| Financial data for business segments |
Financial data for business segments and products and services for the years ended December 31, 2024, 2023, and 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Electric Utilities | | | | | | | Traditional
Electric
Operating
Companies | Southern
Power | Eliminations | Total | Southern Company Gas | Total Reportable Segments | All
Other | Eliminations | Consolidated | | (in millions) | | 2024 | | | | | | | | | | | Operating revenues | $ | 19,977 | | $ | 2,014 | | $ | (388) | | $ | 21,603 | | $ | 4,456 | | $ | 26,059 | | $ | 843 | | $ | (178) | | $ | 26,724 | | Other segment items(a)(b)(c)(d) | 10,057 | | 1,060 | | (388) | | 10,729 | | 2,613 | | 13,342 | | 802 | | (149) | | 13,995 | | Depreciation and amortization(e) | 3,512 | | 522 | | — | | 4,034 | | 650 | | 4,684 | | 71 | | — | | 4,755 | | | Earnings from equity method investments | 8 | | — | | — | | 8 | | 146 | | 154 | | (17) | | 2 | | 139 | | | Interest expense | 1,255 | | 117 | | — | | 1,372 | | 341 | | 1,713 | | 1,030 | | — | | 2,743 | | | Income taxes (benefit) | 1,016 | | (13) | | — | | 1,003 | | 258 | | 1,261 | | (292) | | — | | 969 | | Segment net income (loss)(b)(c)(d)(e)(f) | $ | 4,145 | | $ | 328 | | $ | — | | $ | 4,473 | | $ | 740 | | $ | 5,213 | | $ | (785) | | $ | (27) | | $ | 4,401 | | | | | | | | | | | | | Goodwill | $ | — | | $ | 2 | | $ | — | | $ | 2 | | $ | 5,015 | | $ | 5,017 | | $ | 144 | | $ | — | | $ | 5,161 | | | | | | | | | | | | | Total assets | 105,577 | | 12,653 | | (1,025) | | 117,205 | | 26,177 | | 143,382 | | 2,371 | | (573) | | 145,180 | | | | | | | | | | | | | 2023 | | | | | | | | | | | Operating revenues | $ | 18,358 | | $ | 2,189 | | $ | (549) | | $ | 19,998 | | $ | 4,702 | | $ | 24,700 | | $ | 718 | | $ | (165) | | $ | 25,253 | | Other segment items(a)(c)(g)(h) | 9,643 | | 1,187 | | (549) | | 10,281 | | 3,124 | | 13,405 | | 699 | | (150) | | 13,954 | | | Depreciation and amortization | 3,361 | | 504 | | — | | 3,865 | | 582 | | 4,447 | | 78 | | — | | 4,525 | | | Earnings from equity method investments | (1) | | — | | — | | (1) | | 140 | | 139 | | 5 | | — | | 144 | | | Interest expense | 1,145 | | 129 | | — | | 1,274 | | 310 | | 1,584 | | 879 | | (17) | | 2,446 | | | Income taxes (benefit) | 571 | | 12 | | — | | 583 | | 211 | | 794 | | (298) | | — | | 496 | | Segment net income (loss)(c)(f)(g)(h) | $ | 3,637 | | $ | 357 | | $ | — | | $ | 3,994 | | $ | 615 | | $ | 4,609 | | $ | (635) | | $ | 2 | | $ | 3,976 | | | | | | | | | | | | | Goodwill | $ | — | | $ | 2 | | $ | — | | $ | 2 | | $ | 5,015 | | $ | 5,017 | | $ | 144 | | $ | — | | $ | 5,161 | | | | | | | | | | | | | Total assets | 100,429 | | 12,761 | | (545) | | 112,645 | | 25,083 | | 137,728 | | 2,446 | | (843) | | 139,331 | | | | | | | | | | | | | 2022 | | | | | | | | | | | Operating revenues | $ | 20,408 | | $ | 3,369 | | $ | (904) | | $ | 22,873 | | $ | 5,962 | | $ | 28,835 | | $ | 593 | | $ | (149) | | $ | 29,279 | | Other segment items(a)(c)(i)(j) | 12,820 | | 2,341 | | (904) | | 14,257 | | 4,536 | | 18,793 | | 771 | | (138) | | 19,426 | | | Depreciation and amortization | 2,513 | | 516 | | — | | 3,029 | | 559 | | 3,588 | | 75 | | — | | 3,663 | | | Earnings from equity method investments | — | | — | | — | | — | | 148 | | 148 | | 3 | | — | | 151 | | | Interest expense | 929 | | 138 | | — | | 1,067 | | 263 | | 1,330 | | 694 | | (2) | | 2,022 | | | Income taxes (benefit) | 828 | | 20 | | — | | 848 | | 180 | | 1,028 | | (233) | | — | | 795 | | Segment net income (loss)(c)(f)(i)(j) | $ | 3,318 | | $ | 354 | | $ | — | | $ | 3,672 | | $ | 572 | | $ | 4,244 | | $ | (711) | | $ | (9) | | $ | 3,524 | | | | | | | | | | | | | Goodwill | $ | — | | $ | 2 | | $ | — | | $ | 2 | | $ | 5,015 | | $ | 5,017 | | $ | 144 | | $ | — | | $ | 5,161 | | | | | | | | | | | | | Total assets | 95,861 | | 13,081 | | (659) | | 108,283 | | 24,621 | | 132,904 | | 2,665 | | (678) | | 134,891 | |
