Document and Entity Information
3 Months Ended
Mar. 31, 2012
Document and Entity Information [Abstract]
Entity Registrant Name
SOUTHERN CO
Entity Central Index Key
0000092122
Document Type
10-Q
Document Period End Date
Mar. 31, 2012
Amendment Flag
false
Document Fiscal Year Focus
2012
Document Fiscal Period Focus
Q1
Current Fiscal Year End Date
--12-31
Entity Filer Category
Large Accelerated Filer
Entity Common Stock, Shares Outstanding
868,690,126
Condensed Consolidated Statements of Income (Unaudited)(USD $)
Share data in Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating Revenues:
Retail revenues
$3,092,000,000
$3,396,000,000
Wholesale revenues
349,000,000
449,000,000
Other electric revenues
148,000,000
150,000,000
Other revenues
15,000,000
17,000,000
Total operating revenues
3,604,000,000
4,012,000,000
Operating Expenses:
Fuel
1,064,000,000
1,476,000,000
Purchased power
141,000,000
100,000,000
Other operations and maintenance
967,000,000
944,000,000
Depreciation and amortization
441,000,000
418,000,000
Taxes other than income taxes
225,000,000
220,000,000
Total operating expenses
2,838,000,000
3,158,000,000
Operating Income
766,000,000
854,000,000
Other Income and (Expense):
Allowance for equity funds used during construction
31,000,000
35,000,000
Interest expense, net of amounts capitalized
(211,000,000)
(222,000,000)
Other income (expense), net
(2,000,000)
2,000,000
Total other income and (expense)
(182,000,000)
(185,000,000)
Earnings Before Income Taxes
584,000,000
669,000,000
Income taxes
200,000,000
231,000,000
Consolidated Net Income
384,000,000
438,000,000
Dividends on Preferred and Preference Stock of Subsidiaries
16,000,000
16,000,000
Consolidated Net Income After Dividends on Preferred and Preference Stock of Subsidiaries
368,000,000
422,000,000
Earnings per share (EPS) -
Basic EPS
$0.42
$0.50
Diluted EPS
$0.42
$0.49
Average number of shares of common stock outstanding (in millions)
Basic
868
848
Diluted
877
854
Cash dividends paid per share of common stock
$0.4725
$0.4550
Alabama Power [Member]
Operating Revenues:
Retail revenues
1,092,000,000
1,126,000,000
Wholesale revenues, non-affiliates
61,000,000
68,000,000
Wholesale revenues, affiliates
14,000,000
75,000,000
Other revenues
49,000,000
51,000,000
Total operating revenues
1,216,000,000
1,320,000,000
Operating Expenses:
Fuel
306,000,000
395,000,000
Purchased power, non-affiliates
15,000,000
11,000,000
Purchased power, affiliates
40,000,000
46,000,000
Other operations and maintenance
321,000,000
297,000,000
Depreciation and amortization
157,000,000
157,000,000
Taxes other than income taxes
86,000,000
85,000,000
Total operating expenses
925,000,000
991,000,000
Operating Income
291,000,000
329,000,000
Other Income and (Expense):
Allowance for equity funds used during construction
5,000,000
5,000,000
Interest income
4,000,000
4,000,000
Interest expense, net of amounts capitalized
(73,000,000)
(74,000,000)
Other income (expense), net
(7,000,000)
(6,000,000)
Total other income and (expense)
(71,000,000)
(71,000,000)
Earnings Before Income Taxes
220,000,000
258,000,000
Income taxes
84,000,000
96,000,000
Consolidated Net Income
136,000,000
162,000,000
Dividends on Preferred and Preference Stock of Subsidiaries
10,000,000
10,000,000
Consolidated Net Income After Dividends on Preferred and Preference Stock of Subsidiaries
126,000,000
152,000,000
Georgia Power [Member]
Operating Revenues:
Retail revenues
1,594,000,000
1,815,000,000
Wholesale revenues, non-affiliates
66,000,000
83,000,000
Wholesale revenues, affiliates
3,000,000
11,000,000
Other revenues
82,000,000
80,000,000
Total operating revenues
1,745,000,000
1,989,000,000
Operating Expenses:
Fuel
440,000,000
677,000,000
Purchased power, non-affiliates
93,000,000
74,000,000
Purchased power, affiliates
159,000,000
163,000,000
Other operations and maintenance
434,000,000
422,000,000
Depreciation and amortization
188,000,000
173,000,000
Taxes other than income taxes
87,000,000
87,000,000
Total operating expenses
1,401,000,000
1,596,000,000
Operating Income
344,000,000
393,000,000
Other Income and (Expense):
Allowance for equity funds used during construction
13,000,000
25,000,000
Interest expense, net of amounts capitalized
(91,000,000)
(96,000,000)
Other income (expense), net
(3,000,000)
(1,000,000)
Total other income and (expense)
(81,000,000)
(72,000,000)
Earnings Before Income Taxes
263,000,000
321,000,000
Income taxes
92,000,000
111,000,000
Consolidated Net Income
171,000,000
210,000,000
Dividends on Preferred and Preference Stock of Subsidiaries
4,000,000
4,000,000
Consolidated Net Income After Dividends on Preferred and Preference Stock of Subsidiaries
167,000,000
206,000,000
Gulf Power [Member]
Operating Revenues:
Retail revenues
238,520,000
274,826,000
Wholesale revenues, non-affiliates
27,118,000
31,019,000
Wholesale revenues, affiliates
36,364,000
4,135,000
Other revenues
14,243,000
14,628,000
Total operating revenues
316,245,000
324,608,000
Operating Expenses:
Fuel
121,088,000
131,782,000
Purchased power, non-affiliates
11,225,000
7,003,000
Purchased power, affiliates
2,513,000
16,618,000
Other operations and maintenance
75,230,000
80,509,000
Depreciation and amortization
33,307,000
31,756,000
Taxes other than income taxes
23,784,000
24,896,000
Total operating expenses
267,147,000
292,564,000
Operating Income
49,098,000
32,044,000
Other Income and (Expense):
Allowance for equity funds used during construction
1,237,000
2,135,000
Interest expense, net of amounts capitalized
(15,368,000)
(13,629,000)
Other income (expense), net
(1,009,000)
(549,000)
Total other income and (expense)
(15,140,000)
(12,043,000)
Earnings Before Income Taxes
33,958,000
20,001,000
Income taxes
11,741,000
6,759,000
Consolidated Net Income
22,217,000
13,242,000
Dividends on Preferred and Preference Stock of Subsidiaries
1,551,000
1,551,000
Consolidated Net Income After Dividends on Preferred and Preference Stock of Subsidiaries
