Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1152

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1152
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 external confirmations received directly from the third-party investment managers.

•Utilizing specialists who performed a benchmark analysis to determine the correlation of the funds and the stated benchmark; the results were used to estimate the high and low fair value range of the investments to compare to the Company's fair value.

Emphasis of Matter – Significant Transactions with Related Parties

As discussed in Note 6 to the consolidated financial statements, the Company has entered into significant transactions with related parties.

/s/ BDO USA, P.C.

We have served as the Company's auditor since 2018.

Houston, Texas

February 6, 2025

II-108

    Table of Contents                                Index to Financial Statements

CONSOLIDATED STATEMENTS OF INCOME

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

Southern Company Gas and Subsidiary Companies

202420232022(in millions)Operating Revenues:Natural gas revenues (includes revenue taxes of   $115, $133, and $162, respectively)$4,456 $4,702 $5,962 Total operating revenues4,456 4,702 5,962 Operating Expenses: Cost of natural gas1,196 1,644 3,004 Other operations and maintenance1,235 1,187 1,172 Depreciation and amortization650 582 559 Taxes other than income taxes248 262 282 Impairment charges— — 131 Estimated loss on regulatory disallowance— 88 — Total operating expenses3,329 3,763 5,148 Operating Income1,127 939 814 Other Income and (Expense):Earnings from equity method investments146 140 148 Interest expense, net of amounts capitalized(341)(310)(263)Other income (expense), net66 57 53 Total other income and (expense)(129)(113)(62)Earnings Before Income Taxes998 826 752 Income taxes258 211 180 Net Income$740 $615 $572 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

Southern Company Gas and Subsidiary Companies

202420232022(in millions)Net Income$740 $615 $572 Other comprehensive income (loss):