RETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2024

The Southern Company system has a qualified defined benefit, trusteed pension plan covering substantially all employees, with the exception of PowerSecure employees. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No contributions to the qualified pension plan were made for the year ended December 31, 2024 and no mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2025. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system

provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. Southern Company Gas has a separate unfunded supplemental retirement health care plan that provides medical care and life insurance benefits to employees of discontinued businesses. For the year ending December 31, 2025, no contributions to any other postretirement trusts are expected.

Actuarial Assumptions

The weighted average rates assumed in the actuarial calculations used to determine both the net periodic costs for the pension and other postretirement benefit plans for the following year and the benefit obligations as of the measurement date are presented below.


	2024
Assumptions used to determine net periodic costs:	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
Pension plans
Discount rate – benefit obligations	5.07	%	5.08	%	5.06	%	5.06	%	5.14	%	5.05	%
Discount rate – interest costs	4.94		4.94		4.94		4.93		5.01		4.93
Discount rate – service costs	5.19		5.20		5.21		5.19		5.20		5.13
Expected long-term return on plan assets	8.30		8.30		8.30		8.30		8.30		8.30
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60
Other postretirement benefit plans
Discount rate – benefit obligations	4.99	%	5.01	%	4.98	%	4.98	%	5.06	%	4.98	%
Discount rate – interest costs	4.90		4.90		4.89		4.90		4.94		4.89
Discount rate – service costs	5.16		5.17		5.16		5.16		5.14		5.16
Expected long-term return on plan assets	7.67		7.97		7.59		7.43		—		6.36
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60


	2023
Assumptions used to determine net periodic costs:	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
Pension plans
Discount rate – benefit obligations	5.25	%	5.26	%	5.25	%	5.25	%	5.31	%	5.24	%
Discount rate – interest costs	5.13		5.14		5.12		5.12		5.19		5.12
Discount rate – service costs	5.36		5.38		5.38		5.37		5.37		5.31
Expected long-term return on plan assets	8.40		8.40		8.40		8.40		8.40		8.40
Annual salary increase	4.80		4.80		4.80		4.80		4.80		4.80
Other postretirement benefit plans
Discount rate – benefit obligations	5.18	%	5.20	%	5.17	%	5.17	%	5.24	%	5.16	%
Discount rate – interest costs	5.08		5.09		5.07		5.08		5.12		5.07
Discount rate – service costs	5.34		5.35		5.34		5.33		5.33		5.33
Expected long-term return on plan assets	7.67		7.95		7.49		7.43		—		6.59
Annual salary increase	4.80		4.80		4.80		4.80		4.80		4.80


	2022
Assumptions used to determine net periodic costs:	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
Pension plans
Discount rate – benefit obligations	3.09	%	3.12	%	3.07	%	3.07	%	3.21	%	3.04	%
Discount rate – interest costs	2.55		2.58		2.51		2.54		2.79		2.53
Discount rate – service costs	3.34		3.36		3.37		3.35		3.36		3.21
Expected long-term return on plan assets	8.25		8.25		8.25		8.25		8.25		8.25
Annual salary increase	4.80		4.80		4.80		4.80		4.80		4.80
Other postretirement benefit plans
Discount rate – benefit obligations	2.90	%	2.95	%	2.87	%	2.88	%	3.07	%	2.82	%
Discount rate – interest costs	2.32		2.38		2.30		2.27		2.55		2.17
Discount rate – service costs	3.26		3.30		3.27		3.26		3.25		3.22
Expected long-term return on plan assets	7.21		7.54		6.88		7.22		—		6.08
Annual salary increase	4.80		4.80		4.80		4.80		4.80		4.80


	2024
Assumptions used to determine benefit obligations:	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
Pension plans
Discount rate	5.76	%	5.78	%	5.75	%	5.76	%	5.84	%	5.73	%
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60
Other postretirement benefit plans
Discount rate	5.64	%	5.67	%	5.61	%	5.63	%	5.73	%	5.62	%
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60


	2023
Assumptions used to determine benefit obligations:	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
Pension plans
Discount rate	5.07	%	5.08	%	5.06	%	5.06	%	5.14	%	5.05	%
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60
Other postretirement benefit plans
Discount rate	4.99	%	5.01	%	4.98	%	4.98	%	5.06	%	4.98	%
Annual salary increase	4.60		4.60		4.60		4.60		4.60		4.60

The Registrants estimate the expected rate of return on pension plan and other postretirement benefit plan assets using a financial model to project the expected return on each current investment portfolio. The analysis projects an expected rate of return on each of the different asset classes in order to arrive at the expected return on the entire portfolio relying on each trust's target asset allocation and reasonable capital market assumptions. The financial model is based on four key inputs: anticipated returns by asset class (based in part on historical returns), each trust's target asset allocation, an anticipated inflation rate, and the projected impact of a periodic rebalancing of each trust's portfolio. The Registrants set the expected rate of return assumption using an arithmetic mean which represents the expected simple average return to be earned by the pension plan assets over any one year. The Registrants believe the use of the arithmetic mean is more compatible with the expected rate of return's function of estimating a single year's investment return.

An additional assumption used in measuring the accumulated other postretirement benefit obligations (APBO) was a weighted average medical care cost trend rate. The weighted average medical care cost trend rates used in measuring the APBO for the Registrants at December 31, 2024 were as follows:


	Initial Cost Trend Rate		Ultimate Cost Trend Rate		Year That Ultimate Rate is Reached
Pre-65	8.00	%	4.50	%	2033
Post-65 medical	5.50		4.50		2033
Post-65 prescription	11.00		4.50		2033

Pension Plans

The total accumulated benefit obligation for the pension plans at December 31, 2024 and 2023 was as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
December 31, 2024	$	11,437	$	2,617	$	3,438	$	519	$	140	$	779
December 31, 2023	11,991		2,746		3,674		546		145		808

An actuarial gain of $887 million and an actuarial loss of $493 million were recorded for the annual remeasurement of the Southern Company system pension plans at December 31, 2024 and 2023, respectively, primarily due to an increase of 69 basis points and a decrease of 18 basis points, respectively, in the overall discount rate used to calculate the benefit obligation as a result of higher market interest rates.

