SECURITIES AND EXCHANGE COMMISSION
FORM U5S
ANNUAL REPORT
For the Fiscal Year Ended December 31, 2004
Filed pursuant to the Public Utility Holding Company Act of 1935
by
THE SOUTHERN COMPANY
270 PEACHTREE STREET, N. W.
THE SOUTHERN COMPANY
FORM U5S
2004
TABLE OF CONTENTS
| ITEM | PAGE NUMBER | |||
| 1 | ||||
| 8 | ||||
| 8 | ||||
| 9 | ||||
| 10 | ||||
| 11 | ||||
| 36 | ||||
| 38 | ||||
| 40 | ||||
| A | ||||
i
ITEMS
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
THE SOUTHERN COMPANY
(SOUTHERN) |
None | None | n/a | n/a | Registered holding | ||||||||||||||||||||
unsecured debts |
$ | 118,157 | (a) | $ | 118,157 | company | |||||||||||||||||||
ALABAMA POWER
COMPANY (ALABAMA) |
8,250,000 | 100 | % | $ | 3,610,204 | $ | 3,610,204 | Electric utility company | |||||||||||||||||
Alabama Energy Providers, Inc.* |
1,000 | 100 | % | 1 | 1 | Energy-related company | |||||||||||||||||||
Alabama Property Company |
1,000 | 100 | % | $ | 10,599 | $ | 10,599 | Non-utility subsidiary | |||||||||||||||||
Alabama Power Capital Trust IV
(ALABAMA TRUST IV) (b) |
n/a | n/a | $ | 3,093 | $ | 3,093 | Special purpose subsidiary | ||||||||||||||||||
Alabama Power Capital Trust V
(ALABAMA TRUST V) (b) |
n/a | n/a | $ | 6,186 | $ | 6,186 | Special purpose subsidiary | ||||||||||||||||||
Alabama Power Capital
Trust VI * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Alabama Power Capital
Trust VII * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Alabama Power Capital
Trust VIII * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Southern Electric Generating
Company (SEGCO) (c) |
164,000 | 50 | % | $ | 29,734 | $ | 29,734 | ||||||||||||||||||
GEORGIA POWER COMPANY
(GEORGIA) (d) |
7,761,500 | 100 | % | $ | 4,890,561 | $ | 4,890,561 | Electric utility company | |||||||||||||||||
SEGCO (c) |
164,000 | 50 | % | $ | 29,734 | $ | 29,734 | ||||||||||||||||||
Piedmont-Forrest Corporation |
$ | 5,743 | $ | 5,743 | Non-utility subsidiary | ||||||||||||||||||||
(PIEDMONT) |
100,000 | 100 | % | $ | 11,499 | (e) | $ | 11,499 | (e) | ||||||||||||||||
Georgia Power Capital Trust IV
(GEORGIA TRUST IV) (b)* |
n/a | n/a | $ | 0 | $ | 0 | Special purpose subsidiary | ||||||||||||||||||
1
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
Georgia Power Capital Trust V
(GEORGIA TRUST V) (b) |
n/a | n/a | $ | 13,608 | $ | 13,608 | Special purpose subsidiary | ||||||||||||||||||
Georgia Power Capital Trust VI
(GEORGIA TRUST VI) (b) |
n/a | n/a | $ | 9,354 | $ | 9,354 | Special purpose subsidiary | ||||||||||||||||||
Georgia Power Capital Trust VII
(GEORGIA TRUST VII) (b) |
n/a | n/a | $ | 6,261 | $ | 6,261 | Special purpose subsidiary | ||||||||||||||||||
Georgia Power Capital Trust VIII * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Georgia Power Capital Trust IX * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Georgia Power Capital Trust X * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
GULF POWER COMPANY
(GULF) |
992,717 | 100 | % | $ | 592,172 | $ | 592,172 | Electric utility company | |||||||||||||||||
Gulf Power Capital Trust III
(GULF TRUST III) (b) |
n/a | n/a | $ | 928 | $ | 928 | Special purpose subsidiary | ||||||||||||||||||
Gulf Power Capital Trust IV
(GULF TRUST IV) (b) |
n/a | n/a | $ | 1,238 | $ | 1,238 | Special purpose subsidiary | ||||||||||||||||||
Gulf Power Capital Trust V * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Gulf Power Capital Trust VI * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
MISSISSIPPI POWER COMPANY
(MISSISSIPPI) |
1,121,000 | 100 | % | $ | 545,837 | $ | 545,837 | Electric utility company | |||||||||||||||||
Mississippi Power Capital Trust II
(MISSISSIPPI TRUST II) (b) |
n/a | n/a | $ | 1,082 | $ | 1,082 | Special purpose subsidiary | ||||||||||||||||||
Mississippi Power Capital
Trust III * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
2
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
Mississippi Power Capital Trust IV * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Mississippi Power Services, Inc.* |
100 | 100 | % | $ | 10 | $ | 10 | Energy-related company | |||||||||||||||||
SAVANNAH ELECTRIC AND
POWER COMPANY
(SAVANNAH) (f) |
10,844,635 | 100 | % | $ | 232,156 | $ | 232,156 | Electric utility company | |||||||||||||||||
Savannah Electric Capital Trust II * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
CHANGE IN CONTROL TRUST (g) |
n/a | n/a | $ | 30,472 | $ | 30,472 | |||||||||||||||||||
DEFERRED CASH TRUST (g) |
n/a | n/a | $ | 960 | $ | 960 | |||||||||||||||||||
DEFERRED STOCK TRUST (g) |
n/a | n/a | $ | 7,236 | $ | 7,236 | |||||||||||||||||||
SOUTHERN COMPANY
HOLDINGS, INC. (Southern
Holdings) (h) |
9,111 | 91.11 | % | $ | 456,776 | $ | 423,070 | Non-utility subsidiary | |||||||||||||||||
Southern Company Capital Funding,
Inc. (Capital Funding) |
1,000 | 100 | % | $ | 25,216 | $ | 25,216 | Special purpose subsidiary | |||||||||||||||||
Southern Company Capital Trust I
(b) |
n/a | n/a | $ | 10,395 | $ | 10,395 | Special purpose subsidiary | ||||||||||||||||||
Southern Company Capital
Trust II (b) |
n/a | n/a | $ | 2,391 | $ | 2,391 | Special purpose subsidiary | ||||||||||||||||||
Southern Company Capital
Trust VI (b) |
n/a | n/a | $ | 6,197 | $ | 6,197 | Special purpose subsidiary | ||||||||||||||||||
Southern Company Capital
Trust VII * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Southern Company Capital
Trust VIII * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Southern Company Capital
Trust IX * |
n/a | n/a | n/a | n/a | Special purpose subsidiary | ||||||||||||||||||||
Southern Company Energy Solutions
LLC (SCES LLC) |
n/a | 100 | % | $ | 8,196 | $ | 8,196 | Energy-related company | |||||||||||||||||
Biomass Synthetic Gas Production
Facility, LLC* |
n/a | 100 | % | — | — | Energy-related company | |||||||||||||||||||
Alabama Synfuel Energy, Inc. |
1,000 | 100 | % | $ | 50,800 | $ | 50,800 | Energy-related company | |||||||||||||||||
Synfuel Services, Inc. (Synfuel
Services) |
1,000 | 100 | % | $ | 1,275 | $ | 1,275 | Energy-related company | |||||||||||||||||
Energy Related Activities Inc. (ERA) |
1,000 | 100 | % | $ | 8,925 | $ | 8,925 | Energy-related company | |||||||||||||||||
3
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
Southern Company
Electrotechnologies, Inc. (Electrotechnologies)(i) |
100 | 100 | % | $ | 34,835 | $ | 34,835 | Energy-related company | |||||||||||||||||
Southern Company Rail Services, Inc.
(SCRS) |
1,000 | 100 | % | $ | 3,807 | $ | 3,807 | Energy-related company | |||||||||||||||||
Southern Electric Railroad Company
(SERC) |
5,000 | 100 | % | $ | 5 | $ | 5 | Non-utility subsidiary | |||||||||||||||||
SE Finance Capital Corporation II |
1,000 | 100 | % | $ | 287,100 | $ | 287,100 | Non-utility subsidiary | |||||||||||||||||
SE Finance Capital Corporation |
1,000 | 100 | % | $ | 225,484 | $ | 225,484 | Non-utility subsidiary | |||||||||||||||||
Southern Energy Finance
Company, Inc. |
1,000 | 100 | % | $ | 385,767 | $ | 385,767 | Non-utility subsidiary | |||||||||||||||||
Carbontronics, LLC (j) |
n/a | 1 | % | $ | 23,663 | $ | 237 | Energy-related company | |||||||||||||||||
EPZ Lease, Inc. |
1,000 | 100 | % | $ | 74,236 | $ | 74,236 | Non-utility subsidiary | |||||||||||||||||
EPZ Lease, LLC |
n/a | n/a | $ | 118,893 | $ | 118,893 | Non-utility subsidiary | ||||||||||||||||||
EPZ Lease Holding A, LLC |
n/a | n/a | $ | 36,028 | $ | 36,028 | Non-utility subsidiary | ||||||||||||||||||
EPZ Lease Trust A (b) |
n/a | n/a | $ | 36,027 | $ | 36,027 | Foreign utility company | ||||||||||||||||||
EPZ Lease Holding B, LLC |
n/a | n/a | $ | 36,028 | $ | 36,028 | Non-utility subsidiary | ||||||||||||||||||
EPZ Lease Trust B (b) |
n/a | n/a | $ | 36,027 | $ | 36,027 | Foreign utility company | ||||||||||||||||||
EPZ Lease Holding C, LLC |
n/a | n/a | $ | 48,037 | $ | 48,037 | Non-utility subsidiary | ||||||||||||||||||
EPZ Lease Trust C (b) |
n/a | n/a | $ | 48,036 | $ | 48,036 | Foreign utility company | ||||||||||||||||||
Dutch Gas Lease, Inc. |
1,000 | 100 | % | $ | 148,653 | $ | 148,653 | Non-utility subsidiary | |||||||||||||||||
Dutch Gas Lease, LLC |
n/a | n/a | $ | 264,403 | $ | 264,403 | Non-utility subsidiary | ||||||||||||||||||
Dutch Gas Lease Holding A,
LLC |
n/a | n/a | $ | 104,725 | $ | 104,725 | Non-utility subsidiary | ||||||||||||||||||
Dutch Gas Lease Trust
A (b) |
n/a | n/a | $ | 104,725 | $ | 104,725 | Foreign utility company | ||||||||||||||||||
Dutch Gas Lease Holding B,
LLC |
n/a | n/a | $ | 80,567 | $ | 80,567 | Non-utility subsidiary | ||||||||||||||||||
4
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
Dutch Gas Lease Trust B
(b) |
n/a | n/a | $ | 80,567 | $ | 80,567 | Foreign utility company | ||||||||||||||||||
Dutch Gas Lease Holding C,
LLC |
n/a | n/a | $ | 79,112 | $ | 79,112 | Non-utility subsidiary | ||||||||||||||||||
Dutch Gas Lease Trust C
(b) |
n/a | n/a | $ | 79,112 | $ | 79,112 | Foreign utility company | ||||||||||||||||||
NUON Lease, Inc. |
1,000 | 100 | % | $ | 139,750 | $ | 139,750 | Non-utility subsidiary | |||||||||||||||||
NUON Lease Holding D, LLC |
n/a | n/a | $ | 105,720 | $ | 105,720 | Non-utility subsidiary | ||||||||||||||||||
NUON Lease Trust D (b) |
n/a | n/a | $ | 105,720 | $ | 105,720 | Foreign utility company | ||||||||||||||||||
NUON Lease Holding E, LLC |
n/a | n/a | $ | 82,805 | $ | 82,805 | Non-utility subsidiary | ||||||||||||||||||
NUON Lease Trust E (b) |
n/a | n/a | $ | 78,182 | $ | 78,182 | Foreign utility company | ||||||||||||||||||
NUON Lease Holding F, LLC |
n/a | n/a | $ | 54,094 | $ | 54,094 | Non-utility subsidiary | ||||||||||||||||||
NUON Lease Trust F (b) |
n/a | n/a | $ | 51,562 | $ | 51,562 | Foreign utility company | ||||||||||||||||||
GAMOG Lease, Inc. |
1,000 | 100 | % | $ | 108,530 | $ | 108,530 | Non-utility subsidiary | |||||||||||||||||
GAMOG Lease Holding G,
LLC |
n/a | n/a | $ | 40,413 | $ | 40,413 | Non-utility subsidiary | ||||||||||||||||||
GAMOG Lease Trust G (b) |
n/a | n/a | $ | 40,413 | $ | 40,413 | Foreign utility company | ||||||||||||||||||
GAMOG Lease Holding H,
LLC |
n/a | n/a | $ | 94,610 | $ | 94,610 | Non-utility subsidiary | ||||||||||||||||||
GAMOG Lease Trust H (b) |
n/a | n/a | $ | 94,610 | $ | 94,610 | Foreign utility company | ||||||||||||||||||
GAMOG Lease Holding I, LLC |
n/a | n/a | $ | 47,032 | $ | 47,032 | Non-utility subsidiary | ||||||||||||||||||
GAMOG Lease Trust I (b) |
n/a | n/a | $ | 47,032 | $ | 47,032 | Foreign utility company | ||||||||||||||||||
Clairton, Inc. |
1,000 | 100 | % | $ | 13,483 | $ | 13,483 | Non-utility subsidiary | |||||||||||||||||
Clairton, LLC (k) |
n/a | 85 | % | $ | 17,567 | $ | 14,932 | Energy-related company | |||||||||||||||||
5
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
Clairton 2, Inc. |
1,000 | 100 | % | $ | 3,348 | $ | 3,348 | Non-utility subsidiary | |||||||||||||||||
Clairton, LLC (k) |
n/a | 15 | % | $ | 17,567 | $ | 2,635 | Energy-related company | |||||||||||||||||
Carbontronics, Inc |
1,000 | 100 | % | $ | 34,514 | $ | 34,514 | Non-utility subsidiary | |||||||||||||||||
Carbontronics, LLC (j) |
n/a | 99 | % | $ | 23,663 | $ | 23,426 | Energy-related company | |||||||||||||||||
SE Choctaw, Inc. |
1,000 | 100 | % | $ | 14,807 | $ | 14,807 | Non-utility company | |||||||||||||||||
SE Choctaw II, LLC |
n/a | 100 | % | $ | 98,126 | $ | 98,126 | Non-utility subsidiary | |||||||||||||||||
SE Choctaw, LLC |
n/a | 100 | % | $ | 98,126 | $ | 98,126 | Exempt wholesale generator | |||||||||||||||||
SE Lease, Inc. (l) |
1,000 | 100 | % | $ | 67,092 | $ | 67,092 | Non-utility subsidiary | |||||||||||||||||
SE Ravenswood Lease LLC (l) |
n/a | 100 | % | $ | 75,880 | $ | 75,880 | Non-utility subsidiary | |||||||||||||||||
SE Ravenswood Trust (l) |
n/a | 100 | % | $ | 75,880 | $ | 75,880 | Exempt wholesale generator | |||||||||||||||||
SOUTHERN COMPANY FUNDING
CORPORATION (Southern
Funding) |
1,000 | 100 | % | $ | 10 | 10 | Special purpose subsidiary | ||||||||||||||||||
SOUTHERN COMPANY GAS LLC
(Southern Company GAS) |
n/a | 100 | % | $ | 17,620 | $ | 17,620 | Energy-related company | |||||||||||||||||
SOUTHERN COMPANY SERVICES, INC.
(SCS) (m) |
14,500 | 100 | % | ( | $ | 24,850 | ) | ( | $ | 24,850 | ) | Service company | |||||||||||||
SOUTHERN COMMUNICATIONS
SERVICES, INC. (SouthernLINC
Wireless) |
500 | 100 | % | $ | 122,641 | $ | 122,641 | Non-utility subsidiary | |||||||||||||||||
Reese Telecommunications, Inc. |
50,000 | 100 | % | $ | 800 | $ | 800 | Non-utility subsidiary | |||||||||||||||||
SOUTHERN INFORMATION
HOLDING COMPANY, INC.
(Powercall) |
1,000 | 100 | % | $ | 1,453 | $ | 1,453 | Non-utility subsidiary | |||||||||||||||||
Southern Information 1, Inc.* |
1,000 | 100 | % | $ | 0 | $ | 0 | Non-utility subsidiary | |||||||||||||||||
Southern Information 2, Inc.* |
1,000 | 100 | % | $ | 0 | $ | 0 | Non-utility subsidiary | |||||||||||||||||
6
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
| Number of | |||||||||||||||||||||||||
| Name of Company | Common | Percentage | Issuer | Owner’s | Type | ||||||||||||||||||||
| (Add abbreviation | Shares | of | Book | Book | of | ||||||||||||||||||||
| used herein) | Owned | Voting Power | Value | Value | Company | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
SOUTHERN NUCLEAR
OPERATING COMPANY, INC.
(Southern Nuclear) |
1,000 | 100 | % | $ | 33,468 | $ | 33,468 | Service company | |||||||||||||||||
SOUTHERN POWER COMPANY
(SOUTHERN POWER) |
1,000 | 100 | % | $ | 811,611 | $ | 811,611 | Electric utility company | |||||||||||||||||
Cherokee Falls Development of
South Carolina LLC
(Southern Company Cherokee) |
n/a | 100 | % | $ | 33 | $ | 33 | Non-utility subsidiary | |||||||||||||||||
Klondike Development LLC
(Southern Company Klondike) |
n/a | 100 | % | $ | 220 | $ | 220 | Non-utility subsidiary | |||||||||||||||||
Southern Company-Florida LLC
(Southern Company Florida) |
n/a | 100 | % | $ | 151,436 | $ | 151,436 | Exempt wholesale generator | |||||||||||||||||
Southern Company-Jet Port LLC
(Southern Company Jet Port) |
n/a | 100 | % | $ | 3,715 | $ | 3,715 | Non-utility subsidiary | |||||||||||||||||
SPC McLeod LLC
(Southern Company McLeod) |
n/a | n/a | $ | 4,506 | $ | 4,506 | Non-utility subsidiary | ||||||||||||||||||
St. Lucie Holdings Cana LLC (n) |
n/a | n/a | $ | 4,657 | $ | 4,657 | Non-utility subsidiary | ||||||||||||||||||
SOUTHERN TELECOM, INC.
