Condensed Consolidated Balance Sheets (Unaudited) - GAS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 981	$ 1,639
Receivables —
Customer accounts	2,405	2,251
Unbilled revenues	740	931
Other accounts and notes	524	655
Accumulated provision for uncollectible accounts	(95)	(84)
Materials and supplies	2,297	2,202
Natural gas for sale	145	396
Prepaid expenses	411	327
Other regulatory assets	706	709
Other current assets	433	424
Total current assets	9,961	10,917
Property, Plant, and Equipment:
In service	149,086	146,114
Less: Accumulated depreciation	45,186	43,483
Plant in service, net of depreciation	103,900	102,631
Construction work in progress	11,282	10,534
Total property, plant, and equipment	116,102	114,369
Other Property and Investments:
Goodwill	5,161	5,161
Equity investments in unconsolidated subsidiaries	1,365	1,318
Other intangible assets, net of amortization	294	300
Miscellaneous property and investments	706	714
Total other property and investments	10,414	10,440
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,351	1,358
Other regulatory assets, deferred	7,683	7,427
Other deferred charges and assets	1,534	1,436
Total deferred charges and other assets	20,554	19,994
Total Assets	157,031	155,720
Current Liabilities:
Securities due within one year	5,701	6,220
Notes payable	1,673	722
Accounts payable —
Customer deposits	478	475
Accrued interest	627	807
Accrued compensation	761	1,418
Natural gas cost over recovery	131	158
Other regulatory liabilities	228	240
Other current liabilities	1,191	1,157
Total current liabilities	15,318	16,888
Long-term Debt	67,148	65,649
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,381	12,133
Deferred credits related to income taxes	4,648	4,712
Employee benefit obligations	941	980
Operating lease obligations	1,280	1,287
Other cost of removal obligations	2,054	2,036
Other deferred credits and liabilities	1,625	1,505
Total deferred credits and other liabilities	34,653	34,316
Total Liabilities	117,119	116,853
Total Liabilities and Stockholders' Equity	157,031	155,720
SOUTHERN Co GAS
Current Assets:
Cash and cash equivalents	137	15
Receivables —
Customer accounts	660	490
Unbilled revenues	229	341
Other accounts and notes	60	57
Accumulated provision for uncollectible accounts	(59)	(50)
Materials and supplies	62	62
Natural gas for sale	145	396
Prepaid expenses	27	26
Other regulatory assets	96	114
Other current assets	44	66
Total current assets	1,401	1,517
Property, Plant, and Equipment:
In service	24,391	24,098
Less: Accumulated depreciation	6,386	6,273
Plant in service, net of depreciation	18,005	17,825
Construction work in progress	865	863
Total property, plant, and equipment	18,870	18,688
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,224	1,182
Other intangible assets, net of amortization	2	3
Miscellaneous property and investments	25	24
Total other property and investments	6,266	6,224
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	82	85
Prepaid pension and other postretirement benefit costs	248	229
Other regulatory assets, deferred	555	517
Other deferred charges and assets	129	127
Total deferred charges and other assets	1,014	958
Total Assets	27,551	27,387
Current Liabilities:
Securities due within one year	531	531
Notes payable	255	425
Accounts payable —
Customer deposits	72	75
Accrued taxes	177	107
Accrued interest	77	100
Accrued compensation	81	137
Temporary LIFO liquidation	104	0
Natural gas cost over recovery	131	158
Other regulatory liabilities	69	36
Other current liabilities	109	110
Total current liabilities	2,046	2,302
Long-term Debt	8,738	8,743
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	2,033	1,971
Deferred credits related to income taxes	672	681
Employee benefit obligations	84	78
Operating lease obligations	122	123
Other cost of removal obligations	1,944	1,921
Accrued environmental remediation	201	207
Other deferred credits and liabilities	278	234
Total deferred credits and other liabilities	5,334	5,215
Total Liabilities	16,118	16,260
Total common stockholders' equity	11,433	11,127
Total Liabilities and Stockholders' Equity	27,551	27,387
SOUTHERN Co GAS | Related Party
Accounts payable —
Affiliated and Other	57	70
SOUTHERN Co GAS | Nonrelated Party
Accounts payable —
Affiliated and Other	$ 383	$ 553