Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 296

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 296
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Net cash provided from operating activities increased $89 million for the three months ended March 31, 2025 as compared to the corresponding period in 2024 primarily due to the timing of natural gas purchases, partially offset by lower natural gas cost recovery.

The net cash used for investing activities for the three months ended March 31, 2025 was primarily related to construction of transportation and distribution assets recovered through base rates.

The net cash used for financing activities for the three months ended March 31, 2025 was primarily related to common stock dividend payments and a reduction in commercial paper borrowings.

Significant Balance Sheet Changes

Southern Company

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

•an increase of $4.6 billion in long-term debt (including securities due within one year) primarily related to issuances of junior subordinated notes and senior notes;

•an increase of $1.6 billion in total property, plant, and equipment primarily related to the Subsidiary Registrants' construction programs;

•an increase of $1.3 billion in cash and cash equivalents, as discussed further under "Analysis of Cash Flows – Southern Company" herein;

•a decrease of $0.8 billion in notes payable primarily due to a reduction in commercial paper borrowings;

•a decrease of $0.6 billion in accounts payable primarily related to the timing of vendor payments;

•a decrease of $0.6 billion in accrued compensation due to the timing of payments;

•an increase of $0.5 billion in total stockholders' equity primarily related to net income, partially offset by common stock dividend payments; and

•an increase of $0.5 billion in accumulated deferred income taxes primarily related to property-related timing differences and projected monetization of tax credits in 2025.

See "Financing Activities" herein for additional information.

Alabama Power

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

•an increase of $597 million in common stockholder's equity primarily due to capital contributions from Southern Company and net income, partially offset by dividends paid to Southern Company;

•an increase of $500 million in long-term debt (including securities due within one year) primarily due to an issuance of senior notes;

•an increase of $354 million in cash and cash equivalents, as discussed further under "Analysis of Cash Flows – Alabama Power" herein;

•an increase of $200 million in total property, plant, and