Changes in the projected benefit obligations and the fair value of plan assets during the plan years ended December 31, 2024 and 2023 were as follows:


	2024
	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	13,252	$	3,076	$	4,009	$	599	$	177	$	882

Service cost	292		68		70		12		7		28
Interest cost	635		148		191		29		9		42

Benefits paid	(728)		(162)		(239)		(33)		(6)		(46)
Actuarial gain	(887)		(222)		(298)		(40)		(20)		(64)
Balance at end of year	12,564		2,908		3,733		567		167		842
Change in plan assets
Fair value of plan assets at beginning of year	14,618		3,544		4,571		669		185		980

Actual return on plan assets	604		148		152		23		7		39
Employer contributions	65		9		35		5		2		5
Benefits paid	(728)		(162)		(239)		(33)		(6)		(46)
Fair value of plan assets at end of year	14,559		3,539		4,519		664		188		978
Accrued asset	$	1,995	$	631	$	786	$	97	$	21	$	136


	2023
	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	12,602	$	2,906	$	3,851	$	569	$	163	$	868

Service cost	275		64		68		11		6		24
Interest cost	626		145		191		28		8		42
Benefits paid	(744)		(155)		(224)		(32)		(6)		(104)
Actuarial loss	493		116		123		23		6		52
Balance at end of year	13,252		3,076		4,009		599		177		882
Change in plan assets
Fair value of plan assets at beginning of year	14,218		3,427		4,456		649		178		1,002

Actual return on plan assets	1,092		260		331		50		12		79
Employer contributions	52		11		9		2		2		3
Benefits paid	(744)		(154)		(225)		(32)		(7)		(104)
Fair value of plan assets at end of year	14,618		3,544		4,571		669		185		980
Accrued asset	$	1,366	$	468	$	562	$	70	$	8	$	98

The projected benefit obligations for the qualified and non-qualified pension plans at December 31, 2024 are shown in the following table. All pension plan assets are related to the qualified pension plan.


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Projected benefit obligations:
Qualified pension plan	$	11,886	$	2,794	$	3,622	$	540	$	146	$	788
Non-qualified pension plan	678		114		111		27		21		54

Amounts recognized in the balance sheets at December 31, 2024 and 2023 related to the Registrants' pension plans consist of the following:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
December 31, 2024:
Prepaid pension costs(a)	$	2,674	$	746	$	897	$	124	$	41	$	191
Other regulatory assets, deferred(b)	2,708		741		973		144		—		126

Other current liabilities	(68)		(13)		(13)		(2)		(2)		(4)
Employee benefit obligations(c)	(611)		(102)		(98)		(25)		(18)		(51)
Other regulatory liabilities, deferred	(50)		—		—		—		—		—
AOCI	52		—		—		—		11		(54)

December 31, 2023:
Prepaid pension costs(a)	$	2,079	$	585	$	706	$	99	$	31	$	158
Other regulatory assets, deferred(b)	2,960		821		1,051		152		—		143

Other current liabilities	(64)		(11)		(13)		(2)		(2)		(3)
Employee benefit obligations(c)	(649)		(106)		(131)		(27)		(21)		(58)
Other regulatory liabilities, deferred	(47)		—		—		—		—		—
AOCI	79		—		—		—		20		(45)

(a)Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet and other deferred charges and assets on Southern Power's consolidated balance sheet.

(b)Amounts for Southern Company exclude regulatory assets of $155 million and $173 million at December 31, 2024 and 2023, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company.

(c)Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets.

Presented below are the amounts included in regulatory assets at December 31, 2024 and 2023 related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic pension cost.


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
Balance at December 31, 2024
Regulatory assets:
Prior service cost	$	8	$	3	$	5	$	1	$	(4)
Net loss	2,650		738		968		143		91
Regulatory amortization	—		—		—		—		39
Total regulatory assets(*)	$	2,658	$	741	$	973	$	144	$	126

Balance at December 31, 2023
Regulatory assets:
Prior service cost	$	9	$	4	$	6	$	1	$	(7)
Net loss	2,904		817		1,045		151		100
Regulatory amortization	—		—		—		—		50
Total regulatory assets(*)	$	2,913	$	821	$	1,051	$	152	$	143

(*)Amounts for Southern Company exclude regulatory assets of $155 million and $173 million at December 31, 2024 and 2023, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company.

The changes in the balance of regulatory assets related to the portion of the defined benefit pension plan attributable to Southern Company, the traditional electric operating companies, and Southern Company Gas for the years ended December 31, 2024 and 2023 are presented in the following table:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
Regulatory assets (liabilities):(*)
Balance at December 31, 2022	$	2,371	$	679	$	887	$	123	$	111
Net loss	576		153		178		31		34


Reclassification adjustments:
Amortization of prior service costs	(1)		(1)		(1)		—		2
Amortization of net loss	(33)		(10)		(13)		(2)		—
Amortization of regulatory assets(*)	—		—		—		—		(4)
Total reclassification adjustments	(34)		(11)		(14)		(2)		(2)
Total change	542		142		164		29		32
Balance at December 31, 2023	$	2,913	$	821	$	1,051	$	152	$	143
Net gain	(199)		(63)		(58)		(5)		(7)


Reclassification adjustments:
Amortization of prior service costs	(1)		(1)		(1)		—		2
Amortization of net loss	(55)		(16)		(19)		(3)		(1)
Amortization of regulatory assets(*)	—		—		—		—		(11)
Total reclassification adjustments	(56)		(17)		(20)		(3)		(10)
Total change	(255)		(80)		(78)		(8)		(17)
Balance at December 31, 2024	$	2,658	$	741	$	973	$	144	$	126

Presented below are the amounts included in AOCI at December 31, 2024 and 2023 related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic pension cost.


