Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1588

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1588
---
 2033

Pension PlansThe total accumulated benefit obligation for the pension plans at December 31, 2024 and 2023 was as follows:Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas(in millions)December 31, 2024$11,437 $2,617 $3,438 $519 $140 $779 December 31, 202311,991 2,746 3,674 546 145 808 An actuarial gain of $887 million and an actuarial loss of $493 million were recorded for the annual remeasurement of the Southern Company system pension plans at December 31, 2024 and 2023, respectively, primarily due to an increase of 69 basis points and a decrease of 18 basis points, respectively, in the overall discount rate used to calculate the benefit obligation as a result of higher market interest rates.Changes in the projected benefit obligations and the fair value of plan assets during the plan years ended December 31, 2024 and 2023 were as follows:2024Southern CompanyAlabama PowerGeorgiaPowerMississippi PowerSouthern PowerSouthern Company Gas(in millions)Change in benefit obligationBenefit obligation at beginning of year$13,252 $3,076 $4,009 $599 $177 $882 Service cost292 68 70 12 7 28 Interest cost635 148 191 29 9 42 Benefits paid(728)(162)(239)(33)(6)(46)Actuarial gain(887)(222)(298)(40)(20)(64)Balance at end of year12,564 2,908 3,733 567 167 842 Change in plan assetsFair value of plan assets at beginning of year14,618 3,544 4,571 669 185 980 Actual return on plan assets604 148 152 23 7 39 Employer contributions65 9 35 5 2 5 Benefits paid(728)(162)(239)(33)(6)(46)Fair value of plan assets at end of year14,559 3,539 4,519 664 188 978 Accrued asset$1,995 $631 $786 $97 $21 $136 

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