Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 2535

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 3
Chunk 2535
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 the treatment of similar costs under similar circumstances.

•We tested certain incurred costs recorded as regulatory assets or liabilities during the period for completeness and accuracy.

•We obtained representation from management regarding the likelihood of recoverability of incurred costs and potential refund or future reduction in rates to assess management's assertions about the likelihood of recovery, refund, or a future reduction in rates.

•We evaluated Southern Company's disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments, including where there is a high degree of subjectivity involved in assessing the potential impact of future regulatory orders on incurred costs.

/s/ Deloitte & Touche LLP

Atlanta, Georgia

February 19, 2025

We have served as Southern Company's auditor since 2002.

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CONSOLIDATED STATEMENTS OF INCOME

For the Years Ended December 31, 2024, 2023, and 2022

Southern Company and Subsidiary Companies

202420232022(in millions)Operating Revenues:Retail electric revenues$17,790 $16,343 $18,197 Wholesale electric revenues2,431 2,467 3,641 Other electric revenues896 792 747 Natural gas revenues4,456 4,702 5,962 Other revenues1,151 949 732 Total operating revenues26,724 25,253 29,279 Operating Expenses:Fuel4,096 4,365 6,835 Purchased power883 883 1,593 Cost of natural gas1,196 1,644 3,004 Cost of other sales668 560 396 Other operations and maintenance6,539 6,093 6,824 Depreciation and amortization4,755 4,525 3,663 Taxes other than income taxes1,540 1,425 1,411 Estimated loss on Plant Vogtle Units 3 and 4(21)(68)183 Total operating expenses19,656 19,427 23,909 Operating Income7,068 5,826 5,370 Other Income and (Expense):Allowance for equity funds used during construction235 268 224 Earnings from equity method investments139 144 151 Interest expense, net of amounts capitalized(2,743)(2,446)(2,022)Other