v3.25.0.1
FINANCING (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of long-term debt
Details of long-term debt at December 31, 2024 and 2023 are provided in the following table:
At December 31, 2024
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20242023
(in millions)
Southern Company
Senior notes(a)
2025-20744.33%$44,862 $40,235 
Junior subordinated notes2027-20814.32%7,389 8,333 
FFB loans(b)
2025-20442.88%4,703 4,788 
Revenue bonds(c)
2025-20633.15%3,379 3,400 
First mortgage bonds(d)
2025-20643.79%2,775 2,500 
Medium-term notes2026-20277.03%84 84 
Other long-term debt2025-20454.96%209 234 
Finance lease obligations(e)
287 298 
Unamortized fair value adjustment275 302 
Unamortized debt premium (discount), net(58)(198)
Unamortized debt issuance expenses(419)(290)
Total long-term debt63,486 59,686 
Less: Amount due within one year4,718 2,476 
Total long-term debt excluding amount due within one year$58,768 $57,210 
Alabama Power
Senior notes2025-20733.94%$9,875 $9,875 
Revenue bonds(c)
2025-20633.11%1,300 1,321 
Other long-term debt2026-20306.11%61 75 
Finance lease obligations(e)
4 5 
Unamortized debt premium (discount), net(19)(20)
Unamortized debt issuance expenses(67)(73)
Total long-term debt11,154 11,183 
Less: Amount due within one year655 223 
Total long-term debt excluding amount due within one year$10,499 $10,960 
Georgia Power
Senior notes2025-20744.49%$11,292 $9,575 
Junior subordinated notes20775.00%270 270 
FFB loans(b)
2025-20442.88%4,703 4,788 
Revenue bonds(c)
2025-20623.18%1,968 1,968 
Finance lease obligations(e)
261 240 
Unamortized debt premium (discount), net(21)(19)
Unamortized debt issuance expenses(123)(122)
Total long-term debt18,350 16,700 
Less: Amount due within one year966 502 
Total long-term debt excluding amount due within one year$17,384 $16,198 
At December 31, 2024
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20242023
(in millions)
Mississippi Power
Senior notes2026-20544.33%$1,575 $1,525 
Revenue bonds(c)
2025-20523.16%111 111 
Finance lease obligations(e)
14 16 
Unamortized debt premium (discount), net2 1 
Unamortized debt issuance expenses(9)(9)
Total long-term debt1,693 1,644 
Less: Amount due within one year12 201 
Total long-term debt excluding amount due within one year$1,681 $1,443 
Southern Power
Senior notes(a)
2025-20464.05%$2,695 $2,728 
Unamortized debt premium (discount), net(4)(4)
Unamortized debt issuance expenses(11)(13)
Total long-term debt2,680 2,711 
Less: Amount due within one year500 — 
Total long-term debt excluding amount due within one year$2,180 $2,711 
Southern Company Gas
Senior notes2025-20514.41%$5,375 $4,930 
First mortgage bonds(d)
2025-20643.79%2,775 2,500 
Medium-term notes2026-20277.03%84 84 
Other long-term debt2025-20453.81%68 59 
Unamortized fair value adjustment275 302 
Unamortized debt premium (discount), net(9)(8)
Unamortized debt issuance expenses(37)(34)
Total long-term debt8,531 7,833 
Less: Amount due within one year302 — 
Total long-term debt excluding amount due within one year$8,229 $7,833 
(a)Includes a fair value gain (loss) of $(45) million and $(12) million at December 31, 2024 and 2023, respectively, related to Southern Power's foreign currency hedge on its euro-denominated senior notes.
(b)Secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. See "DOE Loan Guarantee Borrowings" herein for additional information.
(c)Revenue bond obligations represent loans to the traditional electric operating companies from public authorities of funds derived from sales by such authorities of revenue bonds issued to finance pollution control and solid waste disposal and wastewater facilities. In some cases, the revenue bond obligations represent obligations under installment sales agreements with respect to facilities constructed with the proceeds of revenue bonds issued by public authorities. The traditional electric operating companies are required to make payments sufficient for the authorities to meet principal and interest requirements of such bonds. Proceeds from certain issuances are restricted until qualifying expenditures are incurred.
(d)Secured by substantially all of Nicor Gas' properties.
(e)Secured by the underlying lease ROU asset. See Note 9 for additional information.
