effect of all modifications when identifying performance obligations and allocating the transaction price for contracts modified before the effective date. Under the modified retrospective method of adoption, prior year reported results are not restated; however, a cumulative-effect adjustment to retained earnings at January 1, 2018 is recorded. In addition, disclosures will include comparative information on 2018 financial statement line items under current guidance. While the adoption of ASC 606, including the cumulative-effect adjustment, is not expected to have a material impact on either the timing or amount of revenues recognized in the registrants' financial statements, the registrants will continue to evaluate the requirements, as well as any additional clarifying guidance that may be issued. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 removes the requirement to compare the implied fair value of goodwill with the carrying amount as part of Step 2 of the goodwill impairment test. Under the new standard, the goodwill impairment loss will be measured as the excess of a reporting unit's carrying amount over its fair value, not exceeding the total amount of goodwill allocated to that reporting unit, which may increase the frequency of goodwill impairment charges if a future goodwill impairment test does not pass the Step 1 evaluation. ASU 2017-04 is effective prospectively for annual and interim periods beginning on or after December 15, 2019, and early adoption is permitted on testing dates after January 1, 2017. On March 10, 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07). ASU 2017-07 requires that an employer report the service cost component in the same line item or items as other compensation costs and requires the other components of net periodic pension and postretirement benefit costs to be separately presented in the income statement outside income from operations. Additionally, only the service cost component is eligible for capitalization, when applicable. However, all cost components remain eligible for capitalization under FERC regulations. ASU 2017-07 will be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension and postretirement benefit costs in the income statement. The capitalization of the service cost component of net periodic pension and postretirement benefit costs in assets will be applied on a prospective basis. ASU 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Southern Company, the traditional electric operating companies, and Southern Company Gas are currently evaluating the new standard. The presentation changes required for net periodic pension and postretirement benefit costs will result in a decrease in Southern Company's , the traditional electric operating companies', and Southern Company Gas' operating income and an increase in other income for 2016 and 2017 and are expected to result in a decrease in operating income and an increase in other income for 2018. The adoption of ASU 2017-07 is not expected to have a material impact on Southern Company's , the traditional electric operating companies', or Southern Company Gas' financial statements. |
Affiliate Transactions | Affiliate Transactions Prior to the completion of Southern Company Gas' acquisition of its 50% equity interest in SNG, SCS (as agent for Alabama Power, Georgia Power, and Southern Power) and Southern Company Gas had entered into long-term interstate natural gas transportation agreements with SNG. The interstate transportation service provided to Alabama Power, Georgia Power, Southern Power, and Southern Company Gas by SNG pursuant to these agreements is governed by the terms and conditions of SNG's natural gas tariff and is subject to FERC regulation. For the six months ended June 30, 2017 , transportation costs under these agreements for Alabama Power, Georgia Power, Southern Power, and Southern Company Gas were approximately $4 million , $51 million , $13 million , and $16 million , respectively. SCS, as agent for Georgia Power and Southern Power, has agreements with certain subsidiaries of Southern Company Gas to purchase natural gas. For the six months ended June 30, 2017 , natural gas purchases made by Georgia Power and Southern Power from Southern Company Gas' subsidiaries were approximately $9 million and $56 million , respectively. |
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. |
Property Damage Reserve | Property Damage Reserve See Note 1 to the financial statements of Gulf Power under "Property Damage Reserve" in Item 8 of the Form 10-K for additional information. Gulf Power's cost of repairing damages from major storms and other uninsured property damages, including uninsured damages to transmission and distribution facilities, generation facilities, and other property is charged to Gulf Power's property damage reserve. In accordance with a settlement agreement approved by the Florida PSC on April 4, 2017 (2017 Rate Case Settlement Agreement), Gulf Power suspended further property damage reserve accruals effective April 2017. Gulf Power may make discretionary accruals, but is required to resume accruals of $3.5 million annually if the reserve balance falls below zero . In addition, Gulf Power may initiate a storm surcharge to recover costs associated with any tropical systems named by the National Hurricane Center or other catastrophic storm events that reduce the property damage reserve in the aggregate by approximately $31 million ( 75% of the April 1, 2017 balance) or more. The storm surcharge would begin, on an interim basis, 60 days following the filing of a cost recovery petition, would be limited to $4.00 /month for a 1,000 KWH residential customer unless Gulf Power incurs in excess of $100 million in qualified storm recovery costs in a calendar year, and would replenish the storm reserve to approximately $40 million . See Note (B) under " Regulatory Matters – Gulf Power – Retail Base Rate Cases " for additional details regarding the 2017 Rate Case Settlement Agreement. |
Natural Gas For Sale | Natural Gas for Sale Southern Company Gas' natural gas distribution utilities, with the exception of Nicor Gas, carry natural gas inventory on a WACOG basis. 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. Southern Company Gas' inventory decrement at June 30, 2017 is expected to be restored prior to year end. The cost of natural gas, including inventory costs, is recovered from customers under a purchased gas recovery mechanism adjusted for differences between actual costs and amounts billed; therefore, LIFO liquidations have no impact on Southern Company's or Southern Company Gas' net income. Natural gas inventories for Southern Company Gas' non-utility businesses are carried at the lower of weighted average cost or current market price, with cost determined 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 LOCOM adjustment in any period presented. |
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 (H) for additional information on how these derivatives are used. The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. For fair value measurements of the investments within the nuclear decommissioning 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. See Note 1 to the financial statements of Southern Company, Alabama Power, and Georgia Power 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 obligated to make generation-based payments to the seller over a period ranging from 10 to 30 years, beginning at the commercial operation date. 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, and is evaluated periodically. 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. "Other investments" include investments that are not traded in the open market. The fair value of these investments has been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. |
Earnings per Share | Earnings per Share For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. |
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 (C) for additional information. In the statements of cash flows, the cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. The 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. Energy-Related Derivatives Southern Company, 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 is expected to continue to mitigate price volatility. The Florida PSC extended the moratorium on Gulf Power's fuel-hedging program through January 1, 2021 in connection with the 2017 Rate Case Settlement Agreement. The moratorium does not have an impact on the recovery of existing hedges entered into under the previously-approved hedging program. 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 the statements of income. Energy-related derivative contracts are accounted for under one of three methods: • Regulatory Hedges — Energy-related derivative contracts which are 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 OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. • 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. Interest Rate Derivatives Southern Company and certain subsidiaries may also 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 effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. 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, providing an offset, with any difference representing ineffectiveness. 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. |
Introduction (Tables)
Introduction (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | At June 30, 2017 and December 31, 2016, goodwill was as follows: Goodwill At June 30, 2017 At December 31, 2016 (in millions) Southern Company $ 6,271 $ 6,251 Southern Power $ 2 $ 2 Southern Company Gas Gas distribution operations $ 4,702 $ 4,702 Gas marketing services 1,265 1,265 Southern Company Gas total $ 5,967 $ 5,967 |
Schedule of Goodwill and Other Intangible Assets | Other intangible assets were as follows: At June 30, 2017 At December 31, 2016 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 $ 288 $ (57 ) $ 231 $ 268 $ (32 ) $ 236 Trade names 159 (11 ) 148 158 (5 ) 153 Patents 4 — 4 4 — 4 Backlog 5 (1 ) 4 5 (1 ) 4 Storage and transportation contracts 64 (21 ) 43 64 (2 ) 62 Software and other 4 (1 ) 3 2 — 2 PPA fair value adjustments 456 (35 ) 421 456 (22 ) 434 Total other intangible assets subject to amortization $ 980 $ (126 ) $ 854 $ 957 $ (62 ) $ 895 Other intangible assets not subject to amortization: Federal Communications Commission licenses $ 75 $ — $ 75 $ 75 $ — $ 75 Total other intangible assets $ 1,055 $ (126 ) $ 929 $ 1,032 $ (62 ) $ 970 Southern Power Other intangible assets subject to amortization: PPA fair value adjustments $ 456 $ (35 ) $ 421 $ 456 $ (22 ) $ 434 Southern Company Gas Other intangible assets subject to amortization: Gas marketing services Customer relationships $ 221 $ (53 ) $ 168 $ 221 $ (30 ) $ 191 Trade names 115 (6 ) 109 115 (2 ) 113 Wholesale gas services Storage and transportation contracts 64 (21 ) 43 64 (2 ) 62 Total other intangible assets subject to amortization $ 400 $ (80 ) $ 320 $ 400 $ (34 ) $ 366 |
Finite-lived Intangible Assets Amortization Expense | Amortization associated with other intangible assets was as follows: Three Months Ended Six Months Ended June 30, 2017 (in millions) Southern Company $ 29 $ 65 Southern Power $ 6 $ 13 Southern Company Gas $ 20 $ 46 |
Contingencies and Regulatory 23
Contingencies and Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Revised Cost and Schedule | Georgia Power's preliminary assessment results indicate that its proportionate share of the remaining estimated cost to complete Plant Vogtle Units 3 and 4 ranges as follows: Preliminary in-service dates Unit 3 February 2021 – March 2022 Unit 4 February 2022 – March 2023 (in billions) Preliminary estimated cost to complete $ 3.9 – $ 4.6 CWIP as of June 30, 2017 4.5 4.5 Guarantee Obligations (1.7 ) (1.7 ) Estimated capital costs $ 6.7 – $ 7.4 Vogtle Cost Settlement Agreement Revised Forecast (5.7 ) (5.7 ) Estimated net additional capital costs $ 1.0 – $ 1.7 Preliminary Cancellation Cost Estimate (in billions) CWIP as of June 30, 2017 $ 4.5 Financing costs collected, net of tax 1.4 Cancellation costs (*) 0.4 Total $ 6.3 (*) The estimate for cancellation costs includes, but is not limited to, costs to terminate contracts for construction and other services, as well as costs to secure the Plant Vogtle Units 3 and 4 construction site. |
Recovery Balance of Each Regulatory Clause | The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Line Item June 30, December 31, (in millions) Rate CNP Compliance (*) Deferred under recovered regulatory clause revenues $ 6 $ 9 Rate CNP PPA Over recovered regulatory clause revenues 1 — Deferred under recovered regulatory clause revenues — 142 Retail Energy Cost Recovery Other regulatory liabilities, current 11 76 Natural Disaster Reserve Other regulatory liabilities, deferred 56 69 (*) In accordance with an accounting order issued on February 17, 2017 by the Alabama PSC, Alabama Power reclassified $36 million of its under recovered balance for Rate CNP Compliance to a deferred regulatory asset account. The balance of each regulatory clause recovery on the balance sheet follows: Regulatory Clause Balance Sheet Line Item June 30, December 31, (in millions) Fuel Cost Recovery Under recovered regulatory clause revenues $ 7 $ — Fuel Cost Recovery Other regulatory liabilities, current — 15 Purchased Power Capacity Recovery Under recovered regulatory clause revenues 5 — Environmental Cost Recovery Under recovered regulatory clause revenues 12 13 Energy Conservation Cost Recovery Under recovered regulatory clause revenues 2 4 |
Current And Actual Cost Estimate | Mississippi Power's Kemper IGCC 2010 project estimate, cost estimate at the time of project suspension (which includes the impacts of the Mississippi Supreme Court's (Court) decision discussed herein under "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order"), and actual costs incurred as of June 30, 2017 , all of which include 100% of the costs for the Kemper IGCC, are as follows: Cost Category 2010 Project Estimate (a) Cost Estimate at Suspension (b) June 30, 2017 Actual Costs (in billions) Plant Subject to Cost Cap (c)(e) $ 2.40 $ 5.95 $ 5.68 Lignite Mine and Equipment 0.21 0.23 0.23 CO 2 Pipeline Facilities 0.14 0.11 0.11 AFUDC (d) 0.17 0.85 0.85 Combined Cycle and Related Assets Placed in (e) — 0.05 0.05 General Exceptions 0.05 0.10 0.08 Deferred Costs (e) — 0.23 0.23 Additional DOE Grants (f) — (0.14 ) (0.14 ) Total Kemper IGCC $ 2.97 $ 7.38 $ 7.09 (a) Represents the certificated cost estimate adjusted to include the certificated estimate for the CO 2 pipeline facilities approved in 2011 by the Mississippi PSC, as well as the lignite mine and equipment, AFUDC, and general exceptions. (b) Represents actual costs through June 30, 2017 and projected costs at the time of project suspension, including estimated post-in-service costs which were expected to be subject to the cost cap. (c) The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion , net of the Initial DOE Grants and excluding the cost of the lignite mine and equipment, the cost of the CO 2 pipeline facilities, AFUDC, and certain general exceptions, including change of law, force majeure, and beneficial capital (which exists when Mississippi Power demonstrates that the purpose and effect of the construction cost increase is to produce efficiencies that will result in a neutral or favorable effect on customers relative to the original proposal for the CPCN) (Cost Cap Exceptions). The Cost Estimate at Suspension and the Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See " Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order " herein for additional information. (d) Mississippi Power's 2010 Project Estimate included recovery of financing costs during construction rather than the accrual of AFUDC. This approach was not approved by the Mississippi PSC as described in " Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order ." The Cost Estimate at Suspension also reflects the impact of a settlement agreement with the wholesale customers for cost-based rates under FERC's jurisdiction. See " FERC Matters " herein for additional information. (e) Non-capital Kemper IGCC-related costs incurred during construction were initially deferred as regulatory assets. Some of these costs are included in current rates and are being recognized through income; however, such costs remained in the Cost Estimate at Suspension and are reflected in the Actual Costs at June 30, 2017 . The equity return associated with assets placed in service and other non-CWIP accounts deferred for regulatory purposes, as well as the wholesale portion of debt carrying costs, whether deferred or recognized through income, was not included in the Cost Estimate at Suspension or in the Actual Costs at June 30, 2017 . At June 30, 2017, such deferred amounts totaled $33 million and $1 million , respectively. (f) On April 8, 2016, Mississippi Power received approximately $137 million in additional grants from the DOE for the Kemper IGCC (Additional DOE Grants). |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | As of June 30, 2017 , 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 June 30, 2017: 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) $ 193 $ 179 $ — $ — $ 372 Interest rate derivatives — 11 — — 11 Foreign currency derivatives — 56 — — 56 Nuclear decommissioning trusts (c) 728 966 — 25 1,719 Cash equivalents 834 — — — 834 Other investments 9 — 1 — 10 Total $ 1,764 $ 1,212 $ 1 $ 25 $ 3,002 Liabilities: Energy-related derivatives (a)(b) $ 205 $ 161 $ — $ — $ 366 Interest rate derivatives — 23 — — 23 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 20 — 20 Total $ 205 $ 207 $ 20 $ — $ 432 Alabama Power Assets: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Nuclear decommissioning trusts: (d) Domestic equity 411 79 — — 490 Foreign equity 56 54 — — 110 U.S. Treasury and government agency securities — 29 — — 29 Corporate bonds 22 145 — — 167 Mortgage and asset backed securities — 18 — — 18 Private Equity — — — 25 25 Other — 6 — — 6 Cash equivalents 493 — — — 493 Total $ 982 $ 340 $ — $ 25 $ 1,347 Liabilities: Energy-related derivatives $ — $ 11 $ — $ — $ 11 Fair Value Measurements Using: As of June 30, 2017: 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) Georgia Power Assets: Energy-related derivatives $ — $ 15 $ — $ — $ 15 Interest rate derivatives — 1 — — 1 Nuclear decommissioning trusts: (d) (e) Domestic equity 225 1 — — 226 Foreign equity — 147 — — 147 U.S. Treasury and government agency securities — 198 — — 198 Municipal bonds — 72 — — 72 Corporate bonds — 169 — — 169 Mortgage and asset backed securities — 41 — — 41 Other 14 7 — — 21 Cash equivalents 50 — — — 50 Total $ 289 $ 651 $ — $ — $ 940 Liabilities: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Interest rate derivatives — 3 — — 3 Total $ — $ 17 $ — $ — $ 17 Gulf Power Assets: Energy-related derivatives $ — $ 1 $ — $ — $ 1 Cash equivalents 21 — — — 21 Total $ 21 $ 1 $ — $ — $ 22 Liabilities: Energy-related derivatives $ — $ 29 $ — $ — $ 29 Mississippi Power Assets: Energy-related derivatives $ — $ 2 $ — $ — $ 2 Interest rate derivatives — 3 — — 3 Cash equivalents 100 — — — 100 Total $ 100 $ 5 $ — $ — $ 105 Liabilities: Energy-related derivatives $ — $ 10 $ — $ — $ 10 Fair Value Measurements Using: As of June 30, 2017: 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 Power Assets: Energy-related derivatives $ — $ 14 $ — $ — $ 14 Foreign currency derivatives — 56 — — 56 Total $ — $ 70 $ — $ — $ 70 Liabilities: Energy-related derivatives $ — $ 9 $ — $ — $ 9 Foreign currency derivatives — 23 — — 23 Contingent consideration — — 20 — 20 Total $ — $ 32 $ 20 $ — $ 52 Southern Company Gas Assets: Energy-related derivatives (a)(b) $ 193 $ 138 $ — $ — $ 331 Liabilities: Energy-related derivatives (a)(b) $ 205 $ 86 $ — $ — $ 291 (a) Excludes $11 million associated with certain weather derivatives accounted for based on intrinsic value rather than fair value. (b) Excludes cash collateral of $71 million . (c) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. (d) Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. (e) Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of June 30, 2017 , approximately $38 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. |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | As of June 30, 2017 , the fair value measurements of private equity investments held in the nuclear decommissioning trust that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows: As of June 30, 2017: Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period (in millions) Southern Company $ 25 $ 22 Not Applicable Not Applicable Alabama Power $ 25 $ 22 Not Applicable Not Applicable |
Financial instruments for which carrying amount did not equal fair value | As of June 30, 2017 , other financial instruments for which the carrying amount did not equal fair value were as follows: Carrying Amount Fair Value (in millions) Long-term debt, including securities due within one year: Southern Company $ 46,631 $ 48,228 Alabama Power $ 7,440 $ 8,041 Georgia Power $ 10,888 $ 11,585 Gulf Power $ 1,292 $ 1,336 Mississippi Power $ 2,125 $ 2,071 Southern Power $ 5,725 $ 5,878 Southern Company Gas $ 5,699 $ 6,031 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Earnings per Share | Shares used to compute diluted earnings per share were as follows: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) As reported shares 998 934 996 925 Effect of options and performance share award units 7 6 7 6 Diluted shares 1,005 940 1,003 931 |
