XML 122 R79.htm IDEA: XBRL DOCUMENT v3.22.4
FINANCING (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of long-term debt
Details of long-term debt at December 31, 2022 and 2021 are provided in the following table:
At December 31, 2022
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20222021
(in millions)
Southern Company
Senior notes(a)
2023-20523.87%$35,683 $33,120 
Junior subordinated notes2024-20814.58%8,836 8,918 
FFB loans(b)
2023-20442.88%4,874 4,962 
Revenue bonds(c)
2024-20623.25%2,844 2,662 
First mortgage bonds(d)
2023-20623.46%2,275 2,100 
Medium-term notes2026-20277.03%84 130 
Other long-term debt2024-20454.96%167 270 
Finance lease obligations(e)
314 215 
Unamortized fair value adjustment330 359 
Unamortized debt premium (discount), net(193)(216)
Unamortized debt issuance expenses(273)(243)
Total long-term debt54,941 52,277 
Less: Amount due within one year4,285 2,157 
Total long-term debt excluding amount due within one year$50,656 $50,120 
Alabama Power
Senior notes2023-20523.86%$9,675 $8,725 
Revenue bonds(c)
2024-20383.44%995 995 
Other long-term debt20265.62%45 45 
Finance lease obligations(e)
5 4 
Unamortized debt premium (discount), net(18)(18)
Unamortized debt issuance expenses(72)(64)
Total long-term debt10,630 9,687 
Less: Amount due within one year301 751 
Total long-term debt excluding amount due within one year$10,329 $8,936 
Georgia Power
Senior notes2023-20523.90%$7,925 $6,825 
Junior subordinated notes20775.00%270 270 
FFB loans(b)
2023-20442.88%4,874 4,962 
Revenue bonds(c)
2025-20623.13%1,738 1,591 
Other long-term debt— 125 
Finance lease obligations(e)
238 136 
Unamortized debt premium (discount), net(18)(11)
Unamortized debt issuance expenses(117)(114)
Total long-term debt14,910 13,784 
Less: Amount due within one year901 675 
Total long-term debt excluding amount due within one year$14,009 $13,109 
At December 31, 2022
Balance Outstanding at
December 31,
MaturityWeighted Average
Interest Rate		20222021
(in millions)
Mississippi Power
Senior notes2024-20513.93%$1,425 $1,425 
Revenue bonds(c)
2025-20523.55%111 76 
Finance lease obligations(e)
17 18 
Unamortized debt premium (discount), net2 2 
Unamortized debt issuance expenses(10)(10)
Total long-term debt1,545 1,511 
Less: Amount due within one year1 1 
Total long-term debt excluding amount due within one year$1,544 $1,510 
Southern Power
Senior notes(a)
2023-20463.92%$2,998 $3,711 
Unamortized debt premium (discount), net(5)(6)
Unamortized debt issuance expenses(14)(17)
Total long-term debt2,979 3,688 
Less: Amount due within one year290 679 
Total long-term debt excluding amount due within one year$2,689 $3,009 
Southern Company Gas
Senior notes2023-20514.08%$4,769 $4,348 
First mortgage bonds(d)
2023-20623.46%2,275 2,100 
Medium-term notes2026-20277.03%84 130 
Other long-term debt2024-20453.81%22 — 
Unamortized fair value adjustment330 359 
Unamortized debt premium (discount), net(8)(35)
Unamortized debt issuance expenses(30)— 
Total long-term debt7,442 6,902 
Less: Amount due within one year400 47 
Total long-term debt excluding amount due within one year$7,042 $6,855 
(a)Includes a fair value gain (loss) of $(31) million and $5 million at December 31, 2022 and 2021, respectively, related to Southern Power's foreign currency hedge on its euro-denominated senior notes.
(b)Secured by a first priority lien on (i) Georgia Power's undivided ownership interest in Plant Vogtle Units 3 and 4 (primarily the units under construction, the related real property, and any nuclear fuel loaded in the reactor core) and (ii) Georgia Power's rights and obligations under the principal contracts relating to Plant Vogtle Units 3 and 4. See "DOE Loan Guarantee Borrowings" herein for additional information.
