Southern Company Files 2023 Annual Report on Form 10-K

TL;DR

<b>Southern Company (SO) has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

GEORGIA POWER CO (GPJA) filed a Annual Report (10-K) with the SEC on February 15, 2024. Southern Company (SO) filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. Key subsidiaries include Georgia Power Co., Alabama Power Co., Mississippi Power Co., Southern Power Co., and Southern Co Gas. The filing is a public document with 295 pages. The SEC file number for Southern Company is 001-03526.

Why It Matters

For investors and stakeholders tracking GEORGIA POWER CO, this filing contains several important signals. This 10-K filing provides investors and analysts with the most up-to-date, detailed financial and operational information directly from Southern Company, crucial for evaluating the company's performance and future prospects. The report includes information on various subsidiaries, offering a consolidated view of the energy and natural gas services provided across multiple states, which is essential for understanding the company's market reach and operational scope.

Risk Assessment

Risk Level: medium — GEORGIA POWER CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the utility sector is subject to significant regulatory and market risks that are detailed within such filings.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to assess Southern Company's performance and outlook.

Key Numbers

• 2023 — Fiscal Year End (Covered by the 10-K filing)
• 295 — Page Count (Total pages in the public document)
• 001-03526 — SEC File Number (For Southern Company)
• 4911 — SIC Code (Electric Services for multiple subsidiaries)
• 4924 — SIC Code (Natural Gas Distribution for Southern Co Gas)

Key Players & Entities

• SOUTHERN CO (company) — Filer of the 10-K
• GEORGIA POWER CO (company) — Subsidiary of Southern Company
• ALABAMA POWER CO (company) — Subsidiary of Southern Company
• MISSISSIPPI POWER CO (company) — Subsidiary of Southern Company
• SOUTHERN POWER CO (company) — Subsidiary of Southern Company
• SOUTHERN CO GAS (company) — Subsidiary of Southern Company
• 20231231 (date) — Fiscal year end
• 20240215 (date) — Filing date

FAQ

Industry Context

Southern Company operates in the electric services and natural gas distribution industries, providing essential utility services to customers across the southeastern United States.

Regulatory Implications

As a regulated utility provider, Southern Company is subject to oversight from various state and federal regulatory bodies that influence its operations, pricing, and service standards.

What Investors Should Do

1. Thoroughly review the financial statements and management's discussion and analysis within the 10-K for detailed insights into revenue, expenses, and profitability.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Southern Company, such as regulatory changes, environmental concerns, and market volatility.
3. Examine the company's capital expenditures and financing activities to assess its investment plans and financial health.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest annual performance data.

Key Financial Figures

• $5 — outhern Company Common Stock, par value $5 per share SO New York Stock Exchange (
• $40 — 15,113 Alabama Power Company Par Value $40 Per Share 30,537,500 Georgia Power Com
• $0.01 — 1,000 Southern Power Company Par Value $0.01 Per Share 1,000 Southern Company Gas P

Filing Documents

• so-20231231.htm (10-K) — 14866KB
• ex10a-17eighthamendmentto2.htm (EX-10.A17) — 18KB
• ex10a-19tafconsultingagree.htm (EX-10.A19) — 42KB
• x21a-q42023xsubsidiariesof.htm (EX-21.A) — 99KB
• x23a1-q42023xsoconsent.htm (EX-23.A1) — 2KB
• x23b1-q42023xapcconsent.htm (EX-23.B1) — 2KB
• x23c1-q42023xgpcconsent.htm (EX-23.C1) — 2KB
• x23d1-q42023xmpcconsent.htm (EX-23.D1) — 2KB
• x23e1-q42023xspcconsent.htm (EX-23.E1) — 2KB
• x23f1-q42023xdtgasconsent.htm (EX-23.F1) — 2KB
• x23f2-q42023xbdogasconsent.htm (EX-23.F2) — 2KB
• x24a1-q42023xsopoa.htm (EX-24.A1) — 23KB
• x24b1q42023-alpoa.htm (EX-24.B1) — 23KB
• x24c1-q42023xgapoa.htm (EX-24.C1) — 20KB
• x24d1-q42023xmspoa.htm (EX-24.D1) — 22KB
• x24e1-q42023xspcpoa.htm (EX-24.E1) — 21KB
• x24f1-q42023xgaspoa.htm (EX-24.F1) — 22KB
• x31a1-q42023so.htm (EX-31.A1) — 10KB
• x31a2-q42023so.htm (EX-31.A2) — 10KB
• x31b1-q42023apc.htm (EX-31.B1) — 10KB
• x31b2-q42023apc.htm (EX-31.B2) — 10KB
• x31c1-q42023gpc.htm (EX-31.C1) — 10KB
• x31c2-q42023gpc.htm (EX-31.C2) — 10KB
• x31d1-q42023mpc.htm (EX-31.D1) — 10KB
• x31d2-q42023mpc.htm (EX-31.D2) — 10KB
• x31e1-q42023spc.htm (EX-31.E1) — 10KB
• x31e2-q42023spc.htm (EX-31.E2) — 10KB
• x31f1-q42023gas.htm (EX-31.F1) — 10KB
• x31f2-q42023gas.htm (EX-31.F2) — 10KB
• x32a-q42023so.htm (EX-32.A) — 6KB
• x32b-q42023apc.htm (EX-32.B) — 6KB
• x32c-q42023gpc.htm (EX-32.C) — 6KB
• x32d-q42023mpc.htm (EX-32.D) — 6KB
• x32e-q42023spc.htm (EX-32.E) — 6KB
• x32f-q42023gas.htm (EX-32.F) — 6KB
• ex97asocoandcoveredsubsidi.htm (EX-97.A) — 40KB
• apc_logoxhorzreduceda.jpg (GRAPHIC) — 13KB
• 0000092122-24-000009.txt (&nbsp;) — 70975KB
• so-20231231.xsd (EX-101.SCH) — 311KB
• so-20231231_cal.xml (EX-101.CAL) — 217KB
• so-20231231_def.xml (EX-101.DEF) — 2522KB
• so-20231231_lab.xml (EX-101.LAB) — 2560KB
• so-20231231_pre.xml (EX-101.PRE) — 2906KB
• so-20231231_htm.xml (XML) — 18048KB