Changes in Stockholders' Equity | The following table presents year-to-date changes in stockholders' equity of Southern Company: Number of Common Shares Common Preferred and Preference Stock of Subsidiaries Total Issued Treasury Noncontrolling Interests (*) (in thousands) (in millions) Balance at December 31, 2016 991,213 (819 ) $ 24,758 $ 609 $ 1,245 $ 26,612 Consolidated net income (loss) attributable to Southern Company — — (723 ) — — (723 ) Other comprehensive income (loss) — — (11 ) — — (11 ) Stock issued 9,129 — 417 — — 417 Stock-based compensation — — 72 — — 72 Cash dividends on common stock — — (1,134 ) — — (1,134 ) Preference stock redemption — — — (150 ) — (150 ) Contributions from noncontrolling interests — — — 71 71 Distributions to noncontrolling interests — — — — (40 ) (40 ) Net income attributable to noncontrolling interests — — — — 16 16 Reclassification from redeemable noncontrolling interests — — — — 114 114 Other — (49 ) (7 ) 3 1 (3 ) Balance at June 30, 2017 1,000,342 (868 ) $ 23,372 $ 462 $ 1,407 $ 25,241 Balance at December 31, 2015 915,073 (3,352 ) $ 20,592 $ 609 $ 781 $ 21,982 Consolidated net income attributable to Southern Company — — 1,112 — — 1,112 Other comprehensive income (loss) — — (117 ) — — (117 ) Stock issued 27,297 2,599 1,383 — — 1,383 Stock-based compensation — — 67 — — 67 Cash dividends on common stock — — (1,023 ) — — (1,023 ) Contributions from noncontrolling interests — — — — 169 169 Distributions to noncontrolling interests — — — — (10 ) (10 ) Purchase of membership interests from noncontrolling interests — — — — (129 ) (129 ) Net income attributable to noncontrolling interests — — — — 11 11 Other — (19 ) 1 — — 1 Balance at June 30, 2016 942,370 (772 ) $ 22,015 $ 609 $ 822 $ 23,446 (*) Related to Southern Power Company and excludes redeemable noncontrolling interests. In April 2017, approximately $114 million was reclassified from redeemable noncontrolling interests to noncontrolling interests, included in stockholder's equity, due to the expiration of SunPower Corp's option to require Southern Power to purchase its membership interests in one of the solar partnerships. See Note 10 to the financial statements of Southern Power in Item 8 of the Form 10-K for additional information. |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Credit arrangements by company | The following table outlines the committed credit arrangements by company as of June 30, 2017 : Expires Executable Term Loans Expires Within One Year Company 2017 2018 2019 2020 2022 Total Unused One Year Two Years Term Out No Term Out (in millions) Southern Company (a) $ — $ — $ — $ — $ 2,000 $ 2,000 $ 2,000 $ — $ — $ — $ — Alabama Power 3 532 — — 800 1,335 1,335 — — — 35 Georgia Power — — — — 1,750 1,750 1,732 — — — — Gulf Power 30 195 25 30 — 280 280 45 — — 40 Mississippi Power 113 — — — — 113 100 — 13 13 100 Southern Power Company — — — — 750 750 675 — — — — Southern Company Gas (b) — — — — 1,900 1,900 1,849 — — — — Other 10 30 — — — 40 40 20 — 20 20 Southern Company Consolidated $ 156 $ 757 $ 25 $ 30 $ 7,200 $ 8,168 $ 8,011 $ 65 $ 13 $ 33 $ 195 (a) Represents the Southern Company parent entity. (b) Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $1.2 billion of these arrangements. Southern Company Gas' committed credit arrangements also include $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. |
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 six months of 2017 : Company Senior Note Issuances Senior Note Maturities and Redemptions Revenue Bond Other Long-Term Debt Issuances Other Long-Term Debt Redemptions and Maturities (a) (in millions) Southern Company (b) $ 300 $ — $ — $ 500 $ 400 Alabama Power 550 200 — — — Georgia Power 850 450 27 — 3 Gulf Power 300 85 — 6 — Mississippi Power — — — 40 893 Southern Power — — — 3 3 Southern Company Gas (c) 450 — — — — Other — — — — 8 Elimination (d) — — — (40 ) (591 ) Southern Company Consolidated $ 2,450 $ 735 $ 27 $ 509 $ 716 (a) Includes reductions in capital lease obligations resulting from cash payments under capital leases. (b) Represents the Southern Company parent entity. (c) The senior notes were issued by Southern Company Gas Capital and guaranteed by the Southern Company Gas parent entity. (d) Intercompany loans from Southern Company to Mississippi Power eliminated in Southern Company's Consolidated Financial Statements. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three and six months ended June 30, 2017 and 2016 are presented in the following tables. Pension Plans Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended June 30, 2017 Service cost $ 74 $ 16 $ 18 $ 4 $ 3 Interest cost 113 24 35 5 5 Expected return on plan assets (225 ) (49 ) (70 ) (9 ) (10 ) Amortization: Prior service costs 3 — 1 — 1 Net (gain)/loss 41 11 14 1 2 Net periodic pension cost (income) $ 6 $ 2 $ (2 ) $ 1 $ 1 Six Months Ended June 30, 2017 Service cost $ 147 $ 32 $ 37 $ 7 $ 7 Interest cost 227 48 69 10 10 Expected return on plan assets (449 ) (98 ) (141 ) (19 ) (20 ) Amortization: Prior service costs 6 1 2 — 1 Net (gain)/loss 81 21 28 3 4 Net periodic pension cost (income) $ 12 $ 4 $ (5 ) $ 1 $ 2 Three Months Ended June 30, 2016 Service cost $ 62 $ 15 $ 18 $ 3 $ 3 Interest cost 101 24 34 4 5 Expected return on plan assets (187 ) (46 ) (65 ) (8 ) (8 ) Amortization: Prior service costs 3 — 2 1 — Net (gain)/loss 37 10 13 1 1 Net periodic pension cost $ 16 $ 3 $ 2 $ 1 $ 1 Six Months Ended June 30, 2016 Service cost $ 124 $ 29 $ 35 $ 6 $ 6 Interest cost 201 48 68 9 10 Expected return on plan assets (374 ) (92 ) (129 ) (17 ) (17 ) Amortization: Prior service costs 7 1 3 1 — Net (gain)/loss 75 20 27 3 3 Net periodic pension cost $ 33 $ 6 $ 4 $ 2 $ 2 Pension Plans Southern Company Gas (in millions) Successor – Three Months Ended June 30, 2017 Service cost $ 5 Interest cost 10 Expected return on plan assets (17 ) Amortization: Prior service costs (1 ) Net (gain)/loss 5 Net periodic pension cost $ 2 Successor – Six Months Ended June 30, 2017 Service cost $ 11 Interest cost 20 Expected return on plan assets (35 ) Amortization: Prior service costs (1 ) Net (gain)/loss 10 Net periodic pension cost $ 5 Predecessor – Three Months Ended June 30, 2016 Service cost $ 7 Interest cost 11 Expected return on plan assets (17 ) Amortization: Prior service costs (1 ) Net (gain)/loss 7 Net periodic pension cost $ 7 Predecessor – Six Months Ended June 30, 2016 Service cost $ 13 Interest cost 21 Expected return on plan assets (33 ) Amortization: Prior service costs (1 ) Net (gain)/loss 13 Net periodic pension cost $ 13 Postretirement Benefits Southern Company Alabama Power Georgia Power Gulf Power Mississippi Power (in millions) Three Months Ended June 30, 2017 Service cost $ 6 $ 2 $ 1 $ 1 $ 1 Interest cost 20 4 8 — 1 Expected return on plan assets (17 ) (8 ) (6 ) (1 ) (1 ) Amortization: Prior service costs 1 1 1 — — Net (gain)/loss 5 1 1 — — Net periodic postretirement benefit cost $ 15 $ — $ 5 $ — $ 1 Six Months Ended June 30, 2017 Service cost $ 12 $ 3 $ 3 $ 1 $ 1 Interest cost 40 9 15 1 2 Expected return on plan assets (33 ) (14 ) (12 ) (1 ) (1 ) Amortization: Prior service costs 3 2 1 — — Net (gain)/loss 7 1 3 — — Net periodic postretirement benefit cost $ 29 $ 1 $ 10 $ 1 $ 2 Three Months Ended June 30, 2016 Service cost $ 6 $ 2 $ 1 $ 1 $ 1 Interest cost 17 4 7 — 1 Expected return on plan assets (14 ) (7 ) (5 ) (1 ) (1 ) Amortization: Prior service costs 1 1 1 — — Net (gain)/loss 4 1 2 — — Net periodic postretirement benefit cost $ 14 $ 1 $ 6 $ — $ 1 Six Months Ended June 30, 2016 Service cost $ 11 $ 3 $ 3 $ 1 $ 1 Interest cost 35 9 15 1 2 Expected return on plan assets (28 ) (13 ) (11 ) (1 ) (1 ) Amortization: Prior service costs 3 2 1 — — Net (gain)/loss 7 1 4 — — Net periodic postretirement benefit cost $ 28 $ 2 $ 12 $ 1 $ 2 Postretirement Benefits Southern Company Gas (in millions) Successor – Three Months Ended June 30, 2017 Service cost $ — Interest cost 2 Expected return on plan assets (1 ) Amortization: Prior service costs — Net (gain)/loss 1 Net periodic postretirement benefit cost $ 2 Successor – Six Months Ended June 30, 2017 Service cost $ 1 Interest cost 5 Expected return on plan assets (3 ) Amortization: Prior service costs (1 ) Net (gain)/loss 2 Net periodic postretirement benefit cost $ 4 Predecessor – Three Months Ended June 30, 2016 Service cost $ — Interest cost 2 Expected return on plan assets (1 ) Amortization: Prior service costs — Net (gain)/loss 1 Net periodic postretirement benefit cost $ 2 Predecessor – Six Months Ended June 30, 2016 Service cost $ 1 Interest cost 5 Expected return on plan assets (3 ) Amortization: Prior service costs (1 ) Net (gain)/loss 2 Net periodic postretirement benefit cost $ 4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance | At June 30, 2017 , valuation allowances were as follows: Mississippi Power Southern Company Gas Southern Company (in millions) Federal $ — $ 18 $ 18 State (net of federal benefit) 46 1 63 Balance at June 30, 2017 $ 46 $ 19 $ 81 |
Change in Unrecognized Tax Benefits | Changes during the six months ended June 30, 2017 for unrecognized tax benefits were as follows: Mississippi Power Southern Power Southern Company (in millions) Unrecognized tax benefits as of December 31, 2016 $ 465 $ 17 $ 484 Tax positions from current periods 3 1 10 Tax positions from prior periods — 1 7 Balance as of June 30, 2017 $ 468 $ 19 $ 501 |
Impact on Effective Tax Rate, If Recognized | The impact on the effective tax rate, if recognized, is as follows: As of June 30, 2017 As of December 31, 2016 Mississippi Power Southern Power Southern Company Southern Company (in millions) Tax positions impacting the effective tax rate $ 4 $ 19 $ 37 $ 20 Tax positions not impacting the effective tax rate 464 — 464 464 Balance of unrecognized tax benefits $ 468 $ 19 $ 501 $ 484 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of energy-related derivatives | At June 30, 2017 , the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, 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 (*) 472 2021 2024 Alabama Power 70 2020 — Georgia Power 160 2020 — Gulf Power 35 2020 — Mississippi Power 41 2021 — Southern Power 25 2017 — Southern Company Gas (*) 141 2019 2024 (*) Southern Company's and 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 3.5 billion mmBtu and short natural gas positions of 3.4 billion mmBtu as of June 30, 2017 , which is also included in Southern Company's total volume. |
Schedule of interest rate derivatives | At June 30, 2017 , the following interest rate derivatives were outstanding: Notional Amount Interest Rate Received Weighted Average Interest Rate Paid Hedge Maturity Date Fair Value (in millions) (in millions) Cash Flow Hedges of Existing Debt Mississippi Power $ 900 1-month 0.79% March 2018 $ 3 Fair Value Hedges of Existing Debt Southern Company (*) 250 1.30% 3-month August 2017 — Southern Company (*) 300 2.75% 3-month June 2020 1 Southern Company (*) 1,500 2.35% 1-month July 2021 (14 ) Georgia Power 250 5.40% 3-month June 2018 — Georgia Power 500 1.95% 3-month December 2018 (2 ) Georgia Power 200 4.25% 3-month December 2019 1 Southern Company Consolidated $ 3,900 $ (11 ) (*) Represents the Southern Company parent entity. |
Schedule of foreign currency derivatives | At June 30, 2017 , the following foreign currency derivatives were outstanding: Pay Notional Pay Rate Receive Notional Receive Rate Hedge Fair Value (in millions) (in millions) (in millions) Cash Flow Hedges of Existing Debt Southern Power $ 677 2.95% € 600 1.00% June 2022 $ 18 Southern Power 564 3.78% 500 1.85% June 2026 15 Total $ 1,241 € 1,100 $ 33 |
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 June 30, 2017 As of December 31, 2016 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/Liabilities from risk management activities, net of collateral $ 23 $ 35 $ 73 $ 27 Other deferred charges and assets/Other deferred credits and liabilities 8 31 25 33 Total derivatives designated as hedging instruments for regulatory purposes $ 31 $ 66 $ 98 $ 60 Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Liabilities from risk management activities, net of collateral $ 13 $ 10 $ 23 $ 7 Interest rate derivatives: Other current assets/Liabilities from risk management activities, net of collateral 11 1 12 1 Other deferred charges and assets/Other deferred credits and liabilities — 22 1 28 Foreign currency derivatives: Other current assets/Liabilities from risk management activities, net of collateral — 23 — 25 Other deferred charges and assets/Other deferred credits and liabilities 56 — — 33 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 80 $ 56 $ 36 $ 94 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Liabilities from risk management activities, net of collateral $ 237 $ 202 $ 489 $ 483 Other deferred charges and assets/Other deferred credits and liabilities 102 86 66 81 Interest rate derivatives: Other current assets/Liabilities from risk management activities, net of collateral — — 1 — Total derivatives not designated as hedging instruments $ 339 $ 288 $ 556 $ 564 Gross amounts recognized $ 450 $ 410 $ 690 $ 718 Gross amounts offset (*) $ (219 ) $ (290 ) $ (462 ) $ (524 ) Net amounts recognized in the Balance Sheets $ 231 $ 120 $ 228 $ 194 As of June 30, 2017 As of December 31, 2016 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/Liabilities from risk management activities $ 7 $ 7 $ 13 $ 5 Other deferred charges and assets/Other deferred credits and liabilities 2 4 7 4 Total derivatives designated as hedging instruments for regulatory purposes $ 9 $ 11 $ 20 $ 9 Gross amounts recognized $ 9 $ 11 $ 20 $ 9 Gross amounts offset $ (6 ) $ (6 ) $ (8 ) $ (8 ) Net amounts recognized in the Balance Sheets $ 3 $ 5 $ 12 $ 1 Georgia Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 10 $ 4 $ 30 $ 1 Other deferred charges and assets/Other deferred credits and liabilities 5 10 14 7 Total derivatives designated as hedging instruments for regulatory purposes $ 15 $ 14 $ 44 $ 8 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ 1 $ 1 $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities — 2 — 3 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 1 $ 3 $ 2 $ 3 Gross amounts recognized $ 16 $ 17 $ 46 $ 11 Gross amounts offset $ (9 ) $ (9 ) $ (8 ) $ (8 ) Net amounts recognized in the Balance Sheets $ 7 $ 8 $ 38 $ 3 Gulf Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Liabilities from risk management activities $ 1 $ 16 $ 4 $ 12 Other deferred charges and assets/Other deferred credits and liabilities — 13 1 17 Total derivatives designated as hedging instruments for regulatory purposes $ 1 $ 29 $ 5 $ 29 Gross amounts recognized $ 1 $ 29 $ 5 $ 29 Gross amounts offset $ (1 ) $ (1 ) $ (4 ) $ (4 ) Net amounts recognized in the Balance Sheets $ — $ 28 $ 1 $ 25 As of June 30, 2017 As of December 31, 2016 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Mississippi Power Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 6 $ 2 $ 6 Other deferred charges and assets/Other deferred credits and liabilities 1 4 2 5 Total derivatives designated as hedging instruments for regulatory purposes $ 2 $ 10 $ 4 $ 11 Derivatives designated as hedging instruments in cash flow and fair value hedges Interest rate derivatives: Other current assets/Other current liabilities $ 3 $ — $ 2 $ — Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 3 $ — $ 3 $ — Gross amounts recognized $ 5 $ 10 $ 7 $ 11 Gross amounts offset $ (2 ) $ (2 ) $ (3 ) $ (3 ) Net amounts recognized in the Balance Sheets $ 3 $ 8 $ 4 $ 8 Southern Power Derivatives designated as hedging instruments in cash flow and fair value hedges Energy-related derivatives: Other current assets/Other current liabilities $ 13 $ 8 $ 18 $ 4 Foreign currency derivatives: Other current assets/Other current liabilities — 23 — 25 Other deferred charges and assets/Other deferred credits and liabilities 56 — — 33 Total derivatives designated as hedging instruments in cash flow and fair value hedges $ 69 $ 31 $ 18 $ 62 Derivatives not designated as hedging instruments Energy-related derivatives: Other current assets/Other current liabilities $ 1 $ 1 $ 3 $ 1 Interest rate derivatives: Other current assets/Other current liabilities — — 1 — Total derivatives not designated as hedging instruments $ 1 $ 1 $ 4 $ 1 Gross amounts recognized $ 70 $ 32 $ 22 $ 63 Gross amounts offset $ (2 ) $ (2 ) $ (5 ) $ (5 ) Net amounts recognized in the Balance Sheets $ 68 $ 30 $ 17 $ 58 As of June 30, 2017 As of December 31, 2016 Derivative Category and Balance Sheet Location Assets Liabilities Assets Liabilities (in millions) (in millions) Southern Company Gas Derivatives designated as hedging instruments for regulatory purposes Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 4 $ 2 $ 24 $ 3 Other deferred charges and assets/Other deferred credits and liabilities — — 1 — Total derivatives designated as hedging instruments for regulatory purposes $ 4 $ 2 $ 25 $ 3 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 $ — $ 2 $ 4 $ 3 Derivatives not designated as hedging instruments Energy-related derivatives: Assets from risk management activities/Liabilities from risk management activities-current $ 236 $ 201 $ 486 $ 482 Other deferred charges and assets/Other deferred credits and liabilities 102 86 66 81 Total derivatives not designated as hedging instruments $ 338 $ 287 $ 552 $ 563 Gross amounts of recognized $ 342 $ 291 $ 581 $ 569 Gross amounts offset (*) $ (196 ) $ (267 ) $ (435 ) $ (497 ) Net amounts recognized in the Balance Sheets $ 146 $ 24 $ 146 $ 72 (*) Gross amounts offset include cash collateral held on deposit in broker margin accounts of $71 million and $62 million as of June 30, 2017 and December 31, 2016 , respectively. |
Pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments | At June 30, 2017 and December 31, 2016 , 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 June 30, 2017 Derivative Category and Balance Sheet Location Southern Company (b) Alabama Power Georgia Power Gulf Power Mississippi Power Southern Company Gas (b) (in millions) Energy-related derivatives: Other regulatory assets, current $ (24 ) $ (3 ) $ — $ (15 ) $ (5 ) $ (1 ) Other regulatory assets, deferred (23 ) (2 ) (5 ) (13 ) (3 ) — Other regulatory liabilities, current (a) 13 3 6 — — 4 Total energy-related derivative gains (losses) $ (34 ) $ (2 ) $ 1 $ (28 ) $ (8 ) $ 3 (a) Georgia Power includes other regulatory liabilities, current in other current liabilities. (b) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $ 1 million at June 30, 2017 . Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet at December 31, 2016 Derivative Category and Balance Sheet Location Southern Company (c) Alabama Power Georgia Power Gulf Power Mississippi Power Southern Company Gas (c) (in millions) Energy-related derivatives: Other regulatory assets, current $ (16 ) $ (1 ) $ — $ (9 ) $ (5 ) $ (1 ) Other regulatory assets, deferred (19 ) — — (16 ) (3 ) — Other regulatory liabilities, current (a) 56 8 29 1 1 17 Other regulatory liabilities, deferred (b) 12 4 7 — — 1 Total energy-related derivative gains (losses) $ 33 $ 11 $ 36 $ (24 ) $ (7 ) $ 17 (a) Georgia Power includes other regulatory liabilities, current in other current liabilities. (b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. (c) Fair value gains and losses recorded in regulatory assets and liabilities include cash collateral held on deposit in broker margin accounts of $ 8 million at December 31, 2016 . |
