SEC Info - Southern Co., et al. - ‘8-K’ for 2/15/24

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Southern Co., et al. – ‘8-K’ for 2/15/24 – ‘EX-99.03’

On: Thursday, 2/15/24, at 8:16am ET · For: 2/15/24 · Accession #: 92122-24-11 · File #s: 1-03164, 1-03526, 1-06468, 1-11229, 1-14174, 1-37803

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/15/24  Southern Co.                      8-K:2       2/15/24   18:770K
          Georgia Power Co.
          Southern Power Co.
          Southern Co. Gas
          Alabama Power Co.
          Mississippi Power Co.

Current Report — Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     68K 
 2: EX-99.01    Miscellaneous Exhibit                               HTML     42K 
 3: EX-99.02    Miscellaneous Exhibit                               HTML     69K 
 4: EX-99.03    Miscellaneous Exhibit                               HTML     56K 
 5: EX-99.04    Miscellaneous Exhibit                               HTML     37K 
 6: EX-99.05    Miscellaneous Exhibit                               HTML     89K 
 7: EX-99.06    Miscellaneous Exhibit                               HTML     49K 
 8: EX-99.07    Miscellaneous Exhibit                               HTML     69K 
13: R1          Cover Page Document                                 HTML     91K 
15: XML         IDEA XML File -- Filing Summary                      XML     14K 
18: XML         XBRL Instance -- so-20240215_htm                     XML     58K 
14: EXCEL       IDEA Workbook of Financial Report Info              XLSX     10K 
10: EX-101.DEF  XBRL Definitions -- so-20240215_def                  XML     56K 
11: EX-101.LAB  XBRL Labels -- so-20240215_lab                       XML    126K 
12: EX-101.PRE  XBRL Presentations -- so-20240215_pre                XML     57K 
 9: EX-101.SCH  XBRL Schema -- so-20240215                           XSD     20K 
16: JSON        XBRL Instance as JSON Data -- MetaLinks               18±    28K 
17: ZIP         XBRL Zipped Folder -- 0000092122-24-000011-xbrl      Zip     56K

‘EX-99.03’ — Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

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Document


Exhibit 99.03
Page 1
Southern Company
Significant Factors Impacting EPS

	Three Months Ended December						Year-To-Date December
	2023		2022		Change		2023		2022		Change
Earnings (Loss) Per Share–
As Reported1 (See Notes)	$	0.78	$	(0.08)	$	0.86	$	3.64	$	3.28	$	0.36

Significant Factors:
Traditional Electric Operating Companies					$	0.66					$	0.30
Southern Power					(0.02)						—
Southern Company Gas					0.08						0.04
Parent Company and Other					0.14						0.08
Increase in Shares					—						(0.06)
Total–As Reported					$	0.86					$	0.36

	Three Months Ended December						Year-To-Date December
Non-GAAP Financial Measures	2023		2022		Change		2023		2022		Change
Earnings Per Share–
Excluding Items (See Notes)	$	0.64	$	0.26	$	0.38	$	3.65	$	3.60	$	0.05

Total–As Reported					$	0.86					$	0.36
Less:
Estimated Loss on Plants Under Construction2					0.29						0.17
Acquisition and Disposition Impacts3					0.12						0.10
Loss on Extinguishment of Debt4					—						—
Estimated Loss on Qualifying Infrastructure Plant and Other Capital Investments5					(0.04)						(0.07)
Impairments6					0.11						0.11
Total–Excluding Items					$	0.38					$	0.05
- See Notes on the following page.

Exhibit 99.03

Page 2

Southern Company

Significant Factors Impacting EPS

Notes

(1)Dilution is not material in any period presented. Diluted earnings (loss) per share was $0.78 and $3.62 for the three and twelve months ended December 31, 2023, respectively, and was $(0.08) and $3.26 for the three and twelve months ended December 31, 2022, respectively.

(2)Earnings for the three and twelve months ended December 31, 2023 include a credit of $228 million pre tax ($170 million after tax) and a net credit of $68 million pre tax ($50 million after tax), respectively, and earnings for the three and twelve months ended December 31, 2022 include a charge of $201 million pre tax ($150 million after tax) and net charges of $183 million pre tax ($137 million after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges may occur; however, the amount and timing of any such charges are uncertain. Earnings for the three and twelve months ended December 31, 2023 and 2022 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025.

(3)Earnings for the three and twelve months ended December 31, 2023 include a $35 million favorable tax impact related to a reversal of an uncertain tax position associated with the 2019 sale of Gulf Power Company. Earnings for the three and twelve months ended December 31, 2022 include impairment charges totaling $131 million pre-tax ($99 million after-tax) and other disposition impacts associated with the sales of Southern Company Gas' natural gas storage facilities. Earnings for the twelve months ended December 31, 2022 also include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power Company. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.

(4)Earnings for the twelve months ended December 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.

(5)Earnings for the three and twelve months ended December 31, 2023 include a charge of $58 million pre tax ($44 million after tax) and charges totaling $96 million pre tax ($72 million after tax), respectively, for estimated losses at Southern Company Gas associated with the Illinois Commerce Commission disallowances related to (1) its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas under the QIP rider, or Investing in Illinois program and (2) Nicor Gas' general base rate case proceeding. Further charges may occur; however, the amount and timing of any such charges are uncertain.

(6)Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of $119 million (pre tax and after tax) associated with goodwill at PowerSecure, Inc. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

Filed on / For Period end:	2/15/24	10-K
	12/31/23	10-K
	12/31/22	10-K, 11-K, 4, ARS, SD
		List all Filings

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Filing Submission 0000092122-24-000011 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)