(Southern Telecom) |
1,000 | 100 | % | $ | 8,177 | $ | 8,177 | Exempt tele-communication company | |||||||||||||||||
Southern Telecom 1, Inc. |
1,000 | 100 | % | $ | 0 | $ | 0 | Non-utility subsidiary | |||||||||||||||||
Southern Telecom 2, Inc. |
1,000 | 100 | % | $ | 0 | $ | 0 | Non-utility subsidiary | |||||||||||||||||
SOUTHERN MANAGEMENT
DEVELOPMENT, INC. (Southern
Management) |
500 | 100 | % | $ | 35,433 | $ | 35,433 | Energy-related company | |||||||||||||||||
Southern Holdings (h) |
889 | 8.89 | % | $ | 456,776 | $ | 33,676 | Non-utility subsidiary | |||||||||||||||||
NuStart Energy Development, LLC |
n/a | 12.5 | % | $ | 8,000 | $ | 1,000 | Energy-related company | |||||||||||||||||
7
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2004.
Notes to Item 1.
* Inactive companies.
(a) Unsecured debt –
| Amount | ||||||||||||
| Company Name | (in thousands) | Interest Rate | ||||||||||
SouthernLINC Wireless |
$ | 40,341 | 5.50 | % | ||||||||
Southern Holdings |
$ | 22,400 | 5.50 | % | ||||||||
Southern Company GAS |
$ | 50,690 | 5.29 | % | ||||||||
SCRS |
$ | 4,726 | 5.50 | % | ||||||||
| (b) | A Delaware statutory trust. The form of equity investment is paid in capital. | |
| (c) | SEGCO is 50% owned by ALABAMA and 50% owned by GEORGIA. The amounts shown reflect the respective ownership of each company. | |
| (d) | GEORGIA has an investment in Alliance Technology Ventures which is consolidated with the accounts of GEORGIA in accordance with generally accepted accounting principles, but does not represent a subsidiary of GEORGIA in accordance with the Public Utility Holding Company Act, as amended. | |
| (e) | Promissory note due on demand; interest rate, based on GEORGIA’s embedded cost of capital, was 8.80% at January 1, 2005. | |
| (f) | Savannah Electric Capital Trust I was dissolved in 2004. | |
| (g) | Trusts established to fund certain deferred compensation arrangements for SOUTHERN’s management and directors. These trusts are consolidated with the accounts of SOUTHERN in accordance with generally accepted accounting principles, but do not represent subsidiaries of SOUTHERN. | |
| (h) | Southern Holdings is partially owned by Southern Management. | |
| (i) | Electrotechnologies has an investment in Advent Energy II LP which is consolidated with the accounts of Electrotechnologies in accordance with generally accepted accounting principles, but does not represent a subsidiary of Electrotechnologies in accordance with the Public Utility Holding Company Act of 1935, as amended. | |
| (j) | Carbontronics, LLC is 1% owned by Southern Energy Finance Company, Inc. and 99% owned by Carbontronics, Inc. | |
| (k) | Clairton, LLC is 85% owned by Clairton, Inc. and 15% owned by Clairton 2, Inc. | |
| (l) | SE Lease, Inc. was incorporated in Delaware on May 3, 2004, SE Ravenswood Lease, LLC is a limited liability company organized in Delaware on May 25, 2004 and the SE Ravenswood Trust is a Delaware statutory trust formed on May 17, 2004. These companies were organized for the purpose of completing the purchase from Keyspan Corporation and subsequent leaseback of the Ravenswood Expansion Facility, a 250 megawatt combined cycle gas turbine facility in New York, NY. | |
| (m) | See Consolidating Statements of Comprehensive Income on page A-15 herein for information regarding SCS’ negative book value. | |
| (n) | St. Lucie Holdings Cana, LLC is a limited liability company organized in Delaware on June 4, 2004 for the purpose of holding potential generating facility sites. |
ITEM 2. ACQUISITION OR SALES OF UTILITY ASSETS.
NONE.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES.
NONE.
8
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES.
Calendar Year 2004
| Name of Company | Indicate | |||||||||||||||||||||||
| Name of Issuer and | Acquiring, Redeeming | Number of Shares or Principal Amount | Commission | |||||||||||||||||||||
| Title of Issue | or Retiring Securities | Acquired | Redeemed | Retired | Consideration | Authorization | ||||||||||||||||||
| (See Note) | ||||||||||||||||||||||||
ALABAMA: |
||||||||||||||||||||||||
Senior Notes |
||||||||||||||||||||||||
Series J 6.75% due 2039 |
ALABAMA | None | $ | 200,000,000 | None | $ | 200,000,000 | |||||||||||||||||
Series K 7.125% due 2004 |
ALABAMA | None | $ | 250,000,000 | None | $ | 250,000,000 | |||||||||||||||||
Series N 4.875% due 2004 |
ALABAMA | None | $ | 275,000,000 | None | $ | 275,000,000 | |||||||||||||||||
GEORGIA: |
||||||||||||||||||||||||
Senior Notes |
||||||||||||||||||||||||
Series D 6.625% due 2039 |
GEORGIA | $ | 100,000,000 | None | $ | 100,000,000 | $ | 100,000,000 | ||||||||||||||||
Series H 6.70% due 2011 |
GEORGIA | $ | 100,000,000 | None | $ | 100,000,000 | $ | 100,000,000 | ||||||||||||||||
Trust Preferred Securities |
||||||||||||||||||||||||
6.85% due 2029 |
GEORGIA | $ | 200,000,000 | None | $ | 200,000,000 | $ | 200,000,000 | ||||||||||||||||
GULF: |
||||||||||||||||||||||||
Senior Notes |
||||||||||||||||||||||||
Series B 7.05% due 2004 |
GULF | None | $ | 50,000,000 | None | $ | 50,000,000 | |||||||||||||||||
Series D 6.10% due 2016 |
GULF | None | $ | 75,000,000 | None | $ | 75,000,000 | |||||||||||||||||
MISSISSIPPI: |
||||||||||||||||||||||||
Preferred Stock |
||||||||||||||||||||||||
7% Series |
MISSISSIPPI | None | $ | 4,984,000 | None | $ | 4,984,000 | |||||||||||||||||
6.32% Series |
MISSISSIPPI | None | $ | 15,000,000 | None | $ | 15,000,000 | |||||||||||||||||
6.65% Series |
MISSISSIPPI | None | $ | 8,404,000 | None | $ | 8,404,000 | |||||||||||||||||
5.25% Series |
MISSISSIPPI | $ | 30,000,000 | None | None | $ | 30,000,000 | |||||||||||||||||
Senior Notes |
||||||||||||||||||||||||
Series D Floating Rate due 2004 |
MISSISSIPPI | None | $ | 80,000,000 | None | $ | 80,000,000 | |||||||||||||||||
Series F Floating Rate due 2009 |
MISSISSIPPI | $ | 40,000,000 | None | None | $ | 40,000,000 | |||||||||||||||||
SAVANNAH: |
||||||||||||||||||||||||
Trust Preferred Securities |
||||||||||||||||||||||||
Series A 6.85% due 2028 |
SAVANNAH | None | $ | 40,000,000 | None | $ | 40,000,000 | |||||||||||||||||
Note to Item 4: All transactions exempt pursuant to Rule 42(b)(2), (4) or (5).
9
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES.
| Number of | ||||||||||
| Shares or | Carrying | |||||||||
| Principal | Value | |||||||||
| Name of Owner | Name of Issuer | Amount Owned | to Owner | |||||||
SOUTHERN (one item) |
(1) | 2,132,669 shares | $ | 1,119,635 | ||||||
ALABAMA (four items) |
(2) | 1,972,386 shares | $ | 1,972,386 | ||||||
GEORGIA (one item) |
(3) | $ | 3,500,538 | $ | 1,350,425 | |||||
GULF (20 items) |
(4) | 1,012 shares | $ | 0 | ||||||
Southern Management (one item) |
(5) | 10.351 | % | $ | 1,026,671 | |||||
SAVANNAH (15 items) |
(4) | 385 shares | $ | 1 | ||||||
Electrotechnologies (one item) |
(6) | 85.2 | % | $ | 21,958,226 | |||||
Alabama Synfuel Energy, Inc. (one item) |
(7) | 60.6 | % | $ | 17,048,818 | |||||
Carbontronics, LLC (one item) |
(7) | 24.975 | % | $ | 11,859,341 | |||||
Clairton, LLC (one item) |
(8) | 14.67 | % | $ | 17,490,933 | |||||
Notes to Item 5:
(1) Represents SOUTHERN’s participation in Perfect Commerce, Inc. (Perfect Commerce). Prior to November 2004, SOUTHERN’s participation was in Pantellos Corporation (Pantellos). In November 2004, Perfect Commerce completed its merger with Pantellos. Perfect Commerce is focused on helping participants reduce the cost and complexity of their purchasing processes.
(2) Debt securities issued by instrumentalities of political subdivisions within ALABAMA’s service area to build promotional industrial buildings that will assist in advancing business and industrial development.
(3) Investment made in a private venture capital fund for the purpose of assisting early-stage and high technology companies located principally in the Southeast, with a focus on Georgia-based firms. (See File No. 70-8085.)
(4) Securities representing bankruptcy distributions applicable to obligations of customers incurred in the ordinary course of business.
(5) Investment in a limited partnership that consists of energy related companies.
(6) Investment in a limited partnership that provides risk capital for, and makes investments in, the securities of companies engaged in the development and commercialization of electrotechnologies.
(7) Investment in an entity that converts coal into synthetic fuel.
(8) Investment in a limited partnership that produces alternative fuel.
10
ITEM 6. OFFICERS AND DIRECTORS.
PART I.
The following are the abbreviations to be used for principal business address and positions.
| Principal Business Address | Code | |
270 Peachtree Street |
||
Atlanta, GA 30303
|
(a) | |
600 North 18th Street |
||
Birmingham, AL 35291
|
(b) | |
241 Ralph McGill Boulevard, N.E. |
||
Atlanta, GA 30308-3374
|
(c) | |
One Energy Place |
||
Pensacola, FL 32520
|
(d) | |
2992 West Beach Boulevard |
||
Gulfport, MS 39501
|
(e) | |
600 East Bay Street |
||
Savannah, GA 31401
|
(f) | |
5555 Glenridge Connector |
||
Atlanta, GA 30342
|
(g) | |
42 Inverness Center Parkway |
||
Birmingham, AL 35242
|
(h) | |
40 Inverness Center Parkway |
||
Birmingham, AL 35242
|
(i) | |
601 Pennsylvania Ave., NW |
||
Suite 800 South |
||
Washington, DC 20004
|
(j) | |
1403 Foulk Road |
||
Foulkstone Plaza Suite 102-9 |
||
Wilmington, DE 19803
|
(k) | |
4000 DeKalb Technology Parkway |
||
Suite 100 |
||
Atlanta, GA 30340
|
(l) | |
3003 Summit Boulevard
|
(m) | |
Suite 700 |
||
Atlanta, GA 30319 |
||
| Position | Code | |
Chairman of the Board
|
CH | |
Director
|
D | |
President
|
P | |
Chief Executive Officer
|
CEO | |
Chief Financial Officer
|
CFO | |
Chief Accounting Officer
|
CAO | |
Chief Information Officer
|
CIO | |
Chief Operating Officer
|
COO | |
Chief Production Officer
|
CPO | |
Senior Executive Vice President
|
SEVP | |
Executive Vice President
|
EVP | |
Senior Vice President
|
SVP | |
Financial Vice President
|
FVP | |
Vice President
|
VP | |
Controller/Comptroller
|
C | |
Counsel
|
L | |
Manager
|
M | |
Secretary
|
S | |
Treasurer
|
T | |
| SOUTHERN | ||
| Name and Principal Address (a) | Position | |
Daniel P. Amos |
D | |
1932 Wynnton Road |
||
Columbus, GA 31999 |
||
Dorrit J. Bern |
D | |
450 Winks Lane |
||
Bensalem, PA 19020 |
||
Francis S. Blake |
D | |
2455 Paces Ferry Road |
||
Atlanta, GA 30329 |
||
Thomas F. Chapman |
D | |
1550 Peachtree Street, NW |
||
Atlanta, GA 30309 |
||
Bruce S. Gordon |
D | |
166 Duane Street |
||
Apt. 7B |
||
New York, NY 10013 |
||
Donald M. James |
D | |
1200 Urban Center Drive |
||
Liberty Park Office Complex |
||
Birmingham, AL 35242 |
||
Zack T. Pate |
D | |
806 Kinloch N.W. |
||
Atlanta, GA 30327 |
||
J. Neal Purcell |
D | |
590 Marsh Park Drive |
||
Duluth, GA 30097 |
||
David M. Ratcliffe |
D,P, CEO,CH | |
11
ITEM 6. OFFICERS AND DIRECTORS.
PART I. (Continued)
| SOUTHERN (continued) | ||
| Name and Principal Address (a) | Position | |
Gerald J. St. Pé |
D | |
1020 Eastwood Drive |
||
Pascagoula, MS 39567 |
||
Dwight H. Evans |
EVP | |
Thomas A. Fanning |
EVP | |
Michael D. Garrett (c) |
EVP | |
Leonard J. Haynes |
EVP | |
G. Edison Holland |
EVP,L | |
Charles D. McCrary (b) |
EVP | |
David R. Altman |
VP | |
Rebecca A. Blalock (c) |
VP | |
Jackie J. Collins |
VP | |
Ellen N. Lindemann |
VP | |
Joseph A. Miller (j) |
VP | |
W. Dean Hudson (c) |
CAO,C | |
Tommy Chisholm |
S | |
| ALABAMA | ||
| Name and Principal Address (b) | Position | |
Whit Armstrong |
D | |
P. O. Box 310900 |
||
Enterprise, AL 36331 |
||
David J. Cooper, Sr. |
D | |
118 N. Royal Street |
||
Mobile, AL 36602 |
||
R. Kent Henslee |
D | |
754 Chestnut Street |
||
Gadsden, AL 35901 |
||
John D. Johns |
D | |
2801 Highway 280 South |
||
Birmingham, AL 35223 |
||
Carl E. Jones, Jr. |
D | |
P. O. Box 10247 |
||
Birmingham, AL 35202 |
||
Patricia M. King |
D | |
2548 US Highway 78 |
||
Anniston, AL 36207 |
||
James K. Lowder |
D | |
2000 Interstate Park Drive |
||
Suite 400 |
||
Montgomery, AL 36109 |
||
Wallace D. Malone, Jr. |
D | |
P. O. Box 2554 |
||
Birmingham, AL 35290 |
||
Charles D. McCrary |
D,P,CEO | |
Malcolm Portera |
D | |
401 Queen City Avenue |
||
Tuscaloosa, AL 35401 |
||
Robert D. Powers |
D | |
202 East Broad Street |
||
Eufaula, AL 36027 |
||
David M. Ratcliffe (a) |
D | |
C. Dowd Ritter |
D | |
P. O. Box 11007 |
||
Birmingham, AL 35288 |
||
James H. Sanford |
D | |
1001 McQueen Smith Road South |
||
Prattville, AL 36066 |
||
John C. Webb, IV |
D | |
125 W. Washington Street |
||
Demopolis, AL 36732 |
||
James W. Wright |
D | |
100 Commerce Street |
||
Montgomery, AL 36104 |
||
William B. Hutchins, III |
EVP,CFO,T | |
C. Alan Martin |
EVP | |
Steve R. Spencer |
EVP | |
Robert Holmes, Jr. |
SVP | |
Robin A. Hurst |
SVP | |
Rodney O. Mundy |
SVP,L | |
Michael L. Scott |
SVP | |
Jerry L. Stewart |
SVP | |
Art P. Beattie |
VP,CAO,C | |
Christopher T. Bell |
VP | |
Willard L. Bowers |
VP | |
Larry R. Grill |
VP | |
Gerald L. Johnson |
VP | |
Marsha S. Johnson |
VP | |
William B. Johnson |
VP | |
Bobbie J. Knight |
VP | |
Ellen N. Lindemann (a) |
VP | |
Gordon G. Martin |
VP | |
Donald W. Reese |
VP | |
R. Michael Saxon |
VP | |
Julia H. Segars |
VP | |
Julian H. Smith, Jr. |
VP | |
W. Ronald Smith |
VP | |
Cheryl A. Thompson |
VP | |
Terry H. Waters |
VP | |
William E. Zales, Jr. |
VP,S | |
12
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| ALABAMA PROPERTY COMPANY | ||
| Name and Principal Address (b) | Position | |
Charles D. McCrary
|
D,P | |
William B. Hutchins, III
|
D,VP | |
C. Alan Martin
|
D,VP | |
Larry Grill
|
VP | |
Art P. Beattie
|
C | |
William E. Zales, Jr.
|
S | |
J. Randy DeRieux
|
T | |
| ALABAMA ENERGY PROVIDERS, INC. | ||
| Name and Principal Address (b) | Position | |
Rodney O. Mundy |
D | |
William B. Hutchins, III |
D,VP | |
C. Alan Martin |
D | |
Michael L. Scott |
D,P | |
William E. Zales, Jr. |
S | |
J. Randy DeRieux |
T | |
| GEORGIA | ||
| Name and Principal Address (c) | Position | |
Juanita Powell Baranco |
D | |
4355 Highway 78 |
||
Lilburn, GA 30047 |
||
Robert L. Brown, Jr. |
D | |
250 East Ponce de Leon Avenue |
||
Eighth Floor |
||
Decatur, GA 30030 |
||
Ronald D. Brown |
D | |
100 Auburn Avenue |
||
Atlanta, GA 30303 |
||
Anna R. Cablik |
D | |
1513 Johnson Ferry Road |
||
Suite T-20 |
||
Marietta, GA 30062 |
||
Michael D. Garrett |
D,P,CEO | |
David M. Ratcliffe (a) |
D | |
D. Gary Thompson |
D | |
1384 Wesley Circle |
||
Atlanta, GA 30327 |
||
Richard W. Ussery |
D | |
1600 First Avenue |
||
Columbus, GA 31902-1755 |
||
William Jerry Vereen |
D | |
P. O. Box 1663 |
||
Moultrie, GA 31776-1663 |
||
E. Jenner Wood, III |
D | |
P.O. Box 4418 |
||
M.C. 0103 |
||
Atlanta, GA 30303 |
||
William C. Archer, III |
EVP | |
C. B. Harreld |
EVP,T,CFO | |
Judy M. Anderson |
SVP | |
Ronnie L. Bates |
SVP | |
M. A. Brown |
SVP | |
Richard L. Holmes |
SVP | |
James H. Miller, III |
SVP,L | |
Christopher C. Womack |
SVP | |
W. Craig Barrs |
VP | |
Rebecca A. Blalock |
VP | |
A. Bryan Fletcher |
VP | |
J. Kevin Fletcher |
VP | |
O. Ben Harris |
VP | |
W. Ron Hinson |
VP,C,CAO | |
Ed F. Holcombe |
VP | |
E. Lamont Houston |
VP | |
Brian L. Ivey |
VP | |
Anne H. Kaiser |
VP | |
Ellen N. Lindemann (a) |
VP | |
Jackie W. Lowe |
VP | |
Frank J. McCloskey |
VP | |
Leslie R. Sibert |
VP | |
James E. Sykes |
VP | |
Jeffrey L. Wallace |
VP | |
Janice G. Wolfe |
S | |
| PIEDMONT | ||
| Name and Principal Address (c) | Position | |
Michael D. Garrett |
D,P | |
C. B. Harreld |
D,EVP,T | |
Janice G. Wolfe |
D,VP,S | |
| SEGCO | ||
| Name and Principal Address (b) | Position | |
William C. Archer (c)
|
D | |
Art P. Beattie
|
D,C | |
W. Paul Bowers
|
D,VP | |
Michael D. Garrett (c)
|
D, VP | |
C. B. Harreld (c)
|
D | |
William B. Hutchins, III
|
D,VP | |
Charles D. McCrary
|
D,P | |
Jerry L. Stewart
|
D | |
Christopher C. Womack (c)
|
D | |
William E. Zales, Jr.