Pre-tax effects of interest rate derivatives, designated as cash flow hedging instruments | For the three months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives, interest rate derivatives, and foreign currency derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Statements of Income Location Amount 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy-related derivatives $ (9 ) $ — Depreciation and amortization $ (2 ) $ — Interest rate derivatives (1 ) 6 Interest expense, net of amounts capitalized (5 ) (4 ) Foreign currency derivatives 71 (39 ) Interest expense, net of amounts capitalized (5 ) (1 ) Other income (expense), net (*) 79 (20 ) Total $ 61 $ (33 ) $ 67 $ (25 ) Alabama Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (2 ) $ (2 ) Georgia Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Gulf Power Interest rate derivatives $ (1 ) $ (2 ) Interest expense, net of amounts capitalized $ — $ — Southern Power Energy-related derivatives $ (7 ) $ — Depreciation and amortization $ (2 ) $ — Foreign currency derivatives 71 (39 ) Interest expense, net of amounts capitalized (5 ) (1 ) Other income (expense), net (*) 79 (20 ) Total $ 64 $ (39 ) $ 72 $ (21 ) (*) 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 Southern Company Gas, the pre-tax effect of energy related derivatives and interest rate derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings for the successor three months ended June 30, 2017 and the predecessor three months ended June 30, 2016 were as follows: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Successor Predecessor Successor Predecessor Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Statements of Income Location Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Energy-related derivatives $ (2 ) $ — Cost of natural gas $ — $ (1 ) Interest rate derivatives — (19 ) Interest expense, net of amounts capitalized — (1 ) Total $ (2 ) $ (19 ) $ — $ (2 ) For the six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives, interest rate derivatives, and foreign currency derivatives designated as cash flow hedging instruments were as follows: Derivatives in Cash Flow Gain (Loss) Gain (Loss) Reclassified from Accumulated OCI into Statements of Income Location Amount 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy-related derivatives $ (20 ) $ — Depreciation and amortization $ (6 ) $ — Interest rate derivatives (1 ) (184 ) Interest expense, net of amounts capitalized (10 ) (7 ) Foreign currency derivatives 67 (39 ) Interest expense, net of amounts capitalized (12 ) (1 ) Other income (expense), net (*) 96 (20 ) Total $ 46 $ (223 ) $ 68 $ (28 ) Alabama Power Interest rate derivatives $ — $ (4 ) Interest expense, net of amounts capitalized $ (3 ) $ (3 ) Georgia Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (3 ) $ (2 ) Gulf Power Energy-related derivatives $ (1 ) $ — Depreciation and amortization $ — $ — Interest rate derivatives (1 ) (7 ) Interest expense, net of amounts capitalized — — Total $ (2 ) $ (7 ) $ — $ — Mississippi Power Interest rate derivatives $ — $ — Interest expense, net of amounts capitalized $ (1 ) $ (1 ) Southern Power Energy-related derivatives $ (15 ) $ — Depreciation and amortization $ (6 ) $ — Interest rate derivatives — — Interest expense, net of amounts capitalized — (1 ) Foreign currency derivatives 67 (39 ) Interest expense, net of amounts capitalized (12 ) (1 ) Other income (expense), net (*) 96 (20 ) Total $ 52 $ (39 ) $ 78 $ (22 ) (*) 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 Southern Company Gas, the pre-tax effect of energy related derivatives and interest rate derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings for the successor six months ended June 30, 2017 and the predecessor six months ended June 30, 2016 were as follows: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Successor Predecessor Successor Predecessor Derivatives in Cash Flow Hedging Relationships Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Statements of Income Location Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Energy-related derivatives $ (4 ) $ — Cost of natural gas $ — $ (1 ) Interest rate derivatives — (64 ) Interest expense, net of amounts capitalized — — Total $ (4 ) $ (64 ) $ — $ (1 ) |
Pre tax effect of interest rate and energy related derivatives | For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of energy-related derivatives and interest rate derivatives not designated as hedging instruments on the statements of income were as follows: Gain (Loss) Three Months Ended Six Months Ended Derivatives in Non-Designated Hedging Relationships Statements of Income Location 2017 2016 2017 2016 (in millions) (in millions) Southern Company Energy Related derivatives: Natural gas revenues (*) $ 16 $ — $ 65 $ — Cost of natural gas (2 ) — (4 ) — Total derivatives in non-designated hedging relationships $ 14 $ — $ 61 $ — (*) Excludes gains (losses) recorded in cost of natural gas associated with weather derivatives of $1 million and $15 million for the three and six months ended June 30, 2017 , respectively. Gain (Loss) Successor Predecessor Successor Predecessor Derivatives in Non-Designated Hedging Relationships Statements of Income Location Three Months Ended Three Months Ended Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) Southern Company Gas Energy Related derivatives: Natural gas revenues (*) $ 16 $ (21 ) $ 65 $ (1 ) Cost of natural gas (2 ) (61 ) (4 ) (62 ) Total derivatives in non-designated hedging relationships $ 14 $ (82 ) $ 61 $ (63 ) (*) Excludes gains recorded in cost of natural gas associated with weather derivatives of $15 million for the successor six months ended June 30, 2017 and immaterial amounts for all other periods presented. |
Pre-tax effects of interest rate derivatives, designated as fair value hedging instruments | For the three and six months ended June 30, 2017 and 2016 , the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were as follows: Derivatives in Fair Value Hedging Relationships Gain (Loss) Three Months Ended June 30, Six Months Ended June 30, Derivative Category Statements of Income Location 2017 2016 2017 2016 (in millions) (in millions) Southern Company Interest rate derivatives: Interest expense, net of amounts capitalized $ 7 $ 4 $ (1 ) $ 24 Georgia Power Interest rate derivatives: Interest expense, net of amounts capitalized $ — $ — $ (1 ) $ 15 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following table presents the final purchase price allocation: PowerSecure Purchase Price (in millions) Current assets $ 172 Property, plant, and equipment 46 Intangible assets 106 Goodwill 284 Other assets 4 Current liabilities (121 ) Long-term debt, including current portion (48 ) Deferred credits and other liabilities (14 ) Total purchase price $ 429 The following table presents the final purchase price allocation: Southern Company Gas Purchase Price (in millions) Current assets $ 1,557 Property, plant, and equipment 10,108 Goodwill 5,967 Intangible assets 400 Regulatory assets 1,118 Other assets 229 Current liabilities (2,201 ) Other liabilities (4,742 ) Long-term debt (4,261 ) Noncontrolling interest (174 ) Total purchase price $ 8,001 During the six months ended June 30, 2017, in accordance with Southern Power's overall growth strategy, Southern Renewable Partnerships, LLC (SRP), one of Southern Power's wholly-owned subsidiaries, acquired the Bethel wind facility . Acquisition-related costs were expensed as incurred and were not material. Project Facility Resource Seller; Acquisition Date Approximate Nameplate Capacity ( MW ) Location Southern Power Percentage Ownership Actual COD PPA Contract Period Bethel Wind Invenergy, 276 Castro County, TX 100 % January 2017 12 years |
Business Acquisition, Pro Forma Information | The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Southern Company Gas was completed on January 1, 2015. The summarized unaudited pro forma consolidated statement of earnings information includes adjustments for (i) intercompany sales, (ii) amortization of intangible assets, (iii) adjustments to interest expense to reflect current interest rates on Southern Company Gas debt and additional interest expense associated with borrowings by Southern Company to fund the Merger, and (iv) the elimination of nonrecurring expenses associated with the Merger. For the Six Months Ended June 30, 2016 Operating revenues (in millions) $ 10,346 Net income attributable to Southern Company (in millions) $ 1,255 Basic Earnings Per Share (EPS) $ 1.34 Diluted EPS $ 1.33 |
Schedule of Construction Projects | During the six months ended June 30, 2017 , in accordance with its overall growth strategy, Southern Power completed construction of and placed in service, or continued construction of, the projects set forth in the following table. Through June 30, 2017 , total costs of construction incurred for these projects were $421 million , of which $49 million remained in CWIP for the Mankato facility acquired in 2016. Total aggregate construction costs, excluding the acquisition costs, are expected to be $170 million to $190 million for the Mankato facility. The ultimate outcome of this matter cannot be determined at this time. Project Facility Resource Approximate Nameplate Capacity ( MW ) Location Actual/Expected COD PPA Contract Period Projects Completed During the Six Months Ended June 30, 2017 East Pecos Solar 120 Pecos County, TX March 2017 15 years Lamesa Solar 102 Dawson County, TX April 2017 15 years Project Under Construction as of June 30, 2017 Mankato Natural Gas 345 Mankato, MN Second quarter 2019 20 years |
Joint Ownership Agreements (Tab
Joint Ownership Agreements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Regulated Operations [Abstract] | |
Equity Method Investments | Selected financial information of SNG for the three and six months ended June 30, 2017 is as follows: Income Statement Information Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (in millions) Revenues $ 143 $ 298 Operating income $ 63 $ 147 Net income $ 48 $ 114 The carrying amounts of Southern Company Gas' equity method investments as of June 30, 2017 and December 31, 2016 and related income from those investments for the successor three and six month periods ended June 30, 2017 and the predecessor three and six month periods ended June 30, 2016 were as follows: Balance Sheet Information June 30, 2017 December 31, 2016 (in millions) SNG $ 1,405 $ 1,394 Atlantic Coast Pipeline 53 33 PennEast Pipeline 45 22 Triton 43 44 Pivotal JAX LNG, LLC 32 16 Horizon Pipeline 31 30 Other 1 2 Total $ 1,610 $ 1,541 |
Schedule of Other Nonoperating Income, by Component | Successor Predecessor Successor Predecessor Income Statement Information Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (in millions) (in millions) (in millions) (in millions) SNG $ 24 $ — $ 58 $ — Triton 2 1 2 1 PennEast Pipeline 1 — 4 — Atlantic Coast Pipeline 2 — 3 — Horizon Pipeline — — 1 1 Total $ 29 $ 1 $ 68 $ 2 |
Segment and Related Informati32
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Financial data for business segments | Financial data for business segments and products and services for the three and six months ended June 30, 2017 and 2016 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 Operating revenues $ 4,157 $ 529 $ (101 ) $ 4,585 $ 716 $ 166 $ (37 ) $ 5,430 Segment net income (loss) (a)(b) (1,442 ) 82 — (1,360 ) 49 (68 ) (2 ) (1,381 ) Six Months Ended Operating revenues $ 7,943 $ 979 $ (206 ) $ 8,716 $ 2,276 $ 289 $ (79 ) $ 11,202 Segment net income (loss) (a)(b)(c) (1,010 ) 151 — (859 ) 288 (152 ) — (723 ) Total assets at June 30, 2017 $ 71,503 $ 14,703 $ (317 ) $ 85,889 $ 21,809 $ 2,348 $ (1,362 ) $ 108,684 Three Months Ended Operating revenues $ 4,115 $ 373 $ (109 ) $ 4,379 $ — $ 125 $ (45 ) $ 4,459 Segment net income (loss) (a)(b) 599 89 — 688 — (61 ) (4 ) 623 Six Months Ended Operating revenues $ 7,884 $ 688 $ (212 ) $ 8,360 $ — $ 172 $ (81 ) $ 8,451 Segment net income (loss) (a)(b) 1,064 139 — 1,203 — (84 ) (7 ) 1,112 Total assets at December 31, 2016 $ 72,141 $ 15,169 $ (316 ) $ 86,994 $ 21,853 $ 2,474 $ (1,624 ) $ 109,697 (a) Attributable to Southern Company. (b) Segment net income (loss) for the traditional electric operating companies includes pre-tax charges for estimated probable losses on the Kemper IGCC of $3.0 billion ( $2.1 billion after tax) and $81 million ( $50 million after tax) for the three months ended June 30, 2017 and 2016 , respectively, and $3.1 billion ( $2.2 billion after tax) and $134 million ( $83 million after tax) for the six months ended June 30, 2017 and 2016 , respectively. See Note (B) under " Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate " for additional information. (c) Segment net income (loss) for the traditional electric operating companies also includes a pre-tax charge for the write-down of Gulf Power's ownership of Plant Scherer Unit 3 of $33 million ( $20 million after tax) for the six months ended June 30, 2017 . See Note (B) under " Regulatory Matters – Gulf Power – Retail Base Rate Cases " for additional information. Business segment financial data for the successor three and six months ended June 30, 2017 and the predecessor three and six months ended June 30, 2016 was as follows: Gas Distribution Operations Gas Marketing Services Wholesale Gas Services (*) Gas Midstream Operations Total All Other Eliminations Consolidated (in millions) Successor – Three Months Ended June 30, 2017: Operating revenues $ 603 $ 166 $ (12 ) $ 12 $ 769 $ 3 $ (56 ) $ 716 Segment net income 54 4 (17 ) 9 50 (1 ) — 49 Successor – Six Months Ended June 30, 2017: Operating revenues $ 1,783 $ 454 $ 119 $ 37 $ 2,393 $ 5 $ (122 ) $ 2,276 Segment net income 171 35 51 25 282 6 — 288 Successor – Total assets at $ 18,257 $ 2,093 $ 989 $ 2,381 $ 23,720 $ 11,182 $ (13,093 ) $ 21,809 Gas Distribution Operations Gas Marketing Services Wholesale Gas Services (*) Gas Midstream Operations Total All Other Eliminations Consolidated (in millions) Predecessor – Three Months Ended June 30, 2016: Operating revenues $ 547 $ 149 $ (95 ) $ 10 $ 611 $ 2 $ (42 ) $ 571 Segment EBIT 118 29 (112 ) (5 ) 30 (55 ) 1 (24 ) Predecessor – Six Months Ended June 30, 2016: Operating revenues $ 1,575 $ 435 $ (32 ) $ 25 $ 2,003 $ 4 $ (102 ) $ 1,905 Segment EBIT 353 109 (68 ) (6 ) 388 (60 ) — 328 Successor – Total assets at $ 19,453 $ 2,084 $ 1,127 $ 2,211 $ 24,875 $ 11,145 $ (14,167 ) $ 21,853 (*) 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) Successor – Three Months Ended June 30, 2017 $ 1,531 $ 123 $ 1,654 $ 1,666 $ (12 ) Successor – Six Months Ended June 30, 2017 3,370 259 3,629 3,510 119 Predecessor – Three Months Ended June 30 , 2016 $ 1,061 $ 58 $ 1,119 $ 1,214 $ (95 ) Predecessor – Six Months Ended June 30 , 2016 2,500 143 2,643 2,675 (32 ) |
Financial data for products and services | Products and Services Electric Utilities' Revenues Period Retail Wholesale Other Total (in millions) Three Months Ended June 30, 2017 $ 3,777 $ 618 $ 190 $ 4,585 Three Months Ended June 30, 2016 3,748 446 185 4,379 Six Months Ended June 30, 2017 $ 7,171 $ 1,149 $ 396 $ 8,716 Six Months Ended June 30, 2016 7,124 842 394 8,360 Southern Company Gas' Revenues Period Gas Gas Other Total (in millions) Three Months Ended June 30, 2017 $ 557 $ 166 $ (7 ) $ 716 Six Months Ended June 30, 2017 $ 1,689 $ 454 $ 133 $ 2,276 |
Introduction - Narrative (Detai
Introduction - Narrative (Details) | Apr. 04, 2017USD ($) | Apr. 01, 2017 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)kWh | Jun. 30, 2016USD ($) |
GEORGIA POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Property damage reserve, percentage of balance | 0.75 | |||||
GULF POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
PSC approved annual property damage reserve accrual | $ 3,500,000 | |||||
Number of agreements for renewable generation | 0 | $ 40,000,000 | $ 40,000,000 | |||
Increase (decrease) in recoverable property damage costs | $ 31,000,000 | |||||
Recovery period for natural disaster reserve costs | 60 days | |||||
Cumulative costs limit under PSC order | $ 100,000,000 | |||||
SOUTHERN Co GAS | GEORGIA POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 9,000,000 | |||||
SOUTHERN Co GAS | SOUTHERN POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 56,000,000 | |||||
Southern Natural Gas Company, LLC | SOUTHERN Co GAS | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 16,000,000 | |||||
Southern Natural Gas Company, LLC | ALABAMA POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 4,000,000 | |||||
Southern Natural Gas Company, LLC | GEORGIA POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 51,000,000 | |||||
Southern Natural Gas Company, LLC | SOUTHERN POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 13,000,000 | |||||
Maximum | GULF POWER CO | ||||||
Related Party Transaction [Line Items] | ||||||
Customer surcharge storm recovery costs | $ 4 | |||||
Customer surcharge storm recovery capacity | kWh | 1,000 | |||||
Wholesale Gas Services | SOUTHERN Co GAS | ||||||
Related Party Transaction [Line Items] | ||||||
Inventory write-down | $ 0 | |||||
Predecessor | Wholesale Gas Services | SOUTHERN Co GAS | ||||||
Related Party Transaction [Line Items] | ||||||
Inventory write-down | $ 0 | $ 0 | $ 0 |
Introduction - Goodwill (Detail
Introduction - Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 6,271 | $ 6,251 |
SOUTHERN POWER CO | ||
Goodwill [Line Items] | ||
Goodwill | 2 | 2 |
SOUTHERN Co GAS | ||
Goodwill [Line Items] | ||
Goodwill | 5,967 | 5,967 |
SOUTHERN Co GAS | Gas distribution operations | ||
Goodwill [Line Items] | ||
Goodwill | 4,702 | 4,702 |
SOUTHERN Co GAS | Gas marketing services | ||
Goodwill [Line Items] | ||
Goodwill | $ 1,265 | $ 1,265 |
Introduction - Other Intangible
Introduction - Other Intangibles (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 980,000,000 | $ 957,000,000 |
Accumulated Amortization | (126,000,000) | (62,000,000) |
Other Intangible Assets, Net | 854,000,000 | 895,000,000 |
Total other intangible assets - gross | 1,055,000,000 | 1,032,000,000 |
Total other intangible assets - net | 929,000,000 | 970,000,000 |
Customer relationships | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 288,000,000 | 268,000,000 |
Accumulated Amortization | (57,000,000) | (32,000,000) |
Other Intangible Assets, Net | 231,000,000 | 236,000,000 |
Trade names | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 159,000,000 | 158,000,000 |
Accumulated Amortization | (11,000,000) | (5,000,000) |
Other Intangible Assets, Net | 148,000,000 | 153,000,000 |
Patents | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,000,000 | 4,000,000 |
Accumulated Amortization | 0 | 0 |
Other Intangible Assets, Net | 4,000,000 | 4,000,000 |
Backlog | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,000,000 | 5,000,000 |
Accumulated Amortization | (1,000,000) | (1,000,000) |
Other Intangible Assets, Net | 4,000,000 | 4,000,000 |
Storage and transportation contracts | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64,000,000 | 64,000,000 |
Accumulated Amortization | (21,000,000) | (2,000,000) |
Other Intangible Assets, Net | 43,000,000 | 62,000,000 |
Software and other | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,000,000 | 2,000,000 |
Accumulated Amortization | (1,000,000) | 0 |
Other Intangible Assets, Net | 3,000,000 | 2,000,000 |
PPA fair value adjustments | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 456,000,000 | 456,000,000 |
Accumulated Amortization | (35,000,000) | (22,000,000) |
Other Intangible Assets, Net | 421,000,000 | 434,000,000 |
Federal Communications Commission licenses | Southern Company | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets not subject to amortization | 75,000,000 | 75,000,000 |
SOUTHERN POWER CO | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (35,000,000) | (22,000,000) |
SOUTHERN POWER CO | PPA fair value adjustments | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 456,000,000 | 456,000,000 |
Accumulated Amortization | (35,000,000) | (22,000,000) |
Other Intangible Assets, Net | 421,000,000 | 434,000,000 |
SOUTHERN Co GAS | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 400,000,000 | 400,000,000 |
Accumulated Amortization | (80,000,000) | (34,000,000) |
Other Intangible Assets, Net | 320,000,000 | 366,000,000 |
Total other intangible assets - net | 320,000,000 | 366,000,000 |
SOUTHERN Co GAS | Customer relationships | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 221,000,000 | 221,000,000 |
Accumulated Amortization | (53,000,000) | (30,000,000) |
Other Intangible Assets, Net | 168,000,000 | 191,000,000 |
SOUTHERN Co GAS | Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 115,000,000 | 115,000,000 |
Accumulated Amortization | (6,000,000) | (2,000,000) |
Other Intangible Assets, Net | 109,000,000 | 113,000,000 |
SOUTHERN Co GAS | Storage and transportation contracts | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64,000,000 | 64,000,000 |
Accumulated Amortization | (21,000,000) | (2,000,000) |
Other Intangible Assets, Net | $ 43,000,000 | $ 62,000,000 |
Introduction - Intangibles, Amo
Introduction - Intangibles, Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 29 | $ 65 |
SOUTHERN POWER CO | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 6 | 13 |
SOUTHERN Co GAS | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 20 | $ 46 |
Contingencies and Regulatory 37
Contingencies and Regulatory Matters - Narrative (Details) | Jul. 01, 2017USD ($) | Jun. 30, 2017USD ($)MW | Jun. 09, 2017USD ($) | May 04, 2017USD ($) | Apr. 04, 2017intervenor | Mar. 31, 2017USD ($) | Mar. 27, 2017 | Mar. 10, 2017USD ($) | Feb. 21, 2017USD ($) | Dec. 20, 2016USD ($) | May 01, 2016USD ($) | Mar. 31, 2016 | Jan. 01, 2016 | Apr. 28, 2017USD ($) | Sep. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Jun. 30, 2017USD ($)MW | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)clauseMW | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2017USD ($) | Mar. 31, 2017 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) | Jun. 30, 2017USD ($)MW | Dec. 31, 2020USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)MW | Jan. 01, 2121 | Aug. 01, 2017 | Jul. 06, 2017USD ($) | Jun. 23, 2017USD ($) | May 31, 2017USD ($) | May 01, 2017 | Mar. 07, 2017USD ($) | Feb. 17, 2017USD ($) | Aug. 31, 2016USD ($) |
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Lawsuit deferral period | 30 days | |||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 8,168,000,000 | $ 8,168,000,000 | $ 8,168,000,000 | $ 8,168,000,000 | $ 8,168,000,000 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | (25,241,000,000) | (25,241,000,000) | $ (23,446,000,000) | (25,241,000,000) | $ (26,612,000,000) | $ (23,446,000,000) | $ (26,612,000,000) | $ (21,982,000,000) | (25,241,000,000) | $ (23,446,000,000) | (25,241,000,000) | |||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 101,021,000,000 | 101,021,000,000 | 101,021,000,000 | 98,416,000,000 | 98,416,000,000 | 101,021,000,000 | 101,021,000,000 | |||||||||||||||||||||||||||||||||||||