	Southern Company		Southern Power		Southern Company Gas
	(in millions)
Balance at December 31, 2024
AOCI:
Prior service cost	$	(1)	$	—	$	(1)
Net (gain) loss	53		11		(53)
Total AOCI	$	52	$	11	$	(54)

Balance at December 31, 2023
AOCI:
Prior service cost	$	(1)	$	—	$	(2)
Net (gain) loss	80		20		(43)
Total AOCI	$	79	$	20	$	(45)

The components of OCI related to the portion of the defined benefit pension plan attributable to Southern Company, Southern Power, and Southern Company Gas for the years ended December 31, 2024 and 2023 are presented in the following table:


	Southern Company		Southern Power		Southern Company Gas
	(in millions)
AOCI:
Balance at December 31, 2022	$	24	$	11	$	(75)
Net loss	62		9		29


Reclassification adjustments:
Amortization of prior service costs	1		—		1
Amortization of net loss	(8)		—		—
Total reclassification adjustments	(7)		—		1
Total change	55		9		30
Balance at December 31, 2023	$	79	$	20	$	(45)
Net gain	(29)		(9)		(11)

Reclassification adjustments:
Amortization of prior service costs	1		—		2
Amortization of net gain	1		—		—
Total reclassification adjustments	2		—		2
Total change	(27)		(9)		(9)
Balance at December 31, 2024	$	52	$	11	$	(54)

Components of net periodic pension cost for the Registrants were as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
2024
Service cost	$	292	$	68	$	70	$	12	$	7	$	28
Interest cost	635		148		191		29		9		42
Expected return on plan assets	(1,263)		(307)		(393)		(58)		(17)		(85)
Recognized net loss(*)	55		16		19		3		—		—
Net amortization(*)	—		1		1		—		—		15
Prior service cost(*)	—		—		—		—		—		(3)
Net periodic pension income	$	(281)	$	(74)	$	(112)	$	(14)	$	(1)	$	(3)

2023
Service cost	$	275	$	64	$	68	$	11	$	6	$	24
Interest cost	626		145		191		28		8		42
Expected return on plan assets	(1,229)		(297)		(385)		(56)		(15)		(85)
Recognized net (gain) loss(*)	32		9		13		2		—		(5)
Net amortization(*)	—		1		1		—		—		15
Prior service cost(*)	—		—		—		—		—		(3)
Net periodic pension income	$	(296)	$	(78)	$	(112)	$	(15)	$	(1)	$	(12)

2022
Service cost	$	412	$	99	$	103	$	17	$	9	$	34
Interest cost	408		96		123		18		6		28
Expected return on plan assets	(1,265)		(306)		(399)		(57)		(15)		(91)
Recognized net loss(*)	240		62		75		11		2		8
Net amortization(*)	—		1		1		—		—		15
Prior service cost(*)	—		—		—		—		—		(3)
Net periodic pension cost (income)	$	(205)	$	(48)	$	(97)	$	(11)	$	2	$	(9)

(*)For Southern Company, excludes amounts related to net periodic pension cost of $20 million, $17 million, and $21 million for the years ended December 31, 2024, 2023, and 2022, respectively, associated with unamortized amounts in Southern Company Gas' pension plans prior to its acquisition by Southern Company.

The service cost component of net periodic pension cost is included in operations and maintenance expenses and all other components of net periodic pension cost are included in other income (expense), net in the Registrants' statements of income.

Net periodic pension cost is the sum of service cost, interest cost, and other costs netted against the expected return on plan assets. The expected return on plan assets is determined by multiplying the expected rate of return on plan assets and the market-related value of plan assets. In determining the market-related value of plan assets, the Registrants have elected to amortize changes in the market value of return-seeking plan assets over five years and to recognize the changes in the market value of liability-hedging plan assets immediately. Given the significant concentration in return-seeking plan assets, the accounting value of plan assets that is used to calculate the expected return on plan assets differs from the current fair value of the plan assets.

Future benefit payments reflect expected future service and are estimated based on assumptions used to measure the projected benefit obligation for the pension plans. At December 31, 2024, estimated benefit payments were as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Benefit Payments:
2025	$	773	$	170	$	245	$	34	$	7	$	58
2026	801		177		250		36		8		60
2027	823		183		254		37		8		62
2028	842		187		258		38		7		64
2029	862		192		262		38		8		66
2030 to 2034	4,529		1,013		1,333		204		51		346

Other Postretirement Benefits

Changes in the APBO and the fair value of the Registrants' plan assets during the plan years ended December 31, 2024 and 2023 were as follows:


	2024
	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	1,386	$	329	$	489	$	57	$	9	$	172

Service cost	15		4		4		1		—		1
Interest cost	65		16		23		3		—		8
Benefits paid	(105)		(25)		(37)		(4)		(1)		(12)
Actuarial (gain) loss	(2)		2		9		(2)		1		(13)

Balance at end of year	1,359		326		488		55		9		156
Change in plan assets
Fair value of plan assets at beginning of year	1,095		403		410		25		—		128

Actual return on plan assets	96		37		34		—		—		18
Employer contributions	55		6		13		3		1		7
Benefits paid	(105)		(25)		(37)		(4)		(1)		(12)
Fair value of plan assets at end of year	1,141		421		420		24		—		141
Accrued asset (liability)	$	(218)	$	95	$	(68)	$	(31)	$	(9)	$	(15)


