Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 388

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 388
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 increases for the second quarter and year-to-date 2025 were primarily due to accelerated depreciation of $42 million and $69 million, respectively, related to wind repowering projects. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.

Income Taxes (Benefit)

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$(15)N/M$(2)N/M

In the second quarter 2025, income tax benefit was $2 million compared to income tax expense of $13 million for the corresponding period in 2024. For year-to-date 2025, income tax benefit was $3 million compared to $1 million for the corresponding period in 2024. The changes were primarily due to a change in pre-tax earnings attributable to 

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

Southern Power, including the impact of accelerated depreciation related to wind repowering projects. See Note (G) to the Condensed Financial Statements and Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein for additional information.

Net Loss Attributable to Noncontrolling Interests

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$(12)(80.0)$(18)(24.7)

In the second quarter 2025, net loss attributable to noncontrolling interests was $27 million compared to $15 million for the corresponding period in 2024. The increase was primarily due to $9 million in lower income allocations to equity partners and $4 million in higher HLBV loss allocations to tax equity partners.

For year-to-date 2025, net loss attributable to noncontrolling interests was $91 million compared to $73 million for the corresponding period in 2024. The increase was primarily due to $12 million in