SOUTHERN POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | $ 600,000,000 | ||||||||||||||||||||||||||||||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | (5,814,000,000) | (5,814,000,000) | (5,814,000,000) | (5,675,000,000) | (5,675,000,000) | (5,814,000,000) | (5,814,000,000) | |||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | 436,000,000 | 264,000,000 | 783,000,000 | 480,000,000 | ||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 13,731,000,000 | 13,731,000,000 | 13,731,000,000 | 12,728,000,000 | 12,728,000,000 | 13,731,000,000 | 13,731,000,000 | |||||||||||||||||||||||||||||||||||||
GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation liability | 12,000,000 | 12,000,000 | $ 12,000,000 | 17,000,000 | 17,000,000 | 12,000,000 | 12,000,000 | |||||||||||||||||||||||||||||||||||||
Cost recovery, new nuclear | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of Proportionate share owed in consortium agreement | 45.70% | |||||||||||||||||||||||||||||||||||||||||||
Liquidated damages, percentage | 40.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 1,750,000,000 | 1,750,000,000 | $ 1,750,000,000 | 1,750,000,000 | 1,750,000,000 | |||||||||||||||||||||||||||||||||||||||
Weekly payment of services under contract agreement | $ 5,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Estimated in-service capital cost | $ 4,418,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Financing costs collected, net of tax | 1,400,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Additional construction capital costs | $ 3,300,000,000 | 222,000,000 | $ 3,700,000,000 | |||||||||||||||||||||||||||||||||||||||||
Estimate of possible loss | $ 240,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Retail rate of return on common equity | 10.95% | |||||||||||||||||||||||||||||||||||||||||||
Public utilities, approved return on equity percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||
Financing costs incurred | 1,400,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Estimated cancellation costs | 400,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | 40,000,000 | 40,000,000 | 79,000,000 | 82,000,000 | ||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 34,410,000,000 | 34,410,000,000 | 34,410,000,000 | 33,841,000,000 | 33,841,000,000 | 34,410,000,000 | 34,410,000,000 | |||||||||||||||||||||||||||||||||||||
GEORGIA POWER CO | Minimum | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Estimated financing costs | 3,100,000,000 | |||||||||||||||||||||||||||||||||||||||||||
GEORGIA POWER CO | Maximum | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Estimated financing costs | 3,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||
GEORGIA POWER CO | Other current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Over recovered fuel balance | 61,000,000 | 61,000,000 | 61,000,000 | 61,000,000 | 61,000,000 | |||||||||||||||||||||||||||||||||||||||
GEORGIA POWER CO | Other deferred credits and liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Over recovered fuel balance | 84,000,000 | 84,000,000 | ||||||||||||||||||||||||||||||||||||||||||
GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation liability | 51,000,000 | 51,000,000 | 51,000,000 | 44,000,000 | 44,000,000 | 51,000,000 | 51,000,000 | |||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 280,000,000 | $ 280,000,000 | $ 280,000,000 | $ 280,000,000 | $ 280,000,000 | |||||||||||||||||||||||||||||||||||||||
Retail rate of return on common equity | 10.25% | 10.25% | 10.25% | 10.25% | 10.25% | |||||||||||||||||||||||||||||||||||||||
Reduction in depreciation expense | $ 34,000,000 | 0 | $ 20,100,000 | $ 8,400,000 | $ 62,500,000 | |||||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | $ 12,000,000 | 15,000,000 | 30,000,000 | 31,000,000 | ||||||||||||||||||||||||||||||||||||||||
Loss on Plant Scherer Unit 3 | 0 | 0 | $ 33,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Number of regulatory clauses | clause | 4 | |||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | $ 5,156,000,000 | $ 5,156,000,000 | $ 5,156,000,000 | 5,140,000,000 | 5,140,000,000 | $ 5,156,000,000 | $ 5,156,000,000 | |||||||||||||||||||||||||||||||||||||
GULF POWER CO | Minimum | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Retail rate of return on common equity | 9.25% | 9.25% | 9.25% | 9.25% | 9.25% | |||||||||||||||||||||||||||||||||||||||
GULF POWER CO | Maximum | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Retail rate of return on common equity | 11.25% | 11.25% | 11.25% | 11.25% | 11.25% | |||||||||||||||||||||||||||||||||||||||
SOUTHERN Co GAS | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation liability | $ 416,000,000 | $ 416,000,000 | $ 416,000,000 | 426,000,000 | 426,000,000 | $ 416,000,000 | $ 416,000,000 | |||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 1,900,000,000 | 1,900,000,000 | 1,900,000,000 | 1,900,000,000 | 1,900,000,000 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | (9,242,000,000) | (9,242,000,000) | (9,242,000,000) | (9,109,000,000) | (9,109,000,000) | (9,242,000,000) | (9,242,000,000) | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 14,850,000,000 | 14,850,000,000 | 14,850,000,000 | 14,508,000,000 | 14,508,000,000 | 14,850,000,000 | 14,850,000,000 | |||||||||||||||||||||||||||||||||||||
MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Gain contingency, surcharge revenue | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Increase in base rate under cost based electric tariff due to settlement | $ 7,000,000 | |||||||||||||||||||||||||||||||||||||||||||
AFUDC cost | 22,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Fuel cost recovery | 14,000,000 | 14,000,000 | 14,000,000 | 37,000,000 | 37,000,000 | 14,000,000 | 14,000,000 | |||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | |||||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | 62,000,000 | 60,000,000 | 124,000,000 | 120,000,000 | ||||||||||||||||||||||||||||||||||||||||
Maximum annual percentage increase in revenue | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||||||
Maximum annual increase in revenue | $ 18,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred revenue | $ 26,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 4,826,000,000 | 4,826,000,000 | 4,826,000,000 | 4,865,000,000 | 4,865,000,000 | 4,826,000,000 | 4,826,000,000 | |||||||||||||||||||||||||||||||||||||
ALABAMA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 1,335,000,000 | 1,335,000,000 | 1,335,000,000 | 1,335,000,000 | 1,335,000,000 | |||||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | 68,000,000 | $ 67,000,000 | 133,000,000 | $ 130,000,000 | ||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 26,466,000,000 | 26,466,000,000 | 26,466,000,000 | 26,031,000,000 | 26,031,000,000 | 26,466,000,000 | 26,466,000,000 | |||||||||||||||||||||||||||||||||||||
ALABAMA POWER CO | Regulatory assets, deferred | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Over (under) recovered environmental clause | $ 36,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Atlanta Gas Light | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Public utilities, approved return on equity percentage | 10.75% | |||||||||||||||||||||||||||||||||||||||||||
Approved increase (decrease) in fuel rates amount | $ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Elizabethtown Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Public utilities, requested rate increase (decrease), amount | $ 13,000,000 | $ 19,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Test year duration | 12 months | |||||||||||||||||||||||||||||||||||||||||||
Public utilities, requested return on equity, percentage | 9.60% | 10.25% | ||||||||||||||||||||||||||||||||||||||||||
Public utilities, property, plant and equipment, accumulated depreciation | $ 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||
Nicor Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | ||||||||||||||||||||||||||||||||||||||
Public utilities, requested rate increase (decrease), amount | $ 208,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Public utilities, requested return on equity, percentage | 10.70% | |||||||||||||||||||||||||||||||||||||||||||
Statutory time limit | 11 months | |||||||||||||||||||||||||||||||||||||||||||
Virginia Natural Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Public utilities, requested return on equity, percentage | 10.25% | |||||||||||||||||||||||||||||||||||||||||||
Florida City Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Infrastructure replacement program, petitioned investment amount | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | |||||||||||||||||||||||||||||||||||||||
RE Roserock, LLC | SOUTHERN POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage by parent | 51.00% | |||||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Payments | 26,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Location One | SOUTHERN Co GAS | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation liability | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Estimated Cost Incurred After in Service Date | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Period of amortization of regulatory assets | 36 months | |||||||||||||||||||||||||||||||||||||||||||
AFUDC cost | 493,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Plant Vogtle Units 3 And 4 | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantor obligations | $ 3,680,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Liquidated damages, monetary amount | 1,700,000,000 | $ 920,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Liquidated damages, monetary amount Received, based on percentage of ownership | $ 420,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 920,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantor obligations | $ 1,700,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Requested rate increase (decrease) amount | 400,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Plant Scherer Unit 3 | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Loss on Plant Scherer Unit 3 | $ 33,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Plant Scherer Unit 3 | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Number of intervenors | intervenor | 3 | |||||||||||||||||||||||||||||||||||||||||||
Plant Smith Units 1 and 2 | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Capacity of units included in request for decertification of units | MW | 357 | |||||||||||||||||||||||||||||||||||||||||||
Plant Scherer Unit Three | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Loss on Plant Scherer Unit 3 | $ 32,500,000 | |||||||||||||||||||||||||||||||||||||||||||
MRA Revenue | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Fuel cost recovery | 7,000,000 | 7,000,000 | 7,000,000 | $ 13,000,000 | $ 13,000,000 | 7,000,000 | 7,000,000 | |||||||||||||||||||||||||||||||||||||
Westinghouse | Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Period of notice required in the event letters of credit are not renewed | 60 days | |||||||||||||||||||||||||||||||||||||||||||
Vogtle Owners | Interim Assessment Agreement | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Payments | 552,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Estimate of possible loss | 650,000,000 | 650,000,000 | 650,000,000 | 650,000,000 | 650,000,000 | |||||||||||||||||||||||||||||||||||||||
Vogtle Owners | Removal of Subcontractor Liens | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Payments | 354,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Estimate of possible loss | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||||||||||||||||||||||||
Vogtle Owners | GEORGIA POWER CO | Interim Assessment Agreement | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Estimate of possible loss | 297,000,000 | 297,000,000 | 297,000,000 | 297,000,000 | 297,000,000 | |||||||||||||||||||||||||||||||||||||||
Vogtle Owners | GEORGIA POWER CO | Removal of Subcontractor Liens | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Estimate of possible loss | 183,000,000 | 183,000,000 | 183,000,000 | 183,000,000 | 183,000,000 | |||||||||||||||||||||||||||||||||||||||
Vogtle Owners | Plant Vogtle Units 3 And 4 | GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Period of notice required in the event letters of credit are not renewed | 30 days | |||||||||||||||||||||||||||||||||||||||||||
Restatement Adjustment | Toshiba | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 5,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Scenario, Forecast | GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Additional construction capital costs | $ 5,440,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Percent of basis points | 0.95% | 0.30% | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in basis points | $ (8,000,000) | |||||||||||||||||||||||||||||||||||||||||||
Amendment to estimated in-service capital cost | $ 5,680,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Scenario, Forecast | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Overall net customer impact from rate case settlement agreement | $ 54,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue to be received from base rate change | $ 62,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Wholesale revenues, non-affiliates | $ 7,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Retail regulatory equity ratio | 0.525 | |||||||||||||||||||||||||||||||||||||||||||
Scenario, Forecast | Virginia Natural Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Test year duration | 12 months | |||||||||||||||||||||||||||||||||||||||||||
FFB Loan | GEORGIA POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 2,600,000,000 | $ 2,600,000,000 | $ 2,600,000,000 | $ 2,600,000,000 | $ 2,600,000,000 | |||||||||||||||||||||||||||||||||||||||
Retirement Of Plant | Scenario, Forecast | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory asset, amortization period | 15 years | |||||||||||||||||||||||||||||||||||||||||||
Plant Scherer Unit Three | GULF POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Electric generating units, capacity | MW | 205 | 205 | 205 | 205 | 205 | |||||||||||||||||||||||||||||||||||||||
SAVE Program | Virginia Natural Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Infrastructure replacement program, petitioned investment amount | $ 44,000,000 | $ 44,000,000 | $ 44,000,000 | $ 44,000,000 | $ 44,000,000 | |||||||||||||||||||||||||||||||||||||||
Regulated operation, allowable cost recovery | $ 13,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Approved infrastructure replacement program | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | |||||||||||||||||||||||||||||||||||||||
Regulatory Infrastructure Program | Nicor Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Program duration period | 9 years | |||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, gross | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||||||||||||||||
STRIDE | Atlanta Gas Light | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Approved infrastructure replacement program | 94,000,000 | 94,000,000 | $ 94,000,000 | 94,000,000 | 94,000,000 | |||||||||||||||||||||||||||||||||||||||
Integrated System Reinforcement Program | Atlanta Gas Light | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Infrastructure replacement program, petitioned investment amount | $ 177,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Integrated System Reinforcement Program | Atlanta Gas Light | Minimum | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Program duration period | 4 years | |||||||||||||||||||||||||||||||||||||||||||
Aging Infrastructure Replacement Program | Elizabethtown Gas | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Approved infrastructure replacement program | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | |||||||||||||||||||||||||||||||||||||||
Subsequent Event | SOUTHERN POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage by parent | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Percentage of PSC retail rate increase | 0.85% | |||||||||||||||||||||||||||||||||||||||||||
PSC retail rate increase (decrease) | $ 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Energy Efficiency Cost Rider | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
PSC retail rate increase (decrease) | $ 2,000,000 |
Contingencies and Regulatory 38
Contingencies and Regulatory Matters - Recovery Balance of Each Regulatory Clause - Alabama Power (Details) - ALABAMA POWER CO - USD ($) $ in Millions | Jun. 30, 2017 | Feb. 17, 2017 | Dec. 31, 2016 |
Deferred under recovered regulatory clause revenues | |||
Loss Contingencies [Line Items] | |||
Rate CNP Compliance | $ 6 | $ 9 | |
Rate CNP PPA | 0 | 142 | |
Over recovered regulatory clause revenues | |||
Loss Contingencies [Line Items] | |||
Rate CNP PPA | 1 | 0 | |
Other regulatory liabilities, current | |||
Loss Contingencies [Line Items] | |||
Retail Energy Cost Recovery | 11 | 76 | |
Other regulatory liabilities, deferred | |||
Loss Contingencies [Line Items] | |||
Natural Disaster Reserve | $ 56 | $ 69 | |
Regulatory assets, deferred | |||
Loss Contingencies [Line Items] | |||
Over (under) recovered environmental clause | $ 36 |
Contingencies and Regulatory 39
Contingencies and Regulatory Matters - Revised Cost and Schedule - Georgia Power (Details) - USD ($) $ in Millions | 6 Months Ended | 102 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Construction work in progress | $ 7,440 | $ 7,440 | $ 8,977 |
GEORGIA POWER CO | |||
Loss Contingencies [Line Items] | |||
Construction work in progress | 5,422 | 5,422 | $ 4,939 |
Financing costs incurred | 1,400 | ||
Financing costs collected, net of tax | 1,400 | ||
Estimated cancellation costs | 400 | ||
GEORGIA POWER CO | Minimum | |||
Loss Contingencies [Line Items] | |||
Preliminary estimated cost to complete | 3,900 | 3,900 | |
Construction work in progress | 4,480 | 4,480 | |
Guarantee Obligations | (1,680) | (1,680) | |
Estimated capital costs | 6,700 | 6,700 | |
Vogtle Cost Settlement Agreement Revised Forecast | (5,680) | (5,680) | |
Estimated net additional capital costs | 1,020 | 1,020 | |
Estimated financing costs | 3,100 | ||
GEORGIA POWER CO | Maximum | |||
Loss Contingencies [Line Items] | |||
Preliminary estimated cost to complete | 4,600 | 4,600 | |
Construction work in progress | 4,480 | 4,480 | |
Guarantee Obligations | (1,680) | (1,680) | |
Estimated capital costs | 7,400 | 7,400 | |
Vogtle Cost Settlement Agreement Revised Forecast | (5,680) | (5,680) | |
Estimated net additional capital costs | 1,720 | 1,720 | |
Estimated financing costs | 3,500 | ||
Cancellation Decision | GEORGIA POWER CO | |||
Loss Contingencies [Line Items] | |||
Construction work in progress | 4,500 | 4,500 | |
Financing costs collected, net of tax | 1,400 | ||
Estimated cancellation costs | 400 | ||
Total | $ 6,300 | $ 6,300 |
Contingencies and Regulatory 40
Contingencies and Regulatory Matters - Recovery Balance of Each Regulatory Clause - Gulf Power (Details) - GULF POWER CO - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Other regulatory liabilities, current | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | $ 0 | $ 15 |
Over recovered regulatory clause revenues | ||
Loss Contingencies [Line Items] | ||
Fuel Cost Recovery | 7 | 0 |
Purchased Power Capacity Recovery | 5 | 0 |
Environmental Cost Recovery | 12 | 13 |
Energy Conservation Cost Recovery | $ 2 | $ 4 |
Contingencies and Regulatory 41
Contingencies and Regulatory Matters - IGCC (Details) $ in Millions | Jun. 28, 2017USD ($) | Jun. 21, 2017 | Nov. 17, 2016USD ($) | Jun. 09, 2016USD ($) | Jun. 03, 2016 | Apr. 08, 2016USD ($) | Dec. 03, 2015USD ($) | Aug. 13, 2015USD ($) | Jul. 07, 2015USD ($) | Jun. 03, 2015USD ($) | Jan. 01, 2014USD ($) | Mar. 19, 2013 | Jun. 30, 2017USD ($)mi | Mar. 31, 2016USD ($) | Jan. 31, 2013USD ($) | May 31, 2017USD ($) | Jun. 30, 2017USD ($)mi | Jun. 30, 2016USD ($) | May 31, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($)miMW | Jun. 30, 2016USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2010 | Jun. 30, 2017USD ($)mi | May 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 20, 2015USD ($) |
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Unrecognized tax benefits | $ 501 | $ 501 | $ 501 | $ 501 | $ 484 | |||||||||||||||||||||||
MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Plant capacity under coal gasification combined cycle technology | MW | 582 | |||||||||||||||||||||||||||
Cost related to grant funding | $ 245 | |||||||||||||||||||||||||||
Maximum cap construction cost | 2,880 | |||||||||||||||||||||||||||
Reduced percentage interest transferred under asset purchase agreement | 15.00% | 15.00% | ||||||||||||||||||||||||||
Public utilities, approved rate increase (decrease), percentage | 3.00% | |||||||||||||||||||||||||||
Settlement agreement collection amount to mitigate rate impact, year two | $ 156 | |||||||||||||||||||||||||||
Retail rate recovery | $ 342 | |||||||||||||||||||||||||||
Carrying costs associated with retail rate recovery | $ 29 | |||||||||||||||||||||||||||
AFUDC cost | $ 22 | |||||||||||||||||||||||||||
Interest bearing refundable deposit related to assets sale | $ 275 | |||||||||||||||||||||||||||
Promissory note | $ 301 | |||||||||||||||||||||||||||
Unrecognized tax benefits | 468 | 468 | 468 | 468 | $ 465 | |||||||||||||||||||||||
Kemper Igcc [Member] | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Pre-tax charge to income | 3,000 | $ 81 | 3,100 | $ 134 | ||||||||||||||||||||||||
After tax charge to income | 2,100 | $ 50 | 2,200 | $ 83 | ||||||||||||||||||||||||