|
S | |
J. Randy DeRieux
|
T | |
13
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| GULF | ||
| Name and Principal Address (d) | Position | |
C. LeDon Anchors |
D | |
909 Mar Walt Drive |
||
Suite 1014 |
||
Fort Walton Beach, FL 32547 |
||
William C. Cramer |
D | |
2251 West 23rd Street |
||
Panama City, FL 32405 |
||
Fred C. Donovan, Sr. |
D | |
449 W. Main Street |
||
Pensacola, FL 32502 |
||
William A. Pullum |
D | |
8494 Navarre Parkway |
||
Navarre, FL 32566 |
||
Winston E. Scott |
D | |
100 Spaceport Way |
||
Cape Canaveral, FL 32920-4003 |
||
Susan N. Story |
D,P,CEO | |
F. M. Fisher, Jr. |
VP | |
P. Bernard Jacob |
VP | |
Ronnie R. Labrato |
VP,CFO,CAO,C | |
Ellen N. Lindemann (a) |
VP | |
Gene L. Ussery, Jr. (e) |
VP | |
Susan D. Ritenour |
S,T | |
| MISSISSIPPI | ||
| Name and Principal Address (e) | Position | |
Tommy E. Dulaney |
D | |
P. O. Box 2929 |
||
Meridian, MS 39302 |
||
Warren A. Hood, Jr. |
D | |
P.O. Box 682 |
||
Hattiesburg, MS 39402 |
||
Robert C. Khayat |
D | |
P. O. Box 1848 |
||
123 Lyceum Building |
||
University, MS 38677 |
||
George A. Schloegel |
D | |
Hancock Bank |
||
P. O. Box 4019 |
||
Gulfport, MS 39502 |
||
Philip J. Terrell |
D | |
799 East Second Street |
||
Pass Christian, MS 39571 |
||
Anthony J. Topazi |
D,P,CEO | |
Gene Warr |
D | |
767 16th Street |
||
Gulfport, MS 39507 |
||
Bobby J. Kerley |
VP | |
Ellen N. Lindemann (a) |
VP | |
Don E. Mason |
VP | |
Michael W. Southern |
VP,CFO,CAO,T | |
Gene L. Ussery, Jr. |
VP | |
Frances V. Turnage |
C | |
Vicki L. Pierce |
S | |
| MISSISSIPPI POWER SERVICES, INC. | ||
| Name and Principal Address (e) | Position | |
Bobby J. Kerley |
D,P,CEO | |
Don E. Mason |
D,VP | |
Michael W. Southern |
D,VP,T,CFO | |
Anthony J. Topazi |
D, CH | |
Gene L. Ussery, Jr. |
D,VP | |
Frances V. Turnage |
C | |
Vicki L. Pierce |
S | |
| SAVANNAH | ||
| Name and Principal Address (f) | Position | |
Gus H. Bell, III |
D | |
P. O. Box 14247 |
||
Savannah, GA 31416 |
||
Archie H. Davis |
D | |
P. O. Box 188 |
||
Savannah, GA 31402 |
||
Walter D. Gnann |
D | |
234 Sienes Landing Drive |
||
Springfield, GA 31329 |
||
Anthony R. James |
D,P,CEO | |
Robert B. Miller, III |
D | |
P. O. Box 8003 |
||
Savannah, GA 31412 |
||
Arnold M. Tenenbaum |
D | |
300 Bull Street |
||
Savannah, GA 31401 |
||
W. Miles Greer |
VP | |
Ellen N. Lindemann (a) |
VP | |
Kirby R. Willis |
VP,T,CFO | |
Nancy Frankenhauser |
C,S | |
14
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| SCS | ||
| Name and Principal Address (c) | Position | |
Michael D. Garrett |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe (a) |
D,P,CEO | |
W. Paul Bowers (b) |
EVP | |
Dwight H. Evans (a) |
EVP | |
Thomas A. Fanning (a) |
EVP | |
Leonard J. Haynes (a) |
EVP | |
G. Edison Holland, Jr. (a) |
EVP,L | |
William O. Ball |
SVP | |
Rebecca A. Blalock |
SVP | |
Ed Day (h) |
SVP | |
Andrew J. Dearman, III (b) |
SVP | |
Charles H. Goodman (b) |
SVP | |
Kimberly S. Greene (a) |
SVP,T | |
Chris M. Hobson (b) |
SVP | |
W. Dean Hudson |
SVP,C,CFO | |
Ellen N. Lindemann (a) |
SVP | |
C. Philip Saunders (a) |
SVP | |
Michael L. Scott |
SVP | |
Jerry L. Stewart (b) |
SVP | |
Christopher C. Womack |
SVP | |
David R. Altman (a) |
VP | |
Curtis Ashley Baker (h) |
VP | |
Robert A. Bell (a) |
VP | |
Ronald P. Bertasi (l) |
VP | |
Thomas P. Bishop (a) |
VP | |
Ronald R. Campbell (h) |
VP | |
Tommy Chisholm (a) |
VP,S | |
David L. Coker |
VP | |
Jackie J. Collins (a) |
VP | |
Mark A. Crosswhite (b) |
VP | |
James C. Fleming (a) |
VP | |
Barbara S. Hingst |
VP | |
Mark S. Lantrip (a) |
VP | |
Charles D. Long, IV (b) |
VP | |
Jacqualyn Lowe |
VP | |
William L. Marshall, Jr. (b) |
VP | |
William N. McKenzie (a) |
VP | |
Christopher S. Miller (a) |
VP | |
Joseph A. Miller (j) |
VP | |
Sandra R. Miller (f) |
VP | |
Karl R. Moor (j) |
VP | |
Robert G. Moore (b) |
VP | |
Marie D. Mouchet (b) |
VP | |
Rodney O. Mundy (b) |
VP | |
Earl B. Parsons, III (b) |
VP | |
Cliff S. Thrasher (a) |
VP | |
Gene L. Ussery, Jr. (e) |
VP | |
Stephen A. Wakefield (a) |
VP | |
| SouthernLINC Wireless | ||
| Name and Principal Address (g) | Position | |
Robert G. Dawson |
D,P,CEO | |
Thomas A. Fanning (a) |
D | |
Michael D. Garrett (c) |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe (a) |
D | |
R. Craig Elder |
VP,T,CFO | |
Rodney H. Johnson |
VP | |
Julie T. Pigott |
VP | |
Tommy Chisholm (a) |
S | |
Carmine A. Reppucci |
C | |
| SERC | ||
| Name and Principal Address (h) | Position | |
W. Paul Bowers (b)
|
D,P | |
T. Roy Harrell (b)
|
VP | |
Jerry L. Stewart (b)
|
VP | |
Tommy Chisholm (a)
|
S,T | |
| Southern Nuclear | ||
| Name and Principal Address (i) | Position | |
J. Barnie Beasley |
D,P,CEO | |
Michael D. Garrett (c) |
D | |
William G. Hairston, III |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe (a) |
D | |
Jeffrey T. Gasser |
EVP | |
John E. Garlington |
VP | |
Don E. Grissette |
VP | |
Kathleen S. King |
VP,CFO | |
Ellen N. Lindemann (a) |
VP | |
Louis B. Long |
VP | |
John O. Meier |
VP,L | |
Lawrence M. Stinson |
VP | |
H. Lewis Sumner, Jr. |
VP | |
Sherry A. Mitchell |
S | |
Mark K. Tate |
C,T | |
| Southern Holdings | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
D,EVP | |
Thomas A. Fanning |
D | |
Michael D. Garrett (c) |
D,EVP | |
Kimberly S. Greene |
D,EVP | |
Leonard J. Haynes |
D,EVP | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe |
D,P,CEO | |
Tommy Chisholm |
S | |
Laura I. Patterson |
C | |
Earl S. Long |
T | |
15
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| SCES LLC | ||
| Name and Principal Address (l) | Position | |
Ronald P. Bertasi |
P,CEO | |
Thomas A. Fanning (a) |
M | |
Michael D. Garrett (c) |
M | |
Robert M. Gilbert |
VP,CFO | |
C. B. Harreld (c) |
M | |
Leonard J. Haynes (a) |
M | |
Timothy S. Marvin |
T | |
Charles D. McCrary (b) |
M | |
David M. Ratcliffe (a) |
M | |
Tommy Chisholm (a) |
S | |
| SE Finance Capital Corporation | ||
| Name and Principal Address (a) | Position | |
Thomas A. Fanning |
D | |
Kimberly S. Greene |
D,P,CEO | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T,CFO | |
Tommy Chisholm |
S | |
Judith A. Rosenberg |
C | |
| SE Finance Capital Corporation II | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
D,P,CEO | |
Thomas A. Fanning |
D | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T,CFO | |
Tommy Chisholm |
S | |
Judith A. Rosenberg |
C | |
| SE Choctaw Inc. | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
D,P,CEO | |
Thomas A. Fanning |
D | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T,CFO | |
Tommy Chisholm |
S | |
Judith A. Rosenberg |
C | |
| Southern Energy Finance Company Inc. | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
D,P,CEO | |
Thomas A. Fanning |
D | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T,CFO | |
Tommy Chisholm |
S | |
Judith A. Rosenberg |
C | |
| SOUTHERN POWER | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
D,P,CEO | |
Thomas A. Fanning |
D | |
Michael D. Garrett (c) |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe |
D | |
Douglas E. Jones |
EVP | |
Ed Day (h) |
SVP | |
Mark A. Crosswhite (b) |
SVP,L | |
Robert G. Moore (b) |
SVP | |
Christopher C. Womack (c) |
SVP | |
Cliff S. Thrasher |
SVP,C,CFO | |
William N. McKenzie |
VP | |
Christopher Kysar |
T | |
Tommy Chisholm |
S | |
| Southern Company Florida | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Mark A. Crosswhite (b) |
VP | |
Cliff S. Thrasher |
VP,T | |
Tommy Chisholm |
S | |
| Southern Company Jet Port | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Mark A. Crosswhite (b) |
VP | |
Cliff S. Thrasher |
CFO,T | |
Tommy Chisholm |
S | |
| Southern Company Funding Corporation | ||
| Name and Principal Address (a) | Position | |
Thomas A. Fanning |
D | |
Kimberly S. Greene |
D,P,CEO | |
Earl C. Long |
D,VP,CFO,T | |
Sam H. Dabbs |
S | |
| EPZ Lease, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Kimberly S. Greene (a) |
D,P,CEO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
16
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| EPZ Lease, LLC | ||
| Name and Principal Address (k) | Position | |
Southern Energy Finance |
Member | |
Company Inc. |
||
EPZ Lease, Inc. |
Member | |
| EPZ Lease Holding A, LLC | ||
| Name and Principal Address (k) | Position | |
EPZ Lease, Inc. |
Member | |
EPZ Lease, LLC |
Member | |
| EPZ LeaseHolding B, LLC | ||
| Name and Principal Address (k) | Position | |
EPZ Lease, Inc. |
Member | |
EPZ Lease, LLC |
Member | |
| EPZ Lease Holding C, LLC | ||
| Name and Principal Address (k) | Position | |
EPZ Lease, Inc. |
Member | |
EPZ Lease, LLC |
Member | |
| Dutch Gas Lease, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Kimberly S. Greene (a) |
D,P,CEO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
| Dutch Gas Lease, LLC | ||
| Name and Principal Address (k) | Position | |
Dutch Gas Lease, Inc. |
Member | |
| Dutch Gas Lease Holding A, LLC | ||
| Name and Principal Address (k) | Position | |
Dutch Gas Lease, LLC |
Member | |
| Dutch Gas Lease Holding B, LLC | ||
| Name and Principal Address (k) | Position | |
Dutch Gas Lease, LLC |
Member | |
| Dutch Gas Lease Holding C, LLC | ||
| Name and Principal Address (k) | Position | |
Dutch Gas Lease, LLC |
Member | |
| GAMOG Lease, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Kimberly S. Greene (a) |
D,P,CEO | |
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
| GAMOG Lease Holding G, LLC | ||
| Name and Principal Address (k) | Position | |
GAMOG Lease, Inc. |
Member | |
| GAMOG Lease Holding H, LLC | ||
| Name and Principal Address (k) | Position | |
GAMOG Lease, Inc. |
Member | |
| GAMOG Lease Holding I, LLC | ||
| Name and Principal Address (k) | Position | |
GAMOG Lease, Inc. |
Member | |
| NUON Lease, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Kimberly S. Greene (a) |
D,P,CEO | |
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
17
ITEM 6. OFFICERS AND DIRECTORS
PART I. (Continued)
| NUON Lease Holding D, LLC | ||
| Name and Principal Address (k) | Position | |
NUON Lease, Inc. |
Member | |
| NUON Lease Holding E, LLC | ||
| Name and Principal Address (k) | Position | |
NUON Lease, Inc. |
Member | |
| NUON Lease Holding F, LLC | ||
| Name and Principal Address (k) | Position | |
NUON Lease, Inc. |
Member | |
| Capital Funding | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Kimberly S. Greene (a) |
D,P,CEO | |
Christopher J. Kysar (a) |
D,VP,CFO,T | |
Daniel P. McCollom |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
| Clairton, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Kimberly S. Greene (a) |
D,P,CEO | |
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
| Clairton 2, Inc. | ||
| Name and Principal Address (k) | Position | |
William R. Bechstein |
D,VP | |
1105 N. Market Street |
||
Suite 1300 |
||
Wilmington, DE 19801 |
||
Kimberly S. Greene (a) |
D,P,CEO | |
Christopher J. Kysar (a) |
D,VP,T,CFO | |
Daniel P. McCollum |
D,S | |
Morris, James, Hitchens & |
||
Williams LLP |
||
222 Delaware Avenue |
||
Wilmington, DE 19899 |
||
Judith A. Rosenberg (a) |
D,C | |
James C. Fleming (a) |
VP | |
| Clairton, LLC | ||
| Name and Principal Address (k) | Position | |
Clairton, Inc. |
M | |
Clairton 2, Inc. |
M | |
| Carbontronics, Inc. | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
D,CEO,P | |
Christopher J. Kysar |
D,VP,T,CFO | |
Judith A. Rosenberg |
D,C | |
James C. Fleming |
VP | |
Tommy Chisholm |
S | |
| Carbontronics, LLC | ||
| Name and Principal Address (k) | Position | |
Carbontronics, Inc. |
M | |
SE Finance Company, Inc. |
M | |
| Southern Telecom, Inc. | ||
| Name and Principal Address (m) | Position | |
Robert G. Dawson (g) |
D,P,CEO | |
Thomas A. Fanning (a) |
D | |
Michael D. Garrett (c) |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe (a) |
D | |
R. Craig Elder (g) |
VP,CFO,T | |
Tommy Chisholm (a) |
S | |
Carmine A. Reppucci (g) |
C | |
| Southern Telecom 1, Inc. | ||
| Name and Principal Address (m) | Position | |
Robert G. Dawson (g) |
D,P,CEO | |
Tommy Chisholm (a) |
S | |
R. Craig Elder (g) |
T | |
| Southern Telecom 2, Inc. | ||
| Name and Principal Address (m) | Position | |
Robert G. Dawson (g) |
D,P,CEO | |
Tommy Chisholm (a) |
S | |
R. Craig Elder (g) |
T | |
18
ITEM 6. OFFICERS AND DIRECTORS PART I. (Continued)
| Southern Management | ||
| Name and Principal Address (l) | Position | |
Ronald P. Bertasi |
D,P,CEO | |
Thomas A. Fanning (a) |
D | |
Michael D. Garrett (c) |
D | |
Leonard J. Haynes (a) |
D | |
Charles D. McCrary (b) |
D | |
David M. Ratcliffe (a) |
D | |
Robert M. Gilbert |
VP,CFO | |
Tommy Chisholm (a) |
S | |
Timothy S. Marvin |
T | |
| Synfuel Services | ||
| Name and Principal Address (b) | Position | |
W. Paul Bowers |
D | |
Jerry L. Stewart |
D,P | |
Douglas E. Jones |
D,VP | |
Art P. Beattie |
VP | |
Earl B. Parsons, III |
VP | |
Tommy Chisholm (a) |
S | |
Cliff S. Thrasher (a) |
T | |
| ERA | ||
| Name and Principal Address (b) | Position | |
W. Paul Bowers |
D | |
Douglas E. Jones |
D,P | |
Jerry L. Stewart |
D,VP | |
Art P. Beattie |
VP | |
Earl B. Parsons, III |
VP | |
Tommy Chisholm (a) |
S | |
Cliff S. Thrasher (a) |
T | |
| Alabama Synfuel Energy, Inc. | ||
| Name and Principal Address (b) | Position | |
W. Paul Bowers |
D | |
Douglas E. Jones |
D,P | |
Jerry L. Stewart |
D,VP | |
Art P. Beattie |
VP | |
Earl B. Parsons, III |
VP | |
Tommy Chisholm (a) |
S | |
Cliff S. Thrasher (a) |
T | |
| Southern Company Klondike | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Cliff S. Thrasher |
CFO, T | |
Tommy Chisholm |
S | |
SOUTHERN POWER |
Member | |
| Electrotechnologies | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
D,P,CEO | |
Thomas A. Fanning |
D | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T | |
Tommy Chisholm |
S | |
| Southern Company Cherokee | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Mark A. Crosswhite (b) |
VP | |
Douglas E. Jones |
VP | |
Cliff S. Thrasher |
CFO,T | |
Tommy Chisholm |
S | |
| Southern Company McLeod | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Mark A. Crosswhite (b) |
SVP,L | |
Ed Day (h) |
SVP | |
Douglas E. Jones |
SVP | |
Robert G. Moore (b) |
SVP | |
Cliff S. Thrasher |
SVP,CFO,C | |
Tommy Chisholm |
S | |
Christopher J. Kysar |
T | |
| Southern Company GAS | ||
| Name and Principal Address (a) | Position | |
Thomas A. Fanning |
M | |
Michael D. Garrett (c) |
M | |
Leonard J. Haynes |
M | |
Anthony R. James (f) |
M | |
David M. Ratcliffe |
M | |
C. Philip Saunders |
P,CEO,M | |
Sandra R. Miller |
C | |
Tommy Chisholm |
S | |
Kimberly S. Greene |
T | |
| Reese Telecommunications, Inc. | ||
| Name and Principal Address (c) | Position | |
Robert G. Dawson (g) |
D,P | |
R. Craig Elder (g) |
D,T | |
Rodney H. Johnson (g) |
D | |
Julie T. Pigott (g) |
D | |
Michael D. Rosenthal (g) |
S | |
19
ITEM 6. OFFICERS AND DIRECTORS PART I. (Continued)
| St. Lucie Holdings Cana, LLC | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
P,CEO | |
Mark A. Crosswhite (b) |
SVP,L | |
Ed Day (h) |
SVP | |
Douglas E. Jones |
SVP | |
Robert G. Moore (b) |
SVP | |
Cliff S. Thrasher |
SVP,C,CFO | |
Christopher J. Kysar |
T | |
| Southern Information Holding Company, Inc. | ||
| Name and Principal Address (c) | Position | |
Leonard J. Haynes (a) |
D,P | |
Tommy Chisholm (a) |
S | |
Kimberly Greene (a) |
T | |
| Southern Information 1, Inc. | ||
| Name and Principal Address (c) | Position | |
Leonard J. Haynes (a) |
D,P | |
Tommy Chisholm (a) |
S | |
Kimberly Greene (a) |
T | |
| Southern Information 2, Inc. | ||
| Name and Principal Address (c) | Position | |
Leonard J. Haynes (a) |
D,P | |
Tommy Chisholm (a) |
S | |
Kimberly Greene (a) |
T | |
| SE Lease, Inc. | ||
| Name and Principal Address (a) | Position | |
Thomas A. Fanning |
D | |
Kimberly S. Greene |
D,P,CEO | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T,CFO | |
Tommy Chisholm |
S | |
Judith A. Rosenberg |
C | |
| SE Ravenswood Lease, LLC | ||
| Name and Principal Address (a) | Position | |
Kimberly S. Greene |
P,CEO | |
James C. Fleming |
VP | |
Christopher J. Kysar |
VP,T, CFO | |
Judith A. Rosenberg |
C | |
Tommy Chisholm |
S | |
| SCRS | ||
| Name and Principal Address (a) | Position | |
W. Paul Bowers (b) |
D,P | |
Douglas E. Jones |
D,EVP | |
Earl B. Parsons, III (b) |
D,VP | |
Tommy Chisholm |
S | |
Cliff S. Thrasher |
T | |
20
ITEM 6. OFFICERS AND DIRECTORS. Part II. Financial Connections.