	2023
	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	1,441	$	344	$	514	$	59	$	9	$	179

Service cost	15		4		4		1		—		1
Interest cost	70		17		25		3		—		9
Benefits paid	(107)		(24)		(36)		(4)		(1)		(18)
Actuarial (gain) loss	(33)		(12)		(18)		(2)		1		1

Balance at end of year	1,386		329		489		57		9		172
Change in plan assets
Fair value of plan assets at beginning of year	998		372		368		24		—		113

Actual return on plan assets	131		52		51		2		—		19
Employer contributions	73		3		27		3		1		14
Benefits paid	(107)		(24)		(36)		(4)		(1)		(18)
Fair value of plan assets at end of year	1,095		403		410		25		—		128
Accrued asset (liability)	$	(291)	$	74	$	(79)	$	(32)	$	(9)	$	(44)

Amounts recognized in the balance sheets at December 31, 2024 and 2023 related to the Registrants' other postretirement benefit plans consist of the following:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
December 31, 2024:
Prepaid other postretirement benefit costs(a)	$	—	$	95	$	—	$	—	$	—	$	—
Other regulatory assets, deferred(b)	24		—		3		—		—		—
Other current liabilities	(6)		—		—		—		(1)		—
Employee benefit obligations(c)	(212)		—		(68)		(31)		(8)		(15)
Other regulatory liabilities, deferred	(213)		(45)		(67)		(9)		—		(84)
AOCI	(14)		—		—		—		—		(15)

December 31, 2023:
Prepaid other postretirement benefit costs(a)	$	—	$	74	$	—	$	—	$	—	$	—
Other regulatory assets, deferred(b)	23		—		11		—		—		—
Other current liabilities	(6)		—		—		—		(1)		—
Employee benefit obligations(c)	(285)		—		(79)		(32)		(8)		(44)
Other regulatory liabilities, deferred	(231)		(48)		(85)		(10)		—		(68)
AOCI	(9)		—		—		—		1		(10)

(a)Included in prepaid pension and other postretirement benefit costs on Alabama Power's balance sheet.

(b)Amounts for Southern Company exclude regulatory assets of $16 million and $24 million at December 31, 2024 and 2023, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company.

(c)Included in other deferred credits and liabilities on Southern Power's consolidated balance sheets.

Presented below are the amounts included in net regulatory assets (liabilities) at December 31, 2024 and 2023 related to the other postretirement benefit plans of Southern Company, the traditional electric operating companies, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost.


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
Balance at December 31, 2024:
Regulatory assets (liabilities):
Prior service cost	$	11	$	3	$	4	$	1	$	—
Net gain	(200)		(48)		(68)		(10)		(71)
Regulatory amortization	—		—		—		—		(13)
Total regulatory assets (liabilities)(*)	$	(189)	$	(45)	$	(64)	$	(9)	$	(84)

Balance at December 31, 2023:
Regulatory assets (liabilities):
Prior service cost	$	13	$	4	$	5	$	1	$	—
Net gain	(216)		(52)		(79)		(11)		(64)
Regulatory amortization	—		—		—		—		(4)
Total regulatory assets (liabilities)(*)	$	(203)	$	(48)	$	(74)	$	(10)	$	(68)

(*)Amounts for Southern Company exclude regulatory assets of $16 million and $24 million at December 31, 2024 and 2023, respectively, associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company.

The changes in the balance of net regulatory assets (liabilities) related to the other postretirement benefit plans for the plan years ended December 31, 2024 and 2023 are presented in the following table:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
Net regulatory assets (liabilities):(*)
Balance at December 31, 2022	$	(136)	$	(21)	$	(39)	$	(9)	$	(58)
Net gain	(77)		(30)		(38)		(1)		—


Reclassification adjustments:
Amortization of prior service costs	(1)		—		(1)		—		—
Amortization of net gain	6		3		4		—		—
Amortization of regulatory assets(*)	—		—		—		—		(10)
Total reclassification adjustments	5		3		3		—		(10)
Total change	(72)		(27)		(35)		(1)		(10)
Balance at December 31, 2023	$	(208)	$	(48)	$	(74)	$	(10)	$	(68)
Net (gain) loss	8		1		6		1		(12)


Reclassification adjustments:
Amortization of prior service costs	(2)		(1)		(1)		—		—
Amortization of net gain	13		3		5		—		5
Amortization of regulatory assets(*)	—		—		—		—		(9)
Total reclassification adjustments	11		2		4		—		(4)
Total change	19		3		10		1		(16)
Balance at December 31, 2024	$	(189)	$	(45)	$	(64)	$	(9)	$	(84)

Presented below are the amounts included in AOCI at December 31, 2024 and 2023 related to the other postretirement benefit plans of Southern Company, Southern Power, and Southern Company Gas that had not yet been recognized in net periodic other postretirement benefit cost.


	Southern Company		Southern Power		Southern Company Gas
	(in millions)
Balance at December 31, 2024
AOCI:

Net (gain) loss	$	(14)	$	—	$	(15)


Balance at December 31, 2023
AOCI:
Prior service cost	$	1	$	—	$	—
Net (gain) loss	(10)		1		(10)
Total AOCI	$	(9)	$	1	$	(10)

The components of OCI related to the other postretirement benefit plans for the plan years ended December 31, 2024 and 2023 are presented in the following table:


	Southern Company		Southern Power		Southern Company Gas
	(in millions)
AOCI:
Balance at December 31, 2022	$	(4)	$	—	$	(2)
Net (gain) loss	(12)		1		—

Reclassification adjustments:

Amortization of net gain (loss)	7		—		(8)

Total change	(5)		1		(8)
Balance at December 31, 2023	$	(9)	$	1	$	(10)
Net gain	(8)		(1)		(5)

