Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 42

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 42
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 partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt.Other Variable Interest EntitiesSouthern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights.At March 31, 2025 and December 31, 2024, the other VIEs had total assets of $1.6 billion, total liabilities of $227 million and $224 million, respectively, and noncontrolling interests of $678 million and $691 million, respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent.

Southern Company GasThe carrying amounts of Southern Company Gas' equity method investments at March 31, 2025 and December 31, 2024 were as follows:Investment BalanceMarch 31, 2025December 31, 2024(in millions)SNG$1,274 $1,245 Other38 34 Total$1,312 $1,279 The earnings from Southern Company Gas' equity method investment related to SNG were $39 million and $44 million for the three months ended March 31, 2025 and 2024, respectively. The earnings from Southern Company Gas' other equity method investments were immaterial for all periods presented.

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    Table of Contents                                Index to Financial StatementsNOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)(UNAUDITED)

(F) FINANCING

Bank Credit ArrangementsSee Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information.At March 31, 2025, committed credit arrangements with banks were as follows:ExpiresCompany20252026202720292030TotalUnusedExpires withinOne Year(in millions)Southern Company parent(a)$— $— $500 $— $2,500 $3,000 $2,999 $— Alabama Power(b)— 665 — 700 — 1,365 1,364 — Georgia Power— — —