The Southern Company Balance Sheet Charts

12 snapshots of history · ending 2026-03-31 · SEC EDGAR

Source:10-K · 10-Q

Assets vs Liabilities

Cash Position Breakdown

Debt Structure

Working Capital Components

Capital Structure (LT Debt / Cash / Equity)

Total Assets↑+6.0% +$8.92B
$157.03B
Current Assets↓-15.7% -$1.86B
$9.96B
Cash & Equivalents↓-57.8% -$1.35B
$981M
Receivables↑+2.6% +$77M
$3.08B
Net PPE↑+5.3% +$5.12B
$101.89B
Goodwill↑+0.0% +$0
$5.16B
Intangibles↓-9.3% -$30M
$294M
Total Liabilities↑+5.6% +$6.23B
$117.12B
Current Liabilities↑+11.2% +$1.55B
$15.32B
Account Payables↓-6.0% -$185M
$2.91B
Short-Term Debt↑+225.5% +$1.16B
$1.67B
Stockholders Equity↑+7.2% +$2.69B
$39.91B
Retained Earnings↑+8.0% +$1.11B
$14.86B
Operating Lease ROU Asset↓-5.3% -$75M
$1.35B
Operating Lease Liability↓-1.5% -$19M
$1.28B
Finance Lease ROU Asset↑+192.1% +$488M
$742M
Operating Lease CostNEW↑+9.3% +$23M
$271M
Gross PP&E↑+12.1% +$14.50B
$134.35B
Accumulated Depreciation↑+6.8% +$2.50B
$38.99B
Debt Due Y1↑+31.4% +$1.48B
$6.21B
Debt Due Y2↓-10.2% -$385M
$3.41B
Debt Due Y3↑+34.1% +$1.39B
$5.46B
Debt Due Y4↓-29.5% -$834M
$1.99B
Debt Due Y5↑+106.2% +$2.11B
$4.10B
Debt Due >Y5
Total Debt Carrying Amount↑+6.3% +$4.30B
$72.10B
Contract AssetNEW↓-14.9% -$59M
$338M
Contract LiabilityNEW↑+35.3% +$67M
$257M
Remaining Performance ObligationNEW
Pension Net Periodic CostNEW↑+0.0% +$0
$-149M

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%

InstrumentStated RateFaceCarryingEffective Rate
Series A Equity Units20254.15%$2.00B
Series2023 A Convertible Senior Notes$1.73B
Series2025 A Convertible Senior Notes3.25%$1.65B
Series2024 A Convertible Senior Notes$1.17B
Series2023 A Convertible Senior Notes Due2025$943.4M
Series2019 A Remarketable Junior Subordinated Notes4.47%
Series2019 B Remarketable Junior Subordinated Notes5.11%

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

Pension Plans Defined Benefit

As of 2025-12-31

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

OPEB

Other Postretirement Benefit Plans Defined Benefit

As of 2025-12-31

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

Designated

Notional

Fair Value

$24.0M / $64.0M

Nondesignated

Notional

Fair Value

$6.0M / $6.0M

MemberClassNotionalFV AssetFV LiabilityGain / Loss
Designated As Hedging InstrumentDesignated$24.0M$64.0M
NondesignatedNondesignated$6.0M$6.0M−$11.0M

By Risk Class

Foreign Exchange

Notional

Fair Value

$17.0M / $22.0M

Interest Rate

Notional

Fair Value

$8.0M / $48.0M

Other

Notional

Fair Value

$24.0M / $64.0M

MemberClassNotionalFV AssetFV LiabilityGain / Loss
Energy Related DerivativeOther$24.0M$64.0M−$11.0M
Foreign Exchange ContractForeign Exchange$17.0M$22.0M
Interest Rate ContractInterest 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.

Cash Flow Hedging (OCI buffer)

Notional

Fair Value

$1.0M / $6.0M

Other

Notional

Fair Value

$24.0M / $64.0M

MemberClassNotionalFV AssetFV LiabilityGain / Loss
Cash Flow And Fair Value HedgingCash Flow Hedging (OCI buffer)$1.0M$6.0M
Hedging Instruments For Regulatory PurposesOther$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

SegmentGoodwillAcquired (Period)ImpairmentFX 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

CategoryFair ValueActual %Target %Δ vs Target
Equity Securities42.0%41.0%+1.0pt
Fixed Income / Debt31.0%30.0%+1.0pt
Real Estate12.0%12.0%±0
Private Equity11.0%9.0%+2.0pt
Other0.0%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

EntityClassAssetsBeneficial InterestOff-BS Commitments
Variable Interest Entity Primary BeneficiaryVIE — 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.

Line2018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
+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.

Line2018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
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.

Line2018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
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.

Line2018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
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