Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1869

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1869
---
 lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs primarily at Southern Power, Georgia Power, and Alabama Power.A reconciliation of the federal statutory income tax rate to the effective income tax (benefit) rate is as follows:2024Southern CompanyAlabama PowerGeorgiaPowerMississippi PowerSouthern PowerSouthern Company GasFederal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %State income tax, net of federal deduction3.6 5.0 1.7 4.4 (2.3)7.0 Changes in valuation allowance, net of federal benefit1.9 — 3.1 — — — Employee stock plans' dividend deduction(0.4)— — — — — Non-deductible book depreciation0.6 0.6 0.7 0.3 — — Flowback of excess deferred income taxes(3.9)(5.3)(2.2)(6.5)— (2.2)AFUDC-Equity(0.8)(0.7)(1.0)— — — Federal PTCs(2.8)(0.1)(3.7)— (17.2)— ITC amortization(1.2)(0.1)(0.2)— (26.4)— Noncontrolling interests0.6 — — — 17.1 — Other(0.1)— (0.2)— 0.2 — Effective income tax (benefit) rate18.5 %20.4 %19.2 %19.2 %(7.6)%25.8 %2023Southern CompanyAlabama PowerGeorgiaPowerMississippi PowerSouthern PowerSouthern Company GasFederal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %State income tax, net of federal deduction2.9 5.2 2.1 4.9 (0.7)7.8 Changes in valuation allowance, net of federal benefit(