Schedule of maturities of long-term debt for the next five years
Maturities of long-term debt for the next five years are as follows:
Southern Company(a)
Alabama Power(b)
Georgia
Power(c)
Mississippi Power
Southern Power(d)
Southern Company
Gas
(in millions)
2025$4,727 $658 $967 $12 $500 $300 
20263,792 47 451 66 964 530 
20274,075 551 1,015 10 — 154 
20282,827 107 868 357 — 150 
20291,990 — 861 1 — 150 
(a)See notes (b), (c), and (d) below.
(b)Alabama Power's 2025 maturities include $200 million aggregate principal amount of Series 2023A Floating Rate Senior Notes due May 15, 2073 that are repayable at the option of the holders at certain dates that began in 2024. As a result, the senior notes are classified as securities due within one year on the balance sheets of Southern Company and Alabama Power at December 31, 2024.
(c)Amounts include principal amortization related to the FFB borrowings; however, the final maturity date is February 20, 2044. See "DOE Loan Guarantee Borrowings" herein for additional information. Georgia Power's 2025 maturities include approximately $117 million aggregate principal amount of Series 2024C Floating Rate Senior Notes due November 15, 2074 that are repayable at the option of the holders at certain dates beginning in 2025. As a result, the senior notes are classified as securities due within one year on the balance sheets of Southern Company and Georgia Power at December 31, 2024.
(d)Southern Power's 2026 maturities include $564 million of euro-denominated debt at the U.S. dollar-denominated hedge settlement amount.
Summary of committed credit arrangements
At December 31, 2024, committed credit arrangements with banks were as follows:
Expires
Company2025202620272029TotalUnused
Expires within
One Year
(in millions)
Southern Company parent(a)
$150 $— $— $1,850 $2,000 $1,998 $150 
Alabama Power(b)
— 665 — 700 1,365 1,364 — 
Georgia Power300 — — 1,750 2,050 2,026 300 
Mississippi Power— — 275 — 275 275 — 
Southern Power(a)(c)
— — — 600 600 600 — 
Southern Company Gas(d)
100 — — 1,500 1,600 1,598 100 
SEGCO30 — — — 30 30 30 
Southern Company$580 $665 $275 $6,400 $7,920 $7,891 $580 
(a)Arrangement expiring in 2029 represents a $2.45 billion combined arrangement for Southern Company and Southern Power allowing for flexible sublimits.
(b)Includes $15 million expiring in 2026 at Alabama Property Company, a wholly-owned subsidiary of Alabama Power, of which $14 million was unused at December 31, 2024. Alabama Power is not party to this arrangement.
(c)Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2027 and 2026, respectively, of which $16 million and $11 million, respectively, was unused at December 31, 2024. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(d)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2029. Southern Company Gas' committed credit arrangement expiring in 2029 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2029, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $100 million credit arrangement expiring in 2025. See "Structural Considerations" herein for additional information.
Details of short-term borrowings Details of short-term borrowings for the applicable Registrants were as follows:
Notes Payable at December 31, 2024
Notes Payable at December 31, 2023
Amount
Outstanding		Weighted Average
Interest Rate		Amount
Outstanding		Weighted Average
Interest Rate
(in millions)(in millions)
Southern Company
Commercial paper$1,138 4.7 %$1,794 5.6 %
Short-term bank debt200 5.3 520 6.4 
Total$1,338 4.8 %$2,314 5.7 %
Alabama Power
Commercial paper
$— — %$40 5.5 %
Georgia Power
Commercial paper$— — %$809 5.6 %
Short-term bank debt200 5.3 520 6.4 
Total$200 5.3 %$1,329 5.9 %
Mississippi Power
Commercial paper$14 4.6 %$— — %
Southern Power
Commercial paper$— — %$138 5.5 %
Southern Company Gas
Commercial paper:
Southern Company Gas Capital$283 4.7 %$23 5.5 %
Nicor Gas172 4.6 392 5.5 
Total$455 4.7 %$415 5.5 %
Shares used to compute diluted EPS Shares used to compute diluted EPS were as follows:
 Average Common Stock Shares
 202420232022
 (in millions)
As reported shares1,096 1,092 1,075 
Effect of stock-based compensation6 6 6 
Diluted shares1,102 1,098 1,081 
Schedule of preferred stock
Preferred Stock Redeemed During 2022Par Value/Stated Capital Per ShareSharesRedemption
Price Per Share
4.92% Preferred Stock
$10080,000 $103.23
4.72% Preferred Stock
$10050,000 $102.18
4.64% Preferred Stock
$10060,000 $103.14
4.60% Preferred Stock
$100100,000 $104.20
4.52% Preferred Stock
$10050,000 $102.93
4.20% Preferred Stock
$100135,115 $105.00
5.00% Class A Preferred Stock
$2510,000,000 
$25.00