20,666,000
11,691,000
Mississippi Power [Member]
Operating Revenues:
Retail revenues
166,271,000
180,474,000
Wholesale revenues, non-affiliates
54,231,000
69,851,000
Wholesale revenues, affiliates
4,040,000
9,300,000
Other revenues
4,172,000
3,651,000
Total operating revenues
228,714,000
263,276,000
Operating Expenses:
Fuel
88,619,000
121,054,000
Purchased power, non-affiliates
1,943,000
1,010,000
Purchased power, affiliates
8,860,000
8,350,000
Other operations and maintenance
54,895,000
70,367,000
Depreciation and amortization
22,481,000
19,863,000
Taxes other than income taxes
21,703,000
17,481,000
Total operating expenses
198,501,000
238,125,000
Operating Income
30,213,000
25,151,000
Other Income and (Expense):
Allowance for equity funds used during construction
11,827,000
3,131,000
Interest income
120,000
342,000
Interest expense, net of amounts capitalized
(7,805,000)
(6,013,000)
Other income (expense), net
(242,000)
(403,000)
Total other income and (expense)
3,900,000
(2,943,000)
Earnings Before Income Taxes
34,113,000
22,208,000
Income taxes
8,425,000
7,158,000
Consolidated Net Income
25,688,000
15,050,000
Dividends on Preferred and Preference Stock of Subsidiaries
433,000
433,000
Consolidated Net Income After Dividends on Preferred and Preference Stock of Subsidiaries
25,255,000
14,617,000
Southern Power [Member]
Operating Revenues:
Wholesale revenues, non-affiliates
140,557,000
197,166,000
Wholesale revenues, affiliates
111,788,000
83,274,000
Other revenues
1,336,000
1,347,000
Total operating revenues
253,681,000
281,787,000
Operating Expenses:
Fuel
89,078,000
102,715,000
Purchased power, non-affiliates
20,650,000
8,942,000
Purchased power, affiliates
2,340,000
15,099,000
Other operations and maintenance
48,389,000
42,754,000
Depreciation and amortization
31,913,000
30,167,000
Taxes other than income taxes
4,968,000
4,763,000
Total operating expenses
197,338,000
204,440,000
Operating Income
56,343,000
77,347,000
Other Income and (Expense):
Interest expense, net of amounts capitalized
(13,642,000)
(18,829,000)
Other income (expense), net
30,000
59,000
Total other income and (expense)
(13,612,000)
(18,770,000)
Earnings Before Income Taxes
42,731,000
58,577,000
Income taxes
13,415,000
20,834,000
Consolidated Net Income
$29,316,000
$37,743,000
Condensed Consolidated Statements of Cash Flows (Unaudited)(USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating Activities:
Consolidated Net Income
$384,000,000
$438,000,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
529,000,000
501,000,000
Deferred income taxes
104,000,000
174,000,000
Allowance for equity funds used during construction
(31,000,000)
(35,000,000)
Pension, postretirement, and other employee benefits
16,000,000
(11,000,000)
Stock based compensation expense
25,000,000
21,000,000
Other, net
2,000,000
(16,000,000)
Changes in certain current assets and liabilities --
-Receivables
372,000,000
276,000,000
-Fossil fuel stock
(218,000,000)
(42,000,000)
-Other current assets
(60,000,000)
(77,000,000)
-Accounts payable
(136,000,000)
(108,000,000)
-Accrued taxes
(167,000,000)
131,000,000
-Accrued compensation
(305,000,000)
(277,000,000)
-Other current liabilities
53,000,000
23,000,000
Net cash provided from operating activities
568,000,000
998,000,000
Investing Activities:
Property additions
(1,231,000,000)
(1,086,000,000)
Distribution of restricted cash
61,000,000
Nuclear decommissioning trust fund purchases
(336,000,000)
(928,000,000)
Nuclear decommissioning trust fund sales
334,000,000
924,000,000
Proceeds from property sales
2,000,000
14,000,000
Cost of removal, net of salvage
(32,000,000)
(15,000,000)
Change in construction payables
(156,000,000)
136,000,000
Other investing activities
(8,000,000)
10,000,000
Net cash used for investing activities
(1,427,000,000)
(884,000,000)
Financing Activities:
Increase (decrease) in notes payable, net
174,000,000
(54,000,000)
Proceeds --
Long-term debt issuances
1,400,000,000
937,000,000
Interest-bearing refundable deposit related to asset sale
150,000,000
Common stock issuances
116,000,000
193,000,000
Redemptions --
Long-term debt
(827,000,000)
(824,000,000)
Payment of common stock dividends
(410,000,000)
(385,000,000)
Payment of dividends on preferred and preference stock of subsidiaries
(16,000,000)
(16,000,000)
Other financing activities
1,000,000
(2,000,000)
Net cash provided from (used for) financing activities
588,000,000
(151,000,000)
Net Change in Cash and Cash Equivalents
(271,000,000)
(37,000,000)
Cash and Cash Equivalents at Beginning of Period
1,315,000,000
447,000,000
Cash and Cash Equivalents at End of Period
1,044,000,000
410,000,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
178,000,000
197,000,000
Income taxes (net of refunds)
2,000,000
(357,000,000)
Noncash transactions - accrued property additions at end of period
420,000,000
531,000,000
Alabama Power [Member]
Operating Activities:
Consolidated Net Income
136,000,000
162,000,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
189,000,000
185,000,000
Deferred income taxes
31,000,000
59,000,000
Allowance for equity funds used during construction
(5,000,000)
(5,000,000)
Pension, postretirement, and other employee benefits
(1,000,000)
(11,000,000)
Stock based compensation expense
4,000,000
3,000,000
Other, net
(10,000,000)
1,000,000
Changes in certain current assets and liabilities --
-Receivables
89,000,000
51,000,000
-Fossil fuel stock
(81,000,000)
3,000,000
-Materials and supplies
2,000,000
10,000,000
-Other current assets
(51,000,000)
(69,000,000)
-Accounts payable
(149,000,000)
(153,000,000)
-Accrued taxes
43,000,000
160,000,000
-Accrued compensation
(63,000,000)
(67,000,000)
-Other current liabilities
6,000,000
(2,000,000)
Net cash provided from operating activities
140,000,000
327,000,000
Investing Activities:
Property additions
(244,000,000)
(213,000,000)
Distribution of restricted cash from pollution control revenue bonds
11,000,000
