Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 678

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 678
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CC licenses75 — 75 75 — 75 Total other intangible assets$744 $(412)$332 $744 $(376)$368 Southern Power(*)PPA fair value adjustments$390 $(168)$222 $390 $(148)$242 Southern Company Gas(*)Gas marketing servicesCustomer relationships$156 $(150)$6 $156 $(145)$11 Trade names26 (23)3 26 (21)5 Total other intangible assets$182 $(173)$9 $182 $(166)$16 (*)All subject to amortization.Amortization associated with other intangible assets in 2024, 2023, and 2022 was as follows:202420232022(in millions)Southern Company(a)$35 $38 $39 Southern Power(b)20 20 20 Southern Company GasGas marketing services7 10 11 (a)Includes $20 million annually recorded as a reduction to operating revenues.(b)Recorded as a reduction to operating revenues.At December 31, 2024, the estimated amortization associated with other intangible assets for the next five years is as follows:20252026202720282029(in millions)Southern Company$32 $27 $23 $23 $23 Southern Power20 20 20 20 19 Southern Company GasGas marketing services6 3 — — — Acquisition AccountingAt the time of an acquisition, management will assess whether acquired assets and activities meet the definition of a business. Acquisitions that meet the definition of a business are accounted for under the acquisition method, and operating results from the date of acquisition are included in the acquiring entity's financial statements. Identifiable assets acquired, liabilities assumed, and 

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    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

any noncontrolling interests (including any intangible assets) are recognized and measured at fair value. Assets acquired that do not meet the definition of a business are accounted for as an asset acquisition. The purchase price of each asset acquisition is allocated based on the relative fair value of assets acquired. See Note 15 for additional information, including recent and proposed acquisitions.Determining the fair value of assets acquired and liabilities assumed requires management judgment and management may engage independent valuation experts to assist in this process. Fair values are determined by using market participant assumptions and typically