| Name of Officer | Name and Location | Position Held in | Applicable | |||
| or Director | of Financial Institution | Financial Institution | Exemption Rule | |||
| Rule No. 70 | ||||||
| Subdivision | ||||||
Daniel P. Amos |
Synovus Financial Corporation, | Director | (a) | |||
| Columbus, GA | ||||||
Whit Armstrong |
The Citizens Bank | Chief Executive | (c) | |||
| Enterprise, AL | Officer, | |||||
| Chairman of the Board | ||||||
| of Directors and President | ||||||
| Enterprise Capital Corporation | Chairman of the Board of | |||||
| Enterprise, AL | Directors, Chief Executive | |||||
| Officer, President | (c) | |||||
Robert L. Brown, Jr. |
Citizens Trust Bank, Atlanta, GA | Director | (c) | |||
Anna R. Cablik |
Branch Banking and Trust, | Director | (d) | |||
| Winston Salem, NC | ||||||
Archie H. Davis |
The Savannah Bancorp, Savannah, GA | Director Emeritus | (c) | |||
| The Savannah Bank N.A., Savannah, GA | Director | (c) | ||||
G. Edison Holland |
FCB Financial Corporation, Savannah, GA | Director | (e) | |||
Charles D. McCrary |
AmSouth Bancorporation, | Director | (c);(e);(f) | |||
| Birmingham, AL | ||||||
Donald M. James |
Wachovia Corporation, Charlotte, NC | Director | (b) | |||
John D. Johns |
Alabama National Bancorporation | Director | (c) | |||
| Birmingham, Alabama | ||||||
Carl E. Jones, Jr. |
Regions Financial Corporation, | Chairman of the Board of | ||||
| Birmingham, AL | Directors, Chief | |||||
| Executive Officer | (c) | |||||
Wallace D. Malone, Jr. |
Wachovia Corporation, Charlotte, NC | Vice Chairman of the Board | ||||
| of Directors | (d) | |||||
Malcolm Portera |
Regions Financial Corporation, Birmingham, AL | Director | (c) | |||
J. Neal Purcell |
Synovus Financial Corporation, Columbus, GA | Director | (a) |
21
ITEM 6. OFFICERS AND DIRECTORS. Part II. Financial Connections. (Continued)
| Name of Officer | Name and Location | Position Held in | Applicable | |||
| or Director | of Financial Institution | Financial Institution | Exemption Rule | |||
| Rule No. 70 | ||||||
| Subdivision | ||||||
C. Dowd Ritter |
AmSouth Bancorporation, Birmingham, AL | Chairman, Chief | (c) | |||
| Executive Officer, | ||||||
| President | ||||||
| AmSouth Bank, Birmingham, AL | Chairman, Chief | (c) | ||||
| Executive Officer | ||||||
George A. Schloegel |
Hancock Bank - Mississippi, Gulfport, MS | Director, Chief | (c) | |||
| Executive Officer | ||||||
| and President | ||||||
| Hancock Holding Company, Gulfport, MS | Vice Chairman, Chief | |||||
| Executive Officer | (c) | |||||
| Hancock Bank - Louisiana, Baton Rouge, LA | Director | (d) | ||||
Gerald St. Pé |
Merchants & Marine Bank, Pascagoula, MS | Director | (a) | |||
Arnold M. |
First Chatham Bank Holding Company, | Chairman of the | (c) | |||
Tenenbaum |
Savannah, GA | Board of Directors | ||||
D. Gary Thompson |
Wachovia Bank, Georgia Banking, | Chief Executive | (c) | |||
| Atlanta, GA | Officer | |||||
| Wachovia Corporation, Charlotte, NC | Executive Officer | (c) | ||||
Gene Warr |
Coast Community Bank, Gulfport, MS | Director | (c) | |||
E. Jenner Wood, III |
SunTrust Bank Central Group, Atlanta, GA | Chairman, President | (c) | |||
| and Chief | ||||||
| Executive Officer | ||||||
| SunTrust Banks Inc., Atlanta, GA | Executive Officer | (c) | ||||
James W. Wright |
First Tuskegee Bank, Montgomery, AL | Chairman of the | (c) | |||
| Board of | ||||||
| Directors, | ||||||
| President and Chief | ||||||
| Executive Officer |
22
ITEM 6. EXECUTIVE COMPENSATION. PART III.
| (a) | Summary Compensation Tables. The following tables set forth information concerning any Chief Executive Officer and the most highly compensated executive officers for SCS, SouthernLINC Wireless, Southern Telecom, Southern Management and Southern Nuclear serving as of December 31, 2004, as defined by the Securities and Exchange Commission. ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page number III-3 in the SOUTHERN system’s combined Form 10-K for the year ended December 31, 2004 (the “Form 10-K”). SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of the Form 10-K. SOUTHERN is incorporated by reference to “Summary Compensation Table” in SOUTHERN’s definitive Proxy Statement relating to the 2005 Annual Meeting of Stockholders. |
Key terms used in this Item will have the following meanings:
ESP
|
Employee Savings Plan | |
ESOP
|
Employee Stock Ownership Plan | |
SBP
|
Supplemental Benefit Plan | |
ERISA
|
Employee Retirement Income Security Act of 1973, as amended |
23
SCS
SUMMARY COMPENSATION TABLE
| ANNUAL COMPENSATION | LONG-TERM COMPENSATION | |||||||||||||||||||||||||||
| Number of | ||||||||||||||||||||||||||||
| Securities | ||||||||||||||||||||||||||||
| Name | Underlying | Long-Term | ||||||||||||||||||||||||||
| And | Other Annual | Stock | Incentive | All Other | ||||||||||||||||||||||||
| Principal | Compensation | Options | Payouts | Compensation | ||||||||||||||||||||||||
| Position | Year | Salary ($) | Bonus ($) | ($)1 | (Shares) | ($)2 | ($)3 | |||||||||||||||||||||
H. Allen Franklin4 |
2004 | 525,662 | 1,034,918 | 17,010 | 519,115 | 2,319,320 | 125,905 | |||||||||||||||||||||
President, Chief |
2003 | 966,240 | 2,083,162 | 5,940 | 501,935 | 2,404,720 | 59,881 | |||||||||||||||||||||
Executive Officer, |
2002 | 929,215 | 1,984,320 | 7,080 | 382,242 | 1,672,510 | 61,822 | |||||||||||||||||||||
Director |
||||||||||||||||||||||||||||
David M. Ratcliffe5 |
2004 | 802,372 | 1,723,874 | 6,521 | 355,296 | 838,495 | 39,317 | |||||||||||||||||||||
President, Chief |
||||||||||||||||||||||||||||
Executive Officer, |
||||||||||||||||||||||||||||
Director |
||||||||||||||||||||||||||||
Thomas A. Fanning6 |
2004 | 506,327 | 770,721 | 561 | 63,215 | 239,155 | 24,977 | |||||||||||||||||||||
Executive Vice |
2003 | 375,820 | 522,396 | 110,691 | 42,314 | 223,482 | 156,405 | |||||||||||||||||||||
President |
||||||||||||||||||||||||||||
G. Edison Holland |
2004 | 478,642 | 525,042 | 7,629 | 58,072 | 239,852 | 24,563 | |||||||||||||||||||||
Executive Vice |
2003 | 380,716 | 421,131 | 7,796 | 48,992 | 207,170 | 19,583 | |||||||||||||||||||||
President |
2002 | 364,868 | 416,003 | 69,102 | 54,624 | 219,677 | 90,046 | |||||||||||||||||||||
(SCS Summary Compensation Table continued on the next page.)
2 Payout of performance dividend equivalents on most stock options granted after 1996 that were held by the executive at the end of the performance periods under the Southern Company Omnibus Incentive Compensation Plan for the four-year performance periods ended December 31, 2002, 2003 and 2004, respectively. Dividend equivalents can range from 25 percent of the common stock dividend paid during the last year of the performance period if total shareholder return over the four-year period, compared to a group of other large utility companies, is at the 30th percentile to 100 percent of the dividend paid if it reaches the 90th percentile. If the total shareholder return is below the 30th percentile, no dividend equivalents are paid. For eligible stock options held on December 31, 2002, 2003 and 2004, all named executives received a payout of $1.355, $1.385 and $1.22 per option, respectively.
3 Contributions in 2004 to the ESP, ESOP and non-pension related accruals under SBP are as follows:
| Name | ESP | ESOP | SBP | |||||||||
H. Allen Franklin |
$ | 8,634 | $ | 740 | $ | 31,916 | ||||||
David M. Ratcliffe |
8,567 | 740 | 30,010 | |||||||||
Thomas A. Fanning |
8,309 | 740 | 15,928 | |||||||||
G. Edison Holland |
8,333 | 740 | 15,490 | |||||||||
In 2004, Mr. Franklin’s amount includes payment for unused vacation of $84,615 in connection with his retirement. In 2003, the amount for Mr. Fanning also included $138,149 of additional relocation assistance. In 2002, Mr. Holland’s amount included $70,307 of additional relocation expenses.
4 Mr. Franklin retired as Chairman and Chief Executive Officer effective July 2004.
5 Mr. Ratcliffe became Chairman and Chief Executive Officer effective July 2004.
6 Mr. Fanning became an executive officer on April 11, 2003.
24
SCS (continued)
SUMMARY COMPENSATION TABLE
| ANNUAL COMPENSATION | LONG-TERM COMPENSATION | |||||||||||||||||||||||||||
| Number of | ||||||||||||||||||||||||||||
| Securities | ||||||||||||||||||||||||||||
| Name | Underlying | Long-Term | ||||||||||||||||||||||||||
| And | Other Annual | Stock | Incentive | All Other | ||||||||||||||||||||||||
| Principal | Compensation | Options | Payouts | Compensation | ||||||||||||||||||||||||
| Position | Year | Salary ($) | Bonus ($) | ($)1 | (Shares) | ($)2 | ($)3 | |||||||||||||||||||||
W. Paul Bowers4 |
2004 | 429,704 | 509,828 | 9,166 | 52,052 | 244,023 | 22,945 | |||||||||||||||||||||
Executive Vice |
2003 | 356,994 | 431,675 | 6,257 | 46,181 | 234,253 | 18,063 | |||||||||||||||||||||
President |
2002 | 329,570 | 403,433 | 12,337 | 50,046 | 214,133 | 16,802 | |||||||||||||||||||||
Dwight H. Evans |
2004 | 383,102 | 416,833 | 13,445 | 46,103 | 249,640 | 21,176 | |||||||||||||||||||||
Executive Vice |
2003 | 368,369 | 407,481 | 5,190 | 47,404 | 407,250 | 20,183 | |||||||||||||||||||||
President |
2002 | 353,038 | 402,519 | 10,365 | 52,854 | 352,667 | 23,685 | |||||||||||||||||||||
2 Payout of performance dividend equivalents on most stock options granted after 1996 that were held by the executive at the end of the performance periods under the Omnibus Incentive Compensation Plan for the four-year performance periods ended December 31, 2002, 2003 and 2004, respectively. Dividend equivalents can range from 25 percent of the common stock dividend paid during the last year of the performance period if total shareholder return over the four-year period, compared to a group of other large utility companies, is at the 30th percentile to 100 percent of the dividend paid if it reaches the 90th percentile. If the total shareholder return is below the 30th percentile, no dividend equivalents are paid. For eligible stock options held on December 31, 2002, 2003 and 2004, all named executives received a payout of $1.355, $1.385 and $1.22 per option, respectively.
3 Contributions in 2004 to the ESP, ESOP and non-pension related accruals under SBP are as follows:
| Name | ESP | ESOP | SBP | |||||||||
W. Paul Bowers |
$9,225 | $740 | $12,980 | |||||||||
Dwight H. Evans |
9,108 | 740 | 11,328 | |||||||||
4 Mr. Bowers is also President and Chief Executive Officer of Southern Power.
25
SouthernLINC Wireless
SUMMARY COMPENSATION TABLE
| ANNUAL COMPENSATION | LONG-TERM COMPENSATION | |||||||||||||||||||||||||||
| Number of | ||||||||||||||||||||||||||||
| Securities | ||||||||||||||||||||||||||||
| Name | Underlying | Long-Term | ||||||||||||||||||||||||||
| And | Other Annual | Stock | Incentive | All Other | ||||||||||||||||||||||||
| Principal | Compensation | Options | Payouts | Compensation | ||||||||||||||||||||||||
| Position | Year | Salary ($) | Bonus ($) | ($)1 | (Shares) | ($)2 | ($)3 | |||||||||||||||||||||
Robert G. Dawson4 |
2004 | 295,175 | 291,427 | 2,900 | 27,910 | 175,076 | 16,510 | |||||||||||||||||||||
President, Chief |
2003 | 283,824 | 331,668 | 2,397 | 28,698 | 237,489 | 16,760 | |||||||||||||||||||||
Executive Officer, |
2002 | 269,682 | 310,687 | 5,798 | 31,997 | 215,936 | 19,345 | |||||||||||||||||||||
Director |
||||||||||||||||||||||||||||
R. Craig Elder4 |
2004 | 180,528 | 144,041 | 719 | 10,862 | 42,077 | 8,941 | |||||||||||||||||||||
Vice President, |
2003 | 173,606 | 148,994 | 1,973 | 11,169 | 49,662 | 8,663 | |||||||||||||||||||||
Chief Financial |
2002 | 165,763 | 187,069 | 1,664 | 12,458 | 49,365 | 8,500 | |||||||||||||||||||||
Officer, Treasurer |
||||||||||||||||||||||||||||
Rodney H. Johnson |
2004 | 150,783 | 105,669 | 2,259 | 6,472 | 16,343 | 8,002 | |||||||||||||||||||||
Vice President |
2003 | 145,433 | 107,434 | — | 6,700 | 35,661 | 6,878 | |||||||||||||||||||||
| 2002 | 136,075 | 135,639 | 206 | 7,374 | 25,810 | 4,458 | ||||||||||||||||||||||
Julie T. Pigott |
2004 | 147,078 | 105,520 | 719 | 6,272 | 33,805 | 7,720 | |||||||||||||||||||||
Vice President |
2003 | 141,276 | 104,107 | 1,438 | 6,492 | 35,190 | 5,426 | |||||||||||||||||||||
| 2002 | 134,060 | 133,223 | — | 7,242 | 25,631 | 6,745 | ||||||||||||||||||||||
2 Payout of performance dividend equivalents on most stock options granted after 1996 that were held by the executive at the end of the performance periods under the Omnibus Incentive Compensation Plan for the four-year performance periods ended December 31, 2002, 2003 and 2004, respectively. Dividend equivalents can range from 25 percent of the common stock dividend paid during the last year of the performance period if total shareholder return over the four-year period, compared to a group of other large utility companies, is at the 30th percentile to 100 percent of the dividend paid if it reaches the 90th percentile. If the total shareholder return is below the 30th percentile, no dividend equivalents are paid. For eligible stock options held on December 31, 2002, 2003 and 2004, all named executives received a payout of $1.355, $1.385 and $1.22 per option, respectively.
3 Contributions in 2004 to the ESP, ESOP and non-pension related accruals under the SBP are as follows:
| Name | ESP | ESOP | SBP | |||||||||
Robert G. Dawson |
$ | 9,225 | $ | 740 | $ | 6,545 | ||||||
R. Craig Elder |
7,357 | 740 | 844 | |||||||||
Rodney H. Johnson |
6,785 | 740 | 477 | |||||||||
Julie T. Pigott |
6,572 | 740 | 408 | |||||||||
4 Messrs. Dawson and Elder are also chief executive officer and chief financial officer, respectively, of Southern Telecom.