Nuclear decommissioning trust fund purchases
(49,000,000)
(97,000,000)
Nuclear decommissioning trust fund sales
49,000,000
97,000,000
Cost of removal, net of salvage
(6,000,000)
(8,000,000)
Change in construction payables
14,000,000
(2,000,000)
Other investing activities
1,000,000
(12,000,000)
Net cash used for investing activities
(235,000,000)
(224,000,000)
Proceeds --
Capital contributions from parent company
5,000,000
5,000,000
Senior note issuances
250,000,000
250,000,000
Redemptions --
Pollution control revenue bonds
(1,000,000)
Senior notes
(200,000,000)
Payment of preferred and preference stock dividends
(10,000,000)
(10,000,000)
Payment of common stock dividends
(135,000,000)
(138,000,000)
Other financing activities
(3,000,000)
(5,000,000)
Net cash provided from (used for) financing activities
106,000,000
(98,000,000)
Net Change in Cash and Cash Equivalents
11,000,000
5,000,000
Cash and Cash Equivalents at Beginning of Period
344,000,000
154,000,000
Cash and Cash Equivalents at End of Period
355,000,000
159,000,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
66,000,000
72,000,000
Income taxes (net of refunds)
22,000,000
(110,000,000)
Noncash transactions - accrued property additions at end of period
32,000,000
26,000,000
Georgia Power [Member]
Operating Activities:
Consolidated Net Income
171,000,000
210,000,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
229,000,000
210,000,000
Deferred income taxes
38,000,000
56,000,000
Allowance for equity funds used during construction
(13,000,000)
(25,000,000)
Other, net
33,000,000
(14,000,000)
Changes in certain current assets and liabilities --
-Receivables
258,000,000
122,000,000
-Fossil fuel stock
(122,000,000)
(30,000,000)
-Prepaid income taxes
10,000,000
80,000,000
-Other current assets
(4,000,000)
(14,000,000)
-Accounts payable
(62,000,000)
(50,000,000)
-Accrued taxes
(206,000,000)
(194,000,000)
-Accrued compensation
(80,000,000)
(65,000,000)
-Other current liabilities
60,000,000
64,000,000
Net cash provided from operating activities
312,000,000
350,000,000
Investing Activities:
Property additions
(476,000,000)
(513,000,000)
Nuclear decommissioning trust fund purchases
(287,000,000)
(830,000,000)
Nuclear decommissioning trust fund sales
285,000,000
827,000,000
Cost of removal, net of salvage
(15,000,000)
1,000,000
Change in construction payables, net of joint owner portion
(203,000,000)
93,000,000
Other investing activities
15,000,000
(6,000,000)
Net cash used for investing activities
(681,000,000)
(428,000,000)
Financing Activities:
Increase (decrease) in notes payable, net
99,000,000
(62,000,000)
Proceeds --
Capital contributions from parent company
9,000,000
171,000,000
Pollution control revenue bonds issuances
137,000,000
Senior note issuances
750,000,000
300,000,000
Other long-term debt issuances
250,000,000
Redemptions --
Pollution control revenue bonds
(84,000,000)
Senior notes
(101,000,000)
Other long-term debt
(250,000,000)
(300,000,000)
Payment of preferred and preference stock dividends
(4,000,000)
(4,000,000)
Payment of common stock dividends
(227,000,000)
(224,000,000)
Other financing activities
(8,000,000)
(2,000,000)
Net cash provided from (used for) financing activities
369,000,000
81,000,000
Net Change in Cash and Cash Equivalents
3,000,000
Cash and Cash Equivalents at Beginning of Period
13,000,000
8,000,000
Cash and Cash Equivalents at End of Period
13,000,000
11,000,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
58,000,000
65,000,000
Income taxes (net of refunds)
28,000,000
(77,000,000)
Noncash transactions - accrued property additions at end of period
178,000,000
350,000,000
Gulf Power [Member]
Operating Activities:
Consolidated Net Income
22,217,000
13,242,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
34,844,000
33,294,000
Deferred income taxes
32,505,000
6,249,000
Allowance for equity funds used during construction
(1,237,000)
(2,135,000)
Pension, postretirement, and other employee benefits
1,315,000
(1,256,000)
Stock based compensation expense
685,000
518,000
Other, net
5,478,000
(3,793,000)
Changes in certain current assets and liabilities --
-Receivables
14,754,000
35,336,000
-Prepayments
1,559,000
1,156,000
-Fossil fuel stock
1,543,000
(14,941,000)
-Materials and supplies
(1,476,000)
(726,000)
-Prepaid income taxes
17,324,000
28,889,000
-Other current assets
7,000
-Accounts payable
(21,516,000)
(8,863,000)
-Accrued taxes
(1,453,000)
4,053,000
-Accrued compensation
(9,190,000)
(10,000,000)
-Over recovered regulatory clause revenues
14,516,000
687,000
-Other current liabilities
5,637,000
5,440,000
Net cash provided from operating activities
117,505,000
87,157,000
Investing Activities:
Property additions
(94,879,000)
(94,239,000)
Cost of removal, net of salvage
(9,342,000)
(5,314,000)
Change in construction payables
7,773,000
3,171,000
Payments pursuant to long-term service agreements
(2,274,000)
(2,198,000)
Other investing activities
(76,000)
68,000
Net cash used for investing activities
(98,798,000)
(98,512,000)
Financing Activities:
Increase (decrease) in notes payable, net
(27,338,000)
(6,620,000)
Proceeds --
Capital contributions from parent company
732,000
809,000
Common stock issuances
40,000,000
50,000,000
Redemptions --
Senior notes
(16,000)
(125,000)
Payment of preferred and preference stock dividends
(1,551,000)
(1,551,000)
Payment of common stock dividends
(28,950,000)
(27,500,000)
Other financing activities
198,000
110,000
Net cash provided from (used for) financing activities
(16,925,000)
15,123,000
Net Change in Cash and Cash Equivalents
1,782,000
3,768,000
Cash and Cash Equivalents at Beginning of Period
17,328,000
16,434,000
Cash and Cash Equivalents at End of Period
19,110,000
20,202,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
9,352,000
8,284,000
Income taxes (net of refunds)
(35,742,000)
(29,557,000)
Noncash transactions - accrued property additions at end of period
28,788,000
17,882,000
Mississippi Power [Member]
