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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The fair value increases (decreases) of the Funds, including unrealized gains (losses) and reinvested interest and dividends and excluding the Funds' expenses, for 2021, 2020, and 2019 are shown in the table below.
Southern CompanyAlabama
Power		Georgia
Power
(in millions)
Fair value increases
2021$274 $200 $74 
2020280 142 138 
2019344 194 150 
Unrealized gains (losses)
At December 31, 2021$(27)$(30)$3 
At December 31, 2020220 121 99 
At December 31, 2019259 149 110 
At December 31, 2021, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2021:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$24 $195 $— $— $219 
Interest rate derivatives— 19 — — 19 
Investments in trusts:(b)(c)
Domestic equity791 225 — — 1,016 
Foreign equity165 188 — — 353 
U.S. Treasury and government agency securities— 314 — — 314 
Municipal bonds— 56 — — 56 
Pooled funds – fixed income— 13 — — 13 
Corporate bonds1 522 — — 523 
Mortgage and asset backed securities— 93 — — 93 
Private equity— — — 150 150 
Cash and cash equivalents2 — — — 2 
Other22 25 — — 47 
Cash equivalents1,160 14 — — 1,174 
Other investments9 35 — — 44 
Total$2,174 $1,699 $— $150 $4,023 
Liabilities:
Energy-related derivatives(a)
$10 $36 $— $— $46 
Interest rate derivatives— 29 — — 29 
Foreign currency derivatives— 79 — — 79 
Contingent consideration— — 14 — 14 
Other— 13 — — 13 
Total$10 $157 $14 $— $181 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2021:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives
$— $55 $— $— $55 
Nuclear decommissioning trusts:(b)
Domestic equity468 216 — — 684 
Foreign equity165 — — — 165 
U.S. Treasury and government agency securities— 21 — — 21 
Municipal bonds— 1 — — 1 
Corporate bonds1 271 — — 272 
Mortgage and asset backed securities— 22 — — 22 
Private equity — — — 150 150 
Other9 — — — 9 
Cash equivalents839 14 — — 853 
Other investments— 35 — — 35 
Total$1,482 $635 $— $150 $2,267 
Liabilities:
Energy-related derivatives$— $11 $— $— $11 
Georgia Power
Assets:
Energy-related derivatives$— $75 $— $— $75 
Nuclear decommissioning trusts:(b)(c)
Domestic equity323 1 — — 324 
Foreign equity— 185 — — 185 
U.S. Treasury and government agency securities— 293 — — 293 
Municipal bonds— 55 — — 55 
Corporate bonds— 251 — — 251 
Mortgage and asset backed securities— 71 — — 71 
Other13 25 — — 38 
Total$336 $956 $— $— $1,292 
Liabilities:
Energy-related derivatives$— $8 $— $— $8 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2021:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $56 $— $— $56 
Cash equivalents40 — — — 40 
Total$40 $56 $— $— $96 
Liabilities:
Energy-related derivatives$— $5 $— $— $5 
Southern Power
Assets:
Energy-related derivatives$— $4 $— $— $4 
Liabilities:
Foreign currency derivatives$— $16 $— $— $16 
Contingent consideration— — 14 — 14 
Other— 13 — — 13 
Total$— $29 $14 $— $43 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$24 $5 $— $— $29 
Interest rate derivatives— 6 — — 6 
Non-qualified deferred compensation trusts:
Domestic equity— 8 — — 8 
Foreign equity— 3 — — 3 
Pooled funds - fixed income— 13 — — 13 
Cash equivalents2 — — — 2 
Total$26 $35 $— $— $61 
Liabilities:
Energy-related derivatives(a)(b)
$10 $12 $— $— $22 
Interest rate derivatives— 5 — — 5 
Total$10 $17 $— $— $27 
(a)Excludes immaterial cash collateral.
(b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information.
(c)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information.
