Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 298

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 298
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 net income, partially offset by dividends paid to Southern Company and net distributions to noncontrolling interests and

•an increase of $37 million in total property, plant, and equipment due to an increase in CWIP primarily related to the continued construction of the Millers Branch solar facility and the Kay Wind repowering project, partially offset by the continued depreciation of assets.

See Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.

Southern Company Gas

Significant balance sheet changes for the three months ended March 31, 2025 included:

•a decrease of $239 million in natural gas for sale due to higher volumes of natural gas sold;

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    Table of Contents                                Index to Financial StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

•an increase of $229 million in common stockholder's equity primarily related to net income, partially offset by dividends paid to Southern Company;

•a decrease of $177 million in natural gas cost over recovery due to reduced price of gas billed to customers;

•an increase of $167 million in total property, plant, and equipment primarily related to the construction of transportation and distribution assets;

•a decrease of $141 million in notes payable due to a reduction in commercial paper borrowings;

•an increase of $126 million in temporary LIFO liquidation due to use of stored natural gas; and

•an increase of $111 million in total accounts receivable primarily relating to an increase of $165 million in customer accounts receivable, partially offset by a decrease of $51 million in unbilled revenues as a result of seasonality.

Financing Activities

The following table outlines long-term debt financing activities for the first three months of 2025:

Issuances andReofferingsMaturities and RedemptionsCompanySeniorNotesOther Long-Term DebtOther Long-   Term Debt(a)(in millions)Southern Company parent$— $2,365 $— Alabama Power500 2 — Georgia Power1,600 — 34 Mississippi Power100 — — Other— — 2 Elimination(b)— — (1)Southern Company$2,200 $2,367 $35 

(a)Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments totaling $21 million for FFB borrowings. See