Operating Activities:
Consolidated Net Income
25,688,000
15,050,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
21,931,000
21,442,000
Deferred income taxes
(1,210,000)
10,015,000
Convertible investment tax credits
13,974,000
9,750,000
Allowance for equity funds used during construction
(11,827,000)
(3,131,000)
Pension, postretirement, and other employee benefits
2,268,000
1,037,000
Stock based compensation expense
957,000
813,000
Hedge Settlements
(15,983,000)
Other, net
(1,127,000)
(1,363,000)
Changes in certain current assets and liabilities --
-Receivables
14,536,000
11,592,000
-Fossil fuel stock
(16,188,000)
(538,000)
-Materials and supplies
(538,000)
(317,000)
-Prepaid income taxes
4,168,000
15,976,000
-Other current assets
(4,357,000)
1,649,000
-Accounts payable
(11,558,000)
17,538,000
-Accrued taxes
(31,434,000)
(31,213,000)
-Accrued compensation
(10,803,000)
(9,556,000)
-Over recovered regulatory clause revenues
12,627,000
7,756,000
-Other current liabilities
9,480,000
(149,000)
Net cash provided from operating activities
604,000
66,351,000
Investing Activities:
Property additions
(370,923,000)
(148,917,000)
Distribution of restricted cash
50,000,000
Cost of removal, net of salvage
(1,149,000)
(2,830,000)
Change in construction payables
30,080,000
33,291,000
Capital grant proceeds
1,816,000
16,912,000
Other investing activities
(4,207,000)
(834,000)
Net cash used for investing activities
(344,383,000)
(52,378,000)
Proceeds --
Capital contributions from parent company
150,735,000
50,610,000
Interest-bearing refundable deposit related to asset sale
150,000,000
Senior note issuances
400,000,000
Redemptions --
Capital leases
(377,000)
(349,000)
Other long-term debt
(75,000,000)
(130,000,000)
Payment of preferred and preference stock dividends
(433,000)
(433,000)
Payment of common stock dividends
(26,700,000)
(18,875,000)
Other financing activities
715,000
(312,000)
Net cash provided from (used for) financing activities
598,940,000
(99,359,000)
Net Change in Cash and Cash Equivalents
255,161,000
(85,386,000)
Cash and Cash Equivalents at Beginning of Period
211,585,000
160,779,000
Cash and Cash Equivalents at End of Period
466,746,000
75,393,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
6,135,000
Income taxes (net of refunds)
(11,994,000)
(32,294,000)
Noncash transactions - accrued property additions at end of period
165,982,000
72,114,000
Southern Power [Member]
Operating Activities:
Consolidated Net Income
29,316,000
37,743,000
Adjustments to reconcile consolidated net income to net cash provided from operating activities --
Depreciation and amortization, total
34,887,000
33,580,000
Deferred income taxes
9,917,000
8,601,000
Convertible investment tax credits
(3,900,000)
38,068,000
Deferred revenues
(16,686,000)
(21,476,000)
Mark-to-market adjustments
6,467,000
(63,000)
Other, net
1,326,000
1,752,000
Changes in certain current assets and liabilities --
-Receivables
12,400,000
20,759,000
-Fossil fuel stock
(755,000)
625,000
-Materials and supplies
(1,167,000)
253,000
-Prepaid income taxes
(5,105,000)
15,744,000
-Other current assets
(2,083,000)
(137,000)
-Accounts payable
(14,590,000)
(21,645,000)
-Accrued taxes
4,375,000
4,888,000
Accrued interest
(10,172,000)
(12,281,000)
-Other current liabilities
(2,000)
(519,000)
Net cash provided from operating activities
44,228,000
105,892,000
Investing Activities:
Property additions
(32,450,000)
(113,518,000)
Change in construction payables
(999,000)
43,259,000
Payments pursuant to long-term service agreements
(11,415,000)
(11,320,000)
Other investing activities
(2,848,000)
(3,165,000)
Net cash used for investing activities
(47,712,000)
(84,744,000)
Financing Activities:
Increase (decrease) in notes payable, net
20,165,000
(20,360,000)
Proceeds --
Capital contributions from parent company
1,219,000
17,179,000
Redemptions --
Other long-term debt
(150,000)
(3,066,000)
Payment of common stock dividends
(31,750,000)
(22,800,000)
Other financing activities
25,000
38,000
Net cash provided from (used for) financing activities
(10,491,000)
(29,009,000)
Net Change in Cash and Cash Equivalents
(13,975,000)
(7,861,000)
Cash and Cash Equivalents at Beginning of Period
16,943,000
14,204,000
Cash and Cash Equivalents at End of Period
2,968,000
6,343,000
Supplemental Cash Flow Information:
Interest (net capitalized for 2012 and 2011, respectively)
20,966,000
26,993,000
Income taxes (net of refunds)
10,820,000
(44,721,000)
Noncash transactions - accrued property additions at end of period
$31,591,000
$78,567,000
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)(USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net cash paid for capitalized interest
$21,000
$17,000
Alabama Power [Member]
Net cash paid for capitalized interest
2,000
2,000
Georgia Power [Member]
Net cash paid for capitalized interest
6,000
9,000
Gulf Power [Member]
Net cash paid for capitalized interest
493
851
Mississippi Power [Member]
Interest paid
5,965
7,129
Net cash paid for capitalized interest
6,565
994
Southern Power [Member]
Net cash paid for capitalized interest
$6,556
$4,240
Condensed Consolidated Balance Sheets (Unaudited)(USD $)
Mar. 31, 2012
Dec. 31, 2011
Current Assets:
Cash and cash equivalents
$1,044,000,000
$1,315,000,000
Restricted cash and cash equivalents
7,000,000
8,000,000
Receivables --
Customer accounts receivable
936,000,000
1,074,000,000
Unbilled revenues
358,000,000
376,000,000
Under recovered regulatory clause revenues
5,000,000
143,000,000
Other accounts and notes receivable
226,000,000
282,000,000
Accumulated provision for uncollectible accounts
(24,000,000)
(26,000,000)
Fossil fuel stock, at average cost
1,585,000,000
1,367,000,000
Materials and supplies, at average cost
898,000,000
903,000,000
Vacation pay
161,000,000
160,000,000
Prepaid expenses
519,000,000
385,000,000
Other regulatory assets, current
267,000,000
239,000,000
Other current assets
59,000,000
46,000,000