Reclassification adjustments:

Amortization of net gain (loss)	3		—		—

Total change	(5)		(1)		(5)
Balance at December 31, 2024	$	(14)	$	—	$	(15)

Components of the other postretirement benefit plans' net periodic cost for the Registrants were as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
2024
Service cost	$	15	$	4	$	4	$	1	$	—	$	1
Interest cost	65		16		23		3		—		8
Expected return on plan assets	(89)		(35)		(32)		(3)		1		(13)
Net amortization(*)	(13)		(3)		(4)		—		—		6
Net periodic other postretirement benefit cost (income)	$	(22)	$	(18)	$	(9)	$	1	$	1	$	2

2023
Service cost	$	15	$	4	$	4	$	1	$	—	$	1
Interest cost	70		17		25		3		—		9
Expected return on plan assets	(83)		(33)		(29)		(3)		1		(10)
Net amortization(*)	(11)		(3)		(3)		—		—		6
Net periodic other postretirement benefit cost (income)	$	(9)	$	(15)	$	(3)	$	1	$	1	$	6

2022
Service cost	$	23	$	6	$	6	$	1	$	—	$	1
Interest cost	42		10		15		2		—		5
Expected return on plan assets	(80)		(32)		(28)		(2)		1		(9)
Net amortization(*)	(1)		—		2		—		—		6
Net periodic other postretirement benefit cost (income)	$	(16)	$	(16)	$	(5)	$	1	$	1	$	3

(*)For Southern Company, excludes amounts related to net periodic other postretirement benefit cost of $8 million for all years presented associated with unamortized amounts in Southern Company Gas' other postretirement benefit plans prior to its acquisition by Southern Company.

The service cost component of net periodic other postretirement benefit cost is included in operations and maintenance expenses and all other components of net periodic other postretirement benefit cost are included in other income (expense), net in the Registrants' statements of income.

The Registrants' future benefit payments, including prescription drug benefits, are provided in the table below. These amounts reflect expected future service and are estimated based on assumptions used to measure the APBO for the other postretirement benefit plans.


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Benefit payments:
2025	$	112	$	24	$	40	$	5	$	1	$	16
2026	112		25		40		5		1		16
2027	113		26		41		5		1		15
2028	114		26		41		5		1		15
2029	114		27		42		5		1		14
2030 to 2034	558		133		205		22		1		61

Benefit Plan Assets

Pension plan and other postretirement benefit plan assets are managed and invested in accordance with all applicable requirements, including ERISA and the Internal Revenue Code. The Registrants' investment policies for both the pension plans and the other postretirement benefit plans cover a diversified mix of assets as described below. Derivative instruments may be used to gain efficient exposure to the various asset classes and as hedging tools. Additionally, the Registrants minimize the risk of large losses primarily through diversification but also monitor and manage other aspects of risk.

The investment strategy for plan assets related to the Southern Company system's qualified pension plan is to be broadly diversified across major asset classes. The asset allocation is established after consideration of various factors that affect the assets and liabilities of the pension plan including, but not limited to, historical and expected returns and interest rates, volatility, correlations of asset classes, the current level of assets and liabilities, and the assumed growth in assets and liabilities. Because a significant portion of the liability of the pension plan is long-term in nature, the assets are invested consistent with long-term investment expectations for return and risk. To manage the actual asset class exposures relative to the target asset allocation, the Southern Company system employs a formal rebalancing program. As additional risk management, external investment managers and service providers are subject to written guidelines to ensure appropriate and prudent investment practices. Management believes the portfolio is well-diversified with no significant concentrations of risk.

Investment Strategies and Benefit Plan Asset Fair Values

A description of the major asset classes that the pension and other postretirement benefit plans are comprised of, along with the valuation methods used for fair value measurement, is provided below:


Description			Valuation Methodology
Domestic equity: A mix of large and small capitalization stocks with generally an equal distribution of value and growth attributes, managed both actively and through passive index approaches. International equity: A mix of large and small capitalization growth and value stocks with developed and emerging markets exposure, managed both actively and through fundamental indexing approaches.			Domestic and international equities such as common stocks, American depositary receipts, and real estate investment trusts that trade on public exchanges are classified as Level 1 investments and are valued at the closing price in the active market. Equity funds with unpublished prices that are comprised of publicly traded securities (such as commingled/pooled funds) are also valued at the closing price in the active market but are classified as Level 2.
Fixed income: A mix of domestic and international bonds.			Investments in fixed income securities, including fixed income pooled funds, are generally classified as Level 2 investments and are valued based on prices reported in the market place. Additionally, the value of fixed income securities takes into consideration certain items such as broker quotes, spreads, yield curves, interest rates, and discount rates that apply to the term of a specific instrument.
Trust-owned life insurance (TOLI): Investments of taxable trusts aimed at minimizing the impact of taxes on the portfolio.			Investments in TOLI policies are classified as Level 2 investments and are valued based on the underlying investments held in the policy's separate accounts. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities.
Real estate: Investments in equity or debt of real properties and in publicly traded real estate securities. Special situations: Investments in opportunistic strategies with the objective of diversifying and enhancing returns and exploiting short-term inefficiencies, as well as investments in promising new strategies of a longer-term nature. Private equity: Investments in private or public securities typically through privately-negotiated and/or structured transactions, including leveraged buyouts, venture capital, and distressed debt. Private credit: Investments focused on debt instruments, of which returns are driven by income rather than capital appreciation. Infrastructure: Investments in real assets, typically with long-term, predictable, and stable cash flows and a meaningful income component.			Investments in real estate, special situations, private equity, private credit, and infrastructure are typically invested in private partnerships and/or other pooled vehicles (Investment Funds) which are generally classified as Net Asset Value as a Practical Expedient, since the Investment Funds and underlying assets are not publicly traded and/or often have liquidity restrictions. The managers of the Investment Funds value the assets using various inputs and techniques depending on the nature of the underlying investments. Techniques may include purchase multiples for comparable transactions, comparable public company trading multiples, discounted cash flow analysis, prevailing market capitalization rates, recent sales of comparable investments, and independent third-party appraisals. The total market value of each of the Investment Funds is determined by aggregating the value of the underlying assets less liabilities.