Business

Business I- 1 The Southern Company System I- 1 Construction Programs I- 4 Financing Programs I- 4 Fuel Supply I- 5 Territory Served by the Southern Company System I- 6 Competition I- 8 Seasonality I- 9 Regulation I- 9 Rate Matters I- 11 Human Capital I- 13 Item 1A

Risk Factors

Risk Factors I- 15 Item 1B Unresolved Staff Comments I- 26 Item 1C Cybersecurity I- 26 Item 2

Properties

Properties I- 29 Item 3

Legal Proceedings

Legal Proceedings I- 36 Item 4 Mine Safety Disclosures I- 36 Information about Our Executive Officers – Southern Company I- 37 PART II Item 5 Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities II- 1 Item 6 Reserved II-1 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations II- 2 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk II- 2 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data II- 72 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure II- 255 Item 9A

Controls and Procedures

Controls and Procedures II- 255 Item 9B Other Information II- 255 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections II- 255 PART III Item 10 Directors, Executive Officers and Corporate Governance III- 1 Item 11

Executive Compensation

Executive Compensation III- 1 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters III- 1 Item 13 Certain Relationships and Related Transactions, and Director Independence III- 1 Item 14 Principal Accountant Fees and Services III- 2 PART IV Item 15 Exhibits and Financial Statement Schedules IV- 1 Item 16 Form 10-K Summary IV- 1

Signatures

Signatures i Table of Contents Index to Financial Statements DEFINITIONS When used in this Form 10-K, the following terms will have the meanings indicated. Term Meaning ARP Georgia Power's Alternate Rate Plans approved by the Georgia PSC; 2019 ARP for the years 2020 through 2022 and 2022 ARP for the years 2023 through 2025 AFUDC Allowance for funds used during construction Alabama Power Alabama Power Company AMEA Alabama Municipal Electric Authority Amended and Restated Loan Guarantee Agreement Loan guarantee agreement entered into by Georgia Power with the DOE in 2014, as amended and restated in March 2019, under which the proceeds of borrowings may be used to reimburse Georgia Power for Eligible Project Costs incurred in connection with its construction of Plant Vogtle Units 3 and 4 AOCI Accumulated other comprehensive income ARO Asset retirement obligation ASU Accounting Standards Update Atlanta Gas Light Atlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas Bcf Billion cubic feet Bechtel Bechtel Power Corporation, the primary contractor for the remaining construction activities for Plant Vogtle Units 3 and 4 Bechtel Agreement The 2017 construction completion agreement between the Vogtle Owners and Bechtel CCN Certificate of convenience and necessity CCR Coal combustion residuals CCR Rule Disposal of Coal Combustion Residuals from Electric Utilities final rule published by the EPA in 2015 Chattanooga Gas Chattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas Clean Air Act Clean Air Act Amendments of 1990 CO 2 Carbon dioxide COD Commercial operation date Contractor Settlement Agreement The December 31, 2015 agreement between Westinghouse and the Vogtle Owners resolving disputes between the Vogtle Owners and the EPC Contractor under the Vogtle 3 and 4 Agreement Cooperative Energy Electric generation and transmission cooperative in Mississippi COVID-19 The novel coronavirus disease declared a

BUSINESS

Item 1. BUSINESS Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas. The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are each operating public utility companies providin

View Full Filing

View this 10-K filing on SEC EDGAR