Total current assets
6,041,000,000
6,272,000,000
Property, Plant, and Equipment:
In service
60,073,000,000
59,744,000,000
Less accumulated provision for depreciation
21,327,000,000
21,154,000,000
Plant in service, net of depreciation
38,746,000,000
38,590,000,000
Other utility plant, net
54,000,000
55,000,000
Nuclear fuel, at amortized cost
830,000,000
774,000,000
Construction work in progress
6,225,000,000
5,591,000,000
Total property, plant, and equipment
45,855,000,000
45,010,000,000
Other Property and Investments:
Nuclear decommissioning trusts, at fair value
1,280,000,000
1,207,000,000
Leveraged leases
654,000,000
649,000,000
Miscellaneous property and investments
260,000,000
262,000,000
Total other property and investments
2,194,000,000
2,118,000,000
Deferred Charges and Other Assets:
Deferred charges related to income taxes
1,381,000,000
1,365,000,000
Unamortized debt issuance expense
163,000,000
156,000,000
Unamortized loss on reacquired debt
279,000,000
285,000,000
Deferred under recovered regulatory clause revenues
24,000,000
48,000,000
Other regulatory assets, deferred
3,486,000,000
3,532,000,000
Other deferred charges and assets
451,000,000
481,000,000
Total deferred charges and other assets
5,784,000,000
5,867,000,000
Total Assets
59,874,000,000
59,267,000,000
Current Liabilities:
Securities due within one year
1,881,000,000
1,717,000,000
Interest-bearing refundable deposit related to asset sale
150,000,000
Notes payable
1,029,000,000
859,000,000
Accounts payable
1,262,000,000
1,553,000,000
Customer deposits
358,000,000
347,000,000
Accrued taxes --
Accrued income taxes
51,000,000
13,000,000
Unrecognized tax benefits
12,000,000
22,000,000
Other accrued taxes
198,000,000
425,000,000
Accrued interest
249,000,000
226,000,000
Accrued vacation pay
204,000,000
205,000,000
Accrued compensation
158,000,000
450,000,000
Liabilities from risk management activities
219,000,000
209,000,000
Other regulatory liabilities, current
153,000,000
125,000,000
Other current liabilities
393,000,000
426,000,000
Total current liabilities
6,317,000,000
6,577,000,000
Long-term Debt
19,051,000,000
18,647,000,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
9,001,000,000
8,809,000,000
Deferred credits related to income taxes
220,000,000
224,000,000
Accumulated deferred investment tax credits
651,000,000
611,000,000
Employee benefit obligations
2,432,000,000
2,442,000,000
Asset retirement obligations
1,341,000,000
1,321,000,000
Other cost of removal obligations
1,178,000,000
1,165,000,000
Other regulatory liabilities, deferred
324,000,000
297,000,000
Other deferred credits and liabilities
578,000,000
514,000,000
Total deferred credits and other liabilities
15,725,000,000
15,383,000,000
Total Liabilities
41,093,000,000
40,607,000,000
Redeemable Preferred Stock of Subsidiaries
375,000,000
375,000,000
Common Stockholders' Equity:
Common stock
4,346,000,000
4,328,000,000
Paid-in capital
4,550,000,000
4,410,000,000
Treasury, at cost
(18,000,000)
(17,000,000)
Retained earnings
8,926,000,000
8,968,000,000
Accumulated other comprehensive loss
(105,000,000)
(111,000,000)
Total common stockholders' equity
17,699,000,000
17,578,000,000
Preferred and Preference Stock of Subsidiaries
707,000,000
707,000,000
Total Stockholders' Equity
18,406,000,000
18,285,000,000
Total Liabilities and Stockholders' Equity
59,874,000,000
59,267,000,000
Alabama Power [Member]
Current Assets:
Cash and cash equivalents
355,000,000
344,000,000
Restricted cash and cash equivalents
1,000,000
Receivables --
Customer accounts receivable
300,000,000
332,000,000
Unbilled revenues
116,000,000
126,000,000
Other accounts and notes receivable
35,000,000
35,000,000
Affiliated companies
50,000,000
79,000,000
Accumulated provision for uncollectible accounts
(10,000,000)
(10,000,000)
Fossil fuel stock, at average cost
425,000,000
344,000,000
Materials and supplies, at average cost
372,000,000
375,000,000
Vacation pay
59,000,000
59,000,000
Prepaid expenses
146,000,000
74,000,000
Other regulatory assets, current
48,000,000
44,000,000
Other current assets
12,000,000
11,000,000
Total current assets
1,908,000,000
1,814,000,000
Property, Plant, and Equipment:
In service
20,999,000,000
20,809,000,000
Less accumulated provision for depreciation
7,446,000,000
7,344,000,000
Plant in service, net of depreciation
13,553,000,000
13,465,000,000
Nuclear fuel, at amortized cost
363,000,000
330,000,000
Construction work in progress
339,000,000
374,000,000
Total property, plant, and equipment
14,255,000,000
14,169,000,000
Other Property and Investments:
Equity investments in unconsolidated subsidiaries
62,000,000
62,000,000
Nuclear decommissioning trusts, at fair value
588,000,000
540,000,000
Miscellaneous property and investments
74,000,000
73,000,000
Total other property and investments
724,000,000
675,000,000
Deferred Charges and Other Assets:
Deferred charges related to income taxes
530,000,000
532,000,000
Prepaid pension costs
67,000,000
59,000,000
Deferred under recovered regulatory clause revenues
24,000,000
48,000,000
Other regulatory assets, deferred
995,000,000
994,000,000
Other deferred charges and assets
161,000,000
186,000,000
Total deferred charges and other assets
1,777,000,000
1,819,000,000
Total Assets
18,664,000,000
18,477,000,000
Current Liabilities:
Securities due within one year
750,000,000
500,000,000
Affiliated
163,000,000
203,000,000
Accounts payable
225,000,000
322,000,000
Customer deposits
86,000,000
85,000,000
Accrued taxes --
Accrued income taxes
44,000,000
32,000,000
Other accrued taxes
54,000,000
34,000,000
Accrued interest
67,000,000
63,000,000
Accrued vacation pay
48,000,000
48,000,000
Accrued compensation
33,000,000
95,000,000
Liabilities from risk management activities
51,000,000
54,000,000
Other regulatory liabilities, current
19,000,000
18,000,000
Other current liabilities
40,000,000
38,000,000
Total current liabilities
1,580,000,000
1,492,000,000
Long-term Debt
5,630,000,000