Unrecognized tax benefits | $ 464 | $ 464 | $ 464 | $ 464 | ||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Purchase of Interest | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||
Pipeline infrastructure | mi | 61 | 61 | 61 | 61 | ||||||||||||||||||||||||
Estimated cost | $ 68 | $ 5,680 | 2,880 | $ 2,880 | ||||||||||||||||||||||||
Cost related to grant funding | (140) | |||||||||||||||||||||||||||
Maximum cap construction cost | $ 7,090 | |||||||||||||||||||||||||||
Period of commercial operations established by discovery docket | 5 years | |||||||||||||||||||||||||||
Government grants received | $ 137 | |||||||||||||||||||||||||||
Pre-tax charge to income | $ 2,800 | $ 196 | $ 3,000 | $ 305 | $ 3,100 | $ 3,070 | ||||||||||||||||||||||
After tax charge to income | 2,000 | $ 121 | $ 188 | $ 1,890 | ||||||||||||||||||||||||
Construction and development costs | 1,300 | |||||||||||||||||||||||||||
Settlement agreement, term to file | 45 days | |||||||||||||||||||||||||||
Period from settlement agreement to hearing | 45 days | |||||||||||||||||||||||||||
CIP expenditures incurred but not yet paid | 3,300 | |||||||||||||||||||||||||||
Average annual increase (decrease) in operations and maintenance expenses | 105 | |||||||||||||||||||||||||||
Average annual increase (decrease) in maintenance capital | 44 | |||||||||||||||||||||||||||
Regulatory assets | 117 | 117 | 117 | 117 | ||||||||||||||||||||||||
Regulatory liabilities | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||
AFUDC cost | 493 | |||||||||||||||||||||||||||
Proceeds from bonus depreciation | 370 | |||||||||||||||||||||||||||
Proceeds from income tax refunds | 82 | |||||||||||||||||||||||||||
Unrecognized tax benefits | 464 | 464 | $ 464 | 464 | ||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Minimum | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Amortization period of regulatory assets and liabilities | 2 years | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Maximum | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Amortization period of regulatory assets and liabilities | 10 years | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Pending Litigation | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Loss contingency, value of damages sought | $ 500 | $ 100 | ||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Property, Plant and Equipment | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Construction and development costs | $ 1,200 | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Materials And Supplies | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Construction and development costs | 14 | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Other regulatory assets current | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Construction and development costs | 22 | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Other regulatory assets, deferred | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Construction and development costs | 95 | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Transmission and Related Regulatory Assets | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Construction and development costs | 800 | |||||||||||||||||||||||||||
Kemper Igcc [Member] | MISSISSIPPI POWER CO | Assets, Current | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Regulatory assets | $ 22 | $ 22 | 22 | 22 | ||||||||||||||||||||||||
Electricity Generation Plant, Non-Nuclear | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Estimated cost | $ 2,400 | $ 2,400 | ||||||||||||||||||||||||||
Kemper IGCC - Combined Cycle | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
CIP expenditures incurred but not yet paid | $ 500 | |||||||||||||||||||||||||||
Percentage of costs contracted to third party | 15.00% | |||||||||||||||||||||||||||
Kemper IGCC - Gasification | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
CIP expenditures incurred but not yet paid | $ 2,800 | |||||||||||||||||||||||||||
AFUDC cost | $ 459 | |||||||||||||||||||||||||||
Mine | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Term of management fee contract | 40 years | |||||||||||||||||||||||||||
Scenario, Forecast | Kemper Igcc [Member] | MISSISSIPPI POWER CO | Minimum | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Pre-tax charge to income | $ 100 | |||||||||||||||||||||||||||
Scenario, Forecast | Kemper Igcc [Member] | MISSISSIPPI POWER CO | Maximum | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Pre-tax charge to income | $ 200 | |||||||||||||||||||||||||||
In-Service Asset Proposal | Kemper Igcc [Member] | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Approved increase (decrease) in fuel rates amount | $ 126 | $ 159 | ||||||||||||||||||||||||||
Public utilities, approved equity capital structure, percentage | 49.733% | |||||||||||||||||||||||||||
Public utilities, approved return on equity percentage | 9.225% | |||||||||||||||||||||||||||
Customer refund | $ 11 | |||||||||||||||||||||||||||
Denbury Onshore, Contractor | Kemper Igcc [Member] | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Long term contract for purchase of percentage of carbon dioxide captured from plant | 100.00% | 70.00% | 70.00% | 70.00% | 70.00% | |||||||||||||||||||||||
Treetop Midstream Services, LLC, Contractor | Kemper Igcc [Member] | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Long term contract for purchase of percentage of carbon dioxide captured from plant | 30.00% | 30.00% | 30.00% | 30.00% | ||||||||||||||||||||||||
Denbury Onshore, Contractor | Electricity Generation Plant, Non-Nuclear | MISSISSIPPI POWER CO | ||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||
Long-term contract for purchase of carbon dioxide, term | 16 years |
Contingencies and Regulatory 42
Contingencies and Regulatory Matters - Current And Actual Cost Estimate (Details) (Details) - MISSISSIPPI POWER CO - USD ($) $ in Millions | Nov. 17, 2016 | Apr. 08, 2016 | Jun. 30, 2017 | Dec. 31, 2012 | Jun. 30, 2017 |
Loss Contingencies [Line Items] | |||||
Cost related to grant funding | $ 245 | ||||
Maximum cap construction cost | 2,880 | ||||
Kemper IGCC | |||||
Loss Contingencies [Line Items] | |||||
Estimated cost | $ 68 | $ 5,680 | $ 2,880 | $ 2,880 | |
Cost Of Lignite Mine And Equipment | 230 | ||||
Cost Of CO2 Pipeline Facilities | 110 | ||||
Cost Of AFUDC | 850 | ||||
Combined Cycle And Related Assets Placed In Service, Incremental | 50 | ||||
Plant General Exceptions | 80 | ||||
Government grants received | $ (137) | ||||
Plant Regulatory Asset | 230 | ||||
Cost related to grant funding | (140) | ||||
Maximum cap construction cost | 7,090 | ||||
Deferred costs and other assets | 1 | 1 | |||
Project Estimate [Member] | Kemper IGCC | |||||
Loss Contingencies [Line Items] | |||||
Estimated cost | 2,400 | ||||
Cost Of Lignite Mine And Equipment | 210 | ||||
Cost Of CO2 Pipeline Facilities | 140 | ||||
Cost Of AFUDC | 170 | ||||
Combined Cycle And Related Assets Placed In Service, Incremental | 0 | ||||
Plant General Exceptions | 50 | ||||
Plant Regulatory Asset | 0 | ||||
Cost related to grant funding | 0 | ||||
Maximum cap construction cost | 2,970 | ||||
Current Estimate [Member] | Kemper IGCC | |||||
Loss Contingencies [Line Items] | |||||
Estimated cost | 5,950 | ||||
Cost Of Lignite Mine And Equipment | 230 | ||||
Cost Of CO2 Pipeline Facilities | 110 | ||||
Cost Of AFUDC | 850 | ||||
Combined Cycle And Related Assets Placed In Service, Incremental | 50 | ||||
Plant General Exceptions | 100 | ||||
Plant Regulatory Asset | 230 | ||||
Cost related to grant funding | (140) | ||||
Maximum cap construction cost | 7,380 | ||||
Deferred costs and other assets | $ 33 | $ 33 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Fair Value | $ 25 | |
Liabilities: | ||
Collateral already posted, aggregate fair value | 71 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 372 | |
Foreign currency derivatives | 56 | |
Interest rate derivatives | 11 | |
Nuclear decommissioning trusts | 1,719 | |
Cash equivalents | 834 | |
Other investments | 10 | |
Total | 3,002 | |
Liabilities: | ||
Energy-related derivatives | 366 | |
Interest rate derivatives | 23 | |
Foreign currency derivatives | 23 | |
Contingent consideration | 20 | |
Total | 432 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 193 | |
Foreign currency derivatives | 0 | |
Interest rate derivatives | 0 | |
Nuclear decommissioning trusts | 728 | |
Cash equivalents | 834 | |
Other investments | 9 | |
Total | 1,764 | |
Liabilities: | ||
Energy-related derivatives | 205 | |
Interest rate derivatives | 0 | |
Foreign currency derivatives | 0 | |
Contingent consideration | 0 | |
Total | 205 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 179 | |
Foreign currency derivatives | 56 | |
Interest rate derivatives | 11 | |
Nuclear decommissioning trusts | 966 | |
Cash equivalents | 0 | |
Other investments | 0 | |
Total | 1,212 | |
Liabilities: | ||
Energy-related derivatives | 161 | |
Interest rate derivatives | 23 | |
Foreign currency derivatives | 23 | |
Contingent consideration | 0 | |
Total | 207 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Foreign currency derivatives | 0 | |
Interest rate derivatives | 0 | |
Nuclear decommissioning trusts | 0 | |
Cash equivalents | 0 | |
Other investments | 1 | |
Total | 1 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Foreign currency derivatives | 0 | |
Contingent consideration | 20 | |
Total | 20 | |
ALABAMA POWER CO | ||
Assets: | ||
Energy-related derivatives | 9 | $ 20 |
Fair Value | 25 | |
Liabilities: | ||
Energy-related derivatives | 11 | 9 |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 9 | |
Cash equivalents | 493 | |
Total | 1,347 | |
Liabilities: | ||
Energy-related derivatives | 11 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 490 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 110 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 29 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 167 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 18 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Private Equity | ||
Assets: | ||
Nuclear decommissioning trusts | 25 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 6 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 493 | |
Total | 982 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 411 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 56 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 22 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Private Equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 9 | |
Cash equivalents | 0 | |
Total | 340 | |
Liabilities: | ||
Energy-related derivatives | 11 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 79 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 54 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 29 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 145 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 18 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Private Equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 6 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Private Equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
ALABAMA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | ||
Assets: | ||
Energy-related derivatives | 16 | 46 |
Nuclear decommissioning trusts | 38 | |
Liabilities: | ||
Energy-related derivatives | 17 | 11 |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 15 | |
Interest rate derivatives | 1 | |
Cash equivalents | 50 | |
Total | 940 | |
Liabilities: | ||
Energy-related derivatives | 14 | |
Interest rate derivatives | 3 | |
Total | 17 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 226 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 147 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 198 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 169 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 41 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 21 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Municipal bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 72 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 50 | |
Total | 289 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 225 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 14 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 15 | |
Interest rate derivatives | 1 | |
Cash equivalents | 0 | |
Total | 651 | |
Liabilities: | ||
Energy-related derivatives | 14 | |
Interest rate derivatives | 3 | |
Total | 17 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 1 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 147 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 198 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 169 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 41 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 7 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 72 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Total | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Domestic equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign equity | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury and government agency securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage and asset backed securities | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GEORGIA POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Assets: | ||
Nuclear decommissioning trusts | 0 | |
GULF POWER CO | ||
Assets: | ||
Energy-related derivatives | 1 | 5 |
Liabilities: | ||
Energy-related derivatives | 29 | 29 |
GULF POWER CO | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 1 | |
Cash equivalents | 21 | |
Total | 22 | |
Liabilities: | ||
Energy-related derivatives | 29 | |
GULF POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 21 | |
Total | 21 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
GULF POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 1 | |
Cash equivalents | 0 | |
Total | 1 | |
Liabilities: | ||
Energy-related derivatives | 29 | |
GULF POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
MISSISSIPPI POWER CO | ||
Assets: | ||
Energy-related derivatives | 5 | 7 |
Liabilities: | ||
Energy-related derivatives | 10 | 11 |
MISSISSIPPI POWER CO | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 2 | |
Interest rate derivatives | 3 | |
Cash equivalents | 100 | |
Total | 105 | |
Liabilities: | ||
Energy-related derivatives | 10 | |
MISSISSIPPI POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 100 | |
Total | 100 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
MISSISSIPPI POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 2 | |
Interest rate derivatives | 3 | |
Cash equivalents | 0 | |
Total | 5 | |
Liabilities: | ||
Energy-related derivatives | 10 | |
MISSISSIPPI POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Interest rate derivatives | 0 | |
Cash equivalents | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
SOUTHERN POWER CO | ||
Assets: | ||
Energy-related derivatives | 70 | 22 |
Liabilities: | ||
Energy-related derivatives | 32 | 63 |
SOUTHERN POWER CO | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 14 | |
Foreign currency derivatives | 56 | |
Total | 70 | |
Liabilities: | ||
Energy-related derivatives | 9 | |
Foreign currency derivatives | 23 | |
Contingent consideration | 20 | |
Total | 52 | |
SOUTHERN POWER CO | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Foreign currency derivatives | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Foreign currency derivatives | 0 | |
Contingent consideration | 0 | |
Total | 0 | |
SOUTHERN POWER CO | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 14 | |
Foreign currency derivatives | 56 | |
Total | 70 | |
Liabilities: | ||
Energy-related derivatives | 9 | |
Foreign currency derivatives | 23 | |
Contingent consideration | 0 | |
Total | 32 | |
SOUTHERN POWER CO | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Foreign currency derivatives | 0 | |
Total | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Foreign currency derivatives | 0 | |
Contingent consideration | 20 | |
Total | 20 | |
SOUTHERN Co GAS | ||
Assets: | ||
Energy-related derivatives | 342 | 581 |
Liabilities: | ||
Energy-related derivatives | 291 | 569 |
Collateral already posted, aggregate fair value | 71 | $ 62 |
SOUTHERN Co GAS | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | 331 | |
Liabilities: | ||
Energy-related derivatives | 291 | |
SOUTHERN Co GAS | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Energy-related derivatives | 193 | |
Liabilities: | ||
Energy-related derivatives | 205 | |
SOUTHERN Co GAS | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Energy-related derivatives | 138 | |
Liabilities: | ||
Energy-related derivatives | 86 | |
SOUTHERN Co GAS | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Energy-related derivatives | 0 | |
Liabilities: | ||
Energy-related derivatives | 0 | |
Nuclear Decommissioning Trusts | ||
Assets: | ||
Fair Value | 25 | |
Nuclear Decommissioning Trusts | ALABAMA POWER CO | ||
Assets: | ||
Fair Value | 25 | |
Weather Derivative | Fair Value, Measurements, Recurring | ||
Assets: | ||
Energy-related derivatives | $ 11 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | $ 55 | $ 47 | $ 118 | $ 67 |
Private Equity | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Liquidations term | 10 years | |||
ALABAMA POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | 28 | 29 | $ 62 | 40 |
GEORGIA POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Increase (decrease) in fair value of funds | $ 27 | $ 18 | $ 56 | $ 27 |
Minimum | SOUTHERN POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Contingent payment obligations, payment period | 10 years | |||
Maximum | SOUTHERN POWER CO | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Contingent payment obligations, payment period | 30 years |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements Of Investments Calculated At Net Asset Value Per Share (Details) $ in Millions | Jun. 30, 2017USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 25 |
Private Equity | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 25 |
Unfunded Commitments | 22 |
ALABAMA POWER CO | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 25 |
ALABAMA POWER CO | Private Equity | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 25 |
Unfunded Commitments | $ 22 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) $ in Millions | Jun. 30, 2017USD ($) |
Southern Company | |
Long-term debt: | |
Carrying Amount | $ 46,631 |
Fair Value | 48,228 |
ALABAMA POWER CO | |
Long-term debt: | |
Carrying Amount | 7,440 |
Fair Value | 8,041 |
GEORGIA POWER CO | |
Long-term debt: | |
Carrying Amount | 10,888 |
Fair Value | 11,585 |
GULF POWER CO | |
Long-term debt: | |
Carrying Amount | 1,292 |
Fair Value | 1,336 |
MISSISSIPPI POWER CO | |
Long-term debt: | |
Carrying Amount | 2,125 |
Fair Value | 2,071 |
SOUTHERN POWER CO | |
Long-term debt: | |
Carrying Amount | 5,725 |
Fair Value | 5,878 |
SOUTHERN Co GAS | |
Long-term debt: | |
Carrying Amount | 5,699 |
Fair Value | $ 6,031 |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
As reported shares (in shares) | 998 | 934 | 996 | 925 |
Effect of options and performance share award units (in shares) | 7 | 6 | 7 | 6 |
Diluted shares (in shares) | 1,005 | 940 | 1,003 | 931 |
Stock options and performance share award units that were not included in the diluted earnings per share calculation (in shares) | 0 | 0 | 0 | 0 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in Stockholders' Equity | |||||
Beginning balance, treasury shares (in shares) | (800) | ||||
Beginning balance | $ 26,612 | $ 21,982 | |||
Consolidated net income (loss) attributable to Southern Company | $ (1,381) | $ 623 | (723) | 1,112 | |
Other comprehensive income (loss) | (11) | (117) | |||
Stock issued | 417 | 1,383 | |||
Stock-based compensation | 72 | 67 | |||
Cash dividends on common stock | (1,134) | (1,023) | |||
Preference stock redemption | (150) | ||||
Contributions from noncontrolling interests | 71 | 169 | |||
Distributions to noncontrolling interests | (40) | (10) | |||
Purchase of membership interests from noncontrolling interests | (129) | ||||
Net income attributable to noncontrolling interests | 16 | 11 | |||
Reclassification from redeemable noncontrolling interests | 114 | ||||
Other | $ (3) | 1 | |||
Ending balance, treasury shares (in shares) | (900) | (900) | |||
Ending balance | $ 25,241 | $ 23,446 | $ 25,241 | $ 23,446 | |
Number of Common Shares Issued | |||||
Changes in Stockholders' Equity | |||||
Beginning balance (in shares) | 991,213 | 915,073 | |||
Stock issued (in shares) | 9,129 | 27,297 | |||
Other (in shares) | 0 | ||||
Ending balance (in shares) | 1,000,342 | 942,370 | 1,000,342 | 942,370 | |
Number of Common Shares Treasury Issued | |||||
Changes in Stockholders' Equity | |||||
Beginning balance, treasury shares (in shares) | (819) | (3,352) | |||
Stock issued (in shares) | 0 | 2,599 | |||
Other (in shares) | (49) | (19) | |||
Ending balance, treasury shares (in shares) | (868) | (772) | (868) | (772) | |
Common Stockholders' Equity | |||||
Changes in Stockholders' Equity | |||||
Beginning balance | $ 24,758 | $ 20,592 | |||
Consolidated net income (loss) attributable to Southern Company | (723) | 1,112 | |||
Other comprehensive income (loss) | (11) | (117) | |||
Stock issued | 417 | 1,383 | |||
Stock-based compensation | 72 | 67 | |||
Cash dividends on common stock | (1,134) | (1,023) | |||