For purposes of determining the fair value of the pension plan and other postretirement benefit plan assets and the appropriate level designation, management relies on information provided by the plan's trustee. This information is reviewed and evaluated by management with changes made to the trustee information as appropriate. The fair values presented herein exclude cash, receivables related to investment income and pending investment sales, and payables related to pending investment purchases.

The fair values, and actual allocations relative to the target allocations, of the Southern Company system's pension plans at December 31, 2024 and 2023 are presented below.


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Company
Assets:
Equity:									41	%	41	%
Domestic equity	$	2,095	$	835	$	—	$	2,930
International equity	1,959		1,032		—		2,991
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		1,780		—		1,780
Mortgage- and asset-backed securities	—		48		—		48
Corporate bonds	—		1,715		—		1,715
Pooled funds	—		792		—		792
Cash equivalents and other	255		—		—		255
Real estate investments	361		—		1,563		1,924		12		13
Special situations	—		—		237		237		3		2
Private equity	—		—		1,797		1,797		9		12
Private credit	—		—		152		152		3		1
Infrastructure	—		—		—		—		2		—
Total	$	4,670	$	6,202	$	3,749	$	14,621	100	%	100	%
Liabilities:
Derivatives	$	—	$	(33)	$	—	$	(33)
Total	$	4,670	$	6,169	$	3,749	$	14,588	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Alabama Power
Assets:
Equity:									41	%	41	%
Domestic equity	$	509	$	203	$	—	$	712
International equity	476		251		—		727
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		433		—		433
Mortgage- and asset-backed securities	—		12		—		12
Corporate bonds	—		417		—		417
Pooled funds	—		193		—		193
Cash equivalents and other	62		—		—		62
Real estate investments	88		—		380		468		12		13
Special situations	—		—		57		57		3		2
Private equity	—		—		437		437		9		12
Private credit	—		—		37		37		3		1
Infrastructure	—		—		—		—		2		—
Total	$	1,135	$	1,509	$	911	$	3,555	100	%	100	%
Liabilities:
Derivatives	$	—	$	(8)	$	—	$	(8)
Total	$	1,135	$	1,501	$	911	$	3,547	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Georgia Power
Assets:
Equity:									41	%	41	%
Domestic equity	$	652	$	259	$	—	$	911
International equity	608		320		—		928
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		552		—		552
Mortgage- and asset-backed securities	—		15		—		15
Corporate bonds	—		532		—		532
Pooled funds	—		246		—		246
Cash equivalents and other	79		—		—		79
Real estate investments	112		—		485		597		12		13
Special situations	—		—		73		73		3		2
Private equity	—		—		558		558		9		12
Private credit	—		—		47		47		3		1
Infrastructure	—		—		—		—		2		—
Total	$	1,451	$	1,924	$	1,163	$	4,538	100	%	100	%
Liabilities:
Derivatives	$	—	$	(10)	$	—	$	(10)
Total	$	1,451	$	1,914	$	1,163	$	4,528	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Mississippi Power
Assets:
Equity:									41	%	41	%
Domestic equity	$	97	$	38	$	—	$	135
International equity	89		47		—		136
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		81		—		81
Mortgage- and asset-backed securities	—		2		—		2
Corporate bonds	—		78		—		78
Pooled funds	—		36		—		36
Cash equivalents and other	12		—		—		12
Real estate investments	16		—		71		87		12		13
Special situations	—		—		11		11		3		2
Private equity	—		—		82		82		9		12
Private credit	—		—		7		7		3		1
Infrastructure	—		—		—		—		2		—
Total	$	214	$	282	$	171	$	667	100	%	100	%
Liabilities:
Derivatives	$	—	$	(2)	$	—	$	(2)
Total	$	214	$	280	$	171	$	665	100	%	100	%

Southern Power
Assets:
Equity:									41	%	41	%
Domestic equity	$	27	$	11	$	—	$	38
International equity	25		13		—		38
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		23		—		23
Mortgage- and asset-backed securities	—		1		—		1
Corporate bonds	—		22		—		22
Pooled funds	—		10		—		10
Cash equivalents and other	3		—		—		3
Real estate investments	5		—		20		25		12		13
Special situations	—		—		3		3		3		2
Private equity	—		—		23		23		9		12
Private credit	—		—		2		2		3		1
Infrastructure	—		—		—		—		2		—
Total	$	60	$	80	$	48	$	188	100%		100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Company Gas
Assets:
Equity:									41	%	41	%
Domestic equity	$	142	$	56	$	—	$	198
International equity	132		69		—		201
Fixed income:									30		31
U.S. Treasury, government, and agency bonds	—		120		—		120
Mortgage- and asset-backed securities	—		3		—		3
Corporate bonds	—		115		—		115
Pooled funds	—		53		—		53
Cash equivalents and other	17		—		—		17
Real estate investments	24		—		105		129		12		13
Special situations	—		—		16		16		3		2
Private equity	—		—		121		121		9		12
Private credit	—		—		10		10		3		1
Infrastructure	—		—		—		—		2		—
Total	$	315	$	416	$	252	$	983	100	%	100	%
Liabilities:
Derivatives	$	—	$	(2)	$	—	$	(2)
Total	$	315	$	414	$	252	$	981	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Company
Assets:
Equity:									41	%	40	%
Domestic equity	$	1,959	$	771	$	—	$	2,730
International equity	1,947		1,052		—		2,999
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		1,973		—		1,973
Mortgage- and asset-backed securities	—		44		—		44
Corporate bonds	—		1,724		—		1,724
Pooled funds	—		777		—		777
Cash equivalents and other	371		58		—		429
Real estate investments	369		—		1,684		2,053		12		14
Special situations	—		—		245		245		3		2
Private equity	—		—		1,761		1,761		9		12
Private Credit	—		—		25		25		3		—
Infrastructure	—		—		—		—		2		—