5,632,000,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
3,287,000,000
3,257,000,000
Deferred credits related to income taxes
82,000,000
83,000,000
Accumulated deferred investment tax credits
147,000,000
149,000,000
Employee benefit obligations
343,000,000
343,000,000
Asset retirement obligations
561,000,000
553,000,000
Other cost of removal obligations
719,000,000
703,000,000
Other regulatory liabilities, deferred
193,000,000
156,000,000
Other deferred credits and liabilities
87,000,000
82,000,000
Total deferred credits and other liabilities
5,419,000,000
5,326,000,000
Total Liabilities
12,629,000,000
12,450,000,000
Redeemable Preferred Stock
342,000,000
342,000,000
Preference Stock
343,000,000
343,000,000
Common Stockholders' Equity:
Common stock
1,222,000,000
1,222,000,000
Paid-in capital
2,194,000,000
2,182,000,000
Retained earnings
1,948,000,000
1,956,000,000
Accumulated other comprehensive loss
(14,000,000)
(18,000,000)
Total common stockholders' equity
5,350,000,000
5,342,000,000
Total Liabilities and Stockholders' Equity
18,664,000,000
18,477,000,000
Georgia Power [Member]
Current Assets:
Cash and cash equivalents
13,000,000
13,000,000
Receivables --
Customer accounts receivable
490,000,000
571,000,000
Unbilled revenues
166,000,000
172,000,000
Under recovered regulatory clause revenues
137,000,000
Joint owner accounts receivable
59,000,000
87,000,000
Other accounts and notes receivable
45,000,000
61,000,000
Affiliated companies
35,000,000
26,000,000
Accumulated provision for uncollectible accounts
(12,000,000)
(13,000,000)
Fossil fuel stock, at average cost
844,000,000
723,000,000
Materials and supplies, at average cost
400,000,000
406,000,000
Vacation pay
84,000,000
82,000,000
Prepaid income taxes
122,000,000
71,000,000
Other regulatory assets, current
118,000,000
108,000,000
Other current assets
84,000,000
106,000,000
Total current assets
2,448,000,000
2,550,000,000
Property, Plant, and Equipment:
In service
27,884,000,000
27,804,000,000
Less accumulated provision for depreciation
10,294,000,000
10,296,000,000
Plant in service, net of depreciation
17,590,000,000
17,508,000,000
Other utility plant, net
54,000,000
55,000,000
Nuclear fuel, at amortized cost
468,000,000
443,000,000
Construction work in progress
3,456,000,000
3,274,000,000
Total property, plant, and equipment
21,568,000,000
21,280,000,000
Other Property and Investments:
Equity investments in unconsolidated subsidiaries
62,000,000
63,000,000
Nuclear decommissioning trusts, at fair value
692,000,000
667,000,000
Miscellaneous property and investments
45,000,000
44,000,000
Total other property and investments
799,000,000
774,000,000
Deferred Charges and Other Assets:
Deferred charges related to income taxes
757,000,000
756,000,000
Other regulatory assets, deferred
1,562,000,000
1,604,000,000
Other deferred charges and assets
203,000,000
187,000,000
Total deferred charges and other assets
2,522,000,000
2,547,000,000
Total Assets
27,337,000,000
27,151,000,000
Current Liabilities:
Securities due within one year
855,000,000
455,000,000
Notes payable
614,000,000
515,000,000
Affiliated
287,000,000
337,000,000
Accounts payable
470,000,000
686,000,000
Customer deposits
222,000,000
213,000,000
Accrued taxes --
Accrued income taxes
47,000,000
36,000,000
Unrecognized tax benefits
9,000,000
14,000,000
Other accrued taxes
89,000,000
304,000,000
Accrued interest
119,000,000
92,000,000
Accrued vacation pay
60,000,000
60,000,000
Accrued compensation
47,000,000
125,000,000
Liabilities from risk management activities
80,000,000
68,000,000
Other regulatory liabilities, current
84,000,000
65,000,000
Nuclear decommissioning trust securities lending collateral
12,000,000
32,000,000
Other current liabilities
144,000,000
139,000,000
Total current liabilities
3,139,000,000
3,141,000,000
Long-term Debt
8,117,000,000
8,018,000,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
4,491,000,000
4,388,000,000
Deferred credits related to income taxes
120,000,000
122,000,000
Accumulated deferred investment tax credits
217,000,000
220,000,000
Employee benefit obligations
901,000,000
905,000,000
Asset retirement obligations
745,000,000
734,000,000
Other cost of removal obligations
105,000,000
110,000,000
Other deferred credits and liabilities
254,000,000
224,000,000
Total deferred credits and other liabilities
6,833,000,000
6,703,000,000
Total Liabilities
18,089,000,000
17,862,000,000
Redeemable Preferred Stock
45,000,000
45,000,000
Preference Stock
221,000,000
221,000,000
Common Stockholders' Equity:
Common stock
398,000,000
398,000,000
Paid-in capital
5,540,000,000
5,522,000,000
Retained earnings
3,052,000,000
3,112,000,000
Accumulated other comprehensive loss
(8,000,000)
(9,000,000)
Total common stockholders' equity
8,982,000,000
9,023,000,000
Total Liabilities and Stockholders' Equity
27,337,000,000
27,151,000,000
Gulf Power [Member]
Current Assets:
Cash and cash equivalents
19,110,000
17,328,000
Receivables --
Customer accounts receivable
54,868,000
72,754,000
Unbilled revenues
48,705,000
49,921,000
Under recovered regulatory clause revenues
4,536,000
5,530,000
Other accounts and notes receivable
11,546,000
13,350,000
Affiliated companies
19,986,000
14,844,000
Accumulated provision for uncollectible accounts
(1,433,000)
(1,962,000)
Fossil fuel stock, at average cost
146,023,000
147,567,000
Materials and supplies, at average cost
51,257,000
49,781,000
Prepaid expenses
44,153,000
28,327,000
Other regulatory assets, current
44,521,000
35,849,000
Other current assets
469,000
2,051,000
Total current assets
443,741,000
435,340,000
Property, Plant, and Equipment:
In service
3,898,726,000
3,846,446,000
Less accumulated provision for depreciation
1,140,589,000
1,124,291,000
Plant in service, net of depreciation
2,758,137,000
2,722,155,000
Construction work in progress
333,631,000
287,173,000
Total property, plant, and equipment
3,091,768,000
3,009,328,000
Other Property and Investments:
Total other property and investments
16,469,000
16,394,000
Deferred Charges and Other Assets:
Deferred charges related to income taxes
49,453,000
48,210,000
Other regulatory assets, deferred
316,519,000
323,116,000
Other deferred charges and assets
29,433,000
39,493,000
Total deferred charges and other assets
395,405,000
410,819,000
Total Assets
3,947,383,000
3,871,881,000
Current Liabilities:
Notes payable
83,589,000
114,507,000
Affiliated
45,716,000
54,874,000
Accounts payable
61,034,000
63,265,000
Customer deposits
36,010,000
35,779,000
Accrued taxes --
Accrued income taxes
104,000
1,362,000
Other accrued taxes
11,712,000
12,114,000
Accrued interest
19,312,000
14,018,000
Accrued compensation
5,294,000
14,485,000
Liabilities from risk management activities
30,811,000
22,786,000
Other regulatory liabilities, current
45,436,000
35,639,000
Other current liabilities
23,104,000
22,916,000
Total current liabilities
362,122,000
391,745,000
Long-term Debt
1,235,586,000
1,235,447,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
515,663,000
458,978,000
Accumulated deferred investment tax credits
6,422,000
6,760,000
Employee benefit obligations
109,589,000
109,740,000
Other cost of removal obligations
211,649,000
214,598,000
Other regulatory liabilities, deferred
45,300,000
44,843,000
Other deferred credits and liabilities
204,446,000
186,824,000
Total deferred credits and other liabilities
1,093,069,000
1,021,743,000
Total Liabilities
2,690,777,000
2,648,935,000
Preference Stock
97,998,000
97,998,000
Common Stockholders' Equity:
Common stock
393,060,000
353,060,000
Paid-in capital
544,510,000
542,709,000
Retained earnings
223,049,000
231,333,000
Accumulated other comprehensive loss
(2,011,000)
(2,154,000)
Total common stockholders' equity
1,158,608,000
1,124,948,000
Total Liabilities and Stockholders' Equity
3,947,383,000
3,871,881,000
Mississippi Power [Member]
Current Assets:
Cash and cash equivalents
466,746,000
211,585,000
Receivables --
Customer accounts receivable
27,836,000
32,551,000
Unbilled revenues
27,231,000
27,239,000
Other accounts and notes receivable
3,716,000
7,080,000
Affiliated companies
19,463,000
23,078,000
Accumulated provision for uncollectible accounts
(415,000)
(547,000)
Fossil fuel stock, at average cost
156,360,000
140,173,000
Materials and supplies, at average cost
31,325,000
30,787,000
Prepaid income taxes
37,408,000
37,793,000
Other regulatory assets, current
75,249,000
69,201,000
Other current assets
10,000,000
8,881,000
Total current assets
854,919,000
587,821,000
Property, Plant, and Equipment:
In service
2,912,571,000
2,902,240,000
Less accumulated provision for depreciation
1,035,946,000
1,019,251,000
Plant in service, net of depreciation
1,876,625,000
1,882,989,000
Construction work in progress
1,323,400,000
955,135,000
Total property, plant, and equipment
3,200,025,000
2,838,124,000
Other Property and Investments:
Total other property and investments
6,288,000
6,520,000
Deferred Charges and Other Assets:
Deferred charges related to income taxes
39,703,000
25,009,000
Other regulatory assets, deferred
190,894,000
185,694,000
Other deferred charges and assets
30,422,000
28,674,000
Total deferred charges and other assets
261,019,000
239,377,000
Total Assets
4,322,251,000
3,671,842,000
Current Liabilities:
Securities due within one year
255,255,000
240,633,000
Interest-bearing refundable deposit related to asset sale
150,000,000
Affiliated
50,786,000
62,650,000
Accounts payable
198,396,000
168,309,000
Customer deposits
13,993,000
13,658,000
Accrued taxes --
Accrued income taxes
5,922,000
3,813,000
Other accrued taxes
20,364,000
53,825,000
Accrued interest
22,264,000
12,750,000
Accrued compensation
5,086,000
15,889,000
Liabilities from risk management activities
39,649,000
54,127,000
Other regulatory liabilities, current
5,535,000
5,779,000
Over recovered regulatory clause liabilities
73,129,000
60,502,000
Other current liabilities
20,797,000
17,533,000
Total current liabilities
861,176,000
709,468,000
Long-term Debt
1,412,662,000
1,103,596,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
259,903,000
270,397,000
Deferred credits related to income taxes
10,800,000
11,058,000
Accumulated deferred investment tax credits
150,983,000
109,761,000
Employee benefit obligations
162,007,000
161,065,000
Other cost of removal obligations
130,909,000
126,424,000
Other regulatory liabilities, deferred
61,831,000
60,848,000
Other deferred credits and liabilities
39,700,000
37,228,000
Total deferred credits and other liabilities
816,133,000
776,781,000
Total Liabilities
3,089,971,000
2,589,845,000
Redeemable Preferred Stock
32,780,000
32,780,000
Common Stockholders' Equity:
Common stock
37,691,000
37,691,000
Paid-in capital
847,035,000
694,855,000
Retained earnings
324,123,000
325,568,000
Accumulated other comprehensive loss
(9,349,000)
(8,897,000)
Total common stockholders' equity
1,199,500,000
1,049,217,000
Total Liabilities and Stockholders' Equity
4,322,251,000
3,671,842,000
Southern Power [Member]
Current Assets:
Cash and cash equivalents
2,968,000
16,943,000
Receivables --
Customer accounts receivable
58,192,000
59,360,000
Other accounts and notes receivable
1,779,000
2,122,000
Affiliated companies
25,609,000
36,508,000
Fossil fuel stock, at average cost
13,793,000
13,038,000
Materials and supplies, at average cost
38,769,000
37,603,000
Prepaid service agreements - current
27,234,000
28,621,000
Prepaid income taxes
19,050,000
5,192,000
Prepaid expenses
6,095,000
4,645,000
Assets from risk management activities
89,000
177,000
Total current assets
193,578,000
204,209,000
Property, Plant, and Equipment:
In service
3,158,331,000
3,167,840,000
Less accumulated provision for depreciation
680,297,000
652,087,000
Plant in service, net of depreciation
2,478,034,000
2,515,753,000
Construction work in progress
737,751,000
666,280,000
Total property, plant, and equipment
3,215,785,000
3,182,033,000
Other Property and Investments:
