Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Financial Data for Business Segments

Financial data for business segments and products and services for the three and six months ended June 30, 2022 and 2021 was as follows:


	Electric Utilities
	Traditional Electric Operating Companies		Southern Power		Eliminations		Total		Southern Company Gas		All Other		Eliminations		Consolidated
	(in millions)
Three Months Ended June 30, 2022
Operating revenues	$	5,563	$	899	$	(456)	$	6,006	$	1,083	$	159	$	(42)	$	7,206
Segment net income (loss)(a)(b)	1,036		98		—		1,134		115		(137)		(5)		1,107
Six Months Ended June 30, 2022
Operating revenues	$	9,778	$	1,438	$	(700)	$	10,516	$	3,140	$	283	$	(85)	$	13,854
Segment net income (loss)(a)(b)	1,811		170		—		1,981		433		(263)		(12)		2,139
At June 30, 2022
Goodwill	$	—	$	2	$	—	$	2	$	5,015	$	263	$	—	$	5,280
Total assets	92,742		13,402		(787)		105,357		23,618		2,457		(663)		130,769
Three Months Ended June 30, 2021
Operating revenues	$	4,031	$	490	$	(114)	$	4,407	$	677	$	154	$	(40)	$	5,198
Segment net income (loss)(a)(b)(c)	511		36		—		547		(65)		(108)		(2)		372
Six Months Ended June 30, 2021
Operating revenues	$	7,795	$	930	$	(201)	$	8,524	$	2,371	$	288	$	(75)	$	11,108
Segment net income (loss)(a)(b)(c)(d)	1,267		133		—		1,400		333		(216)		(9)		1,508
At December 31, 2021
Goodwill	$	—	$	2	$	—	$	2	$	5,015	$	263	$	—	$	5,280
Total assets	89,051		13,390		(667)		101,774		23,560		2,975		(775)		127,534

(a)Attributable to Southern Company.

(b)For the traditional electric operating companies, includes pre-tax charges at Georgia Power for estimated losses associated with the construction of Plant Vogtle Units 3 and 4 of $52 million ($39 million after tax) for the three and six months ended June 30, 2022 and $460 million ($343 million after tax) and $508 million ($379 million after tax) for the three and six months ended June 30, 2021, respectively. See Note (B) and Note 2 to the financial statements in Item 8 of the Form 10-K under "Georgia Power – Nuclear Construction" for additional information.

(c)For Southern Company Gas, includes a pre-tax impairment charge of $82 million ($58 million after tax) related to its equity method investment in the PennEast Pipeline project. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.

(d)For Southern Power, includes gains on wind turbine equipment contributed to various equity method investments totaling approximately $37 million pre-tax ($28 million after tax). See Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.

Business segment financial data for the three and six months ended June 30, 2022 and 2021 was as follows:


	Gas Distribution Operations		Gas Pipeline Investments		Wholesale Gas Services(a)		Gas Marketing Services		Total		All Other		Eliminations		Consolidated
	(in millions)
Three Months Ended June 30, 2022
Operating revenues	$	980	$	8	$	—	$	92	$	1,080	$	10	$	(7)	$	1,083
Segment net income (loss)	92		23		—		1		116		(1)		—		115
Six Months Ended June 30, 2022
Operating revenues	$	2,782	$	16	$	—	$	335	$	3,133	$	26	$	(19)	$	3,140
Segment net income (loss)	306		52		—		67		425		8		—		433
Total assets at June 30, 2022	21,183		1,433		—		1,554		24,170		11,999		(12,551)		23,618
Three Months Ended June 30, 2021
Operating revenues	$	710	$	8	$	(110)	$	64	$	672	$	11	$	(6)	$	677
Segment net income (loss)(b)	80		(36)		(112)		6		(62)		(3)		—		(65)
Six Months Ended June 30, 2021
Operating revenues	$	1,910	$	16	$	188	$	259	$	2,373	$	18	$	(20)	$	2,371
Segment net income (loss)(b)	263		(7)		14		62		332		1		—		333
Total assets at December 31, 2021	20,917		1,467		31		1,556		23,971		12,114		(12,525)		23,560

(a)As a result of the sale of Sequent, wholesale gas services is no longer a reportable segment for the three and six months ended June 30, 2022. Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. A reconciliation of operating revenues and intercompany revenues is shown in the following table.


	Third Party Gross Revenues		Intercompany Revenues		Total Gross Revenues		Less Gross Gas Costs		Operating Revenues
	(in millions)

Three Months Ended June 30, 2021	$	1,292	$	27	$	1,319	$	1,429	$	(110)

Six Months Ended June 30, 2021	3,881		90		3,971		3,783		188

(b)For gas pipeline investments, includes a pre-tax impairment charge of $82 million ($58 million after tax) related to the equity method investment in the PennEast Pipeline project. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.

Schedule of Financial Data for Products and Services


	Electric Utilities' Revenues
	Retail		Wholesale		Other		Total
	(in millions)
Three Months Ended June 30, 2022	$	4,789	$	937	$	280	$	6,006
Three Months Ended June 30, 2021	3,599		546		262		4,407
Six Months Ended June 30, 2022	$	8,402	$	1,601	$	513	$	10,516
Six Months Ended June 30, 2021	6,941		1,091		492		8,524


	Southern Company Gas' Revenues
	Gas Distribution Operations		Wholesale Gas Services(*)		Gas Marketing Services		Other		Total
	(in millions)
Three Months Ended June 30, 2022	$	975	$	—	$	92	$	16	$	1,083
Three Months Ended June 30, 2021	706		(110)		64		17		677
Six Months Ended June 30, 2022	$	2,765	$	—	$	335	$	40	$	3,140
Six Months Ended June 30, 2021	1,898		188		259		26		2,371

(*)Prior to the sale of Sequent, the revenues for wholesale gas services were netted with costs associated with its energy and risk management activities. See "Southern Company Gas" herein and Note 15 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.