The Southern Company — Balance Sheet Charts
12 snapshots of history · ending 2026-03-31 · SEC EDGAR
Assets vs Liabilities
Cash Position Breakdown
Debt Structure
Working Capital Components
Capital Structure (LT Debt / Cash / Equity)
The Southern Company — Equity RollforwardNEW
Per-period stockholders' equity flows + ending balances by component, sourced from the issuer's 10-K dimensional XBRL on us-gaap:StatementEquityComponentsAxis. Positive flows (Net Income / OCI / SBC / Stock Issuance) above the axis; negative flows (Dividends / Buybacks / Tax Withholding) below. Net change in equity per period = sum of bars.
Common + APIC
$21.3B
↑ 8.7%
Retained Earnings
$14.9B
↑ 8.0%
AOCI
−$75.0M
↑ 3.8%
Treasury Stock
−$59.0M
↑ 0.0%
NCI
$2.9B
↓ 17.7%
Total Equity
—
The Southern Company — Long-Term Debt ScheduleNEW
Per-bond schedule sourced from us-gaap:DebtInstrumentAxis dimensional XBRL. Stated rates converted from XBRL's decimal convention (e.g. 0.052) to percent (5.20%).
Total Face
$5.38B
Total Carrying
$2.12B
Weighted Avg Rate
3.74%
| Instrument | Stated Rate | Face | Carrying | Effective Rate |
|---|---|---|---|---|
| Series A Equity Units2025 | 4.15% | $2.00B | — | — |
| Series2023 A Convertible Senior Notes | — | $1.73B | — | — |
| Series2025 A Convertible Senior Notes | 3.25% | $1.65B | — | — |
| Series2024 A Convertible Senior Notes | — | — | $1.17B | — |
| Series2023 A Convertible Senior Notes Due2025 | — | — | $943.4M | — |
| Series2019 A Remarketable Junior Subordinated Notes | 4.47% | — | — | — |
| Series2019 B Remarketable Junior Subordinated Notes | 5.11% | — | — | — |
The Southern Company — Pension & OPEBNEW
Per-plan-type defined-benefit + post-retirement disclosures sourced from us-gaap:RetirementPlanTypeAxis dimensional XBRL. Funded status (= plan assets − benefit obligation) is the headline signal — negative values mean the plan is underfunded and the gap sits on the balance sheet as hidden leverage. Discount-rate and expected-return assumptions drive the obligation calculation; small assumption changes cause large swings in the projected liability.
Pension Plans Defined Benefit
Plan Assets
$15.75B
Benefit Obligation
$13.19B
Funded Status
+$2.56B
Discount Rate
5.76%
Expected Return
8.50%
Net Periodic Cost
−$315.0M
Service Cost
$264.0M
Interest Cost
$664.0M
Employer Contrib.
$0
Funded Status Trend
Other Postretirement Benefit Plans Defined Benefit
Plan Assets
$1.25B
Benefit Obligation
$1.40B
Funded StatusUNDERFUNDED
−$149.0M
Discount Rate
5.64%
Expected Return
7.80%
Net Periodic Cost
−$20.0M
Service Cost
$13.0M
Interest Cost
$70.0M
Employer Contrib.
$65.0M
Funded Status Trend
The Southern Company — Hedging ActivityNEW
Per-axis derivative-disclosure decomposition sourced from us-gaap:HedgingDesignationAxis and us-gaap:DerivativeInstrumentRiskAxis dimensional XBRL. Designation tells the accounting treatment (designated = earnings volatility bypassed via OCI; nondesignated = mark-to-market through P&L). Risk class tells what's being hedged.
By Hedge Designation
Notional
—
Fair Value
$24.0M / $64.0M
Notional
—
Fair Value
$6.0M / $6.0M
| Member | Class | Notional | FV Asset | FV Liability | Gain / Loss |
|---|---|---|---|---|---|
| Designated As Hedging Instrument | Designated | — | $24.0M | $64.0M | — |
| Nondesignated | Nondesignated | — | $6.0M | $6.0M | −$11.0M |
By Risk Class
Notional
—
Fair Value
$17.0M / $22.0M
Notional
—
Fair Value
$8.0M / $48.0M
Notional
—
Fair Value
$24.0M / $64.0M
| Member | Class | Notional | FV Asset | FV Liability | Gain / Loss |
|---|---|---|---|---|---|
| Energy Related Derivative | Other | — | $24.0M | $64.0M | −$11.0M |
| Foreign Exchange Contract | Foreign Exchange | — | $17.0M | $22.0M | — |
| Interest Rate Contract | Interest Rate | — | $8.0M | $48.0M | — |
By Hedge Relationship — Gain/Loss Flow Attribution
Where the derivative gain/loss actually flows. Cash Flow sits in OCI buffer until the hedged item hits the income statement; Fair Value flows through P&L immediately; Net Investment sits in OCI's CTA bucket forever (until divestiture) — the hidden earnings-stability mechanism most P&L-only readers miss.
Notional
—
Fair Value
$1.0M / $6.0M
Notional
—
Fair Value
$24.0M / $64.0M
| Member | Class | Notional | FV Asset | FV Liability | Gain / Loss |
|---|---|---|---|---|---|
| Cash Flow And Fair Value Hedging | Cash Flow Hedging (OCI buffer) | — | $1.0M | $6.0M | — |
| Hedging Instruments For Regulatory Purposes | Other | — | $24.0M | $64.0M | — |
The Southern Company — Goodwill by SegmentNEW
Per-segment goodwill allocation sourced from us-gaap:StatementBusinessSegmentsAxis dimensional XBRL. Surfaces the impairment-watch story (shrinking goodwill = real write-down loss masked behind GAAP non-cash label) and where the latest M&A landed (acquired-period column).
