Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1301

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1301
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 the market-related value of plan assets. In determining the market-related value of plan assets, the Registrants have elected to amortize changes in the market value of return-seeking plan assets over five years and to recognize the changes in the market value of liability-hedging plan assets immediately. Given the significant concentration in return-seeking plan assets, the accounting value of plan assets that is used to calculate the expected return on plan assets differs from the current fair value of the plan assets.

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    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

Future benefit payments reflect expected future service and are estimated based on assumptions used to measure the projected benefit obligation for the pension plans. At December 31, 2024, estimated benefit payments were as follows:Southern CompanyAlabama PowerGeorgiaPowerMississippi PowerSouthern PowerSouthern Company Gas(in millions)Benefit Payments:2025$773 $170 $245 $34 $7 $58 2026801 177 250 36 8 60 2027823 183 254 37 8 62 2028842 187 258 38 7 64 2029862 192 262 38 8 66 2030 to 20344,529 1,013 1,333 204 51 346 

Other Postretirement BenefitsChanges in the APBO and the fair value of the Registrants' plan assets during the plan years ended December 31, 2024 and 2023 were as follows:2024Southern CompanyAlabama PowerGeorgiaPowerMississippi PowerSouthern PowerSouthern Company Gas(in millions)Change in benefit obligationBenefit obligation at beginning of year$1,386 $329 $489 $57 $9 $172 Service cost15 4 4 1 — 1 Interest cost65 16 23 3 — 8 Benefits paid(105)(25)(37)(4)(1)(12)Actuarial (gain) loss(2)2 9 (2)1 (13)Balance at end of year1,359 326 488 55 9 156 Change in plan assetsFair value of plan assets at beginning of year1,095 403 410 25 — 128 Actual return on plan assets96 37 34 — — 18 Employer contributions55 6