Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1171

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1171
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 the quantitative assessment, which resulted in the fair value of PowerSecure exceeding its carrying amount. For its 2022 annual goodwill impairment test, PowerSecure management performed the quantitative assessment, which resulted in the fair value of PowerSecure being lower than its carrying amount. The fair value was estimated using a discounted cash flow analysis. The decline in fair value primarily resulted from declining macroeconomic conditions, reducing sales growth and estimated cash flows. As a result, a goodwill impairment of $119 million was recorded in the fourth quarter 2022.At December 31, 2024 and 2023, goodwill was as follows:At December 31, 2024At December 31, 2023(in millions)Southern Company$5,161 $5,161 Southern Company Gas:Gas distribution operations$4,034 $4,034 Gas marketing services981 981 Southern Company Gas total$5,015 $5,015 

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    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

At December 31, 2024 and 2023, other intangible assets were as follows:At December 31, 2024At December 31, 2023Gross Carrying AmountAccumulated AmortizationOtherIntangible Assets, NetGross Carrying AmountAccumulated AmortizationOtherIntangible Assets, Net(in millions)(in millions)Southern CompanySubject to amortization:Customer relationships$212 $(182)$30 $212 $(172)$40 Trade names64 (59)5 64 (53)11 PPA fair value adjustments390 (168)222 390 (148)242 Other3 (3)— 3 (3)— Total subject to amortization$669 $(412)$257 $669 $(376)$293 Not subject to amortization:FCC licenses75 — 75 75 — 75 Total other intangible assets$744 $(412)$332 $744 $(376)$368 Southern Power(*)PPA fair value adjustments$390 $(168)$222 $390 $(148)$242 Southern Company Gas(*)Gas marketing servicesCustomer relationships$156 $(150)$6 $156 $(145)$11 Trade names26 (23)3 26 (21)5 Total other intangible assets$182 $(173)$9