26
Southern Management
and
Southern Company GAS
SUMMARY COMPENSATION TABLE
| ANNUAL COMPENSATION | LONG-TERM COMPENSATION | |||||||||||||||||||||||||||
| Number of | ||||||||||||||||||||||||||||
| Securities | Long- | |||||||||||||||||||||||||||
| Name | Underlying | Term | ||||||||||||||||||||||||||
| and | Other Annual | Stock | Incentive | All Other | ||||||||||||||||||||||||
| Principal | Compensation | Options | Payouts | Compensation | ||||||||||||||||||||||||
| Position | Year | Salary($) | Bonus($) | ($)1 | (Shares) | ($)2 | ($)3 | |||||||||||||||||||||
Southern Management |
||||||||||||||||||||||||||||
Ronald P. Bertasi |
2004 | 199,588 | 146,868 | 4,867 | 11,983 | 46,541 | 9,981 | |||||||||||||||||||||
President, Chief |
2003 | 190,959 | 155,210 | 7,700 | 12,465 | 36,239 | 9,382 | |||||||||||||||||||||
Executive Officer, |
2002 | 185,000 | 48,100 | 18,395 | 13,700 | 18,564 | 7,001 | |||||||||||||||||||||
Director |
||||||||||||||||||||||||||||
Southern Company GAS |
||||||||||||||||||||||||||||
C. Philip Saunders4 |
2004 | 244,994 | 244,787 | 4,720 | 23,207 | 88,988 | 13,116 | |||||||||||||||||||||
President, Chief |
2003 | 233,323 | 94,194 | 7,144 | 23,634 | 126,649 | 12,332 | |||||||||||||||||||||
Executive Officer |
2002 | 221,321 | 210,821 | — | 26,100 | 91,881 | 11,554 | |||||||||||||||||||||
2 Payout of performance dividend equivalents on most stock options granted after 1996 that were held by the executive at the end of the performance periods under the Omnibus Incentive Compensation Plan for the four-year performance periods ended December 31, 2002, 2003 and 2004, respectively. Dividend equivalents can range from 25 percent of the common stock dividend paid during the last year of the performance period if total shareholder return over the four-year period, compared to a group of other large utility companies, is at the 30th percentile to 100 percent of the dividend paid if it reaches the 90th percentile. If the total shareholder return is below the 30th percentile, no dividend equivalents are paid. For eligible stock options held on December 31, 2002, 2003 and 2004, all named executives received a payout of $1.355, $1.385 and $1.22 per option, respectively.
3 Contributions in 2004 to the ESP, ESOP and non-pension related accruals under the SBP are as follows:-
| Name | ESP | ESOP | SBP | |||||||||
Ronald P. Bertasi |
$ | 8,982 | $ | 740 | $ | 259 | ||||||
C. Philip Saunders |
5,512 | 740 | 6,864 | |||||||||
4 Mr. Saunders became the President and Chief Executive Officer of Southern Company GAS on July 15, 2002.
27
Southern Nuclear
SUMMARY COMPENSATION TABLE
| ANNUAL COMPENSATION | LONG-TERM COMPENSATION | |||||||||||||||||||||||||||
| Number of | ||||||||||||||||||||||||||||
| Securities | Long- | |||||||||||||||||||||||||||
| Name | Underlying | Term | ||||||||||||||||||||||||||
| and | Other Annual | Stock | Incentive | All Other | ||||||||||||||||||||||||
| Principal | Compensation | Options | Payouts | Compensation | ||||||||||||||||||||||||
| Position | Year | Salary($) | Bonus($) | ($)1 | (Shares) | ($)2 | ($)3 | |||||||||||||||||||||
William G. Hairston, III 4 |
2004 | 481,573 | 518,813 | 25,387 | 58,028 | 169,687 | 29,651 | |||||||||||||||||||||
President and Chief |
2003 | 459,231 | 499,660 | 9,296 | 59,097 | 217,489 | 24,353 | |||||||||||||||||||||
Executive Officer |
2002 | 440,104 | 507,131 | 11,485 | 65,890 | 239,842 | 27,969 | |||||||||||||||||||||
J. Barnie Beasley 5 |
2004 | 314,408 | 403,305 | 3,577 | 31,523 | 130,683 | 16,116 | |||||||||||||||||||||
President and Chief |
2003 | 220,077 | 179,723 | 4,415 | 18,220 | 126,949 | 12,326 | |||||||||||||||||||||
Executive Officer |
2002 | 206,286 | 181,714 | 3,798 | 19,647 | 129,732 | 13,819 | |||||||||||||||||||||
Jeffrey T. Gasser 6 |
2004 | 226,393 | 234,750 | 7,217 | 16,045 | 72,246 | 11,560 | |||||||||||||||||||||
Executive Vice |
2003 | 198,894 | 162,742 | 263 | 16,498 | 59,795 | 7,929 | |||||||||||||||||||||
President |
2002 | 164,378 | 162,826 | — | 8,195 | 51,634 | 8,339 | |||||||||||||||||||||
H. Lewis Sumner, Jr. |
2004 | 224,674 | 181,142 | 563 | 17,365 | 119,022 | 12,096 | |||||||||||||||||||||
Vice President |
2003 | 215,888 | 176,981 | 3,016 | 17,942 | 142,789 | 11,553 | |||||||||||||||||||||
| 2002 | 208,321 | 179,632 | 5,931 | 20,004 | 140,011 | 10,864 | ||||||||||||||||||||||
Lawrence M. Stinson 7 |
2004 | 200,132 | 162,191 | 3,892 | 15,558 | 94,362 | 10,383 | |||||||||||||||||||||
Vice President |
||||||||||||||||||||||||||||
Kathleen S. King 8 |
2004 | 182,328 | 146,688 | 7,339 | 10,300 | 59,443 | 9,088 | |||||||||||||||||||||
Vice President and
Chief Financial
Officer |
||||||||||||||||||||||||||||
2 Payout of performance dividend equivalents on most stock options granted after 1996 that were held by the executive at the end of the performance periods under the Omnibus Incentive Compensation Plan for the four-year performance periods ended December 31, 2001, 2002 and 2003, respectively. Dividend equivalents can range from 25 percent of the common stock dividend paid during the last year of the performance period if total shareholder return over the four-year period, compared to a group of other large utility companies, is at the 30th percentile to 100 percent of the dividend paid if it reaches the 90th percentile. If the total shareholder return is below the 30th percentile, no dividend equivalents are paid. For eligible stock options held on December 31, 2002, 2003 and 2004, all named executives received a payout of $1.355, $1.385 and $1.22 per option, respectively.
3 Southern Nuclear contributions to the ESP, ESOP and non-pension related accruals under the SBP are provided in the following table:
| Name | ESP | ESOP | SBP | |||||||||
William G. Hairston, III |
$ | 8,296 | $ | 740 | $ | 20,615 | ||||||
J. Barnie Beasley |
9,225 | 740 | 6,151 | |||||||||
Jeffrey T. Gasser |
8,603 | 740 | 2,217 | |||||||||
H. Lewis Sumner, Jr. |
9,225 | 740 | 2,131 | |||||||||
Lawrence M. Stinson |
8,105 | 740 | 1,538 | |||||||||
Kathleen S. King |
7,839 | 740 | 509 | |||||||||
4 Mr. Hairston resigned as President and Chief Executive Officer effective September 1, 2004.
5 Mr. Beasley became President and Chief Executive Officer effective September 1, 2004.
6 Mr. Gasser became an executive officer effective September 1, 2002
7 Mr. Stinson became an executive officer effective January 1, 2004.
8 Ms. King became an executive officer effective April 26, 2004.
28
STOCK OPTION GRANTS IN 2004
Stock Option Grants. The following table sets forth all stock option grants to the named executive officers of each operating subsidiary during the year ending December 31, 2004. ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page number III-4 in the Form 10-K. SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of Form 10-K. SOUTHERN is incorporated by reference to “Option Grants in 2004” under STOCK OPTIONS in SOUTHERN’s definitive Proxy Statement relating to the 2005 Annual Meeting of Stockholders.
| Individual Grants | Grant Date Value | |||||||||||||||||||
| Number of | % of Total | |||||||||||||||||||
| Securities | Options | Exercise | ||||||||||||||||||
| Underlying | Granted to | or | ||||||||||||||||||
| Share Options | Employees in | Base Price | Expiration | Grant Date | ||||||||||||||||
| Name | Granted1 | Fiscal Year2 | ($/Sh)3 | Date3 | Present Value($)3 | |||||||||||||||
SCS |
||||||||||||||||||||
H. Allen Franklin |
519,115 | 7.2 | 29.50 | 7/1/2009 | 1,707,888 | |||||||||||||||
David M. Ratcliffe |
82,265 | 1.1 | 29.50 | 2/13/2014 | 270,652 | |||||||||||||||
| 273,031 | 3.8 | 29.3150 | 8/2/2014 | 911,924 | ||||||||||||||||
Thomas A. Fanning |
63,215 | 0.9 | 29.50 | 2/13/2014 | 207,977 | |||||||||||||||
G. Edison Holland, Jr. |
58,072 | 0.8 | 29.50 | 2/13/2014 | 191,057 | |||||||||||||||
W. Paul Bowers |
52,052 | 0.7 | 29.50 | 2/13/2014 | 171,251 | |||||||||||||||
Dwight H. Evans |
46,103 | 0.6 | 29.50 | 2/13/2014 | 151,679 | |||||||||||||||
SouthernLINC Wireless |
||||||||||||||||||||
Robert G. Dawson |
27,910 | 0.4 | 29.50 | 2/13/2014 | 91,824 | |||||||||||||||
R. Craig Elder |
10,862 | 0.2 | 29.50 | 2/13/2014 | 35,736 | |||||||||||||||
Rodney H. Johnson |
6,472 | 0.1 | 29.50 | 2/13/2014 | 21,293 | |||||||||||||||
Julie T. Pigott |
6,272 | 0.1 | 29.50 | 2/13/2014 | 20,635 | |||||||||||||||
| 1 Under the terms of the Southern Company Omnibus Incentive Compensation Plan, stock option grants were made on February 13, 2004 and for Mr. Ratcliffe, also on August 2, 2004, following his promotion to Chief Executive Officer. The options vest annually at a rate of one-third on the anniversary date of the grant. Grants fully vest upon termination as a result of death, total disability or retirement and expire five years after retirement, three years after death or total disability or their normal expiration date if earlier. The exercise price is the average of the high and low price of Southern Company’s common stock on the date granted. Options may be transferred to a revocable trust and, for the named executives, also may be transferred to certain family members, family trusts and family limited partnerships. | ||
| 2 A total of 7,231,703 stock options were granted in 2004. | ||
| 3 Value was calculated using the Black-Scholes option valuation model. The actual value, if any, ultimately realized depends on the market value of Southern Company’s common stock at a future date. Significant assumptions for the February 13, 2004 grant are shown below: |
| Risk-free | Dividend | Expected | ||||||||||
| Volatility | rate of return | Yield | Term | |||||||||
19.65% |
3.08% | 4.75% | 5 years | |||||||||
The assumptions for the August 2, 2004 grant to Mr. Ratcliffe were:
| Risk-free | Dividend | Expected | ||||||||||
| Volatility | rate of return | Yield | Term | |||||||||
19.00% |
3.75% | 4.88% | 5 years | |||||||||
29
STOCK OPTION GRANTS IN 2004 (continued)
| Individual Grants | Grant Date Value | |||||||||||||||||||
| Number of | % of Total | |||||||||||||||||||
| Securities | Options | Exercise | ||||||||||||||||||
| Underlying | Granted to | or | ||||||||||||||||||
| Share Options | Employees in | Base Price | Expiration | Grant Date | ||||||||||||||||
| Name | Granted1 | Fiscal Year2 | ($/Sh)3 | Date3 | Present Value($)3 | |||||||||||||||
Southern Management |
||||||||||||||||||||
Ronald P. Bertasi |
11,983 | 0.2 | 29.50 | 2/13/2014 | 39,424 | |||||||||||||||
Southern Company GAS |
||||||||||||||||||||
C. Philip Saunders |
23,207 | 0.3 | 29.50 | 2/13/2014 | 76,351 | |||||||||||||||
Southern Nuclear |
||||||||||||||||||||
William G. Hairston, III |
58,028 | 0.8 | 29.50 | 2/13/2014 | 190,912 | |||||||||||||||
J. Barnie Beasley |
31,523 | 0.4 | 29.50 | 2/13/2014 | 103,711 | |||||||||||||||
Jeffrey T. Gasser |
16,045 | 0.2 | 29.50 | 2/13/2014 | 52,788 | |||||||||||||||
H. Lewis Sumner, Jr. |
17,365 | 0.2 | 29.50 | 2/13/2014 | 57,131 | |||||||||||||||
Lawrence M. Stinson |
15,558 | 0.2 | 29.50 | 2/13/2014 | 51,186 | |||||||||||||||
Kathleen S. King |
10,300 | 0.1 | 29.50 | 2/13/2014 | 33,887 | |||||||||||||||
| 1 Under the terms of the Omnibus Incentive Compensation Plan, stock option grants were made on February 13, 2004 and vest annually at a rate of one-third on the anniversary date of the grant. Grants fully vest upon termination as a result of death, total disability or retirement and expire five years after retirement, three years after death or total disability or their normal expiration date if earlier. The exercise price is the average of the high and low price of Southern Company’s common stock on the date granted. Options may be transferred to a revocable trust and for Mr. Hairston, options also may be transferred to certain family members, family trusts and family limited partnerships. | ||
| 2 A total of 7,231,703 stock options were granted in 2004. | ||
| 3. Value was calculated using the Black-Scholes option valuation model. The actual value, if any, ultimately realized depends on the market value of Southern Company’s common stock at a future date. Significant assumptions are shown below: |
| Risk-free | Dividend | Expected | ||||||||||
| Volatility | rate of return | Yield | Term | |||||||||
19.65% |
3.08% | 4.75% | 5 years | |||||||||
30
AGGREGATED STOCK OPTION EXERCISES IN 2004 AND YEAR-END OPTION VALUES
Aggregated Stock Option Exercises. The following table sets forth information concerning options exercised during the year ending December 31, 2004 by the named executive officers and value of unexercised options held by them as of December 31, 2004. ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page number III-5 in the Form 10-K. SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of Form 10-K. SOUTHERN is incorporated by reference to “Aggregated Stock Option Exercises in 2004 and Year-End Option Values” under OPTION EXERCISES in SOUTHERN’s definitive Proxy Statement relating to the 2005 Annual Meeting of Stockholders.
| Number of Unexercised | Value of Unexercised | |||||||||||||||||||||||
| Options at Fiscal | In-the-Money Options at | |||||||||||||||||||||||
| Shares Acquired | Value | Year-End (#) | Fiscal Year-End($)1 | |||||||||||||||||||||
| Name | on Exercise (#) | Realized($)2 | Exercisable | Unexercisable | Exercisable | Unexercisable | ||||||||||||||||||
SCS |
||||||||||||||||||||||||
H. Allen Franklin |
Not exercised | 0 | 1,901,082 | 0 | 14,550,470 | 0 | ||||||||||||||||||
David M. Ratcliffe |
Not exercised | 0 | 245,302 | 441,989 | 2,604,287 | 2,043,244 | ||||||||||||||||||
Thomas A. Fanning |
28,545 | 364,036 | 93,963 | 102,066 | 996,511 | 498,446 | ||||||||||||||||||
G. Edison Holland |
11,053 | 125,498 | 87,659 | 108,941 | 778,700 | 564,953 | ||||||||||||||||||
W. Paul Bowers |
21,169 | 256,162 | 100,498 | 99,521 | 1,020,600 | 517,756 | ||||||||||||||||||
Dwight H. Evans |
135,523 | 1,874,454 | 109,300 | 95,323 | 1,025,088 | 506,092 | ||||||||||||||||||
SouthernLINC Wireless |
||||||||||||||||||||||||
Robert G. Dawson |
55,877 | 811,705 | 85,797 | 57,708 | 925,080 | 306,386 | ||||||||||||||||||
R. Craig Elder |
12,230 | 146,793 | 12,028 | 22,461 | 89,243 | 119,257 | ||||||||||||||||||
Rodney H. Johnson |
18,824 | 168,414 | 0 | 13,396 | 0 | 71,084 | ||||||||||||||||||
Julie T. Pigott |
3,971 | 61,650 | 14,695 | 13,014 | 158,712 | 69,152 | ||||||||||||||||||
Southern Management |
||||||||||||||||||||||||
Ronald P. Bertasi |
Not exercised | 0 | 13,288 | 24,860 | 98,478 | 131,974 | ||||||||||||||||||
Southern Company GAS |
||||||||||||||||||||||||
C. Philip Saunders |
41,709 | 401,200 | 25,278 | 47,663 | 187,407 | 252,521 | ||||||||||||||||||
Southern Nuclear |
||||||||||||||||||||||||
William G. Hairston, III |
75,972 | 631,479 | 19,699 | 119,389 | 109,231 | 633,149 | ||||||||||||||||||
J. Barnie Beasley |
16,066 | 212,496 | 56,899 | 50,218 | 620,649 | 248,167 | ||||||||||||||||||
Jeffrey T. Gasser |
Not exercised | 0 | 29,443 | 29,775 | 311,724 | 148,051 | ||||||||||||||||||
H. Lewis Sumner, Jr. |
22,903 | 350,671 | 61,565 | 35,994 | 682,514 | 191,209 | ||||||||||||||||||
Lawrence M. Stinson |
Not exercised | 0 | 51,479 | 25,867 | 569,563 | 127,686 | ||||||||||||||||||
Kathleen S. King |
10,784 | 148,843 | 27,588 | 21,136 | 297,706 | 111,925 | ||||||||||||||||||
| 1 | This represents the excess of the fair market value of SOUTHERN’s common stock of $33.52 per share, as of December 31, 2004, above the exercise price of the options. The Exercisable column reports the “value” of options that are vested and therefore could be exercised. The Unexercisable column reports the “value” of options that are not vested and therefore could not be exercised as of December 31, 2004. | |
| 2 | The “Value Realized” is ordinary income, before taxes, and represents the amount equal to the excess of the fair market value of the shares at the time of exercise above the exercise price. |
31
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
(b) Stock Ownership. The following tables show the number of shares of SOUTHERN common stock and preferred stock owned by the directors, nominees and executive officers as of December 31, 2004. It is based on information furnished to SOUTHERN by the directors, nominees and executive officers. The shares owned by all directors, nominees and executive officers of each company as a group constitute less than one percent of the total number of shares of the respective classes outstanding on December 31, 2004. SOUTHERN is incorporated by reference to the Stock Ownership Table in SOUTHERN’s definitive Proxy Statement relating to the 2005 Annual Meeting of Stockholders. ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page number III-9 in the Form 10-K. SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of Form 10-K.
| Name of Directors | Shares | Shares Beneficially Owned Include: | ||||||||||||
| or Nominees and | Beneficially | Shares Individuals Have Rights To | ||||||||||||
| Executive Officers | Title of Class | Owned (1) | Acquire Within 60 Days(2) | |||||||||||
SCS |
||||||||||||||
Michael D. Garrett |
SOUTHERN Common | 139,986 | 138,885 | |||||||||||
David M. Ratcliffe |
SOUTHERN Common | 345,682 | 331,490 | |||||||||||
Charles D. McCrary |
SOUTHERN Common | 247,659 | 243,753 | |||||||||||
W. Paul Bowers |
SOUTHERN Common | 157,864 | 149,924 | |||||||||||
Dwight H. Evans |
SOUTHERN Common | 173,419 | 158,087 | |||||||||||
Thomas A. Fanning |
SOUTHERN Common | 141,941 | 139,781 | |||||||||||
G. Edison Holland, Jr. |
SOUTHERN Common | 146,393 | 141,555 | |||||||||||
The directors, nominees
and executive officers
of SCS as a Group |
SOUTHERN Common | 1,563,971 | shares | 1,497,122 | shares | |||||||||
SouthernLINC Wireless |
||||||||||||||
Robert G. Dawson |
SOUTHERN Common | 145,166 | 115,333 | |||||||||||
Thomas A. Fanning |
SOUTHERN Common | 141,941 | 139,781 | |||||||||||
Michael D. Garrett |
SOUTHERN Common | 139,986 | 138,885 | |||||||||||
Charles D. McCrary |
SOUTHERN Common | 247,659 | 243,753 | |||||||||||
David M. Ratcliffe |
SOUTHERN Common | 345,682 | 331,490 | |||||||||||
R. Craig Elder |
SOUTHERN Common | 27,518 | 23,525 | |||||||||||
Rodney H. Johnson |
SOUTHERN Common | 7,637 | 6,849 | |||||||||||
Julie T. Pigott |
SOUTHERN Common | 23,568 | 21,364 | |||||||||||
The directors, nominees
and executive officers
of SouthernLINC Wireless
as a Group |
SOUTHERN Common | 1,079,157 | shares | 1,020,980 | shares | |||||||||
32
ITEM 6.OFFICERS AND DIRECTORS.
