Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1582

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1582
---
 a net state valuation allowance of $161 million and $124 million, respectively, associated with these carryforwards, which increased during 2024 by $101 million and $64 million, respectively.At December 31, 2024, Southern Company and certain subsidiaries also had approximately $40 million in net CAMT carryforwards that have an indefinite carryforward period and are expected to be fully utilized by 2031.The ultimate outcome of these matters cannot be determined at this time.Net Operating Loss CarryforwardsAt December 31, 2024, the net state income tax benefit of state and local NOL carryforwards and associated valuation allowances for Southern Company's subsidiaries were as follows:Company/JurisdictionApproximate Net State Income Tax Benefit of NOL CarryforwardsTax Year NOLBegins ExpiringNet State Valuation Allowance for NOL Carryforwards(in millions)(in millions)Mississippi PowerMississippi $178 2032$(32)Southern PowerOklahoma$26 2035$(11)Florida10 2034(10)Other states2 2034— Southern Power Total$38 $(21)Other(*)New York$11 2036$(11)New York City14 2036(14)Other states24 2025(4)Southern Company Total$265 $(82)(*)Represents other non-registrant Southern Company subsidiaries. Alabama Power, Georgia Power, and Southern Company Gas did not have material state or local NOL carryforwards at December 31, 2024.Certain state NOLs are not expected to be fully utilized prior to expiration. The ultimate outcome of these matters cannot be determined at this time.

II-191

    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

Unrecognized Tax BenefitsChanges in unrecognized tax benefits for the periods presented were as follows:SouthernCompanyGeorgiaPowerSouthernCompany Gas(in millions)Unrecognized tax benefits at December 31, 2021$47 $— $— Tax positions changes —Increase from prior periods33 — 32 Unrecognized tax benefits at December 31, 202280 — 32 Tax positions changes —Increase from prior periods88 86 2 Statute of limitations expiration(52)(9)— Unrecognized tax benefits at December 31, 2023116 77 34 Tax positions changes —Increase from prior periods10 — 10 Decre