Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 415

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 415
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Southern Company Gas

Significant balance sheet changes for the six months ended June 30, 2025 included:

•an increase of $446 million in total property, plant, and equipment primarily related to the construction of transportation and distribution assets;

•a decrease of $208 million in total accounts receivable primarily related to seasonality;

•an increase of $202 million in common stockholder's equity primarily related to net income, partially offset by dividends paid to Southern Company;

•a decrease of $191 million in natural gas for sale due to higher volumes of natural gas sold; and

•an increase of $182 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Company Gas" herein.

Financing Activities

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

Issuances and ReofferingsMaturities and RedemptionsCompanySeniorNotesOther Long-Term DebtSeniorNotesOther Long-   Term Debt(a)(in millions)Southern Company parent$1,650 $2,365 $1,110 $— Alabama Power600 4 250 1 Georgia Power1,600 — 700 57 Mississippi Power100 — — 1 Other(b)— — — 11 Elimination(c)— — — (1)Southern Company$3,950 $2,369 $2,060 $69 

(a)Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments totaling $43 million for FFB borrowings. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for additional information.

(b)Includes repayment by SEGCO of $10 million of its $100 million principal amount long-term bank loan due November 15, 2025, which is guaranteed by Alabama Power. At June 30, 2025, $70 million of the long-term bank loan remains outstanding. See Note 3 to the financial statements under "Guarantees" in Item 8 of the Form 10-K for additional information.

(c)Represents reductions in affiliate finance lease obligations at Georgia Power, which are eliminated in Southern Company's consolidated financial statements.

Except as otherwise described herein, the Registrants used the proceeds of debt issuances for