(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance, taxes other than income taxes, charges (credits) to income for estimated probable losses, losses (gains) on asset dispositions, impairment charges, AFUDC equity, non-service cost-related retirement benefits income, and net income (loss) attributable to noncontrolling interests. (b)For the traditional electric operating companies, includes a pre-tax impairment loss at Alabama Power of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility. See Note 1 under "Impairment of Long-Lived Assets" for additional information. (c)For the traditional electric operating companies, includes pre-tax charges (credits) to income at Georgia Power for the estimated probable loss associated with the construction and completion of Plant Vogtle Units 3 and 4 of $(21) million ($(16) million after tax) in 2024, $(68) million ($(50) million after tax) in 2023, and $183 million ($137 million after tax) in 2022. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. (d)For the traditional electric operating companies, includes a pre-tax gain at Georgia power of approximately $114 million ($84 million after tax) related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 under "Georgia Power – Transmission Asset Sales" for additional information. (e)For Southern Power, includes pre-tax accelerated depreciation of $9 million ($7 million after tax) related to the commitment to repower 200 MWs of the Kay Wind facility. See Note 15 under "Southern Power – Development Projects" for additional information. (f)Attributable to Southern Company. (g)For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) related to an arbitration award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts. See Note 3 under "General Litigation Matters – Southern Power" for additional information. (h)For Southern Company Gas, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information. (i)For Southern Company Gas, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information. (j)For the "All Other" column, includes a $119 million goodwill impairment loss (pre-tax and after tax) at PowerSecure. See Note 1 under "Goodwill and Other Intangible Assets" for additional information. Financial data for Alabama Power's and Georgia Power's significant segment expenses and other segment information for the years ended December 31, 2024, 2023, and 2022 was as follows: | | | | | | | | | | | | | 2024 | 2023 | 2022 | | (in millions) | | Alabama Power | | | | | Operating revenues | $ | 7,554 | | $ | 7,050 | | $ | 7,817 | | | Utility operations and maintenance | | | | | Rate RSE expenses | 1,480 | | 1,421 | | 1,645 | | | Rate CNP Compliance expenses | 279 | | 254 | | 237 | | | Total utility operations and maintenance | 1,759 | | 1,675 | | 1,882 | | Other segment items(a)(b) | 2,125 | | 2,098 | | 2,915 | | | Depreciation and amortization | 1,459 | | 1,401 | | 875 | | | Interest expense | 448 | | 425 | | 382 | | | Income taxes | 360 | | 81 | | 423 | | Segment net income(b) | $ | 1,403 | | $ | 1,370 | | $ | 1,340 | | | | | | | Capital expenditures | $ | 2,114 | | $ | 2,159 | | $ | 2,206 | | | | | | | Georgia Power | | | | | Operating revenues | $ | 11,331 | | $ | 10,118 | | $ | 11,584 | | | Utility operations and maintenance | 2,210 | | 1,901 | | 2,237 | | Other segment items(a)(c)(d) | 3,476 | | 3,382 | | 5,249 | | | Depreciation and amortization | 1,774 | | 1,681 | | 1,430 | | | Interest expense | 725 | | 626 | | 485 | | | Income taxes | 603 | | 448 | | 370 | | Segment net income(c)(d) | $ | 2,543 | | $ | 2,080 | | $ | 1,813 | | | | | | | Capital expenditures | $ | 5,355 | | $ | 5,394 | | $ | 4,219 | |
(a)Primarily consists of fuel, purchased power, expenses from unregulated products and services, losses (gains) on asset dispositions, impairment charges, amortization of cloud software, taxes other than income taxes, charges (credits) to income for estimated probable losses, AFUDC equity, and non-service cost-related retirement benefits income. Also includes earnings from equity method investments, which were immaterial for all periods presented. (b)For 2024, includes a pre-tax impairment loss of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility. See Note 1 under "Impairment of Long-Lived Assets" for additional information. (c)Includes