Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1255

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1255
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 and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt.Other Variable Interest EntitiesSouthern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights.At December 31, 2024 and 2023, the other VIEs had total assets of $1.6 billion and $1.7 billion, respectively, total liabilities of $224 million and $230 million, respectively, and noncontrolling interests of $691 million and 761 million, respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent.Equity Method InvestmentsDuring 2023 and 2022, Southern Power sold its remaining equity method investments in wind projects and received proceeds totaling $50 million and $38 million, respectively. Earnings (loss) from these investments, including the gains associated with the sales, were immaterial for 2023 and 2022.

Southern Company GasThe carrying amounts of Southern Company Gas' equity method investments at December 31, 2024 and 2023 were as follows:Investment BalanceDecember 31, 2024December 31, 2023(in millions)SNG$1,245 $1,202 Other34 33 Total$1,279 $1,235 The earnings from Southern Company Gas' equity method investment related to SNG were $146 million in 2024, $139 million in 2023, and $146 million in 2022. The earnings from Southern Company Gas' other equity method investments were immaterial for all periods presented.

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    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

8. FINANCING

Long-term DebtDetails of long-term debt at December 31, 2024 and 2023 are provided in the following table:At December 31, 2024Balance Outstanding atDecember 31,MaturityWeighted AverageInterest Rate20242023(in millions)Southern Company