Total	$	4,646	$	6,399	$	3,715	$	14,760	100	%	100	%

Alabama Power
Assets:
Equity:									41	%	40	%
Domestic equity	$	476	$	187	$	—	$	663
International equity	472		255		—		727
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		479		—		479
Mortgage- and asset-backed securities	—		11		—		11
Corporate bonds	—		418		—		418
Pooled funds	—		188		—		188
Cash equivalents and other	90		14		—		104
Real estate investments	89		—		408		497		12		14
Special situations	—		—		59		59		3		2
Private equity	—		—		427		427		9		12
Private credit	—		—		6		6		3		—
Infrastructure	—		—		—		—		2		—
Total	$	1,127	$	1,552	$	900	$	3,579	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Georgia Power
Assets:
Equity:									41	%	40	%
Domestic equity	$	611	$	241	$	—	$	852
International equity	609		329		—		938
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		617		—		617
Mortgage- and asset-backed securities	—		14		—		14
Corporate bonds	—		539		—		539
Pooled funds	—		243		—		243
Cash equivalents and other	116		18		—		134
Real estate investments	115		—		527		642		12		14
Special situations	—		—		77		77		3		2
Private equity	—		—		551		551		9		12
Private credit	—		—		8		8		3		—
Infrastructure	—		—		—		—		2		—



Total	$	1,451	$	2,001	$	1,163	$	4,615	100	%	100	%

Mississippi Power
Assets:
Equity:									41	%	40	%
Domestic equity	$	89	$	35	$	—	$	124
International equity	89		48		—		137
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		90		—		90
Mortgage- and asset-backed securities	—		2		—		2
Corporate bonds	—		79		—		79
Pooled funds	—		36		—		36
Cash equivalents and other	17		3		—		20
Real estate investments	17		—		77		94		12		14
Special situations	—		—		11		11		3		2
Private equity	—		—		81		81		9		12
Private credit	—		—		1		1		3		—
Infrastructure	—		—		—		—		2		—
Total	$	212	$	293	$	170	$	675	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Power
Assets:
Equity:									41	%	40	%
Domestic equity	$	24	$	10	$	—	$	34
International equity	25		13		—		38
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		25		—		25
Mortgage - and asset backed securities	—		1		—		1
Corporate bonds	—		22		—		22
Pooled funds	—		10		—		10
Cash equivalents and other	5		1		—		6
Real estate investments	5		—		21		26		12		14
Special situations	—		—		3		3		3		2
Private equity	—		—		22		22		9		12
Private credit	—		—		—		—		3		—
Infrastructure	—		—		—		—		2		—
Total	$	59	$	82	$	46	$	187	100	%	100	%

Southern Company Gas
Assets:
Equity:									41	%	40	%
Domestic equity	$	130	$	52	$	—	$	182
International equity	130		71		—		201
Fixed income:									30		32
U.S. Treasury, government, and agency bonds	—		132		—		132
Mortgage- and asset-backed securities	—		3		—		3
Corporate bonds	—		116		—		116
Pooled funds	—		52		—		52
Cash equivalents and other	25		4		—		29
Real estate investments	25		—		113		138		12		14
Special situations	—		—		16		16		3		2
Private equity	—		—		118		118		9		12
Private credit	—		—		2		2		3		—
Infrastructure	—		—		—		—		2		—
Total	$	310	$	430	$	249	$	989	100	%	100	%

The fair values, and actual allocations relative to the target allocations, of the applicable Registrants' other postretirement benefit plan assets at December 31, 2024 and 2023 are presented below.


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient		Total		Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)
	(in millions)
Southern Company
Assets:
Equity:									61	%	62	%
Domestic equity	$	94	$	98	$	—	$	192
International equity	54		83		—		137
Fixed income:									29		28
U.S. Treasury, government, and agency bonds	—		54		—		54
Mortgage- and asset-backed securities	—		1		—		1
Corporate bonds	—		48		—		48
Pooled funds	—		99		—		99
Cash equivalents and other	16		—		—		16
Trust-owned life insurance	—		478		—		478
Real estate investments	11		—		43		54		4		5
Special situations	—		—		6		6		1		1
Private equity	—		—		50		50		3		4
Private credit	—		—		4		4		1		—
Infrastructure	—		—		—		—		1		—
Total	$	175	$	861	$	103	$	1,139	100	%	100	%
Liabilities:
Derivatives	$	—	$	(1)	$	—	$	(1)
Total	$	175	$	860	$	103	$	1,138	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient		Total		Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)
	(in millions)
Alabama Power
Assets:
Equity:									68	%	68	%
Domestic equity	$	17	$	7	$	—	$	24
International equity	16		9		—		25
Fixed income:									23		24
U.S. Treasury, government, and agency bonds	—		14		—		14

Corporate bonds	—		14		—		14
Pooled funds	—		11		—		11
Cash equivalents and other	2		—		—		2
Trust-owned life insurance	—		294		—		294
Real estate investments	3		—		13		16		3		4
Special situations	—		—		2		2		1		1
Private equity	—		—		15		15		3		3
Private credit	—		—		1		1		1		—
Infrastructure	—		—		—		—		1		—
Total	$	38	$	349	$	31	$	418	100	%	100	%

