Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1574

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1574
---
 PowerSouthern PowerSouthern Company Gas(in millions)Federal —Current$54 $242 $205 $49 $(320)$62 Deferred299 (257)195 (26)334 68 Total federal353 (15)400 23 14 130 State —Current41 82 37 1 (1)24 Deferred102 14 11 12 (1)57 Total state143 96 48 13 (2)81 Total$496 $81 $448 $36 $12 $211 

II-185

    Table of Contents                                Index to Financial StatementsCOMBINED NOTES TO FINANCIAL STATEMENTS

2022Southern CompanyAlabama PowerGeorgiaPowerMississippiPowerSouthern PowerSouthern Company Gas(in millions)Federal —Current$10 $54 $38 $42 $(43)$122 Deferred455 259 152 (16)56 (3)Total federal465 313 190 26 13 119 State —Current27 14 (21)— 2 42 Deferred303 96 201 11 5 19 Total state330 110 180 11 7 61 Total$795 $423 $370 $37 $20 $180 Southern Company's and Southern Power's ITCs and PTCs generated in the current tax year and carried forward from prior tax years that cannot be utilized or transferred in the current tax year are reclassified from current to deferred taxes in federal income tax expense in the tables above. Southern Power's ITCs and PTCs reclassified in this manner were immaterial in 2024 and 2023 and $17 million in 2022. Southern Power received $71 million, $332 million, and $49 million of cash related to federal ITCs under renewable energy initiatives in 2024, 2023, and 2022, respectively. See "Deferred Tax Assets and Liabilities" herein for additional information.In accordance with regulatory requirements, deferred federal ITCs for the traditional electric operating companies are amortized over the average life of the related property, with such amortization normally applied as a credit to reduce depreciation and amortization in the statements of income. Southern Power's and the natural gas distribution utilities' deferred federal ITCs, as well as certain state ITCs for Nicor Gas,