At December 31, 2020, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$401 $271 $32 $— $704 
Interest rate derivatives— 20 — — 20 
Foreign currency derivatives— 87 — — 87 
Investments in trusts:(b)(c)
Domestic equity862 151 — — 1,013 
Foreign equity85 253 — — 338 
U.S. Treasury and government agency securities— 284 — — 284 
Municipal bonds— 85 — — 85 
Pooled funds – fixed income— 17 — — 17 
Corporate bonds13 386 — — 399 
Mortgage and asset backed securities— 83 — — 83 
Private equity— — — 76 76 
Cash and cash equivalents1 — — — 1 
Other28 7 — — 35 
Cash equivalents575 9 — — 584 
Other investments9 24 — — 33 
Total$1,974 $1,677 $32 $76 $3,759 
Liabilities:
Energy-related derivatives(a)
$389 $204 $4 $— $597 
Foreign currency derivatives— 23 — — 23 
Contingent consideration— — 17 — 17 
Total$389 $227 $21 $— $637 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives
$— $12 $— $— $12 
Nuclear decommissioning trusts:(b)
Domestic equity543 141 — — 684 
Foreign equity85 73 — — 158 
U.S. Treasury and government agency securities— 21 — — 21 
Municipal bonds— 1 — — 1 
Corporate bonds13 167 — — 180 
Mortgage and asset backed securities— 29 — — 29 
Private equity — — — 76 76 
Other7 — — — 7 
Cash equivalents311 9 — — 320 
Other investments— 24 — — 24 
Total$959 $477 $— $76 $1,512 
Liabilities:
Energy-related derivatives$— $7 $— $— $7 
Georgia Power
Assets:
Energy-related derivatives$— $15 $— $— $15 
Nuclear decommissioning trusts:(b)(c)
Domestic equity319 1 — — 320 
Foreign equity— 177 — — 177 
U.S. Treasury and government agency securities— 263 — — 263 
Municipal bonds— 84 — — 84 
Corporate bonds— 219 — — 219 
Mortgage and asset backed securities— 54 — — 54 
Other21 7 — — 28 
Total$340 $820 $— $— $1,160 
Liabilities:
Energy-related derivatives$— $13 $— $— $13 
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsNet Asset Value as a Practical Expedient
At December 31, 2020:(Level 1)(Level 2)(Level 3)(NAV)Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $9 $— $— $9 
Cash equivalents21 — — — 21 
Total$21 $9 $— $— $30 
Liabilities:
Energy-related derivatives$— $9 $— $— $9 
Southern Power
Assets:
Energy-related derivatives$— $2 $— $— $2 
Foreign currency derivatives— 87 — — 87 
Total$— $89 $— $— $89 
Liabilities:
Energy-related derivatives$— $3 $— $— $3 
Foreign currency derivatives— 23 — — 23 
Contingent consideration— — 17 — 17 
Total$— $26 $17 $— $43 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$401 $233 $32 $— $666 
Non-qualified deferred compensation trusts:
Domestic equity— 9 — — 9 
Foreign equity— 3 — — 3 
Pooled funds - fixed income— 17 — — 17 
Cash equivalents1 — — — 1 
Total$402 $262 $32 $— $696 
Liabilities:
Energy-related derivatives(a)(b)
$389 $172 $4 $— $565 
(a)Excludes $6 million associated with premiums and certain weather derivatives accounted for based on intrinsic value rather than fair value and cash collateral of $28 million.
(b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 under "Nuclear Decommissioning" for additional information.
(c)Includes investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. See Note 6 under "Nuclear Decommissioning" for additional information.
Financial instruments not having carrying amount equal to fair value
At December 31, 2021 and 2020, other financial instruments for which the carrying amount did not equal fair value were as follows:
Southern
  Company(*)
Alabama PowerGeorgia PowerMississippi PowerSouthern Power
Southern Company
 Gas(*)
(in billions)
At December 31, 2021:
Long-term debt, including securities due within one year:
Carrying amount$52.1 $9.7 $13.6 $1.5 $3.7 $6.9 
Fair value57.1 10.9 15.1 1.6 4.1 7.8 
At December 31, 2020:
Long-term debt, including securities due within one year:
Carrying amount$48.3 $8.9 $12.8 $1.4 $3.7 $6.6 
Fair value56.3 10.7 15.2 1.6 4.2 8.0 
(*)The long-term debt of Southern Company Gas is recorded at amortized cost, including the fair value adjustments at the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043.
Schedule of Level 3 contracts The following table provides a reconciliation of Southern Company Gas' Level 3 contracts during 2021.
2021
(in millions)
Beginning balance$28 
Instruments realized or otherwise settled during period(6)
Changes in fair value(4)
Sale of Sequent(18)
Ending balance$—