Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1766

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1766
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 $(9)$(2)Southern Company GasBalance at December 31, 2021$(14)$38 $24 Current period change(11)18 7 Balance at December 31, 2022(25)56 31 Current period change1 (16)(15)Balance at December 31, 2023(24)40 16 Current period change21 11 32 Balance at December 31, 2024$(3)$51 $48 (*)May not add due to rounding.Variable Interest EntitiesThe Registrants may hold ownership interests in a number of business ventures with varying ownership structures. Partnership interests and other variable interests are evaluated to determine if each entity is a VIE. The primary beneficiary of a VIE is required to consolidate the VIE when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 7 for additional information regarding VIEs.

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    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

2. REGULATORY MATTERS

Regulatory Assets and LiabilitiesDetails of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2024 and 2023 are provided in the following tables:Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern Company Gas(in millions)At December 31, 2024AROs(*)$5,810 $1,906 $3,658 $248 $— Retiree benefit plans(*)2,605 680 892 134 44 Remaining net book value of retired assets1,198 454 729 15 — Deferred income tax charges927 264 634 27 — Storm damage859 — 827 32 — Deferred depreciation535 286 249 — — Environmental remediation(*)249 — 16 — 233 Vacation pay(*)224 85 112 12 15 Loss on reacquired debt219 32 183 4 — Software and cloud computing costs200 76 116 4 4 Under recovered regulatory clause revenues167 119 — 17 31 Regulatory clauses162 82 — — 80