As of 2025-12-31 · Total Goodwill $10.03B
| Segment | Goodwill | Acquired (Period) | Impairment | FX Translation |
|---|---|---|---|---|
| Southern Company Gas50.0% | $5.01B | — | — | — |
| Gas Distribution Operations40.2% | $4.03B | — | — | — |
| Gas Marketing Services9.8% | $981M | — | — | — |
| Southern Power0.0% | $2M | — | — | — |
| Traditional Electric Operating Companies And Southern Power0.0% | — | — | — | — |
| Traditional Electric Operating Companies0.0% | — | — | — | — |
The Southern Company — Pension Plan Asset AllocationNEW
Per-asset-category breakdown of the pension plan, sourced from us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis dimensional XBRL. Tells the de-risking story — mature plans shift from equity to fixed income as obligations approach payout. Target vs actual allocation column shows the rebalancing signal.
By CategoryAs of 2025-12-31
| Category | Fair Value | Actual % | Target % | Δ vs Target |
|---|---|---|---|---|
| Equity Securities | — | 42.0% | 41.0% | +1.0pt |
| Fixed Income / Debt | — | 31.0% | 30.0% | +1.0pt |
| Real Estate | — | 12.0% | 12.0% | ±0 |
| Private Equity | — | 11.0% | 9.0% | +2.0pt |
| Other | — | 0.0% | 2.0% | -2.0pt |
The Southern Company — VIE & Consolidated EntitiesNEW
Per-consolidated-entity disclosures sourced from us-gaap:ConsolidatedEntitiesAxis dimensional XBRL. Surfaces the shadow-exposure story — banks moved much securitization activity into VIEs they don't consolidate (not the "primary beneficiary") but where contractual exposure is still material. Off-BS commitments are flagged in amber.
As of 2025-12-31
| Entity | Class | Assets | Beneficial Interest | Off-BS Commitments |
|---|---|---|---|---|
| Variable Interest Entity Primary Beneficiary | VIE — Primary Beneficiary (Consolidated) | $5.20B | — | — |
The Southern Company — Utility Rate Base & Regulatory AssetsNEW
Regulated-utility rate base composition, regulatory assets / liabilities, and AFUDC capitalized return on CWIP. Sourced from flat us-gaap:PublicUtilities* + Regulatory* CompanyFacts concepts. Net Plant × authorized ROE (~9–10%) ≈ regulated-earnings entitlement; net regulatory position (assets − liabilities) is the future-earnings tailwind / headwind.
Net Plant (Rate Base) · 2025-12-31
$114.37B
Regulator-set ROE applies to this base
Regulatory Assets (Total)
$66M
Future rate recoveries
Net Regulatory Position
−$639M
Net liability — future refund headwind
Rate Base Composition
Plant in Service + CWIP − Accumulated Depreciation = Net Plant. The number regulators set authorized return on.
| Line | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| +Plant in Service | $103.71B | $105.11B | $110.52B | $115.59B | $117.53B | $128.43B | $137.14B | $146.11B |
| +Construction Work in Progress (CWIP) | — | — | — | — | — | $7.78B | $6.39B | $10.53B |
| -Accumulated Depreciation | — | — | — | — | — | $37.73B | $40.13B | $43.48B |
| Net Plant (Rate Base) | — | — | — | — | — | $99.84B | $104.69B | $114.37B |
Plant by Function
Where capex flows in the regulated stack. Vertically integrated utilities tag the full Generation / Transmission / Distribution split; T&D-only filers tag fewer functions.
| Line | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| Generation Plant | $52.32B | $50.33B | $52.18B | $53.80B | $51.76B | $57.33B | $61.29B | $63.53B |
| Transmission Plant | $11.34B | $12.16B | $12.88B | $13.41B | $14.20B | $15.56B | $16.28B | $17.81B |
| Distribution Plant | $18.75B | $19.85B | $20.96B | $22.24B | $24.20B | $26.48B | $28.68B | $31.72B |
| Fuel & Stored Generation | — | — | — | — | — | $858M | $873M | $897M |
| Other Plant | $1.67B | $1.79B | $1.82B | $1.84B | $1.84B | $499M | $410M | $307M |
Regulatory Assets vs Liabilities
Future rate recoveries (assets, +) vs future refund obligations to ratepayers (liabilities, −). Net liability = excess deferred income tax flowing back to customers post-TCJA.
| Line | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| Regulatory Assets (Total) | — | — | — | — | $216M | $66M | — | — |
| Regulatory Liabilities (Total) | — | — | — | — | — | — | $705M | — |
AFUDC — Allowance for Funds Used During Construction
Capitalized return on CWIP. Pure regulatory accounting income, no cash. Equity portion = authorized ROE × CWIP balance; debt portion = capitalized interest on CWIP.
| Line | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| AFUDC — Equity (Capitalized Return on CWIP) | $138M | $128M | $149M | $190M | $224M | $268M | $235M | $340M |
| AFUDC — Debt (Capitalized Interest on CWIP) | $210M | $202M | $230M | $282M | $327M | $400M | $339M | $480M |