pre-tax charges (credits) to income for the estimated probable loss associated with the construction and completion of Plant Vogtle Units 3 and 4 of $(21) million ($(16) million after tax) in 2024, $(68) million ($(50) million after tax) in 2023, and $183 million ($137 million after tax) in 2022. See Note 2 under "Georgia Power – Nuclear Construction" for additional information. (d)For 2024, includes a pre-tax gain of approximately $114 million ($84 million after tax) related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 under "Georgia Power – Transmission Asset Sales" for additional information. Financial data for business segments for the years ended December 31, 2024, 2023, and 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Gas Distribution Operations | Gas Pipeline Investments | Gas Marketing Services | Total Reportable Segments | All Other | Eliminations | Consolidated | | (in millions) | | 2024 | | | | | | | Operating revenues | $ | 3,899 | | $ | 32 | | $ | 516 | | $ | 4,447 | | $ | 23 | | $ | (14) | | $ | 4,456 | | Other segment items(a) | 2,236 | | 6 | | 356 | | 2,598 | | 29 | | (14) | | 2,613 | | | Depreciation and amortization | 630 | | 5 | | 14 | | 649 | | 1 | | — | | 650 | | | Earnings from equity method investments | — | | 146 | | — | | 146 | | — | | — | | 146 | | | Interest expense | 311 | | 35 | | 3 | | 349 | | (8) | | — | | 341 | | | Income taxes | 172 | | 31 | | 41 | | 244 | | 14 | | — | | 258 | | Segment net income (loss) | $ | 550 | | $ | 101 | | $ | 102 | | $ | 753 | | $ | (13) | | $ | — | | $ | 740 | | | | | | | | | | | | | | | | | | | Total assets | $ | 24,067 | | $ | 1,573 | | $ | 1,696 | | $ | 27,336 | | $ | 10,047 | | $ | (11,206) | | $ | 26,177 | | | | | | | | | | | 2023 | | | | | | | Operating revenues | $ | 4,105 | | $ | 32 | | $ | 548 | | $ | 4,685 | | $ | 36 | | $ | (19) | | $ | 4,702 | | Other segment items(a)(b) | 2,702 | | 5 | | 402 | | 3,109 | | 34 | | (19) | | 3,124 | | | Depreciation and amortization | 561 | | 5 | | 15 | | 581 | | 1 | | — | | 582 | | | Earnings from equity method investments | — | | 140 | | — | | 140 | | — | | — | | 140 | | | Interest expense | 275 | | 32 | | 3 | | 310 | | — | | — | | 310 | | | Income taxes | 126 | | 32 | | 37 | | 195 | | 16 | | — | | 211 | | Segment net income (loss)(b) | $ | 441 | | $ | 98 | | $ | 91 | | $ | 630 | | $ | (15) | | $ | — | | $ | 615 | | | | | | | | | | | | | | | | | | | Total assets | $ | 22,906 | | $ | 1,534 | | $ | 1,615 | | $ | 26,055 | | $ | 9,675 | | $ | (10,647) | | $ | 25,083 | | | | | | | | | | | 2022 | | | | | | | Operating revenues | $ | 5,267 | | $ | 32 | | $ | 638 | | $ | 5,937 | | $ | 55 | | $ | (30) | | $ | 5,962 | | Other segment items(a)(c) | 3,907 | | 6 | | 488 | | 4,401 | | 165 | | (30) | | 4,536 | | | Depreciation and amortization | 516 | | 5 | | 16 | | 537 | | 22 | | — | | 559 | | | Earnings from equity method investments | — | | 148 | | — | | 148 | | — | | — | | 148 | | | Interest expense | 229 | | 27 | | 3 | | 259 | | 4 | | — | | 263 | | | Income taxes (benefit) | 145 | | 35 | | 37 | | 217 | | (37) | | — | | 180 | | Segment net income (loss)(c) | $ | 470 | | $ | 107 | | $ | 94 | | $ | 671 | | $ | (99) | | $ | — | | $ | 572 | | | | | | | | | | | | | | | | | | | Total assets | $ | 22,040 | | $ | 1,577 | | $ | 1,616 | | $ | 25,233 | | $ | 8,943 | | $ | (9,555) | | $ | 24,621 | |
(a)Primarily consists of cost of natural gas, other operations and maintenance, taxes other than income taxes, impairment charges, estimated loss on regulatory disallowance, AFUDC equity, and non-service cost-related retirement benefits income. (b)For gas distribution operations, includes pre-tax charges totaling approximately $96 million ($72 million after tax) associated with the disallowance of certain capital investments at Nicor Gas. See Note 2 under "Southern Company Gas" for additional information. (c)For the "All Other" column, includes pre-tax impairment charges totaling approximately $131 million ($99 million after tax) related to the sale of natural gas storage facilities. See Note 15 under "Southern Company Gas" for additional information.
