Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 377

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 377
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                                Index to Financial StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

million compared to $359 million for the corresponding period in 2024. The increases for the second quarter and year-to-date 2025 were primarily associated with increases of approximately $13 million and $23 million, respectively, related to higher average outstanding borrowings and decreases of $3 million and $12 million, respectively, in net deferred financing costs related to Plant Vogtle Unit 3, partially offset by decreases of approximately $2 million and $4 million, respectively, related to lower interest rates.

See Note 2 to the financial statements under "Georgia Power – Nuclear Construction – Regulatory Matters" in Item 8 of the Form 10-K and FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.

Income Taxes

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$4422.9$6323.2

In the second quarter 2025, income taxes were $236 million compared to $192 million for the corresponding period in 2024. The increase was primarily due to a $64 million increase in charges to a valuation allowance on certain state tax credit carryforwards and $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, partially offset by lower pre-tax earnings and an increase of $19 million in the flowback of excess state deferred income taxes.

For year-to-date 2025, income taxes were $334 million compared to $271 million for the corresponding period in 2024. The increase was primarily due to a $71 million increase in charges to a valuation allowance on certain state tax credit carryforwards, $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, and higher pre-tax earnings, partially offset by increases of $34 million in the flowback of excess state deferred income taxes and $21 million in the generation of advanced nuclear PTCs.

See Note (G) to the Condensed Financial Statements herein for additional information.

Mississippi Power

Net Income

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year