Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

As of September 30, 2012, assets and liabilities measured at fair value on a recurring basis during the period, together with the level of the fair value hierarchy in which they fall, were as follows:

	Fair Value Measurements Using
As of September 30, 2012:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Southern Company
Assets:
Energy-related derivatives	$	—	$	48	$	—	$	48
Interest rate derivatives	—		13		—		13
Nuclear decommissioning trusts(a)	476		804		—		1,280
Cash equivalents	909		—		—		909
Other investments	9		—		15		24
Total	$	1,394	$	865	$	15	$	2,274
Liabilities:
Energy-related derivatives	$	—	$	111	$	—	$	111
Interest rate derivatives	—		32		—		32
Total	$	—	$	143	$	—	$	143
Alabama Power
Assets:
Energy-related derivatives	$	—	$	11	$	—	$	11
Nuclear decommissioning trusts:(b)
Domestic equity	289		63		—		352
Foreign equity(d)	27		52		—		79
U.S. Treasury and government agency securities	—		27		—		27
Corporate bonds	—		103		—		103
Mortgage and asset backed securities	—		26		—		26
Other	—		9		—		9
Cash equivalents	235		—		—		235
Total	$	551	$	291	$	—	$	842
Liabilities:
Energy-related derivatives	$	—	$	19	$	—	$	19
Interest rate derivatives	—		32		—		32
Total	$	—	$	51	$	—	$	51

	Fair Value Measurements Using
As of September 30, 2012:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Georgia Power
Assets:
Energy-related derivatives	$	—	$	19	$	—	$	19
Nuclear decommissioning trusts:(b) (c)
Domestic equity	160		1		—		161
Foreign equity(d)	—		110		—		110
U.S. Treasury and government agency securities	—		69		—		69
Municipal bonds	—		93		—		93
Corporate bonds	—		128		—		128
Mortgage and asset backed securities	—		110		—		110
Other	—		13		—		13
Cash equivalents	288		—		—		288
Total	$	448	$	543	$	—	$	991
Liabilities:
Energy-related derivatives	$	—	$	46	$	—	$	46
Gulf Power
Assets:
Energy-related derivatives	$	—	$	11	$	—	$	11
Cash equivalents	15		—		—		15
Total	$	15	$	11	$	—	$	26
Liabilities:
Energy-related derivatives	$	—	$	24	$	—	$	24
Mississippi Power
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Cash equivalents	192		—		—		192
Total	$	192	$	5	$	—	$	197
Liabilities:
Energy-related derivatives	$	—	$	20	$	—	$	20
Southern Power
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Liabilities:
Energy-related derivatives	$	—	$	2	$	—	$	2

(a) For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table.

(b) Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases.

(c) Includes the investment securities pledged to creditors and cash collateral received and payables related to the securities lending program. As of September 30, 2012, approximately $54 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan and pledged to creditors under the funds' managers' securities lending program.

(d) Level 1 securities consist of actively traded stocks, while Level 2 securities consist of pooled funds.

Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments

As of September 30, 2012, the fair value measurements of investments calculated at net asset value per share (or its equivalent), as well as the nature and risks of those investments, were as follows:

As of September 30, 2012:	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(in millions)
Southern Company
Nuclear decommissioning trusts:
Corporate bonds - commingled funds	$	7	None	Daily	1 to 3 days
Other - commingled funds	65		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	94		None	Daily	15 days
Cash equivalents:
Money market funds	909		None	Daily	Not applicable
Alabama Power
Nuclear decommissioning trusts:
Other - commingled funds	52		None	Daily/Monthly	Daily/7 days
Trust-owned life insurance	94		None	Daily	15 days
Cash equivalents:
Money market funds	235		None	Daily	Not applicable
Georgia Power
Nuclear decommissioning trusts:
Corporate bonds - commingled funds	7		None	Daily	1 to 3 days
Other - commingled funds	13		None	Daily	Not applicable
Cash equivalents:
Money market funds	288		None	Daily	Not applicable
Gulf Power
Cash equivalents:
Money market funds	15		None	Daily	Not applicable
Mississippi Power
Cash equivalents:
Money market funds	192		None	Daily	Not applicable

Financial instruments not having carrying amount equal to fair value

At September 30, 2012, other financial instruments for which the carrying amount did not equal fair value were as follows: 

	Carrying Amount		Fair Value
	(in millions)
Long-term debt:
Southern Company	$	21,310	$	23,517
Alabama Power	$	6,130	$	6,955
Georgia Power	$	9,524	$	10,408
Gulf Power	$	1,246	$	1,382
Mississippi Power	$	1,767	$	1,890
Southern Power	$	1,307	$	1,485