Other | (7) | 1 | |||
Ending balance | $ 23,372 | $ 22,015 | 23,372 | 22,015 | |
Preferred and Preference Stock of Subsidiaries | |||||
Changes in Stockholders' Equity | |||||
Beginning balance | 609 | 609 | |||
Preference stock redemption | (150) | ||||
Other | 3 | ||||
Ending balance | 462 | 609 | 462 | 609 | |
Noncontrolling Interest | |||||
Changes in Stockholders' Equity | |||||
Beginning balance | 1,245 | 781 | |||
Contributions from noncontrolling interests | 71 | 169 | |||
Distributions to noncontrolling interests | (40) | (10) | |||
Purchase of membership interests from noncontrolling interests | (129) | ||||
Net income attributable to noncontrolling interests | 16 | 11 | |||
Reclassification from redeemable noncontrolling interests | 114 | ||||
Other | 1 | ||||
Ending balance | $ 1,407 | $ 822 | $ 1,407 | $ 822 | |
SunPower Corp. | Noncontrolling Interest | |||||
Changes in Stockholders' Equity | |||||
Beginning balance | $ 114 |
Financing - Narrative (Details)
Financing - Narrative (Details) shares in Thousands | Jun. 30, 2017USD ($) | Jun. 03, 2015USD ($) | Feb. 20, 2014 | Jun. 30, 2017USD ($)agreement | May 31, 2017USD ($)shares | Apr. 30, 2017USD ($) | Feb. 28, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||
Short-term debt | $ 3,274,000,000 | $ 3,274,000,000 | $ 3,274,000,000 | $ 2,241,000,000 | |||||||
Variable rate pollution control revenue bonds outstanding | 1,600,000,000 | 1,600,000,000 | 1,600,000,000 | ||||||||
Maximum borrowing capacity | 8,168,000,000 | 8,168,000,000 | 8,168,000,000 | ||||||||
Senior Note Issuances | 2,450,000,000 | ||||||||||
Preference stock redemption | 150,000,000 | ||||||||||
Southern Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 2,000,000,000 | 2,000,000,000 | $ 1,250,000,000 | 2,000,000,000 | |||||||
Senior Note Issuances | 300,000,000 | ||||||||||
Southern Company | Senior Notes | Series 2017A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||
Debt stated interest rate | 5.325% | 5.325% | 5.325% | ||||||||
Southern Company | Senior Notes | Series 2017A Floating Rate Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||
Southern Company | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loan agreements | agreement | 2 | ||||||||||
Southern Company | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement 4 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 100,000,000 | $ 100,000,000 | 100,000,000 | ||||||||
Southern Company | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement 5 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
MISSISSIPPI POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Working capital | 930,000,000 | 930,000,000 | 930,000,000 | ||||||||
Senior notes, current | 17,000,000 | 17,000,000 | 17,000,000 | ||||||||
Short-term debt | 17,000,000 | 17,000,000 | 17,000,000 | 23,000,000 | |||||||
Long-term pollution control bond | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Variable rate pollution control revenue bonds outstanding | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||
Fixed rate pollution control revenue bonds outstanding | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Maximum borrowing capacity | 113,000,000 | 113,000,000 | 113,000,000 | ||||||||
Senior Note Issuances | 0 | ||||||||||
Promissory note | $ 301,000,000 | ||||||||||
Capital contributions from parent company | 1,000,000,000 | 1,001,000,000 | $ 226,000,000 | ||||||||
MISSISSIPPI POWER CO | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loans payable to bank | 935,000,000 | 935,000,000 | 935,000,000 | ||||||||
MISSISSIPPI POWER CO | Tax-Exempt Variable Rate Demand Obligations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||
MISSISSIPPI POWER CO | Short Term Note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 9,000,000 | ||||||||||
Debt stated interest rate | 5.00% | ||||||||||
MISSISSIPPI POWER CO | Bank Loans | Loans Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | 10,000,000 | ||||||||||
MISSISSIPPI POWER CO | Promissory Notes | Promissory Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | 591,000,000 | ||||||||||
Increase in debt instrument | $ 40,000,000 | ||||||||||
MISSISSIPPI POWER CO | Unsecured Debt | Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | ||||||||
Repayments of debt | 300,000,000 | ||||||||||
GEORGIA POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | 1,228,000,000 | 1,228,000,000 | 1,228,000,000 | 391,000,000 | |||||||
Debt instrument, basis spread on variable rate | 0.375% | ||||||||||
Amortization period for line of credit facility | 5 years | ||||||||||
Variable rate pollution control revenue bonds outstanding | 550,000,000 | 550,000,000 | 550,000,000 | ||||||||
Variable rate pollution control revenue bonds outstanding, amount remarketed | 318,000,000 | 318,000,000 | 318,000,000 | ||||||||
Fixed rate pollution control revenue bonds outstanding | 436,000,000 | 436,000,000 | 436,000,000 | ||||||||
Maximum borrowing capacity | 1,750,000,000 | 1,750,000,000 | 1,750,000,000 | ||||||||
Senior Note Issuances | 850,000,000 | ||||||||||
Capital contributions from parent company | 380,000,000 | 239,000,000 | |||||||||
GEORGIA POWER CO | Line of Credit | Uncommitted Bank Credit Arrangement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Increase in debt instrument | $ 500,000,000 | ||||||||||
GEORGIA POWER CO | Senior Notes | Series 2017A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 450,000,000 | ||||||||||
Debt stated interest rate | 2.00% | ||||||||||
GEORGIA POWER CO | Senior Notes | Series 2017B | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 400,000,000 | ||||||||||
Debt stated interest rate | 3.25% | ||||||||||
GEORGIA POWER CO | Municipal Bonds [Member] | Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Fifth Series 1995 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 27,000,000 | ||||||||||
GEORGIA POWER CO | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loan agreements | agreement | 3 | ||||||||||
Payable to bank by demand, term | 30 days | ||||||||||
GEORGIA POWER CO | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement 1 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 50,000,000 | $ 50,000,000 | 50,000,000 | ||||||||
GEORGIA POWER CO | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement 2 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||
GEORGIA POWER CO | Notes Payable to Banks | Floating Rate Bank Term Loan Agreement 3 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
ALABAMA POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate pollution control revenue bonds outstanding | 890,000,000 | 890,000,000 | 890,000,000 | ||||||||
Maximum borrowing capacity | 1,335,000,000 | 1,335,000,000 | 1,335,000,000 | ||||||||
Senior Note Issuances | 550,000,000 | ||||||||||
Capital contributions from parent company | 327,000,000 | 237,000,000 | |||||||||
ALABAMA POWER CO | Senior Notes | Series 2017A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | ||||||||
Debt stated interest rate | 2.45% | 2.45% | 2.45% | ||||||||
GULF POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | $ 78,000,000 | $ 78,000,000 | $ 78,000,000 | 268,000,000 | |||||||
Variable rate pollution control revenue bonds outstanding | 82,000,000 | 82,000,000 | 82,000,000 | ||||||||
Fixed rate pollution control revenue bonds outstanding | 140,000,000 | 140,000,000 | 140,000,000 | ||||||||
Maximum borrowing capacity | 280,000,000 | 280,000,000 | 280,000,000 | ||||||||
Senior Note Issuances | 300,000,000 | ||||||||||
Capital contributions from parent company | 5,000,000 | 5,000,000 | |||||||||
GULF POWER CO | Senior Notes | Series 2017A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 300,000,000 | ||||||||||
Debt stated interest rate | 3.30% | ||||||||||
GULF POWER CO | Senior Notes | Series 2007A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated interest rate | 5.90% | ||||||||||
Repayments of debt | $ 85,000,000 | ||||||||||
GULF POWER CO | Senior Notes | Series Preference Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated interest rate | 6.00% | ||||||||||
Stock redeemed during period (in shares) | shares | 550 | ||||||||||
Preference stock redemption | $ 55,000,000 | ||||||||||
GULF POWER CO | Senior Notes | Series 2007A Preference Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated interest rate | 6.45% | ||||||||||
Stock redeemed during period (in shares) | shares | 450 | ||||||||||
Preference stock redemption | $ 45,000,000 | ||||||||||
GULF POWER CO | Senior Notes | Series 2013A Preference Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated interest rate | 5.60% | ||||||||||
Stock redeemed during period (in shares) | shares | 500 | ||||||||||
Preference stock redemption | $ 50,000,000 | ||||||||||
GULF POWER CO | Senior Notes | Short-term Floating Rate Bank Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | 100,000,000 | ||||||||||
GULF POWER CO | Bank Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 100,000,000 | ||||||||||
Traditional Electric Operating Companies | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed rate pollution control revenue bonds outstanding | 626,000,000 | 626,000,000 | 626,000,000 | ||||||||
SOUTHERN POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | 398,000,000 | 398,000,000 | 398,000,000 | 209,000,000 | |||||||
Maximum borrowing capacity | 750,000,000 | 750,000,000 | 600,000,000 | 750,000,000 | |||||||
Senior Note Issuances | 0 | ||||||||||
Capital contributions from parent company | 0 | $ 300,000,000 | |||||||||
Southern Company Gas Capital | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | |||||||
Nicor Gas | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | |||||||
SOUTHERN Co GAS | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | 626,000,000 | 626,000,000 | 626,000,000 | $ 1,257,000,000 | |||||||
Maximum borrowing capacity | $ 1,900,000,000 | $ 1,900,000,000 | 1,900,000,000 | ||||||||
Senior Note Issuances | 450,000,000 | ||||||||||
Capital contributions from parent company | $ 57,000,000 | ||||||||||
SOUTHERN Co GAS | Senior Notes | Series 2017A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 450,000,000 | ||||||||||
Debt stated interest rate | 4.40% | ||||||||||
Southern Company | MISSISSIPPI POWER CO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Promissory note | $ 551,000,000 | ||||||||||
Line of Credit | Southern Company | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt, amount | $ 1,000,000,000 | ||||||||||
Line of Credit | Southern Company Gas Capital | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Termination of Credit Arrangement | 1,300,000,000 | ||||||||||
Line of Credit | Nicor Gas | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Termination of Credit Arrangement | $ 700,000,000 |
Financing - Schedule of Credit
Financing - Schedule of Credit Arrangements (Details) - USD ($) | Jun. 30, 2017 | May 31, 2017 |
Line of Credit Facility [Line Items] | ||
Expires, 2017 | $ 156,000,000 | |
Expires, 2018 | 757,000,000 | |
Expires, 2019 | 25,000,000 | |
Expires, 2020 | 30,000,000 | |
Expires, 2022 | 7,200,000,000 | |
Total | 8,168,000,000 | |
Unused | 8,011,000,000 | |
Executable Term Loans, One Year | 65,000,000 | |
Executable Term Loans, Two Years | 13,000,000 | |
Expires Within One Year, Term Out | 33,000,000 | |
Expires Within One Year, No Term Out | 195,000,000 | |
Southern Company | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 2,000,000,000 | |
Total | 2,000,000,000 | $ 1,250,000,000 |
Unused | 2,000,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 0 | |
ALABAMA POWER CO | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 3,000,000 | |
Expires, 2018 | 532,000,000 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 800,000,000 | |
Total | 1,335,000,000 | |
Unused | 1,335,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 35,000,000 | |
GEORGIA POWER CO | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 1,750,000,000 | |
Total | 1,750,000,000 | |
Unused | 1,732,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 0 | |
GULF POWER CO | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 30,000,000 | |
Expires, 2018 | 195,000,000 | |
Expires, 2019 | 25,000,000 | |
Expires, 2020 | 30,000,000 | |
Expires, 2022 | 0 | |
Total | 280,000,000 | |
Unused | 280,000,000 | |
Executable Term Loans, One Year | 45,000,000 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 40,000,000 | |
MISSISSIPPI POWER CO | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 113,000,000 | |
Expires, 2018 | 0 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 0 | |
Total | 113,000,000 | |
Unused | 100,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 13,000,000 | |
Expires Within One Year, Term Out | 13,000,000 | |
Expires Within One Year, No Term Out | 100,000,000 | |
SOUTHERN POWER CO | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 750,000,000 | |
Total | 750,000,000 | 600,000,000 |
Unused | 675,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 0 | |
SOUTHERN Co GAS | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 0 | |
Expires, 2018 | 0 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 1,900,000,000 | |
Total | 1,900,000,000 | |
Unused | 1,849,000,000 | |
Executable Term Loans, One Year | 0 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 0 | |
Expires Within One Year, No Term Out | 0 | |
Other [Member] | ||
Line of Credit Facility [Line Items] | ||
Expires, 2017 | 10,000,000 | |
Expires, 2018 | 30,000,000 | |
Expires, 2019 | 0 | |
Expires, 2020 | 0 | |
Expires, 2022 | 0 | |
Total | 40,000,000 | |
Unused | 40,000,000 | |
Executable Term Loans, One Year | 20,000,000 | |
Executable Term Loans, Two Years | 0 | |
Expires Within One Year, Term Out | 20,000,000 | |
Expires Within One Year, No Term Out | 20,000,000 | |
Southern Company Gas Capital | ||
Line of Credit Facility [Line Items] | ||
Total | 1,200,000,000 | 1,200,000,000 |
Nicor Gas | ||
Line of Credit Facility [Line Items] | ||
Total | $ 700,000,000 | $ 700,000,000 |
Financing - Schedule of Long-Te
Financing - Schedule of Long-Term Debt Financing Activities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Senior Note Issuances | $ 2,450 |
Senior Note Maturities and Redemptions | 735 |
Revenue Bond Maturities, Redemptions, and Repurchases | 27 |
Other Long-Term Debt Issuances | 509 |
Other Long-Term Debt Redemptions and Maturities | 716 |
Southern Company | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 300 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 500 |
Other Long-Term Debt Redemptions and Maturities | 400 |
ALABAMA POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 550 |
Senior Note Maturities and Redemptions | 200 |
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 Issuances | 850 |
Senior Note Maturities and Redemptions | 450 |
Revenue Bond Maturities, Redemptions, and Repurchases | 27 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 3 |
GULF POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 300 |
Senior Note Maturities and Redemptions | 85 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 6 |
Other Long-Term Debt Redemptions and Maturities | 0 |
MISSISSIPPI POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 40 |
Other Long-Term Debt Redemptions and Maturities | 893 |
SOUTHERN POWER CO | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 3 |
Other Long-Term Debt Redemptions and Maturities | 3 |
SOUTHERN Co GAS | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 450 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 0 |
Other [Member] | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | 0 |
Other Long-Term Debt Redemptions and Maturities | 8 |
Consolidation Eliminations | |
Debt Instrument [Line Items] | |
Senior Note Issuances | 0 |
Senior Note Maturities and Redemptions | 0 |
Revenue Bond Maturities, Redemptions, and Repurchases | 0 |
Other Long-Term Debt Issuances | (40) |
Other Long-Term Debt Redemptions and Maturities | $ (591) |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 | $ 0 | ||
Pension Plans | Southern Company | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 74,000,000 | $ 62,000,000 | 147,000,000 | $ 124,000,000 |
Interest cost | 113,000,000 | 101,000,000 | 227,000,000 | 201,000,000 |
Expected return on plan assets | (225,000,000) | (187,000,000) | (449,000,000) | (374,000,000) |
Amortization: | ||||
Prior service costs | 3,000,000 | 3,000,000 | 6,000,000 | 7,000,000 |
Net (gain)/loss | 41,000,000 | 37,000,000 | 81,000,000 | 75,000,000 |
Net periodic pension cost (income) | 6,000,000 | 16,000,000 | 12,000,000 | 33,000,000 |
Pension Plans | SOUTHERN Co GAS | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0 | 0 | ||
Pension Plans and Postretirement Plans | ||||
Service cost | 5,000,000 | 11,000,000 | ||
Interest cost | 10,000,000 | 20,000,000 | ||
Expected return on plan assets | (17,000,000) | (35,000,000) | ||
Amortization: | ||||
Prior service costs | (1,000,000) | (1,000,000) | ||
Net (gain)/loss | 5,000,000 | 10,000,000 | ||
Net periodic pension cost (income) | 2,000,000 | 5,000,000 | ||
Pension Plans | ALABAMA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 16,000,000 | 15,000,000 | 32,000,000 | 29,000,000 |
Interest cost | 24,000,000 | 24,000,000 | 48,000,000 | 48,000,000 |
Expected return on plan assets | (49,000,000) | (46,000,000) | (98,000,000) | (92,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 1,000,000 | 1,000,000 |
Net (gain)/loss | 11,000,000 | 10,000,000 | 21,000,000 | 20,000,000 |
Net periodic pension cost (income) | 2,000,000 | 3,000,000 | 4,000,000 | 6,000,000 |
Pension Plans | GEORGIA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 18,000,000 | 18,000,000 | 37,000,000 | 35,000,000 |
Interest cost | 35,000,000 | 34,000,000 | 69,000,000 | 68,000,000 |
Expected return on plan assets | (70,000,000) | (65,000,000) | (141,000,000) | (129,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 2,000,000 | 2,000,000 | 3,000,000 |
Net (gain)/loss | 14,000,000 | 13,000,000 | 28,000,000 | 27,000,000 |
Net periodic pension cost (income) | (2,000,000) | 2,000,000 | (5,000,000) | 4,000,000 |
Pension Plans | GULF POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 4,000,000 | 3,000,000 | 7,000,000 | 6,000,000 |
Interest cost | 5,000,000 | 4,000,000 | 10,000,000 | 9,000,000 |
Expected return on plan assets | (9,000,000) | (8,000,000) | (19,000,000) | (17,000,000) |
Amortization: | ||||
Prior service costs | 0 | 1,000,000 | 0 | 1,000,000 |
Net (gain)/loss | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 |
Pension Plans | MISSISSIPPI POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 3,000,000 | 3,000,000 | 7,000,000 | 6,000,000 |
Interest cost | 5,000,000 | 5,000,000 | 10,000,000 | 10,000,000 |
Expected return on plan assets | (10,000,000) | (8,000,000) | (20,000,000) | (17,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 0 | 1,000,000 | 0 |
Net (gain)/loss | 2,000,000 | 1,000,000 | 4,000,000 | 3,000,000 |
Net periodic pension cost (income) | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 |
Postretirement Benefits | Southern Company | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 6,000,000 | 6,000,000 | 12,000,000 | 11,000,000 |
Interest cost | 20,000,000 | 17,000,000 | 40,000,000 | 35,000,000 |
Expected return on plan assets | (17,000,000) | (14,000,000) | (33,000,000) | (28,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 |
Net (gain)/loss | 5,000,000 | 4,000,000 | 7,000,000 | 7,000,000 |
Net periodic pension cost (income) | 15,000,000 | 14,000,000 | 29,000,000 | 28,000,000 |
Postretirement Benefits | SOUTHERN Co GAS | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 0 | 1,000,000 | ||
Interest cost | 2,000,000 | 5,000,000 | ||
Expected return on plan assets | (1,000,000) | (3,000,000) | ||
Amortization: | ||||
Prior service costs | 0 | (1,000,000) | ||
Net (gain)/loss | 1,000,000 | 2,000,000 | ||
Net periodic pension cost (income) | 2,000,000 | 4,000,000 | ||
Postretirement Benefits | ALABAMA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 |
Interest cost | 4,000,000 | 4,000,000 | 9,000,000 | 9,000,000 |
Expected return on plan assets | (8,000,000) | (7,000,000) | (14,000,000) | (13,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 |
Net (gain)/loss | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Net periodic pension cost (income) | 0 | 1,000,000 | 1,000,000 | 2,000,000 |
Postretirement Benefits | GEORGIA POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 |
Interest cost | 8,000,000 | 7,000,000 | 15,000,000 | 15,000,000 |
Expected return on plan assets | (6,000,000) | (5,000,000) | (12,000,000) | (11,000,000) |
Amortization: | ||||
Prior service costs | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Net (gain)/loss | 1,000,000 | 2,000,000 | 3,000,000 | 4,000,000 |
Net periodic pension cost (income) | 5,000,000 | 6,000,000 | 10,000,000 | 12,000,000 |
Postretirement Benefits | GULF POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Interest cost | 0 | 0 | 1,000,000 | 1,000,000 |
Expected return on plan assets | (1,000,000) | (1,000,000) | (1,000,000) | (1,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Net (gain)/loss | 0 | 0 | 0 | 0 |
Net periodic pension cost (income) | 0 | 0 | 1,000,000 | 1,000,000 |
Postretirement Benefits | MISSISSIPPI POWER CO | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Interest cost | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 |
Expected return on plan assets | (1,000,000) | (1,000,000) | (1,000,000) | (1,000,000) |
Amortization: | ||||