Goodwill
1,839,000
1,839,000
Other intangible assets, net of amortization of $1,671 and $1,476 at March 31, 2012 and December 31, 2011, respectively
47,448,000
47,644,000
Total other property and investments
49,287,000
49,483,000
Deferred Charges and Other Assets:
Prepaid long-term service agreements
104,959,000
115,838,000
Other deferred charges and assets -- affiliated
2,969,000
3,029,000
Other deferred charges and assets
29,451,000
26,385,000
Total deferred charges and other assets
137,379,000
145,252,000
Total Assets
3,596,029,000
3,580,977,000
Current Liabilities:
Securities due within one year
550,000
555,000
Notes payable
199,685,000
179,520,000
Affiliated
42,838,000
63,609,000
Accounts payable
49,762,000
44,321,000
Accrued taxes --
Accrued income taxes
1,260,000
2,548,000
Other accrued taxes
5,812,000
2,158,000
Accrued interest
11,702,000
21,874,000
Liabilities from risk management activities
16,447,000
9,651,000
Other current liabilities
17,470,000
7,401,000
Total current liabilities
345,526,000
331,637,000
Long-term Debt
1,302,620,000
1,302,758,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes
333,698,000
319,790,000
Deferred convertible investment tax credits
128,411,000
125,065,000
Deferred capacity revenues -- affiliated
4,658,000
20,637,000
Other deferred credits and liabilities -- affiliated
3,359,000
3,618,000
Other deferred credits and liabilities
5,130,000
4,965,000
Total deferred credits and other liabilities
475,256,000
474,075,000
Total Liabilities
2,123,402,000
2,108,470,000
Redeemable Noncontrolling Interest
3,923,000
3,825,000
Common Stockholders' Equity:
Common stock
  
  
Paid-in capital
1,029,430,000
1,028,210,000
Retained earnings
444,867,000
447,301,000
Accumulated other comprehensive loss
(5,593,000)
(6,829,000)
Total common stockholders' equity
1,468,704,000
1,468,682,000
Total Liabilities and Stockholders' Equity
$3,596,029,000
$3,580,977,000
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)(USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Common stock, par value per share
$5
$5
Common stock, shares authorized
1,500,000,000
1,500,000,000
Common stock, shares issued
869,000,000
866,000,000
Treasury shares at cost
500,000
500,000
Alabama Power [Member]
Common stock, par value per share
$40
$40
Common stock, shares authorized
40,000,000
40,000,000
Common stock, shares outstanding
30,537,500
30,537,500
Georgia Power [Member]
Common stock, no par value
  
  
Common stock, shares authorized
20,000,000
20,000,000
Common stock, shares outstanding
9,261,500
9,261,500
Gulf Power [Member]
Common stock, no par value
  
  
Common stock, shares authorized
20,000,000
20,000,000
Common stock, shares outstanding
4,542,717
4,142,717
Mississippi Power [Member]
Common stock, no par value
  
  
Common stock, shares authorized
1,130,000
1,130,000
Common stock, shares outstanding
1,121,000
1,121,000
Southern Power [Member]
Amortization expense on other intangible assets
$1,671
$1,476
Common stock, par value per share
$0.01
$0.01
Common stock, shares authorized
1,000,000
1,000,000
Common stock, shares outstanding
1,000
1,000
Condensed Consolidated Statements of Comprehensive Income (Unaudited)(USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Consolidated Net Income
$384,000,000
$438,000,000
Net Income After Dividends on Preferred and Preference Stock
368,000,000
422,000,000
Qualifying hedges:
Changes in fair value, net of tax
3,000,000
3,000,000
Reclassification adjustment for amounts included in net income, net of tax
2,000,000
3,000,000
Marketable securities:
Change in fair value, net of tax of $- and $-, respectively
(1,000,000)
Pension and other postretirement benefit plans:
Reclassification adjustment for amounts included in net income, net of tax of $1 and $1, respectively
1,000,000
(1,000,000)
Total other comprehensive income (loss)
6,000,000
4,000,000
Dividends on preferred and preference stock of subsidiaries
(16,000,000)
(16,000,000)
Consolidated Comprehensive Income
374,000,000
426,000,000
Alabama Power [Member]
Consolidated Net Income
136,000,000
162,000,000
Net Income After Dividends on Preferred and Preference Stock
126,000,000
152,000,000
Qualifying hedges:
Changes in fair value, net of tax
4,000,000
2,000,000
Pension and other postretirement benefit plans:
Total other comprehensive income (loss)
4,000,000
2,000,000
Dividends on preferred and preference stock of subsidiaries
(10,000,000)
(10,000,000)
Consolidated Comprehensive Income
130,000,000
154,000,000
Georgia Power [Member]
Consolidated Net Income
171,000,000
210,000,000
Net Income After Dividends on Preferred and Preference Stock
167,000,000
206,000,000
Qualifying hedges:
Reclassification adjustment for amounts included in net income, net of tax
1,000,000
1,000,000
Pension and other postretirement benefit plans:
Dividends on preferred and preference stock of subsidiaries
(4,000,000)
(4,000,000)
Consolidated Comprehensive Income
168,000,000
207,000,000
Gulf Power [Member]
Consolidated Net Income
22,217,000
13,242,000
Net Income After Dividends on Preferred and Preference Stock
20,666,000
11,691,000
Qualifying hedges:
Reclassification adjustment for amounts included in net income, net of tax
143,000
143,000
Pension and other postretirement benefit plans:
Total other comprehensive income (loss)
143,000
143,000
Dividends on preferred and preference stock of subsidiaries
(1,551,000)
(1,551,000)
Consolidated Comprehensive Income
20,809,000
11,834,000
Mississippi Power [Member]
Consolidated Net Income
25,688,000
15,050,000
Net Income After Dividends on Preferred and Preference Stock
25,255,000
14,617,000
Qualifying hedges:
Changes in fair value, net of tax
(478,000)
(2,000)
Reclassification adjustment for amounts included in net income, net of tax
26,000
Pension and other postretirement benefit plans:
Total other comprehensive income (loss)
(452,000)
(2,000)
Dividends on preferred and preference stock of subsidiaries
(433,000)
(433,000)