PART III.
| Name of Directors | Shares | Shares Beneficially Owned Include: | ||||||||||||
| or Nominees and | Beneficially | Shares Individuals Have Rights To | ||||||||||||
| Executive Officers | Title of Class | Owned (1) | Acquire Within 60 Days(2) | |||||||||||
Southern Telecom |
||||||||||||||
Robert G. Dawson |
SOUTHERN Common | 145,166 | 115,333 | |||||||||||
Thomas A. Fanning |
SOUTHERN Common | 141,941 | 139,781 | |||||||||||
Michael D. Garrett |
SOUTHERN Common | 139,986 | 138,885 | |||||||||||
Charles D. McCrary |
SOUTHERN Common | 247,659 | 243,753 | |||||||||||
David M. Ratcliffe |
SOUTHERN Common | 345,682 | 331,490 | |||||||||||
R. Craig Elder |
SOUTHERN Common | 27,518 | 23,525 | |||||||||||
The directors, nominees
and executive officers
of Southern Telecom
as a Group |
SOUTHERN Common | 1,047,952 | shares | 992,767 | shares | |||||||||
Southern Management |
||||||||||||||
Ronald P. Bertasi |
SOUTHERN Common | 13,429 | 13,288 | |||||||||||
Thomas A. Fanning |
SOUTHERN Common | 141,941 | 139,781 | |||||||||||
Michael D. Garrett |
SOUTHERN Common | 139,986 | 138,885 | |||||||||||
Leonard J. Haynes |
SOUTHERN Common | 103,169 | 96,000 | |||||||||||
Charles D. McCrary |
SOUTHERN Common | 247,659 | 243,753 | |||||||||||
David M. Ratcliffe |
SOUTHERN Common | 345,682 | 331,490 | |||||||||||
Robert M. Gilbert |
SOUTHERN Common | 2,885 | 2,720 | |||||||||||
The directors, nominees
and executive officers
of Southern Management
as a Group |
SOUTHERN Common | 1,013,190 | shares | 983,521 | shares | |||||||||
Southern Company GAS |
||||||||||||||
C. Philip Saunders |
SOUTHERN Common | 50,804 | 49,592 | |||||||||||
Southern Nuclear |
||||||||||||||
J. Barnie Beasley |
SOUTHERN Common | 89,450 | 80,029 | |||||||||||
Michael D. Garrett |
SOUTHERN Common | 139,986 | 138,885 | |||||||||||
William G. Hairston, III |
SOUTHERN Common | 85,459 | 80,704 | |||||||||||
Charles D. McCrary |
SOUTHERN Common | 247,659 | 243,753 | |||||||||||
David M. Ratcliffe |
SOUTHERN Common | 345,682 | 331,490 | |||||||||||
Jeffrey T. Gasser |
SOUTHERN Common | 48,762 | 43,023 | |||||||||||
Kathleen King |
SOUTHERN Common | 40,164 | 38,361 | |||||||||||
Lawrence Stinson |
SOUTHERN Common | 88,022 | 63,289 | |||||||||||
H. L. Sumner, Jr. |
SOUTHERN Common | 84,739 | 80,002 | |||||||||||
The directors, nominees
and executive officers
of Southern Nuclear
as a Group |
SOUTHERN Common | 1,169,924 | shares | 1,099,536 | shares | |||||||||
33
ITEM 6. OFFICERS AND DIRECTORS.
PART III.
Notes to Item 6, Part III(b):
| (1) | As used in these tables, “beneficial ownership” means the sole or shared power to vote, or to direct the voting of, a security, or investment power with respect to a security, or any combination thereof. |
| (2) | Indicates shares of SOUTHERN’s common stock that directors and executive officers have the right to acquire within 60 days. |
| (c) Contracts and transactions with system companies. | ||||
| ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page number III-8 in the Form 10-K. SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of Form 10-K. | ||||
| (d) Indebtedness to system companies. None. | ||||
| (e) Participation in bonus and profit sharing arrangements and other benefits. | ||||
| SOUTHERN is incorporated by reference to Executive Compensation in SOUTHERN’s definitive Proxy Statement relating to the 2005 Annual Meeting of Stockholders. Also, ALABAMA, GEORGIA, GULF and MISSISSIPPI are incorporated by reference to the Information Statements relating to each of their respective 2005 Annual Meetings of Shareholders. SAVANNAH is incorporated by reference to page numbers III-6 and III-7 in the Form 10-K. SOUTHERN POWER’s information was omitted pursuant to General Instruction I(2)(c) of Form 10-K. | ||||
| SOUTHERN’s Change in Control Plan is applicable to certain of its officers, and individual change in control agreements have been entered into with some of the most highly compensated executive officers of SCS, SouthernLINC Wireless, Southern Telecom, Southern Management, Southern Company GAS and Southern Nuclear. If an executive is involuntarily terminated, other than for cause, within two years following a change in control of SOUTHERN the agreements provide for: | ||||
| • | lump sum payment of two or three times annual compensation, | |||
| • | up to five years’ coverage under group health and life insurance plans, | |||
| • | immediate vesting of all stock options, stock appreciation rights and restricted stock previously granted, | |||
| • | payment of any accrued long-term and short-term bonuses and dividend equivalents, and | |||
| • | payment of any excise tax liability incurred as a result of payments made under any individual agreements. | |||
| A SOUTHERN change in control is defined under the agreements as: |
| • | acquisition of at least 20 percent of SOUTHERN’s stock, | |||
| • | a change in the majority of the members of SOUTHERN’s board of directors, | |||
| • | a merger or other business combination that results in SOUTHERN’s shareholders immediately before the merger owning less than 65 percent of the voting power after the merger, or | |||
| • | a sale of substantially all the assets of SOUTHERN. | |||
| If a change in control affects only a subsidiary of SOUTHERN, these payments would only be made to executives of the affected subsidiary who are involuntarily terminated as a result of that change in control. | ||||
| SOUTHERN also provides in its incentive plans for pro-rata payments at not less than target-level performance if a change in control occurs and the plans are not continued or replaced with comparable plans. | ||||
| On December 22, 2004, Southern Nuclear entered into an employment agreement with William G. Hairston III. Under the agreement, Mr. Hairston will continue his employment as Chairman of Southern Nuclear, a position he has held since September 1, 2004. Prior to September 1, 2004, Mr. Hairston served as President and Chief Executive Officer of Southern Nuclear. The agreement will terminate on July 1, 2005, unless earlier terminated by either Southern Nuclear or Mr. Hairston in accordance with its terms. Under the agreement, Mr. Hairston received a base salary of $40,482 per month until March 1, 2005, when it was increased under SOUTHERN’s base salary program to $42,101. He also receives benefits under various Southern Nuclear and SOUTHERN benefit plans generally provided to similarly situated employees, including pension, capital accumulation and welfare benefit plans. The agreement also | ||||
34
| includes confidentiality and non-disclosure provisions that apply during the term of the agreement and for periods of time following Mr. Hairston’s termination of employment. | ||||
| Southern Nuclear and Mr. Hairston also entered into a Release and Restrictive Covenant Agreement on December 22, 2004, under which Mr. Hairston would receive a lump sum payment of approximately $1.3 million by February 28, 2005, which has been paid. Under the Release, Mr. Hairston released SOUTHERN and its subsidiaries from any claims relating to his prior service with SOUTHERN and its subsidiaries and agreed to comply with confidentiality and non-disclosure provisions consistent with those included in the Employment Agreement, as well as non-competition provisions, for periods of time following his termination of employment . | ||||
| On February 22, 2002, SOUTHERN, SAVANNAH, SCS and GULF entered into a Supplemental Pension Agreement with Mr. Holland. The agreement provides that upon the retirement of Mr. Holland, he will be paid a monthly amount equal to the difference in the amount he receives from the Southern Company Pension Plan and the amount he would have received had he been employed by a subsidiary or affiliate of SOUTHERN since January 1, 1980. The agreement also provides for lump sum payments upon Mr. Holland’s retirement equal to the amount he would have received under the Southern Company Employee Savings Plan and Employee Stock Ownership Plan had he participated in such plans in 1992. | ||||
| Under the terms of the offer of employment extended to Kathleen King, Southern Nuclear agreed that upon her retirement she will receive supplemental retirement payments calculated as if she had an additional eight years of accredited service under the Southern Company Pension Plan. | ||||
| (f) Rights to indemnity. Incorporated by reference are the by-laws for the companies of the SOUTHERN system, contained herein as Exhibits. | ||||
35
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS.
(1) Expenditures, disbursements or payments, directly or indirectly, in money, goods or services, to or for the account of any political party, candidate for public office or holder of such office, or any committee or agent thereof.
| Accounts Charged, | ||||||||||||||||
| if any, per Books | ||||||||||||||||
| of Disbursing | ||||||||||||||||
| Name of Company | Name of Recipient or Beneficiary | Purpose | Company | Amount($) | ||||||||||||
None
SOUTHERN, ALABAMA, GEORGIA, GULF, MISSISSIPPI and SAVANNAH have established political action committees and have incurred certain costs in the administration of these committees in accordance with the provisions of the Federal Election Campaign Act and the Public Utility Holding Company Act.
| (2) | Expenditures, disbursements or payments, directly or indirectly, in money, goods or services, to or for the account of any citizens group or public relations counsel. |
The information called for by this item was compiled, and memoranda from each company in the system were received and are being preserved by SOUTHERN, in accordance with the instructions to this item.
| Accounts Charged, | ||||||||||||
| if any, per Books | ||||||||||||
| Name of Company | Name of Recipient or Beneficiary | Purpose | of Disbursing Company | Amount($) | ||||||||
ALABAMA |
Business Council of Alabama | Dues & Support | 426 | 236,030 | ||||||||
| Edison Electric Institute | Dues | 921 | 1,344 | |||||||||
| Nature Conservancy of Alabama | Dues & Support | 426,921 | 300,100 | |||||||||
| Nuclear Energy Institute | Dues | 524 | 520,420 | * | ||||||||
| Public Affairs Research Council of Alabama | Dues | 426,921,930 | 12,580 | |||||||||
GEORGIA |
Atlanta Committee for Progress | Dues | 930 | 40,000 | ||||||||
| Buckhead Coalition | Dues | 930 | 5,000 | |||||||||
| Central Atlanta Progress | Dues | 930 | 53,750 | |||||||||
| Edison Electric Institute | Dues | 426,930 | 774,262 | |||||||||
| Forward Atlanta | Support | 930 | 250,000 | |||||||||
| Georgia Conservancy | Support | 426 | 36,511 | |||||||||
| n/a | 25,000 | ** | ||||||||||
| Georgians for Better Transportation | Dues | 930 | 10,000 | |||||||||
| Nature Conservancy | Support | 426 | 15,000 | |||||||||
| n/a | 50,000 | ** | ||||||||||
| Nuclear Energy Institute | Dues | 524,426 | 608,865 | *** | ||||||||
| * | This amount was paid by Southern Nuclear and billed to ALABAMA. | |||
| ** | Georgia Power Foundation. | |||
| *** | This amount, which excludes dues billed to joint owners of Plants Hatch and Vogtle, was paid by Southern Nuclear and billed to GEORGIA. | |||
36
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS. (Continued)
| Accounts Charged, | ||||||||||||
| if any, per Books | ||||||||||||
| of Disbursing | ||||||||||||
| Name of Company | Name of Recipient or Beneficiary | Purpose | Company | Amount($) | ||||||||
| GULF | Economic Development Council -
Bay County |
Support | 912 | 20,000 | ||||||||
Economic Development Council -
Holmes County |
Support | 912 | 10,000 | |||||||||
Chamber of Commerce – Florida |
Support & Dues | 912,921 | 31,640 | |||||||||
Chamber of Commerce – Pensacola |
Support & Dues | 909,921,930 | 39,904 | |||||||||
Chamber of Commerce – Washington County |
Support | 426,912 | 11,500 | |||||||||
Edison Electric Institute |
Dues | 426,921,930 | 195,842 | |||||||||
Enterprise Florida |
Support | 912,921,930 | 61,000 | |||||||||
Florida’s Great Northwest |
Support & Dues | 912 | 110,000 | |||||||||
University of West Florida HAAS Center |
Support | 912 | 35,000 | |||||||||
Other Economic Development Councils/
Activity Groups (13 Beneficiaries) |
Support & Dues | 426,909,912,921,930 | 39,175 | |||||||||
| MISSISSIPPI | American Association of Blacks in Energy |
Dues | 921 | 3,000 | ||||||||
Area Development Partnership |
Dues | 426 | 8,000 | |||||||||
Business & Industry Political Education
Committee |
Dues | 426 | 4,000 | |||||||||
Coastal Conservation Association |
Dues | 921 | 1,200 | |||||||||
East Mississippi Business Development
Authority |
Dues | 426 | 10,000 | |||||||||
Economic Development Authority |
Dues | 426 | 2,750 | |||||||||
Edison Electric Institute |
Dues | 426,930 | 177,275 | |||||||||
Mississippi Economic Council |
Dues | 426,930 | 65,000 | |||||||||
Mississippi Gulf Coast Economic
Development Council |
Dues | 426,930 | 2,750 | |||||||||
Mississippi Manufacturers Association |
Dues | 426,930 | 3,350 | |||||||||
Mississippi Minority Business Alliance |
Dues | 426 | 1,500 | |||||||||
Mississippi Municipal Association |
Dues | 426,930 | 4,200 | |||||||||
Mississippi Partnership for Economic
Development |
Support | 921 | 20,000 | |||||||||
Mississippi Wildlife Federation |
Dues | 426,930 | 5,000 | |||||||||
Mississippi World Trade Center |
Dues | 921 | 5,000 | |||||||||
North American Association for
Environmental Education |
Dues | 930 | 3,000 | |||||||||
Partners for Stennis Space Center |
Dues | 921 | 2,500 | |||||||||
Retail Association of Mississippi |
Dues | 426,930 | 2,000 | |||||||||
| SAVANNAH | Association of Edison Illuminating
Companies, Inc. |
Dues | 930 | 346 | ||||||||
Clean Coast |
Support | 426 | 5,000 | |||||||||
Edison Electric Institute |
Dues | 426,930 | 81,751 | |||||||||
Georgia Conservancy |
Support | 426 | 1,500 | |||||||||
Georgians for Better Transportation |
Dues | 930 | 1,000 | |||||||||
Nature Conservancy |
Support | 426 | 5,000 | |||||||||
North American Energy Standards Board |
Membership | 930 | 5,000 | |||||||||
Southeastern Electric Reliability Council |
Membership | 930 | 30,688 | |||||||||
Southeastern Electrification Council |
Membership | 930 | 3,200 | |||||||||
Southeastern Electric Exchange |
Membership | 930 | 5,488 | |||||||||
37
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS.
PART I.
| Transactions | Serving Company | Receiving Company | Compensation | |||||
(Note 1) |
(Note 1) | SouthernLINC Wireless | (Note 1) |
|||||
(Note 1) |
(Note 1) | Southern Management | (Note 1) |
|||||
(Note 1) |
(Note 1) | Southern Company GAS | (Note 1) |
|||||
(Note 1) |
(Note 1) | Synfuel Services | (Note 1) |
|||||
(Note 1) |
(Note 1) | ERA | (Note 1) |
|||||
(Note 1) |
(Note 1) | Alabama Synfuel Services, Inc. | (Note 1) |
|||||
(Note 1) |
(Note 1) | SCES LLC | (Note 1) |
|||||
Sublease of railcars (Note 2) |
ALABAMA | GEORGIA | $ | 891,039 | ||||
Sublease of railcars (Note 2) |
ALABAMA | GULF | $ | 200 | ||||
Sublease of railcars (Note 2) |
ALABAMA | MISSISSIPPI | $ | 720,287 | ||||
Sublease of railcars (Note 2) |
ALABAMA | SAVANNAH | $ | 45,159 | ||||
Sublease of railcars (Note 2) |
GEORGIA | ALABAMA | $ | 215,790 | ||||
Sublease of railcars (Note 2) |
GEORGIA | GULF | $ | 305,394 | ||||
Sublease of railcars (Note 2) |
GEORGIA | MISSISSIPPI | $ | 447,152 | ||||
Sublease of railcars (Note 2) |
GEORGIA | SAVANNAH | $ | 334,013 | ||||
Sublease of railcars (Note 2) |
MISSISSIPPI | ALABAMA | $ | 163,114 | ||||
Sublease of railcars (Note 2) |
MISSISSIPPI | GEORGIA | $ | 941,848 | ||||
Sublease of railcars (Note 2) |
MISSISSIPPI | GULF | $ | 104,390 | ||||
Sublease of railcars (Note 2) |
MISSISSIPPI | SAVANNAH | $ | 10,477 | ||||
Sublease of railcars (Note 2) |
SAVANNAH | GEORGIA | $ | 143,167 | ||||
Sublease of railcars (Note 2) |
GEORGIA | SCRS | $ | 384,119 | ||||
Sublease of railcars (Note 2) |
SCRS | ALABAMA | $ | 11,241 | ||||
Sublease of railcars (Note 2) |
SCRS | GEORGIA | $ | 2,471,015 | ||||
Sublease of railcars (Note 2) |
ALABAMA | SCRS | $ | 91,583 | ||||
Sublease of railcars (Note 2) |
GEORGIA | SCRS | $ | 499,454 | ||||
Sublease of railcars (Note 2) |
MISSISSIPPI | SCRS | $ | 49,300 | ||||
Note 1: SouthernLINC Wireless and Southern Management have agreements with SCS, ALABAMA, GEORGIA, GULF, MISSISSIPPI, SAVANNAH and Southern Nuclear pursuant to which SouthernLINC Wireless and Southern Management reimburse each of such companies for the full cost of services, personnel and facilities provided to SouthernLINC Wireless and Southern Management.