Georgia Power
Assets:
Equity:									59	%	59	%
Domestic equity	$	52	$	7	$	—	$	59
International equity	16		41		—		57
Fixed income:									35		33
U.S. Treasury, government, and agency bonds	—		14		—		14

Corporate bonds	—		14		—		14
Pooled funds	—		48		—		48
Cash equivalents and other	10		—		—		10
Trust-owned life insurance	—		184		—		184
Real estate investments	4		—		13		17		3		4
Special situations	—		—		2		2		1		1
Private equity	—		—		15		15		2		3


Total	$	82	$	308	$	30	$	420	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient		Total		Target Allocation		Actual Allocation
At December 31, 2024:	(Level 1)		(Level 2)		(NAV)
	(in millions)
Mississippi Power
Assets:
Equity:									34	%	32	%
Domestic equity	$	3	$	1	$	—	$	4
International equity	3		1		—		4
Fixed income:									43		44
U.S. Treasury, government, and agency bonds	—		7		—		7
Corporate bonds	—		2		—		2
Pooled funds	—		1		—		1
Cash equivalents and other	1		—		—		1

Real estate investments	—		—		2		2		10		11
Special situations	—		—		—		—		2		2
Private equity	—		—		2		2		7		10
Private credit	—		—		—		—		3		1
Infrastructure	—		—		—		—		1		—
Total	$	7	$	12	$	4	$	23	100	%	100	%

Southern Company Gas
Assets:
Equity:									72	%	73	%
Domestic equity	$	1	$	76	$	—	$	77
International equity	1		23		—		24
Fixed income:									26		25
U.S. Treasury, government, and agency bonds	—		1		—		1

Corporate bonds	—		1		—		1
Pooled funds	—		32		—		32
Cash equivalents and other	1		—		—		1

Real estate investments	—		—		1		1		1		1

Private equity	—		—		1		1		1		1


Total	$	3	$	133	$	2	$	138	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Company
Assets:
Equity:									60	%	61	%
Domestic equity	$	85	$	87	$	—	$	172
International equity	53		82		—		135
Fixed income:									30		28
U.S. Treasury, government, and agency bonds	—		57		—		57
Mortgage- and asset-backed securities	—		2		—		2
Corporate bonds	—		47		—		47
Pooled funds	—		92		—		92
Cash equivalents and other	21		2		—		23
Trust-owned life insurance	—		456		—		456
Real estate investments	11		—		46		57		4		6
Special situations	—		—		6		6		1		1
Private equity	—		—		48		48		3		4
Private credit	—		—		1		1		1		—
Infrastructure	—		—		—		—		1		—
Total	$	170	$	825	$	101	$	1,096	100	%	100	%

Alabama Power
Assets:
Equity:									67	%	66	%
Domestic equity	$	16	$	6	$	—	$	22
International equity	16		9		—		25
Fixed income:									23		23
U.S. Treasury, government, and agency bonds	—		16		—		16

Corporate bonds	—		14		—		14
Pooled funds	—		8		—		8
Cash equivalents and other	3		—		—		3
Trust-owned life insurance	—		280		—		280
Real estate investments	3		—		14		17		4		6
Special situations	—		—		2		2		1		1
Private equity	—		—		15		15		3		4
Private credit	—		—		—		—		1		—
Infrastructure	—		—		—		—		1		—
Total	$	38	$	333	$	31	$	402	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Georgia Power
Assets:
Equity:									58	%	57	%
Domestic equity	$	47	$	6	$	—	$	53
International equity	16		40		—		56
Fixed income:									35		35
U.S. Treasury, government, and agency bonds	—		16		—		16

Corporate bonds	—		14		—		14
Pooled funds	—		47		—		47
Cash equivalents and other	13		—		—		13
Trust-owned life insurance	—		176		—		176
Real estate investments	4		—		14		18		3		4
Special situations	—		—		2		2		1		1
Private equity	—		—		14		14		2		3
Private credit	—		—		—		—		1		—
Total	$	80	$	299	$	30	$	409	100	%	100	%

Mississippi Power
Assets:
Equity:									34	%	33	%
Domestic equity	$	3	$	1	$	—	$	4
International equity	3		1		—		4
Fixed income:									43		44
U.S. Treasury, government, and agency bonds	—		7		—		7

Corporate bonds	—		2		—		2
Pooled funds	—		1		—		1
Cash equivalents and other	1		—		—		1
Real estate investments	1		—		2		3		10		11
Special situations	—		—		—		—		2		2
Private equity	—		—		2		2		7		10
Private credit	—		—		—		—		3		—
Infrastructure	—		—		—		—		1		—
Total	$	8	$	12	$	4	$	24	100	%	100	%


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Net Asset Value as a Practical Expedient				Target Allocation		Actual Allocation
At December 31, 2023:	(Level 1)		(Level 2)		(NAV)		Total
	(in millions)
Southern Company Gas
Assets:
Equity:									72	%	72	%
Domestic equity	$	2	$	67	$	—	$	69
International equity	2		22		—		24
Fixed income:									26		26
U.S. Treasury, government, and agency bonds	—		1		—		1

Corporate bonds	—		1		—		1
Pooled funds	—		29		—		29
Cash equivalents and other	1		—		—		1

Real estate investments	—		—		1		1		1		1

Private equity	—		—		1		1		1		1
Total	$	5	$	120	$	2	$	127	100	%	100	%

Employee Savings Plan

Southern Company and its subsidiaries also sponsor 401(k) defined contribution plans covering substantially all employees and provide matching contributions up to specified percentages of an employee's eligible pay. Total matching contributions made to the plans for 2024, 2023, and 2022 were as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
2024	$	137	$	29	$	31	$	5	$	3	$	20
2023	131		28		31		5		3		18
2022	124		26		29		5		3		17

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details