Southern Company Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Southern Company and its subsidiaries have filed their quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

GEORGIA POWER CO (GPJA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. The filing is a 10-Q for Southern Company and its subsidiaries, including Georgia Power Co., Alabama Power Co., Mississippi Power Co., Southern Power Co., and Southern Co Gas. The report covers the quarterly period ending March 31, 2024. Southern Company's Central Index Key is 0000092122. Georgia Power Co. is incorporated in GA and has SEC file number 001-06468. Alabama Power Co. is incorporated in AL and has SEC file number 001-03164.

Why It Matters

For investors and stakeholders tracking GEORGIA POWER CO, this filing contains several important signals. This 10-Q provides an update on the financial and operational status of Southern Company and its key utility subsidiaries for the first quarter of 2024. Investors and analysts can use this filing to assess the company's performance, financial health, and any material changes since the last reporting period.

Risk Assessment

Risk Level: low — GEORGIA POWER CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or urgent disclosures beyond routine financial reporting.

Analyst Insight

Monitor future filings for detailed financial results and management's discussion and analysis of the company's performance in Q1 2024.

Key Numbers

• 20240331 — Conformed Period of Report (The end date of the reporting quarter)
• 20240502 — Filed As Of Date (The date the filing was submitted)
• 10-Q — Form Type (Type of SEC filing)
• 0000092122 — Central Index Key (For Southern Co.)

Key Players & Entities

• SOUTHERN CO (company) — Filer of the 10-Q
• GEORGIA POWER CO (company) — Subsidiary filing a 10-Q
• SOUTHERN POWER CO (company) — Subsidiary filing a 10-Q
• SOUTHERN CO GAS (company) — Subsidiary filing a 10-Q
• ALABAMA POWER CO (company) — Subsidiary filing a 10-Q
• MISSISSIPPI POWER CO (company) — Subsidiary filing a 10-Q
• 20240331 (date) — Conformed period of report
• 20240502 (date) — Filed as of date

FAQ

Industry Context

Southern Company operates as a utility holding company, primarily engaged in the generation, transmission, and distribution of electricity and natural gas.

Regulatory Implications

The filing is a standard 10-Q, subject to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion.
2. Analyze segment performance for Georgia Power, Alabama Power, and other subsidiaries.
3. Compare Q1 2024 results against prior periods and analyst expectations.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $5 — outhern Company Common Stock, par value $5 per share SO New York Stock Exchange (
• $40 — 26,111 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-20240331.htm (10-Q) — 5338KB
• ex4-d1mpcthirdsupplemental.htm (EX-4.D1) — 135KB
• ex4-d2mpcfourthsupplementa.htm (EX-4.D2) — 135KB
• x31a1-q12024so.htm (EX-31.A1) — 10KB
• x31a2-q12024so.htm (EX-31.A2) — 10KB
• x31b1-q12024apc.htm (EX-31.B1) — 10KB
• x31b2-q12024apc.htm (EX-31.B2) — 10KB
• x31c1-q12024gpc.htm (EX-31.C1) — 10KB
• x31c2-q12024gpc.htm (EX-31.C2) — 10KB
• x31d1-q12024mpc.htm (EX-31.D1) — 10KB
• x31d2-q12024mpc.htm (EX-31.D2) — 10KB
• x31e1-q12024spc.htm (EX-31.E1) — 10KB
• x31e2-q12024spc.htm (EX-31.E2) — 10KB
• x31f1-q12024gas.htm (EX-31.F1) — 10KB
• x31f2-q12024gas.htm (EX-31.F2) — 10KB
• x32a-q12024so.htm (EX-32.A) — 6KB
• x32b-q12024apc.htm (EX-32.B) — 6KB
• x32c-q12024gpc.htm (EX-32.C) — 6KB
• x32d-q12024mpc.htm (EX-32.D) — 6KB
• x32e-q12024spc.htm (EX-32.E) — 6KB
• x32f-q12024gas.htm (EX-32.F) — 6KB
• 0000092122-24-000042.txt (&nbsp;) — 24202KB
• so-20240331.xsd (EX-101.SCH) — 123KB
• so-20240331_cal.xml (EX-101.CAL) — 163KB
• so-20240331_def.xml (EX-101.DEF) — 1138KB
• so-20240331_lab.xml (EX-101.LAB) — 1008KB
• so-20240331_pre.xml (EX-101.PRE) — 1394KB
• so-20240331_htm.xml (XML) — 4315KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 83

