Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 284

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 284
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-to-date 2025, income taxes were $569 million compared to $513 million for the corresponding period in 2024. The increase was primarily due to a $71 million increase in charges to a valuation allowance on certain state tax credit carryforwards and $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, both at Georgia Power, and a $19 million decrease in the flowback of certain excess deferred income taxes at Alabama Power, partially offset by increases of $34 million in the flowback of excess state 

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

deferred income taxes and $21 million in the generation of advanced nuclear PTCs, both at Georgia Power, as well as lower pre-tax earnings.

See Note (G) to the Condensed Financial Statements 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)

Substantially all noncontrolling interests relate to renewable projects at Southern Power. 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 Southern Power's equity partners and $4 million in higher HLBV loss allocations to Southern Power's 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 higher HLBV loss allocations to Southern Power's tax equity partners and $7 million in lower income allocations to Southern Power's equity partners.

Alabama Power

Net Income

Second Quarter 2025 vs. Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$123.3$537.5

Alabama Power's net income in the second quarter 202