Prior service costs | 0 | 0 | 0 | 0 |
Net (gain)/loss | 0 | 0 | 0 | 0 |
Net periodic pension cost (income) | $ 1,000,000 | 1,000,000 | $ 2,000,000 | 2,000,000 |
Predecessor | Pension Plans | SOUTHERN Co GAS | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 7,000,000 | 13,000,000 | ||
Interest cost | 11,000,000 | 21,000,000 | ||
Expected return on plan assets | (17,000,000) | (33,000,000) | ||
Amortization: | ||||
Prior service costs | (1,000,000) | (1,000,000) | ||
Net (gain)/loss | 7,000,000 | 13,000,000 | ||
Net periodic pension cost (income) | 7,000,000 | 13,000,000 | ||
Predecessor | Postretirement Benefits | SOUTHERN Co GAS | ||||
Pension Plans and Postretirement Plans | ||||
Service cost | 0 | 1,000,000 | ||
Interest cost | 2,000,000 | 5,000,000 | ||
Expected return on plan assets | (1,000,000) | (3,000,000) | ||
Amortization: | ||||
Prior service costs | 0 | (1,000,000) | ||
Net (gain)/loss | 1,000,000 | 2,000,000 | ||
Net periodic pension cost (income) | $ 2,000,000 | $ 4,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 81 | $ 21 | ||
Effective tax rate | (28.60%) | 29.40% | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits as of December 31, 2016 | $ 484 | |||
Tax positions from current periods | 10 | |||
Tax positions from prior periods | 7 | |||
Balance as of June 30, 2017 | 501 | |||
Tax positions impacting the effective tax rate | 37 | 20 | ||
Tax positions not impacting the effective tax rate | 464 | 464 | ||
Balance of unrecognized tax benefits | $ 484 | 501 | 484 | |
Significantly increase (decrease) in amount of unrecognized tax benefits | 12 months | |||
Kemper IGCC | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance as of June 30, 2017 | $ 464 | |||
Balance of unrecognized tax benefits | $ 464 | 464 | ||
Unrecognized tax benefit, associated interest | 36 | |||
SOUTHERN Co GAS | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 19 | |||
MISSISSIPPI POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 46 | |||
Effective tax rate | (30.50%) | (208.10%) | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits as of December 31, 2016 | $ 465 | |||
Tax positions from current periods | 3 | |||
Tax positions from prior periods | 0 | |||
Balance as of June 30, 2017 | 468 | |||
Tax positions impacting the effective tax rate | 4 | |||
Tax positions not impacting the effective tax rate | 464 | |||
Balance of unrecognized tax benefits | 465 | 468 | 465 | |
MISSISSIPPI POWER CO | Kemper IGCC | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance as of June 30, 2017 | 464 | |||
Balance of unrecognized tax benefits | $ 464 | 464 | ||
Unrecognized tax benefit, associated interest | 36 | |||
SOUTHERN POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax rate | (114.70%) | (74.00%) | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits as of December 31, 2016 | $ 17 | |||
Tax positions from current periods | 1 | |||
Tax positions from prior periods | 1 | |||
Balance as of June 30, 2017 | 19 | |||
Tax positions impacting the effective tax rate | 19 | |||
Tax positions not impacting the effective tax rate | 0 | |||
Balance of unrecognized tax benefits | $ 17 | 19 | 17 | |
Investment Tax Credit Carryforward | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward, amount | 1,900 | $ 1,800 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Tax positions not impacting the effective tax rate | 98 | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 18 | |||
Federal | SOUTHERN Co GAS | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 18 | |||
Federal | MISSISSIPPI POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 0 | |||
State (net of federal benefit) | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 63 | |||
State (net of federal benefit) | SOUTHERN Co GAS | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | 1 | |||
State (net of federal benefit) | MISSISSIPPI POWER CO | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 46 |
Derivatives - Energy-Related an
Derivatives - Energy-Related and Interest Rate Derivatives (Details) BTU in Millions, $ in Millions, MMBTU in Billions | 6 Months Ended |
Jun. 30, 2017USD ($)MMBTUBTU | |
Interest Rate Contract | |
Interest rate derivatives | |
Notional Amount | $ 3,900 |
Fair Value Gain (Loss) at June 30, 2017 | $ (11) |
Southern Company | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 472 |
Longest Hedge Date | 2,021 |
Longest Non-Hedge Date | 2,024 |
Southern Company | Interest Rate Contract | 2017-08-01 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 250 |
Interest Rate Received | 1.30% |
Fair Value Gain (Loss) at June 30, 2017 | $ 0 |
Southern Company | Interest Rate Contract | 2017-08-01 | London Interbank Offered Rate (LIBOR) | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.17% |
Southern Company | Interest Rate Contract | 2020-06-01 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 300 |
Interest Rate Received | 2.75% |
Fair Value Gain (Loss) at June 30, 2017 | $ 1 |
Southern Company | Interest Rate Contract | 2020-06-01 | London Interbank Offered Rate (LIBOR) | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.92% |
Southern Company | Interest Rate Contract | 7/31/2021 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 1,500 |
Interest Rate Received | 2.35% |
Fair Value Gain (Loss) at June 30, 2017 | $ (14) |
Southern Company | Interest Rate Contract | 7/31/2021 | London Interbank Offered Rate (LIBOR) | 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 | BTU | 70 |
Longest Hedge Date | 2,020 |
GEORGIA POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 160 |
Longest Hedge Date | 2,020 |
GEORGIA POWER CO | Interest Rate Contract | 6/1/2018 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 250 |
Interest Rate Received | 5.40% |
Fair Value Gain (Loss) at June 30, 2017 | $ 0 |
GEORGIA POWER CO | Interest Rate Contract | 6/1/2018 | London Interbank Offered Rate (LIBOR) | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 4.02% |
GEORGIA POWER CO | Interest Rate Contract | 12/1/2018 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 500 |
Interest Rate Received | 1.95% |
Fair Value Gain (Loss) at June 30, 2017 | $ (2) |
GEORGIA POWER CO | Interest Rate Contract | 12/1/2018 | London Interbank Offered Rate (LIBOR) | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 0.76% |
GEORGIA POWER CO | Interest Rate Contract | 12/1/2019 | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 200 |
Interest Rate Received | 4.25% |
Fair Value Gain (Loss) at June 30, 2017 | $ 1 |
GEORGIA POWER CO | Interest Rate Contract | 12/1/2019 | London Interbank Offered Rate (LIBOR) | Fair Value Hedges of Existing Debt | |
Interest rate derivatives | |
Weighted Average Interest Rate Paid | 2.46% |
GULF POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 35 |
Longest Hedge Date | 2,020 |
MISSISSIPPI POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 41 |
Longest Hedge Date | 2,021 |
MISSISSIPPI POWER CO | Interest Rate Contract | 3/1/2018 | Cash Flow Hedges of Existing Debt | |
Interest rate derivatives | |
Notional Amount | $ 900 |
Weighted Average Interest Rate Paid | 0.79% |
Fair Value Gain (Loss) at June 30, 2017 | $ 3 |
SOUTHERN POWER CO | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 25 |
Longest Hedge Date | 2,017 |
SOUTHERN Co GAS | Energy-related, Natural Gas | |
Energy-related derivative contracts | |
Net Purchased mmBtu | BTU | 141 |
Longest Hedge Date | 2,019 |
Longest Non-Hedge Date | 2,024 |
SOUTHERN Co GAS | Energy-related, Natural Gas | Long | Derivatives not designated as hedging instruments | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | MMBTU | 3.5 |
SOUTHERN Co GAS | Energy-related, Natural Gas | Short | Derivatives not designated as hedging instruments | |
Energy-related derivative contracts | |
Derivative nonmonetary notional amount net long short position volume | MMBTU | 3.4 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) MMBTU in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)MMBTU | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | $ 71,000,000 | |
Maximum potential collateral requirements arising from credit risk related contingent features | $ 11,000,000 | |
Southern Company | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 31 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (21,000,000) | |
GEORGIA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 10 | |
SOUTHERN POWER CO | ||
Derivative [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 6,000,000 | |
Gulf Power and Mississippi Power [Member] | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 3 | |
ALABAMA POWER CO | ||
Derivative [Line Items] | ||
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | MMBTU | 5 | |
Parent Company and Southern Power | ||
Derivative [Line Items] | ||
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | $ (23,000,000) | |
SOUTHERN Co GAS | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | 71,000,000 | $ 62,000,000 |
Maximum potential collateral requirements arising from credit risk related contingent features | 1,000,000 | |
Traditional Operating Companies and Southern Power | ||
Derivative [Line Items] | ||
Maximum potential collateral requirements arising from credit risk related contingent features | 10,000,000 | |
Derivative Counterparties | Registrants | ||
Derivative [Line Items] | ||
Collateral already posted, aggregate fair value | $ 0 |
Derivatives - Foreign Currency
Derivatives - Foreign Currency Derivatives (Details) - 6 months ended Jun. 30, 2017 - Cash Flow Hedges of Existing Debt - Foreign Exchange Contract € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Pay Notional | $ 1,241 | |
Receive Notional | € | € 1,100 | |
Fair Value Gain (Loss) at June 30, 2017 | 33 | |
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 June 30, 2017 | $ 18 | |
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 June 30, 2017 | $ 15 |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Statement Presentation and Amounts With Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | $ 71 | |
Southern Company | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 450 | $ 690 |
Derivatives, liabilities | 410 | 718 |
Derivative asset amount offset | (219) | (462) |
Derivative liability amount offset | (290) | (524) |
Derivative asset | 231 | 228 |
Derivative liability | 120 | 194 |
Southern Company | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 339 | 556 |
Derivatives, liabilities | 288 | 564 |
Southern Company | Derivatives not designated as hedging instruments | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 237 | 489 |
Southern Company | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 102 | 66 |
Southern Company | Derivatives not designated as hedging instruments | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 202 | 483 |
Southern Company | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 86 | 81 |
Southern Company | Derivatives not designated as hedging instruments | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Southern Company | Derivatives not designated as hedging instruments | Interest rate derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 31 | 98 |
Derivatives, liabilities | 66 | 60 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 23 | 73 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 8 | 25 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 35 | 27 |
Southern Company | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 31 | 33 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 80 | 36 |
Derivatives, liabilities | 56 | 94 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 13 | 23 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 10 | 7 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 11 | 12 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 22 | 28 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 0 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 56 | 0 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 33 |
Southern Company | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 23 | 25 |
ALABAMA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 9 | 20 |
Derivatives, liabilities | 11 | 9 |
Derivative asset amount offset | (6) | (8) |
Derivative liability amount offset | (6) | (8) |
Derivative asset | 3 | 12 |
Derivative liability | 5 | 1 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 9 | 20 |
Derivatives, liabilities | 11 | 9 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 7 | 13 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 7 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 7 | 5 |
ALABAMA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 4 | 4 |
GEORGIA POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 16 | 46 |
Derivatives, liabilities | 17 | 11 |
Derivative asset amount offset | (9) | (8) |
Derivative liability amount offset | (9) | (8) |
Derivative asset | 7 | 38 |
Derivative liability | 8 | 3 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 15 | 44 |
Derivatives, liabilities | 14 | 8 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 10 | 30 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | 14 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 10 | 7 |
GEORGIA POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 4 | 1 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
Derivatives, liabilities | 3 | 3 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other deferred charges and 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 | Designated as Hedging Instrument | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 3 |
GEORGIA POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 0 |
GULF POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 5 |
Derivatives, liabilities | 29 | 29 |
Derivative asset amount offset | (1) | (4) |
Derivative liability amount offset | (1) | (4) |
Derivative asset | 0 | 1 |
Derivative liability | 28 | 25 |
GULF POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 5 |
Derivatives, liabilities | 29 | 29 |
GULF POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 4 |
GULF POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
GULF POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 16 | 12 |
GULF POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 13 | 17 |
MISSISSIPPI POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 5 | 7 |
Derivatives, liabilities | 10 | 11 |
Derivative asset amount offset | (2) | (3) |
Derivative liability amount offset | (2) | (3) |
Derivative asset | 3 | 4 |
Derivative liability | 8 | 8 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 2 | 4 |
Derivatives, liabilities | 10 | 11 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 2 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | 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 | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 4 | 5 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 6 | 6 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 3 |
Derivatives, liabilities | 0 | 0 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 3 | 2 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
MISSISSIPPI POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
SOUTHERN POWER CO | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 70 | 22 |
Derivatives, liabilities | 32 | 63 |
Derivative asset amount offset | (2) | (5) |
Derivative liability amount offset | (2) | (5) |
Derivative asset | 68 | 17 |
Derivative liability | 30 | 58 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 4 |
Derivatives, liabilities | 1 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 1 | 3 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 1 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Interest rate derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
SOUTHERN POWER CO | Derivatives not designated as hedging instruments | Interest rate derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 69 | 18 |
Derivatives, liabilities | 31 | 62 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 13 | 18 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 8 | 4 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | 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 | Designated as Hedging Instrument | Foreign currency derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 56 | 0 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 33 |
SOUTHERN POWER CO | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 23 | 25 |
SOUTHERN Co GAS | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 342 | 581 |
Derivatives, liabilities | 291 | 569 |
Derivative asset amount offset | (196) | (435) |
Derivative liability amount offset | (267) | (497) |
Derivative asset | 146 | 146 |
Derivative liability | 24 | 72 |
Collateral already posted, aggregate fair value | 71 | 62 |
SOUTHERN Co GAS | Energy-related derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | 1 | 8 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 338 | 552 |
Derivatives, liabilities | 287 | 563 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 102 | 66 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 86 | 81 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Assets From Risk Management Activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 236 | 486 |
SOUTHERN Co GAS | Derivatives not designated as hedging instruments | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 201 | 482 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 25 |
Derivatives, liabilities | 2 | 3 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred charges and assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 1 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Other deferred credits and liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 0 | 0 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Assets From Risk Management Activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 4 | 24 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments for regulatory purposes | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | 2 | 3 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Assets From Risk Management Activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, assets | 0 | 4 |
SOUTHERN Co GAS | Derivatives designated as hedging instruments in cash flow and fair value hedges | Designated as Hedging Instrument | Energy-related derivatives | Liabilities from risk management activities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, liabilities | $ 2 | $ 3 |
Derivatives - Pre-tax Effects o
Derivatives - Pre-tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Collateral already posted, aggregate fair value | $ 71 | $ 71 | |||
Southern Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 61 | $ (33) | 46 | $ (223) | |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 67 | (25) | 68 | (28) | |
Southern Company | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (34) | (34) | $ 33 | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (9) | 0 | (20) | 0 | |
Southern Company | Energy-related derivatives | Depreciation and amortization | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2) | 0 | (6) | 0 | |
Southern Company | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (24) | (24) | (16) | ||
Southern Company | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (23) | (23) | (19) | ||
Southern Company | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 13 | 13 | 56 | ||
Southern Company | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 12 | ||||
Southern Company | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (1) | 6 | (1) | (184) | |
Southern Company | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5) | (4) | (10) | (7) | |
Southern Company | Foreign Exchange Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 71 | (39) | 67 | (39) | |
Southern Company | Foreign Exchange Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5) | (1) | (12) | (1) | |
Southern Company | Foreign Exchange Contract | Other income (expense), net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 79 | (20) | 96 | (20) | |
ALABAMA POWER CO | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (2) | (2) | 11 | ||
ALABAMA POWER CO | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (3) | (3) | (1) | ||
ALABAMA POWER CO | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (2) | (2) | 0 | ||
ALABAMA POWER CO | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 3 | 3 | 8 | ||
ALABAMA POWER CO | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 4 | ||||
ALABAMA POWER CO | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | 0 | (4) | |
ALABAMA POWER CO | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2) | (2) | (3) | (3) | |
GEORGIA POWER CO | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 1 | 1 | 36 | ||
GEORGIA POWER CO | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | 0 | 0 | ||
GEORGIA POWER CO | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (5) | (5) | 0 | ||
GEORGIA POWER CO | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 6 | 6 | 29 | ||
GEORGIA POWER CO | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 7 | ||||
GEORGIA POWER CO | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | 0 | 0 | |
GEORGIA POWER CO | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | (1) | (3) | (2) | |
GULF POWER CO | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (2) | (7) | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | |||