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| Disaggregation of revenue |
The following table disaggregates revenue from contracts with customers for the periods presented: | | | | | | | | | | | | | | | | | | | | | | Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | | (in millions) | | 2024 | | | | | | | | Operating revenues | | | | | | | | Retail electric revenues | | | | | | | | Residential | $ | 8,276 | | $ | 3,133 | | $ | 4,835 | | $ | 308 | | $ | — | | $ | — | | | Commercial | 6,585 | | 2,042 | | 4,219 | | 324 | | — | | — | | | Industrial | 3,892 | | 1,742 | | 1,808 | | 342 | | — | | — | | | Other | 124 | | 13 | | 102 | | 9 | | — | | — | | | Total retail electric revenues | 18,877 | | 6,930 | | 10,964 | | 983 | | — | | — | | | Natural gas distribution revenues | | | | | | | | Residential | 1,753 | | — | | — | | — | | — | | 1,753 | | | Commercial | 417 | | — | | — | | — | | — | | 417 | | | Transportation | 1,295 | | — | | — | | — | | — | | 1,295 | | | Industrial | 34 | | — | | — | | — | | — | | 34 | | | Other | 316 | | — | | — | | — | | — | | 316 | | | Total natural gas distribution revenues | 3,815 | | — | | — | | — | | — | | 3,815 | | | Wholesale electric revenues | | | | | | | | PPA energy revenues | 1,059 | | 206 | | 94 | | 4 | | 778 | | — | | | PPA capacity revenues | 641 | | 108 | | 136 | | 63 | | 400 | | — | | | Non-PPA revenues | 226 | | 139 | | 5 | | 375 | | 230 | | — | | | Total wholesale electric revenues | 1,926 | | 453 | | 235 | | 442 | | 1,408 | | — | | | Other natural gas revenues | | | | | | | | Gas marketing services | 507 | | — | | — | | — | | — | | 507 | | Other | 18 | | — | | — | | — | | — | | 18 | | Total other natural gas revenues | 525 | | — | | — | | — | | — | | 525 | | | Other revenues | 1,621 | | 240 | | 721 | | 52 | | 37 | | — | | | Total revenue from contracts with customers | 26,764 | | 7,623 | | 11,920 | | 1,477 | | 1,445 | | 4,340 | | Other revenue sources(*) | (40) | | (69) | | (589) | | (14) | | 569 | | 116 | | | Total operating revenues | $ | 26,724 | | $ | 7,554 | | $ | 11,331 | | $ | 1,463 | | $ | 2,014 | | $ | 4,456 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | | (in millions) | | 2023 | | | | | | | | Operating revenues | | | | | | | | Retail electric revenues | | | | | | | | Residential | $ | 7,309 | | $ | 2,904 | | $ | 4,105 | | $ | 300 | | $ | — | | $ | — | | | Commercial | 5,860 | | 1,928 | | 3,624 | | 308 | | — | | — | | | Industrial | 3,613 | | 1,721 | | 1,558 | | 334 | | — | | — | | | Other | 112 | | 12 | | 91 | | 9 | | — | | — | | | Total retail electric revenues | 16,894 | | 6,565 | | 9,378 | | 951 | | — | | — | | | Natural gas distribution revenues | | | | | | | | Residential | 1,981 | | — | | — | | — | | — | | 1,981 | | | Commercial | 505 | | — | | — | | — | | — | | 505 | | | Transportation | 1,184 | | — | | — | | — | | — | | 1,184 | | | Industrial | 45 | | — | | — | | — | | — | | 45 | | | Other | 324 | | — | | — | | — | | — | | 324 | | | Total natural gas distribution revenues | 4,039 | | — | | — | | — | | — | | 4,039 | | | Wholesale electric revenues | | | | | | | | PPA energy revenues | 1,107 | | 234 | | 87 | | 20 | | 790 | | — | | | PPA capacity revenues | 624 | | 156 | | 51 | | 45 | | 376 | | — | | | Non-PPA revenues | 250 | | 65 | | 35 | | 407 | | 409 | | — | | | Total wholesale electric revenues | 1,981 | | 455 | | 173 | | 472 | | 1,575 | | — | | | Other natural gas revenues | | | | | | | | | | | | | | | Gas