(c)Revenue bond obligations represent loans to the traditional electric operating companies from public authorities of funds derived from sales by such authorities of revenue bonds issued to finance pollution control and solid waste disposal and wastewater facilities. In some cases, the revenue bond obligations represent obligations under installment sales agreements with respect to facilities constructed with the proceeds of revenue bonds issued by public authorities. The traditional electric operating companies are required to make payments sufficient for the authorities to meet principal and interest requirements of such bonds. Proceeds from certain issuances are restricted until qualifying expenditures are incurred.
(d)Secured by substantially all of Nicor Gas' properties.
(e)Secured by the underlying lease ROU asset. See Note 9 for additional information.
Schedule of maturities of long-term debt for the next five years
Maturities of long-term debt for the next five years are as follows:
Southern Company(a)
Alabama Power
Georgia
Power(b)
Mississippi Power
Southern Power(c)
Southern Company
Gas
(in millions)
2023$4,293 $301 $901 $1 $290 $400 
20242,280 23 499 201 — — 
20251,699 251 145 12 500 300 
20263,726 46 445 1 964 530 
20272,074 550 510 11 — 154 
(a)See notes (b) and (c) below.
(b)Amounts include principal amortization related to the FFB borrowings; however, the final maturity date is February 20, 2044. See "DOE Loan Guarantee Borrowings" herein for additional information.
(c)Southern Power's 2026 maturities include $564 million of euro-denominated debt at the U.S. dollar denominated hedge settlement amount.
Summary of committed credit arrangements
At December 31, 2022, committed credit arrangements with banks were as follows:
Expires
Company2023202420252026TotalUnusedDue within
One Year
(in millions)
Southern Company parent$— $— $— $2,000 $2,000 $1,998 $— 
Alabama Power— 550 — 700 1,250 1,250 — 
Georgia Power— — — 1,750 1,750 1,726 — 
Mississippi Power— 150 125 — 275 275 — 
Southern Power(a)
— — — 600 600 569 — 
Southern Company Gas(b)
250 — — 1,500 1,750 1,748 250 
SEGCO30 — — — 30 30 30 
Southern Company$280 $700 $125 $6,550 $7,655 $7,596 $280 
(a)Does not include Southern Power Company's two $75 million continuing letter of credit facilities for standby letters of credit, of which $9 million and $5 million, respectively, was unused at December 31, 2022. In December 2022, Southern Power amended one of the $75 million letter of credit facilities, which extended the expiration date from 2023 to 2025. The second $75 million letter of credit facility also expires in 2025. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(b)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2026. Southern Company Gas' committed credit arrangement expiring in 2026 also includes $700 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2026, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted. Nicor Gas is also the borrower under a $250 million credit arrangement expiring in 2023. See "Structural Considerations" herein for additional information.
Details of short-term borrowings Details of short-term borrowings for the applicable Registrants were as follows:
Notes Payable at December 31, 2022
Notes Payable at December 31, 2021
Amount
Outstanding		Weighted Average
Interest Rate		Amount
Outstanding		Weighted Average
Interest Rate
(in millions)(in millions)
Southern Company
Commercial paper$809 4.7 %$1,140 0.3 %
Short-term bank debt1,800 5.0 %300 0.7 %
Total$2,609 4.9 %$1,440 0.4 %
Georgia Power
Short-term bank debt$1,600 5.0 %$— — %
Southern Power
Commercial paper$225 4.7 %$211 0.3 %
Southern Company Gas
Commercial paper:
Southern Company Gas Capital$285 4.8 %$379 0.3 %
Nicor Gas283 4.6 %530 0.3 %
Short-term bank debt:
Nicor Gas200 4.9 %300 0.7 %
Total$768 4.7 %$1,209 0.4 %
Shares used to compute diluted EPS Shares used to compute diluted EPS were as follows:
 Average Common Stock Shares
 202220212020
 (in millions)
As reported shares1,075 1,061 1,058 
Effect of stock-based compensation6 7 7 
Diluted shares1,081 1,068 1,065 
Schedule of preferred stock
Preferred Stock Redeemed During 2022Par Value/Stated Capital Per ShareSharesRedemption
Price Per Share
4.92% Preferred Stock
$10080,000 $103.23
4.72% Preferred Stock
$10050,000 $102.18
4.64% Preferred Stock
$10060,000 $103.14
4.60% Preferred Stock
$100100,000 $104.20
4.52% Preferred Stock
$10050,000 $102.93
4.20% Preferred Stock
$100135,115 $105.00
5.00% Class A Preferred Stock
$2510,000,000 
$25.00