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 123

Controls and Procedures

Item 4. Controls and Procedures 123

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 124

Risk Factors

Item 1A. Risk Factors 124

Unregistered Sales of Equity Securities and Use of Proceeds Inapplicable

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Inapplicable

Defaults Upon Senior Securities Inapplicable

Item 3. Defaults Upon Senior Securities Inapplicable

Mine Safety Disclosures Inapplicable

Item 4. Mine Safety Disclosures Inapplicable

Other Information

Item 5. Other Information 124

Exhibits

Item 6. Exhibits 124

Signatures

Signatures 127 3 Table of Contents Index to Financial Statements DEFINITIONS Term Meaning 2022 ARP Alternate Rate Plan approved by the Georgia PSC in 2022 for Georgia Power for the years 2023 through 2025 AFUDC Allowance for funds used during construction Alabama Power Alabama Power Company 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 ARO Asset retirement obligation Atlanta Gas Light Atlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas CCR Coal combustion residuals Chattanooga Gas Chattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas COD Commercial operation date Cooperative Energy Electric generation and transmission cooperative in Mississippi COVID-19 The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020 CWIP Construction work in progress Dalton City of Dalton, Georgia, an incorporated municipality in the State of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners Dalton Pipeline A pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest DOE U.S. Department of Energy ELG Effluent limitations guidelines Eligible Project Costs Certain costs of construction relating to Plant Vogtle Units 3 and 4 that are eligible for financing under the loan guarantee program established under Title XVII of the Energy Policy Act of 2005 EPA U.S. Environmental Protection Agency EPC Contractor Westinghouse and its affiliate, WECTEC Global Project Services Inc.; the former engineering, procurement, and construction contractor for Plant Vogtle Unit

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). Page The Southern Company and Subsidiary Companies: Condensed Consolidated Statements of Income 10 Condensed Consolidated Statements of Comprehensive Income 11 Condensed Consolidated Statements of Cash Flows 12 Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Stockholders' Equity 15 Alabama Power Company: Condensed Statements of Income and Comprehensive Income 16 Condensed Statements of Cash Flows 17 Condensed Balance Sheets 18 Condensed Statements of Common Stockholder's Equity 20 Georgia Power Company: Condensed Statements of Income 21 Condensed Statements of Comprehensive Income 21 Condensed Statements of Cash Flows 22 Condensed Balance Sheets 23 Condensed Statements of Common Stockholder's Equity 25 Mississippi Power Company: Condensed Statements of Income 26 C ondensed Stateme nts of Comprehens ive Income 26 Condensed Statements of Cash Flows 27 Condensed Balance Sheets 28 Condensed Statements of Common Stockholder's Equity 30 Southern Power Company and Subsidiary Companies: Condensed Consolidated Statements of Income 31 Condensed Consolidated Statements of Comprehensive Income 31 Condensed Consolidated Statements of Cash Flows 32 Condensed Consolidated Balance Sheets 33 Condensed Consolidated Statements of Stockholders' Equity 35 Southern Company Gas and Subsidiary Companies: Condensed Consolidated Statements of Income 36 Condensed Consolidated Statements of Comprehensive Income 36 Condensed Consolidated Statements of Cash Flows 37 Condensed Consolidated Balance Sheets 38 Condensed Consolidated Statements of Stockholder's Equity 40 Combined Notes to the Condensed Financial Statements 41 9 Table of Contents Index to Financial Statements THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months Ended March 31, 2024 20

View Full Filing

View this 10-Q filing on SEC EDGAR