Pursuant to such agreements, during 2004 the total reimbursements to SCS, ALABAMA, GEORGIA, GULF, MISSISSIPPI, SAVANNAH and Southern Nuclear from SouthernLINC Wireless were $35,036,642; $1,169,839; $997,967; $118,729; $140,119; $23,923 and none, respectively; and from Southern Management were $962,626; none; $160,180; $22,350; none; $6,201 and $4,933, respectively. Southern Management in 2004 also reimbursed SCES LLC $287,795 for the full cost of services, personnel and facilities.
Southern Company GAS during 2004 also reimbursed GEORGIA and SCS for certain services which were furnished, at cost in the amounts of $363,724 and $12,444,777 , respectively.
Synfuel Services has agreements with SCS, ALABAMA and GEORGIA pursuant to which Synfuel Services reimburses each of these companies for full cost of services, personnel and facilities. Pursuant to these agreements, during 2004 Synfuel Services’ reimbursements to SCS, ALABAMA and GEORGIA were $66,534, $28,539,290 and $53,340,084, respectively.
ERA has an agreement with SCS pursuant to which ERA reimburses SCS for the full cost of services, personnel and facilities. Pursuant to this agreement, during 2004 ERA’s reimbursement to SCS was $111,048.
Alabama Synfuel Energy, Inc. has an agreement with SCS pursuant to which reimburses SCS for the full cost of services, personnel and facilities. Pursuant to this agreement, during 2004 Alabama Synfuel Energy, Inc.’s reimbursement to SCS was $642,374.
38
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS. (Continued)
SCES LLC has agreements with SCS, ALABAMA, GEORGIA, GULF, MISSISSIPPPI, SAVANNAH and Southern Nuclear for services, personnel and facilities. During 2004, SCES LLC reimbursed to SCS, ALABAMA, GEORGIA, GULF, MISSISSIPPI, SAVANNAH and Southern Nuclear $1,727,963; $113,114; $140,230; $20,211; $461; none and $780, respectively. During 2004, SCES LLC reimbursed SouthernLINC Wireless $340 for the full cost of services, personnel and facilities.
Note 2: The Serving Company owns or leases the railcars; the Receiving Company subleases the railcars and the Compensation is the amount paid to the Serving Company for use of the railcars. From time to time, on an as-needed, as-available basis, an affiliate may sublease its railcars, at cost, to other affiliates.
PART II.
| Transactions | Serving Company | Receiving Company | Compensation | |||||
Surveyor Services |
Baskerville-Donovan, Inc. | GULF | $ | 9,507 | ||||
Mr. Fred C. Donovan, a director of GULF, is the Chairman and Chief Executive Officer Baskerville-Donovan, Inc. (an architectural and engineering firm) in Pensacola, Florida.
PART III. None.
39
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
| Part I (a) | See Item 1 for the names of the companies and Item 6 – Part I for its location and business address. |
| Part I (b) | Information for this item was filed confidentially under a Rule 24 Certificate of Notification for File No. 70-9727 for the year ended December 31, 2004 as Exhibit B. |
Part I (c)
| COMPANIES | DEBT TO EQUITY | EARNINGS | ||||||||
SE Finance Capital Corporation II |
1.5 | $ | 65,934,302 | |||||||
SE Choctaw LLC |
0 | $ | 9,596,993 | |||||||
SE Finance Capital Corporation |
1.5 | $ | 59,279,777 | |||||||
Southern Energy Finance Company, Inc. |
0.4 | $ | 63,026,023 | |||||||
EPZ Lease, Inc. |
||||||||||
EPZ Lease, LLC |
||||||||||
EPZ Lease Holdings A, LLC |
||||||||||
EPZ Lease Trust A |
||||||||||
EPZ Lease Holdings B LLC |
||||||||||
EPZ Lease Trust B |
||||||||||
EPZ Lease Holdings C LLC |
||||||||||
EPZ Lease Trust C |
||||||||||
Dutch Gas Lease, Inc. |
||||||||||
Dutch Gas Lease, LLC |
||||||||||
Dutch Gas Lease Holdings A, LLC |
||||||||||
Dutch Gas Lease Trust A |
||||||||||
Dutch Gas Lease Holdings B LLC |
||||||||||
Dutch Gas Lease Trust B |
||||||||||
Dutch Gas Lease Holdings C LLC |
||||||||||
Dutch Gas Lease Trust C |
||||||||||
GAMOG Lease, Inc. |
||||||||||
GAMOG Lease Holdings A, LLC |
||||||||||
GAMOG Lease Trust A |
||||||||||
GAMOG Lease Holdings B, LLC |
||||||||||
GAMOG Lease Trust B |
||||||||||
GAMOG Lease Holdings C, LLC |
||||||||||
GAMOG Lease Trust C |
||||||||||
Nuon Lease, Inc. |
||||||||||
Nuon Lease Holdings D, LLC |
||||||||||
Nuon Lease Trust D |
||||||||||
Nuon Lease Holdings E, LLC |
||||||||||
Nuon Lease Trust E |
||||||||||
Nuon Lease Holdings F, LLC |
||||||||||
Nuon Lease Trust F |
||||||||||
Southern Company-Florida LLC |
0 | $ | 15,382,000 | |||||||
SE Ravenswood Trust |
0 | $ | 7,442,996 | |||||||
PART I(d)L
None.
PART II
Exhibits G and H, submitted with this filing, are being incorporated by reference.
40
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
PART III
SOUTHERN’s aggregate investment in EWGs and FUCOs at December 31, 2004 is as follows:
| Total | Equity1 | Debt2 | Guarantees3 | |||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
Investment In EWGs & FUCOs (A) |
$ | 264,793 | $ | 264,793 | $ | — | $ | — | ||||||||||||||
| SOUTHERN’s Investment | ||||||||||||||||||||||
| Investment in | (in thousands) | |||||||||||||||||||||
| Domestic Public-Utility Subs | Total | Equity | Debt | Guarantees | ||||||||||||||||||
ALABAMA |
$ | 2,285,183 | $ | 2,285,183 | $ | — | $ | — | ||||||||||||||
GEORGIA |
2,822,518 | 2,822,518 | — | — | ||||||||||||||||||
GULF |
435,455 | 435,455 | — | — | ||||||||||||||||||
MISSISSIPPI |
333,528 | 333,528 | — | — | ||||||||||||||||||
SAVANNAH |
126,756 | 126,756 | — | — | ||||||||||||||||||
SOUTHERN POWER4 |
602,228 | 602,228 | — | — | ||||||||||||||||||
SEGCO |
34,432 | 34,432 | — | — | ||||||||||||||||||
(B) Total Domestic Public – Utility Subsidiaries |
$ | 6,640,100 | $ | 6,640,100 | $ | — | $ | — | ||||||||||||||
RATIO A÷B 0.04 1
| (1) | Included Common Stock held by SOUTHERN and Paid-in-Capital by SOUTHERN. | |
| (2) | Long-term debt owed to SOUTHERN. | |
| (3) | Direct or indirect guarantees of securities of EWGs and FUCOs by SOUTHERN. | |
| (4) | SOUTHERN’s investment in SOUTHERN POWER less SOUTHERN’s investment in EWGs at SOUTHERN POWER. |
41
ITEM 10 - FINANCIAL STATEMENTS AND EXHIBITS
SOUTHERN AND SUBSIDIARY COMPANIES
INDEX TO FINANCIAL STATEMENTS
December 31, 2004
| Page | ||||
| Number | ||||
FINANCIAL STATEMENTS: |
||||
| A-1 | ||||
| A-3 | ||||
| A-5 | ||||
| A-9 | ||||
| A-13 | ||||
| A-14 | ||||
| A-15 | ||||
| A-15 | ||||
| A-16 | ||||
OTHER FINANCIAL STATEMENTS: |
||||
| A-17 | ||||
| A-22 | ||||
| A-27 | ||||
| A-30 | ||||
| A-33 | ||||
| A-36 | ||||
| A-41 | ||||
EXHIBITS |
A-45 | |||
SCHEDULES: |
||||
Schedules supporting financial statements of ALABAMA, GEORGIA, GULF, MISSISSIPPI, SAVANNAH and SEGCO are incorporated by reference to those companies’ annual reports on Federal Energy Regulatory Commission Form 1 for the year ended December 31, 2004, as filed with the Federal Energy Regulatory Commission.
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||
| Eliminations | Southern | |||||||||||||||||||||||||||||||||||||||
| and Transfers | Company | |||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | Funding | |||||||||||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||||||||||||||||||
Retail sales |
$ | 9,732,131 | $ | (631 | ) | $ | — | $ | 3,292,828 | $ | 4,776,985 | $ | 736,870 | $ | 584,313 | $ | 341,766 | $ | — | $ | — | |||||||||||||||||||
Sales for resale — |
||||||||||||||||||||||||||||||||||||||||
Non-affiliates |
1,341,282 | — | — | 483,839 | 246,545 | 73,537 | 265,863 | 5,035 | — | — | ||||||||||||||||||||||||||||||
Affiliates |
— | (1,251,828 | ) | — | 308,312 | 166,245 | 110,264 | 44,371 | 6,130 | 172,642 | — | |||||||||||||||||||||||||||||
Other electric revenues |
391,430 | (11,433 | ) | — | 151,012 | 181,033 | 39,460 | 15,779 | 4,029 | 1,767 | — | |||||||||||||||||||||||||||||
Other revenues |
437,249 | (92,670 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total operating revenues |
11,902,092 | (1,356,562 | ) | — | 4,235,991 | 5,370,808 | 960,131 | 910,326 | 356,960 | 174,409 | — | |||||||||||||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||||||||||||
Fuel |
3,521,425 | (81,720 | ) | — | 1,186,472 | 1,232,496 | 367,155 | 320,997 | 55,721 | 105,114 | — | |||||||||||||||||||||||||||||
Purchased power — |
||||||||||||||||||||||||||||||||||||||||
Non-affiliates |
642,721 | (757 | ) | — | 186,187 | 304,978 | 30,720 | 33,528 | 11,413 | — | — | |||||||||||||||||||||||||||||
Affiliates |
— | (1,232,272 | ) | — | 226,697 | 671,098 | 35,177 | 73,235 | 114,261 | — | — | |||||||||||||||||||||||||||||
Other operations |
2,301,644 | (43,258 | ) | 70,758 | 634,030 | 902,167 | 160,635 | 164,362 | 61,134 | 22,090 | — | |||||||||||||||||||||||||||||
Maintenance |
1,027,067 | — | — | 313,407 | 498,114 | 69,077 | 77,001 | 24,831 | 20,090 | — | ||||||||||||||||||||||||||||||
Depreciation and amortization |
955,435 | — | — | 425,906 | 275,488 | 82,799 | 39,390 | 21,252 | 11,734 | — | ||||||||||||||||||||||||||||||
Taxes other than income taxes |
626,866 | — | 198 | 242,809 | 227,806 | 69,856 | 55,572 | 15,245 | 1,307 | — | ||||||||||||||||||||||||||||||
Total operating expenses |
9,075,158 | (1,358,007 | ) | 70,956 | 3,215,508 | 4,112,147 | 815,419 | 764,085 | 303,857 | 160,335 | — | |||||||||||||||||||||||||||||
Operating Income |
2,826,934 | 1,445 | (70,956 | ) | 1,020,483 | 1,258,661 | 144,712 | 146,241 | 53,103 | 14,074 | — | |||||||||||||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
47,198 | — | — | 16,141 | 26,659 | 1,855 | — | 2,379 | 164 | — | ||||||||||||||||||||||||||||||
Interest income |
27,090 | (75,327 | ) | 6,468 | 15,677 | 6,657 | 1,224 | 777 | 208 | — | 2,538 | |||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries |
(94,786 | ) | (1,598,399 | ) | 1,578,302 | 4,322 | 4,898 | 26 | 89 | 35 | — | — | ||||||||||||||||||||||||||||
Leveraged lease income |
70,170 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized |
(540,523 | ) | 74,873 | (66,469 | ) | (193,590 | ) | (182,370 | ) | (31,482 | ) | (11,776 | ) | (12,047 | ) | (3,185 | ) | (2,538 | ) | |||||||||||||||||||||
Interest expense to affiliate trusts |
(99,736 | ) | — | — | (16,191 | ) | (44,565 | ) | (3,443 | ) | (1,948 | ) | — | — | — | |||||||||||||||||||||||||
Distributions on mandatorily redeemable preferred
securities |
(27,230 | ) | — | — | — | (15,839 | ) | (1,113 | ) | (630 | ) | (109 | ) | — | — | |||||||||||||||||||||||||
Preferred dividends of subsidiaries |
(29,816 | ) | — | — | (23,597 | ) | (670 | ) | (217 | ) | (3,832 | ) | (1,500 | ) | — | — | ||||||||||||||||||||||||
Other income (expense), net |
(60,273 | ) | (480 | ) | (8,698 | ) | (29,050 | ) | (16,260 | ) | (3,644 | ) | (1,454 | ) | (3,459 | ) | 661 | — | ||||||||||||||||||||||
Total other income and (expense) |
(707,906 | ) | (1,599,333 | ) | 1,509,603 | (226,288 | ) | (221,490 | ) | (36,794 | ) | (18,774 | ) | (14,493 | ) | (2,360 | ) | — | ||||||||||||||||||||||
Earnings Before Income Taxes |
2,119,028 | (1,597,888 | ) | 1,438,647 | 794,195 | 1,037,171 | 107,918 | 127,467 | 38,610 | 11,714 | — | |||||||||||||||||||||||||||||
Income taxes |
586,771 | 559 | (93,098 | ) | 313,024 | 379,170 | 39,695 | 50,666 | 14,378 | 4,326 | — | |||||||||||||||||||||||||||||
Consolidated Net Income |
$ | 1,532,257 | $ | (1,598,447 | ) | $ | 1,531,745 | $ | 481,171 | $ | 658,001 | $ | 68,223 | $ | 76,801 | $ | 24,232 | $ | 7,388 | $ | — | |||||||||||||||||||
Common Stock Data: |
||||
Earnings Per Share - |
||||
Basic |
$ | 2.07 | ||
Diluted |
$ | 2.06 | ||
Average number of shares of common stock outstanding (stated in thousands) |
— | |||
Basic |
738,879 | |||
Diluted |
743,076 | |||
Cash dividends paid per share of common stock |
$ | 1.415 |
(Continued on following page)
A-1
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Deferred | Deferred | Change in | ||||||||||||||||||||||||||||||||||||
| Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | ||||||||||||||||||||||||||||||||
| Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | |||||||||||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||||||||||||||||||
Retail sales |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Sales for resale — |
||||||||||||||||||||||||||||||||||||||||
Non-affiliates |
266,463 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Affiliates |
425,065 | 2,707 | — | 16,092 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other electric revenues |
9,783 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other revenues |
— | 155,960 | 2,803 | 188,251 | — | 9,417 | 173,488 | — | — | — | ||||||||||||||||||||||||||||||
Total operating revenues |
701,311 | 158,667 | 2,803 | 204,343 | — | 9,417 | 173,488 | — | — | — | ||||||||||||||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||||||||||||
Fuel |
127,103 | 81,719 | — | — | — | — | 126,368 | — | — | — | ||||||||||||||||||||||||||||||
Purchased power — |
||||||||||||||||||||||||||||||||||||||||
Non-affiliates |
76,652 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Affiliates |
111,804 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other operations |
58,111 | 87,756 | 3,659 | 137,567 | — | 7,214 | 35,307 | 10 | — | 102 | ||||||||||||||||||||||||||||||
Maintenance |
17,084 | 4 | — | 7,459 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Depreciation and amortization |
51,161 | 9,480 | 133 | 30,577 | — | 1,560 | 5,955 | — | — | — | ||||||||||||||||||||||||||||||
Taxes other than income taxes |
11,273 | — | 5 | 2,375 | — | 390 | 30 | — | — | — | ||||||||||||||||||||||||||||||
Total operating expenses |
453,188 | 178,959 | 3,797 | 177,978 | — | 9,164 | 167,660 | 10 | — | 102 | ||||||||||||||||||||||||||||||
Operating Income |
248,123 | (20,292 | ) | (994 | ) | 26,365 | — | 253 | 5,828 | (10 | ) | — | (102 | ) | ||||||||||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest income |
736 | 66,971 | 86 | 86 | 22 | 118 | — | 20 | 287 | 542 | ||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries |
— | (96,736 | ) | 12,677 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Leveraged lease income |
— | 70,170 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized |
(66,088 | ) | (41,121 | ) | (97 | ) | (2,486 | ) | — | (458 | ) | (1,689 | ) | — | — | — | ||||||||||||||||||||||||
Interest expense to affiliate trusts |
— | (33,589 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Distributions on mandatorily redeemable preferred securities |
— | (9,539 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends of subsidiaries |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other income (expense), net |
1,672 | 1,667 | (1,054 | ) | (242 | ) | — | 445 | (496 | ) | — | 119 | — | |||||||||||||||||||||||||||
Total other income and (expense) |
(63,680 | ) | (42,177 | ) | 11,612 | (2,642 | ) | 22 | 105 | (2,185 | ) | 20 | 406 | 542 | ||||||||||||||||||||||||||
Earnings Before Income Taxes |
184,443 | (62,469 | ) | 10,618 | 23,723 | 22 | 358 | 3,643 | 10 | 406 | 440 | |||||||||||||||||||||||||||||
Income taxes |
72,935 | (205,507 | ) | (734 | ) | 9,715 | 8 | 227 | 1,407 | — | — | — | ||||||||||||||||||||||||||||
Consolidated Net Income |
$ | 111,508 | $ | 143,038 | $ | 11,352 | $ | 14,008 | $ | 14 | $ | 131 | $ | 2,236 | $ | 10 | $ | 406 | $ | 440 | ||||||||||||||||||||
The notes to the financial statements (herein incorporated by reference as part of exhibit
numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-2
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income |
$ | 1,532,257 | $ | (1,627,994 | ) | $ | 1,531,476 | $ | 504,768 | $ | 658,671 | $ | 68,440 | $ | 80,633 | $ | 25,732 | $ | 7,388 | $ | — | $ | — | |||||||||||||||||||||
Adjustments to reconcile consolidated net income
to net cash provided from (used for) operating activities — |
||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
1,177,991 | — | 647 | 497,010 | 361,958 | 88,772 | 60,260 | 23,710 | 12,783 | 19,875 | 691 | |||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits |
558,802 | — | (21 | ) | 252,858 | 251,623 | 46,255 | 44,424 | 13,441 | (2,143 | ) | — | — | |||||||||||||||||||||||||||||||
Plant Daniel capacity |
(16,508 | ) | — | — | — | — | — | (16,508 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