marketing services | 528 | | — | | — | | — | | — | | 528 | | Other | 31 | | — | | — | | — | | — | | 31 | | | Total other natural gas revenues | 559 | | — | | — | | — | | — | | 559 | | | Other revenues | 1,355 | | 213 | | 578 | | 39 | | 55 | | — | | | Total revenue from contracts with customers | 24,828 | | 7,233 | | 10,129 | | 1,462 | | 1,630 | | 4,598 | | Other revenue sources(*) | 425 | | (183) | | (11) | | 12 | | 559 | | 104 | | | | | | | | | | Total operating revenues | $ | 25,253 | | $ | 7,050 | | $ | 10,118 | | $ | 1,474 | | $ | 2,189 | | $ | 4,702 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | Southern Company | Alabama Power | Georgia Power | Mississippi Power | Southern Power | Southern Company Gas | | (in millions) | | 2022 | | | | | | | | Operating revenues | | | | | | | | Retail electric revenues | | | | | | | | Residential | $ | 6,604 | | $ | 2,638 | | $ | 3,664 | | $ | 302 | | $ | — | | $ | — | | | Commercial | 5,369 | | 1,685 | | 3,385 | | 299 | | — | | — | | | Industrial | 3,764 | | 1,507 | | 1,921 | | 336 | | — | | — | | | Other | 102 | | 14 | | 79 | | 9 | | — | | — | | | Total retail electric revenues | 15,839 | | 5,844 | | 9,049 | | 946 | | — | | — | | | Natural gas distribution revenues | | | | | | | | Residential | 2,843 | | — | | — | | — | | — | | 2,843 | | | Commercial | 763 | | — | | — | | — | | — | | 763 | | | Transportation | 1,186 | | — | | — | | — | | — | | 1,186 | | | Industrial | 84 | | — | | — | | — | | — | | 84 | | | Other | 342 | | — | | — | | — | | — | | 342 | | | Total natural gas distribution revenues | 5,218 | | — | | — | | — | | — | | 5,218 | | | Wholesale electric revenues | | | | | | | | PPA energy revenues | 2,274 | | 489 | | 130 | | 16 | | 1,673 | | — | | | PPA capacity revenues | 596 | | 194 | | 47 | | 4 | | 356 | | — | | | Non-PPA revenues | 250 | | 200 | | 30 | | 690 | | 740 | | — | | | Total wholesale electric revenues | 3,120 | | 883 | | 207 | | 710 | | 2,769 | | — | | | Other natural gas revenues | | | | | | | | | | | | | | | Gas marketing services | 636 | | — | | — | | — | | — | | 636 | | Other | 51 | | — | | — | | — | | — | | 51 | | | Total other natural gas revenues | 687 | | — | | — | | — | | — | | 687 | | | Other revenues | 1,077 | | 194 | | 446 | | 47 | | 36 | | — | | | Total revenue from contracts with customers | 25,941 | | 6,921 | | 9,702 | | 1,703 | | 2,805 | | 5,905 | | Other revenue sources(*) | 3,338 | | 896 | | 1,882 | | (9) | | 564 | | 57 | | | Total operating revenues | $ | 29,279 | | $ | 7,817 | | $ | 11,584 | | $ | 1,694 | | $ | 3,369 | | $ | 5,962 | |
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies. Products and Services | | | | | | | | | | | | | | | | | | | | | | | | | Electric Utilities' Revenues | | Year | Retail | | Wholesale | | Other | | Total | | (in millions) | | 2024 | $ | 17,790 | | | $ | 2,431 | | | $ | 1,382 | | | $ | 21,603 | | | 2023 | 16,343 | | | 2,467 | | | 1,188 | | | 19,998 | | | 2022 | 18,197 | | | 3,641 | | | 1,035 | | | 22,873 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Southern Company Gas' Revenues | | Year | Gas
Distribution
Operations | | Gas
Marketing
Services | | | | All Other | | | Total | | (in millions) | | 2024 | $ | 3,899 | | | $ | 516 | | | | | $ | 41 | | | | $ | 4,456 | | | 2023 | 4,090 | | | 548 | | | | | 64 | | | | 4,702 | | | 2022 | 5,240 | | | 638 | | | | | 84 | | | | 5,962 | |
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