GULF POWER CO | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (28) | (28) | (24) | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (1) | 0 | |||
GULF POWER CO | Energy-related derivatives | Depreciation and amortization | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | |||
GULF POWER CO | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (15) | (15) | (9) | ||
GULF POWER CO | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (13) | (13) | (16) | ||
GULF POWER CO | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | 0 | 1 | ||
GULF POWER CO | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | ||||
GULF POWER CO | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (1) | (2) | (1) | (7) | |
GULF POWER CO | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | 0 | 0 | |
MISSISSIPPI POWER CO | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (8) | (8) | (7) | ||
MISSISSIPPI POWER CO | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (5) | (5) | (5) | ||
MISSISSIPPI POWER CO | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (3) | (3) | (3) | ||
MISSISSIPPI POWER CO | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | 0 | 1 | ||
MISSISSIPPI POWER CO | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | ||||
MISSISSIPPI POWER CO | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | |||
MISSISSIPPI POWER CO | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | (1) | |||
SOUTHERN Co GAS | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Collateral already posted, aggregate fair value | 71 | 71 | 62 | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (2) | (4) | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | |||
SOUTHERN Co GAS | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 3 | 3 | 17 | ||
Collateral already posted, aggregate fair value | 1 | 1 | 8 | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (2) | (4) | |||
SOUTHERN Co GAS | Energy-related derivatives | Cost of natural gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | |||
SOUTHERN Co GAS | Energy-related derivatives | Other regulatory assets, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | (1) | (1) | (1) | ||
SOUTHERN Co GAS | Energy-related derivatives | Other regulatory assets, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 0 | 0 | 0 | ||
SOUTHERN Co GAS | Energy-related derivatives | Other regulatory liabilities, current | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | 4 | 4 | 17 | ||
SOUTHERN Co GAS | Energy-related derivatives | Other regulatory liabilities, deferred | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory hedge unrealized gain (loss) recognized on the balance sheet | $ 1 | ||||
SOUTHERN Co GAS | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | |||
SOUTHERN Co GAS | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | |||
SOUTHERN POWER CO | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 64 | (39) | 52 | (39) | |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 72 | (21) | 78 | (22) | |
SOUTHERN POWER CO | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (7) | 0 | (15) | 0 | |
SOUTHERN POWER CO | Energy-related derivatives | Depreciation and amortization | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2) | 0 | (6) | 0 | |
SOUTHERN POWER CO | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | |||
SOUTHERN POWER CO | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | (1) | |||
SOUTHERN POWER CO | Foreign Exchange Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 71 | (39) | 67 | (39) | |
SOUTHERN POWER CO | Foreign Exchange Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5) | (1) | (12) | (1) | |
SOUTHERN POWER CO | Foreign Exchange Contract | Other income (expense), net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ 79 | (20) | $ 96 | (20) | |
Predecessor | SOUTHERN Co GAS | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (19) | (64) | |||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2) | (1) | |||
Predecessor | SOUTHERN Co GAS | Energy-related derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | 0 | |||
Predecessor | SOUTHERN Co GAS | Energy-related derivatives | Cost of natural gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1) | (1) | |||
Predecessor | SOUTHERN Co GAS | Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (19) | (64) | |||
Predecessor | SOUTHERN Co GAS | Interest Rate Contract | Interest expense, net of amounts capitalized | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (1) | $ 0 |
Derivatives - Pre-tax Effects59
Derivatives - Pre-tax Effects of Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Energy-related derivatives | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 14 | $ 0 | $ 61 | $ 0 |
Energy-related derivatives | Natural gas revenues | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 16 | 0 | 65 | 0 |
Energy-related derivatives | Cost of natural gas | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (2) | 0 | (4) | 0 |
Southern Company | Weather Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivative, net | 1 | 15 | ||
SOUTHERN Co GAS | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivative, net | 49 | |||
SOUTHERN Co GAS | Energy-related derivatives | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 14 | 61 | ||
SOUTHERN Co GAS | Energy-related derivatives | Natural gas revenues | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 16 | 65 | ||
SOUTHERN Co GAS | Energy-related derivatives | Cost of natural gas | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (2) | (4) | ||
SOUTHERN Co GAS | Weather Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivative, net | $ 15 | |||
SOUTHERN Co GAS | Predecessor | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain (loss) on derivative, net | (162) | |||
SOUTHERN Co GAS | Predecessor | Energy-related derivatives | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (82) | (63) | ||
SOUTHERN Co GAS | Predecessor | Energy-related derivatives | Natural gas revenues | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (21) | (1) | ||
SOUTHERN Co GAS | Predecessor | Energy-related derivatives | Cost of natural gas | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (61) | $ (62) |
Derivatives - Pre-tax Effects60
Derivatives - Pre-tax Effects of Derivatives as Fair Value Hedging Relationships (Details) - Interest Rate Contract - Interest expense, net of amounts capitalized - Fair Value Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Southern Company | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative assets, fair value, gross asset | $ 7 | $ 4 | $ (1) | $ 24 |
GEORGIA POWER CO | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative assets, fair value, gross asset | $ 0 | $ 0 | $ (1) | $ 15 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions | Jul. 01, 2016USD ($) | May 09, 2016USD ($)$ / shares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2020 | Aug. 01, 2017MW | Dec. 31, 2016USD ($)MW |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 6,271 | $ 6,271 | $ 6,251 | ||||||
Revenues | 5,430 | $ 4,459 | 11,202 | $ 8,451 | |||||
Consolidated net income (loss) attributable to Southern Company | (1,381) | 623 | (723) | 1,112 | |||||
Construction work in progress | 7,440 | 7,440 | 8,977 | ||||||
SOUTHERN Co GAS | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 5,967 | 5,967 | 5,967 | ||||||
Revenues | 716 | 2,276 | |||||||
Consolidated net income (loss) attributable to Southern Company | 49 | 288 | |||||||
Construction work in progress | 779 | 779 | 496 | ||||||
SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 2 | 2 | 2 | ||||||
Revenues | 529 | 373 | 979 | 688 | |||||
Consolidated net income (loss) attributable to Southern Company | 82 | $ 89 | 151 | $ 139 | |||||
Total costs of construction | 421 | ||||||||
Construction work in progress | 344 | 344 | $ 398 | ||||||
SOUTHERN Co GAS | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate purchase price | $ 8,000 | ||||||||
Goodwill | 5,967 | $ 5,967 | |||||||
SOUTHERN Co GAS | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated lives of intangible assets | 1 year | ||||||||
SOUTHERN Co GAS | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated lives of intangible assets | 28 years | ||||||||
PowerSecure International, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate purchase price | $ 429 | ||||||||
Goodwill | 284 | $ 284 | |||||||
Acquisition, share price (in dollars per share) | $ / shares | $ 18.75 | ||||||||
PowerSecure International, Inc. | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated lives of intangible assets | 1 year | ||||||||
PowerSecure International, Inc. | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated lives of intangible assets | 26 years | ||||||||
Series of Construction Projects | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Construction work in progress | 49 | $ 49 | |||||||
Series of Construction Projects | Minimum | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated future construction payments | 170 | 170 | |||||||
Series of Construction Projects | Maximum | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated future construction payments | $ 190 | $ 190 | |||||||
Renewable Energy Systems Americas, Inc. | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Approx. nameplate capacity, wind (MW) | MW | 3,000 | ||||||||
Wind Generating Facility | Scenario, Forecast | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Project qualification for production tax credits, percentage | 100.00% | ||||||||
Production tax credits, project qualification period | 10 years | ||||||||
Subsequent Event | SOUTHERN POWER CO | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage by parent | 100.00% | ||||||||
Approximate Nameplate Capacity (MW) | MW | 148 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisitions (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Goodwill | $ 6,271 | $ 6,251 |
SOUTHERN Co GAS | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Current assets | 1,557 | |
Property, plant, and equipment | 10,108 | |
Goodwill | 5,967 | |
Intangible assets | 400 | |
Regulatory assets | 1,118 | |
Other assets | 229 | |
Current liabilities | (2,201) | |
Other liabilities | (4,742) | |
Long-term debt | (4,261) | |
Noncontrolling interest | (174) | |
Total purchase price | 8,001 | |
PowerSecure International, Inc. | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Current assets | 172 | |
Property, plant, and equipment | 46 | |
Goodwill | 284 | |
Intangible assets | 106 | |
Other assets | 4 | |
Current liabilities | (121) | |
Long-term debt, including current portion | (48) | |
Other liabilities | (14) | |
Total purchase price | 429 | |
SOUTHERN POWER CO | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Goodwill | $ 2 | $ 2 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Consolidated Information (Details) - SOUTHERN Co GAS $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Operating revenues | $ | $ 10,346 |
Net income attributable to Southern Company | $ | $ 1,255 |
Basic EPS (in dollars per share) | $ / shares | $ 1.34 |
Diluted EPS (in dollars per share) | $ / shares | $ 1.33 |
Acquisitions - Schedule of Cons
Acquisitions - Schedule of Construction Projects (Details) - SOUTHERN POWER CO - MW | Jan. 06, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2017 |
Bethel | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 276 | ||||
Southern Power Percentage Ownership | 100.00% | ||||
PPA Contract Period | 12 years | ||||
East Pecos | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 120 | ||||
PPA Contract Period | 15 years | ||||
Lamesa | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 102 | ||||
PPA Contract Period | 15 years | ||||
Scenario, Forecast | Mankato | |||||
Business Acquisition [Line Items] | |||||
Approximate Nameplate Capacity (MW) | 345 | ||||
PPA Contract Period | 20 years |
Joint Ownership Agreements - Ba
Joint Ownership Agreements - Balance Sheet Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 1,632 | $ 1,549 |
SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 1,610 | 1,541 |
SNG | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 1,405 | 1,394 |
Triton | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 43 | 44 |
Atlantic Coast Pipeline | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 31 | 30 |
PennEast Pipeline | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 45 | 22 |
Triton | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 53 | 33 |
Pivotal JAX LNG, LLC | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | 32 | 16 |
Other | SOUTHERN Co GAS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in unconsolidated subsidiaries | $ 1 | $ 2 |
Joint Ownership Agreements - In
Joint Ownership Agreements - Income Statement Equity Method Investment Carrying Amount (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | $ 28 | $ (1) | $ 67 | $ (1) |
SOUTHERN Co GAS | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 29 | 68 | ||
SOUTHERN Co GAS | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 1 | 2 | ||
SOUTHERN Co GAS | SNG | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 24 | 58 | ||
SOUTHERN Co GAS | SNG | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 0 | 0 | ||
SOUTHERN Co GAS | Triton | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 2 | 2 | ||
SOUTHERN Co GAS | Triton | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 1 | 1 | ||
SOUTHERN Co GAS | Atlantic Coast Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 0 | 1 | ||
SOUTHERN Co GAS | Atlantic Coast Pipeline | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 0 | 1 | ||
SOUTHERN Co GAS | PennEast Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 1 | 4 | ||
SOUTHERN Co GAS | PennEast Pipeline | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | 0 | 0 | ||
SOUTHERN Co GAS | Triton | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | $ 2 | $ 3 | ||
SOUTHERN Co GAS | Triton | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from equity method investments | $ 0 | $ 0 |
Joint Ownership Agreements - Na
Joint Ownership Agreements - Narrative (Details) - SNG - SOUTHERN Co GAS - USD ($) $ in Millions | Mar. 31, 2017 | Sep. 30, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Capital contributions from parent company | $ 50 |
Joint Ownership Agreements - 68
Joint Ownership Agreements - Investment in SNG (Details) - SNG - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 143 | $ 298 |
Operating income | 63 | 147 |
Net income | $ 48 | $ 114 |
Segment and Related Informati69
Segment and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)statesegment | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)statesegment | Jun. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of states in which entity operates | state | 4 | 4 | ||
SOUTHERN Co GAS | ||||
Segment Reporting Information [Line Items] | ||||
Number of natural gas distribution utilities | 7 | 7 | ||
Number of reportable segments | 4 | |||
SOUTHERN POWER CO | ||||
Segment Reporting Information [Line Items] | ||||
Wholesale revenues, affiliates | $ | $ 90 | $ 107 | $ 190 | $ 204 |
Segment and Related Informati70
Segment and Related Information - Financial Data for Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 5,430 | $ 4,459 | $ 11,202 | $ 8,451 | |
Segment net income | (1,381) | 623 | (723) | 1,112 | |
Total assets | 108,684 | 108,684 | $ 109,697 | ||
Kemper IGCC | |||||
Segment Reporting Information [Line Items] | |||||
Pre-tax charge to income | 3,000 | 81 | 3,100 | 134 | |
After tax charge to income | 2,100 | 50 | 2,200 | 83 | |
Plant Scherer Unit 3 | |||||
Segment Reporting Information [Line Items] | |||||
After tax charge to income | 20 | ||||
Loss on Plant Scherer Unit 3 | 33 | ||||
Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 4,585 | 4,379 | 8,716 | 8,360 | |
Segment net income | (1,360) | 688 | (859) | 1,203 | |
Total assets | 85,889 | 85,889 | 86,994 | ||
Intersegment Eliminations | Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (101) | (109) | (206) | (212) | |
Segment net income | 0 | 0 | 0 | 0 | |
Total assets | (317) | (317) | (316) | ||
Consolidation Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (37) | (45) | (79) | (81) | |
Segment net income | (2) | (4) | 0 | (7) | |
Total assets | (1,362) | (1,362) | (1,624) | ||
Traditional Electric Operating Companies | Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 4,157 | 4,115 | 7,943 | 7,884 | |
Segment net income | (1,442) | 599 | (1,010) | 1,064 | |
Total assets | 71,503 | 71,503 | 72,141 | ||
SOUTHERN POWER CO | Electric Utilities | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 529 | 373 | 979 | 688 | |
Segment net income | 82 | 89 | 151 | 139 | |
Total assets | 14,703 | 14,703 | 15,169 | ||
SOUTHERN Co GAS | Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 716 | 2,276 | |||
Segment net income | 49 | 288 | |||
Total assets | 21,809 | 21,809 | 21,853 | ||
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 166 | 125 | 289 | 172 | |
Segment net income | (68) | (61) | (152) | (84) | |
Total assets | 2,348 | 2,348 | 2,474 | ||
SOUTHERN POWER CO | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 529 | 373 | 979 | 688 | |
Segment net income | 82 | 89 | 151 | 139 | |
Total assets | 14,703 | 14,703 | 15,169 | ||
SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 716 | 2,276 | |||
Segment net income | 49 | 288 | |||
Total assets | 21,809 | 21,809 | 21,853 | ||
SOUTHERN Co GAS | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 769 | 2,393 | |||
Segment net income | 50 | 282 | |||
Total assets | 23,720 | 23,720 | 24,875 | ||
SOUTHERN Co GAS | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (56) | (122) | |||
Segment net income | 0 | 0 | |||
Total assets | (13,093) | (13,093) | (14,167) | ||
SOUTHERN Co GAS | Gas distribution operations | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 603 | 1,783 | |||
Segment net income | 54 | 171 | |||
Total assets | 18,257 | 18,257 | 19,453 | ||
SOUTHERN Co GAS | Gas marketing services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 166 | 454 | |||
Segment net income | 4 | 35 | |||
Total assets | 2,093 | 2,093 | 2,084 | ||
SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (12) | 119 | |||
Segment net income | (17) | 51 | |||
Total assets | 989 | 989 | 1,127 | ||
Less Gross Gas Costs | 1,666 | 3,510 | |||
SOUTHERN Co GAS | Gas Midstream Operations | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 12 | 37 | |||
Segment net income | 9 | 25 | |||
Total assets | 2,381 | 2,381 | 2,211 | ||
SOUTHERN Co GAS | All Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 3 | 5 | |||
Segment net income | (1) | 6 | |||
Total assets | 11,182 | 11,182 | $ 11,145 | ||
Predecessor | SOUTHERN Co GAS | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 571 | 1,905 | |||
EBIT | (24) | 328 | |||
Segment net income | (51) | 131 | |||
Predecessor | SOUTHERN Co GAS | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 611 | 2,003 | |||
EBIT | 30 | 388 | |||
Predecessor | SOUTHERN Co GAS | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (42) | (102) | |||
EBIT | 1 | 0 | |||
Predecessor | SOUTHERN Co GAS | Gas distribution operations | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 547 | 1,575 | |||
EBIT | 118 | 353 | |||
Predecessor | SOUTHERN Co GAS | Gas marketing services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 149 | 435 | |||
EBIT | 29 | 109 | |||
Predecessor | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (95) | (32) | |||
EBIT | (112) | (68) | |||
Less Gross Gas Costs | 1,214 | 2,675 | |||
Predecessor | SOUTHERN Co GAS | Gas Midstream Operations | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 10 | 25 | |||
EBIT | (5) | (6) | |||
Predecessor | SOUTHERN Co GAS | All Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2 | 4 | |||
EBIT | (55) | (60) | |||
Third Party Gross Revenues | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 1,531 | 3,370 | |||
Third Party Gross Revenues | Predecessor | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 1,061 | 2,500 | |||
Intercompany Revenues | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 123 | 259 | |||
Intercompany Revenues | Predecessor | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 58 | 143 | |||
Total Gross Revenues | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 1,654 | $ 3,629 | |||
Total Gross Revenues | Predecessor | SOUTHERN Co GAS | Wholesale Gas Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 1,119 | $ 2,643 |
Segment and Related Informati71
Segment and Related Information - Financial Data for Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue from External Customer [Line Items] | ||||
Electric Utilities' Revenues | $ 4,585 | $ 4,379 | $ 8,716 | $ 8,360 |
Gas Revenue | 716 | 2,276 | ||
Retail | ||||
Revenue from External Customer [Line Items] | ||||
Electric Utilities' Revenues | 3,777 | 3,748 | 7,171 | 7,124 |
Wholesale | ||||
Revenue from External Customer [Line Items] | ||||
Electric Utilities' Revenues | 618 | 446 | 1,149 | 842 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Electric Utilities' Revenues | 190 | $ 185 | 396 | $ 394 |
Gas distribution operations | ||||
Revenue from External Customer [Line Items] | ||||
Gas Revenue | 557 | 1,689 | ||
Gas marketing services | ||||
Revenue from External Customer [Line Items] | ||||
Gas Revenue | 166 | 454 | ||
Other | ||||
Revenue from External Customer [Line Items] | ||||
Gas Revenue | $ (7) | $ 133 |