(47,199 | ) | — | — | (16,141 | ) | (26,659 | ) | (1,855 | ) | — | (2,379 | ) | (165 | ) | — | — | |||||||||||||||||||||||||||
Equity in losses (earnings) of unconsolidated subsidiaries |
94,786 | 1,598,287 | (1,578,033 | ) | (4,322 | ) | (4,898 | ) | (26 | ) | (88 | ) | (35 | ) | — | (143 | ) | (27 | ) | |||||||||||||||||||||||||
Leveraged lease income |
(70,170 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Pension, postretirement, and other employee benefits |
(470 | ) | — | (190 | ) | (29,362 | ) | 2,636 | (895 | ) | (1,084 | ) | 6,114 | — | 19,650 | (558 | ) | |||||||||||||||||||||||||||
Tax benefit of stock options |
31,344 | (31,040 | ) | 31,344 | 10,672 | 9,701 | 3,063 | 1,532 | 861 | — | — | 3,692 | ||||||||||||||||||||||||||||||||
Hedge settlements |
(9,686 | ) | — | — | 2,241 | (12,394 | ) | — | — | 467 | — | — | — | |||||||||||||||||||||||||||||||
Other, net |
(21,267 | ) | (12,041 | ) | (988 | ) | 1,388 | (33,289 | ) | 11,982 | (1,612 | ) | (7,658 | ) | 9,579 | 1,490 | (6,401 | ) | ||||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||||||||||||||||||||||
Receivables, net |
(369,061 | ) | 73,512 | 16,520 | (144,256 | ) | (225,454 | ) | 1,741 | (26,373 | ) | (26,371 | ) | 4,593 | (31,647 | ) | (2,310 | ) | ||||||||||||||||||||||||||
Fossil fuel stock |
(8,320 | ) | — | — | 30,130 | (46,730 | ) | 2,355 | 5,528 | (1,938 | ) | — | — | — | ||||||||||||||||||||||||||||||
Materials and supplies |
(31,477 | ) | — | — | (26,229 | ) | 618 | (831 | ) | (3,768 | ) | (842 | ) | — | (715 | ) | — | |||||||||||||||||||||||||||
Other current assets |
13,991 | 31,967 | (3,325 | ) | 19,131 | (9,314 | ) | (29,622 | ) | 1,401 | (5,324 | ) | (234 | ) | (6,735 | ) | (1,422 | ) | ||||||||||||||||||||||||||
Accounts payable |
28,967 | (69,446 | ) | 6,931 | (12,778 | ) | 132,001 | (51,876 | ) | (5,555 | ) | 5,035 | (1,534 | ) | 24,554 | 7,036 | ||||||||||||||||||||||||||||
Accrued taxes |
(108,867 | ) | (32,141 | ) | (3,662 | ) | (24,568 | ) | (64,563 | ) | 629 | 151 | 3,352 | 1,115 | 14,610 | (743 | ) | |||||||||||||||||||||||||||
Accrued compensation |
(15,803 | ) | (193 | ) | — | (7,041 | ) | (6,664 | ) | 1,946 | 82 | (40 | ) | — | (3,215 | ) | (1,175 | ) | ||||||||||||||||||||||||||
Other current liabilities |
(47,189 | ) | (2,297 | ) | 2,636 | (42,544 | ) | 5,836 | 3,111 | (19,709 | ) | (911 | ) | (301 | ) | 7,871 | (238 | ) | ||||||||||||||||||||||||||
Net cash provided from (used for) operating activities |
2,692,121 | (71,386 | ) | 3,335 | 1,010,957 | 993,079 | 143,189 | 119,314 | 33,214 | 31,081 | 45,595 | (1,455 | ) | |||||||||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Gross property additions |
(2,109,995 | ) | — | — | (797,014 | ) | (786,314 | ) | (161,205 | ) | (70,063 | ) | (51,301 | ) | (11,974 | ) | (23,005 | ) | (2,094 | ) | ||||||||||||||||||||||||
Property sales to (purchases from) affiliates |
— | — | — | — | (339,750 | ) | — | — | (74,832 | ) | — | — | — | |||||||||||||||||||||||||||||||
Investment in unconsolidated subsidiaries |
(96,536 | ) | 464,638 | (457,517 | ) | (242 | ) | 1,058 | (79 | ) | (1,816 | ) | (41 | ) | — | (2,564 | ) | (830 | ) | |||||||||||||||||||||||||
Cost of removal net of salvage |
(74,817 | ) | — | — | (37,369 | ) | (21,756 | ) | (10,259 | ) | (3,189 | ) | (885 | ) | (1,975 | ) | — | — | ||||||||||||||||||||||||||
Construction receivables/payable, net |
24,570 | 14,074 | — | 7,941 | 413 | 13,682 | 1,243 | 1,566 | — | — | — | |||||||||||||||||||||||||||||||||
Other |
4,914 | (1,460,966 | ) | 1,497,358 | 3,876 | 30,445 | 22,788 | (2,253 | ) | 291 | 164 | (7,939 | ) | — | ||||||||||||||||||||||||||||||
Net cash provided from (used for) investing activities |
(2,251,864 | ) | (982,254 | ) | 1,039,841 | (822,808 | ) | (1,115,904 | ) | (135,073 | ) | (76,078 | ) | (125,202 | ) | (13,785 | ) | (33,508 | ) | (2,924 | ) | |||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
(141,228 | ) | (42,803 | ) | (124,980 | ) | — | 70,956 | 12,334 | — | 20,567 | (5,907 | ) | — | — | |||||||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
1,861,711 | — | 4,414 | 900,000 | 600,000 | 210,000 | 40,000 | 45,376 | — | 5,521 | — | |||||||||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
200,000 | — | — | — | 200,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Preferred stock |
175,000 | — | — | 100,000 | — | — | 30,000 | 45,000 | — | — | — | |||||||||||||||||||||||||||||||||
Common Stock |
123,571 | (40,000 | ) | 123,571 | 40,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Capital contributions from parent company |
— | (394,905 | ) | — | 17,541 | 260,068 | 29,481 | 1,791 | 47,255 | 583 | — | 5,474 | ||||||||||||||||||||||||||||||||
Redemptions — |
||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
(1,245,796 | ) | — | — | (726,445 | ) | (200,000 | ) | (125,000 | ) | (80,000 | ) | (30,000 | ) | — | (1,512 | ) | — | ||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
(240,000 | ) | — | — | — | (200,000 | ) | — | — | (40,000 | ) | — | — | — | ||||||||||||||||||||||||||||||
Preferred stock |
(28,388 | ) | — | — | — | — | — | (28,388 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Capital distributions to parent company |
— | 113,000 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payment of preferred stock dividends |
— | 27,164 | — | (23,639 | ) | (654 | ) | (217 | ) | (1,829 | ) | (825 | ) | — | — | — | ||||||||||||||||||||||||||||
Payment of common stock dividends |
(1,044,734 | ) | 1,391,189 | (1,044,734 | ) | (437,300 | ) | (565,500 | ) | (70,000 | ) | (66,200 | ) | (23,200 | ) | (11,989 | ) | — | — | |||||||||||||||||||||||||
Other |
(38,467 | ) | (5 | ) | 1 | (16,597 | ) | (17,247 | ) | (2,433 | ) | (785 | ) | (1,266 | ) | (123 | ) | — | — | |||||||||||||||||||||||||
Net cash provided from (used for) financing activities |
(378,331 | ) | 1,053,640 | (1,041,728 | ) | (146,440 | ) | 147,623 | 54,165 | (105,411 | ) | 62,907 | (17,436 | ) | 4,009 | 5,474 | ||||||||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
61,926 | — | 1,448 | 41,709 | 24,798 | 62,281 | (62,175 | ) | (29,081 | ) | (140 | ) | 16,096 | 1,095 | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
311,273 | — | 278 | 42,752 | 8,699 | 2,548 | 69,120 | 37,943 | 698 | 4,879 | 1,546 | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 373,199 | $ | — | $ | 1,726 | $ | 84,461 | $ | 33,497 | $ | 64,829 | $ | 6,945 | $ | 8,862 | $ | 558 | $ | 20,975 | $ | 2,641 | ||||||||||||||||||||||
Supplemental Cash Flow Information: |
||||||||||||||||||||||||||||||||||||||||||||
Cash paid during the period for — |
||||||||||||||||||||||||||||||||||||||||||||
Interest (net of amount capitalized) |
$ | 550,782 | $ | (68,594 | ) | $ | 69,066 | $ | 188,556 | $ | 228,190 | $ | 28,796 | $ | 12,084 | $ | 10,080 | $ | 3,446 | $ | 4,130 | $ | — | |||||||||||||||||||||
Income taxes |
78,486 | — | (70,723 | ) | 69,068 | 127,115 | 24,130 | 6,654 | 4,581 | 5,627 | 648 | 4,777 | ||||||||||||||||||||||||||||||||
(Continued on following page)
A-3
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Southern | Deferred | Deferred | Change in | |||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income |
$ | — | $ | 111,508 | $ | 143,038 | $ | 11,352 | $ | 14,008 | $ | 14 | $ | 131 | $ | 2,236 | $ | 10 | $ | 406 | $ | 440 | ||||||||||||||||||||||
Adjustments to reconcile consolidated net income
to net cash provided from (used for) operating activities — |
||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
— | 65,838 | 8,248 | (148 | ) | 30,832 | — | 1,560 | 5,955 | — | — | — | ||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits |
— | 23,510 | (70,886 | ) | — | 1,082 | — | (616 | ) | (725 | ) | — | — | — | ||||||||||||||||||||||||||||||
Plant Daniel capacity |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Equity in losses (earnings) of unconsolidated subsidiaries |
— | — | 96,736 | (12,676 | ) | 11 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Leveraged lease income |
— | — | (70,170 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Pension, postretirement, and other employee benefits |
— | — | 305 | — | 2,785 | — | 129 | — | — | — | — | |||||||||||||||||||||||||||||||||
Tax benefit of stock options |
— | 415 | 45 | — | 1,041 | — | 18 | — | — | — | — | |||||||||||||||||||||||||||||||||
Hedge settlements |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other, net |
— | 20,021 | 5,672 | 1 | (1,452 | ) | — | (2,913 | ) | (4,332 | ) | (10 | ) | — | (704 | ) | ||||||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||||||||||||||||||||||
Receivables, net |
— | (14,009 | ) | 6,294 | 193 | (631 | ) | (3 | ) | (94 | ) | (984 | ) | — | — | 218 | ||||||||||||||||||||||||||||
Fossil fuel stock |
— | 2,894 | — | — | — | — | — | (559 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Materials and supplies |
— | (1,715 | ) | 1,310 | 1,352 | (657 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other current assets |
— | 4,144 | 15,868 | 407 | (2,586 | ) | — | (390 | ) | 25 | — | — | — | |||||||||||||||||||||||||||||||
Accounts payable |
— | (13,844 | ) | 8,003 | (2,287 | ) | 3,462 | (249 | ) | (336 | ) | (150 | ) | — | — | — | ||||||||||||||||||||||||||||
Accrued taxes |
— | 32,330 | (35,198 | ) | (580 | ) | (299 | ) | 44 | 8 | 648 | — | — | — | ||||||||||||||||||||||||||||||
Accrued compensation |
— | — | 413 | — | 512 | — | (253 | ) | (175 | ) | — | — | — | |||||||||||||||||||||||||||||||
Other current liabilities |
— | (1,692 | ) | 4,633 | (107 | ) | (3,611 | ) | — | 6 | 128 | — | — | — | ||||||||||||||||||||||||||||||
Net cash provided from (used for) operating activities |
— | 229,400 | 114,311 | (2,493 | ) | 44,497 | (194 | ) | (2,750 | ) | 2,067 | — | 406 | (46 | ) | |||||||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Gross property additions |
— | (115,606 | ) | (71,606 | ) | — | (18,942 | ) | — | (225 | ) | (646 | ) | — | — | — | ||||||||||||||||||||||||||||
Property sales to (purchases from) affiliates |
— | 414,582 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Investment in unconsolidated subsidiaries |
— | — | (97,759 | ) | (1,162 | ) | (222 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cost of removal net of salvage |
— | — | — | 344 | (36 | ) | — | — | 308 | — | — | — | ||||||||||||||||||||||||||||||||
Construction receivables/payable, net |
— | (14,349 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other |
(48,100 | ) | (10,043 | ) | (12,970 | ) | (719 | ) | 148 | — | 855 | — | — | (1,570 | ) | (6,451 | ) | |||||||||||||||||||||||||||
Net cash provided from (used for) investing activities |
(48,100 | ) | 274,584 | (182,335 | ) | (1,537 | ) | (19,052 | ) | — | 630 | (338 | ) | — | (1,570 | ) | (6,451 | ) | ||||||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
48,100 | (114,349 | ) | 23,876 | (850 | ) | (24,862 | ) | — | — | (3,310 | ) | — | — | — | |||||||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
— | — | 56,400 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Preferred stock |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Common Stock |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Capital contributions from parent company |
— | 2,808 | 14,576 | 4,300 | 911 | — | 2,448 | — | — | 1,218 | 6,451 | |||||||||||||||||||||||||||||||||
Redemptions — |
||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
— | (50,000 | ) | (31,499 | ) | — | (1,340 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Preferred stock |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Capital distributions to parent company |
— | (113,000 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Payment of preferred stock dividends |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payment of common stock dividends |
— | (207,000 | ) | — | — | — | — | (10,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Other |
— | — | — | — | — | — | (12 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Net cash provided from (used for) financing activities |
48,100 | (481,541 | ) | 63,353 | 3,450 | (25,291 | ) | — | (7,564 | ) | (3,310 | ) | — | 1,218 | 6,451 | |||||||||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
— | 22,443 | (4,671 | ) | (580 | ) | 154 | (194 | ) | (9,684 | ) | (1,581 | ) | — | 54 | (46 | ) | |||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
10 | 2,798 | 115,418 | 1,113 | 6,839 | 1,813 | 11,452 | 3,088 | — | 233 | 46 | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 10 | $ | 25,241 | $ | 110,747 | $ | 533 | $ | 6,993 | $ | 1,619 | $ | 1,768 | $ | 1,507 | $ | — | $ | 287 | $ | — | ||||||||||||||||||||||
Supplemental Cash Flow Information: |
||||||||||||||||||||||||||||||||||||||||||||
Cash paid during the period for — |
||||||||||||||||||||||||||||||||||||||||||||
Interest (net of amount capitalized) |
$ | — | $ | 52,146 | $ | 19,946 | $ | — | $ | 1,247 | $ | — | $ | — | $ | 1,689 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Income taxes |
— | 13,313 | (116,236 | ) | (702 | ) | 7,680 | (39 | ) | 860 | 1,733 | — | — | — | ||||||||||||||||||||||||||||||
The notes to the financial statements (herein incorporated by reference as part of exhibit numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-4
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||||||||||||||
Current Assets: |
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ | 373,199 | $ | — | $ | 1,726 | $ | 84,461 | $ | 33,497 | $ | 64,829 | $ | 6,945 | $ | 8,862 | $ | 558 | $ | 20,975 | $ | 2,641 | ||||||||||||||||||||||
Receivables — |
||||||||||||||||||||||||||||||||||||||||||||
Customer accounts receivable |
755,436 | — | — | 235,221 | 317,937 | 44,255 | 32,978 | 22,875 | — | — | — | |||||||||||||||||||||||||||||||||
Unbilled revenues |
304,479 | 4,593 | — | 96,486 | 140,027 | 35,889 | 20,803 | 6,681 | — | — | — | |||||||||||||||||||||||||||||||||
Under recovered regulatory clause revenues |
530,897 | — | — | 119,773 | 345,542 | 9,283 | 32,499 | 23,800 | — | — | — | |||||||||||||||||||||||||||||||||
Other accounts and notes receivable |
320,106 | 2 | 43,056 | 52,145 | 94,377 | 7,177 | 8,883 | 1,608 | 29 | 74,594 | 867 | |||||||||||||||||||||||||||||||||
Affiliated companies |
— | (950,405 | ) | 119,452 | 61,149 | 17,042 | 16,218 | 15,769 | 3,392 | 32,471 | 309,825 | 81,521 | ||||||||||||||||||||||||||||||||
Accumulated provision for uncollectible
accounts |
(46,100 | ) | — | (13,220 | ) | (5,404 | ) | (7,100 | ) | (2,144 | ) | (774 | ) | (878 | ) | — | — | — | ||||||||||||||||||||||||||
Fossil fuel stock, at average cost |
325,369 | — | — | 57,787 | 184,267 | 32,999 | 19,704 | 10,590 | — | — | — | |||||||||||||||||||||||||||||||||
Vacation pay |
105,437 | — | — | 36,494 | 57,372 | 5,446 | 6,125 | — | — | — | — | |||||||||||||||||||||||||||||||||
Materials and supplies, at average cost |
601,820 | — | — | 237,919 | 270,422 | 36,761 | 27,438 | 9,913 | 223 | 1,907 | — | |||||||||||||||||||||||||||||||||
Prepaid expenses |
126,061 | (107,770 | ) | 16,053 | 61,896 | 32,696 | 38,375 | 9,237 | 23,030 | 591 | 15,506 | 11,287 | ||||||||||||||||||||||||||||||||
Other |
66,401 | 2 | — | 11,269 | 25,260 | 8,732 | 7,662 | 2,174 | — | 7,607 | — | |||||||||||||||||||||||||||||||||
Total current assets |
3,463,105 | (1,053,578 | ) | 167,067 | 1,049,196 | 1,511,339 | 297,820 | 187,269 | 112,047 | 33,872 | 430,414 | 96,316 | ||||||||||||||||||||||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||||||||||||||||||||||||||||||
In service |
41,437,588 | — | — | 14,636,168 | 18,681,533 | 2,367,189 | 1,882,542 | 945,359 | 379,810 | 279,724 | 9,335 | |||||||||||||||||||||||||||||||||
Less accumulated depreciation |
14,951,009 | — | — | 5,097,930 | 7,217,607 | 844,617 | 697,862 | 408,415 | 225,106 | 153,118 | 4,858 | |||||||||||||||||||||||||||||||||
| 26,486,579 | — | — | 9,538,238 | 11,463,926 | 1,522,572 | 1,184,680 | 536,944 | 154,704 | 126,606 | 4,477 | ||||||||||||||||||||||||||||||||||
Nuclear fuel, at amortized cost |
218,133 | — | — | 93,388 | 124,745 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction work in progress |
1,656,772 | — | — | 470,844 | 766,140 | 74,004 | 27,961 | 91,275 | 10,662 | 3,977 | 598 | |||||||||||||||||||||||||||||||||
Total property, plant, and equipment |
28,361,484 | — | — | 10,102,470 | 12,354,811 | 1,596,576 | 1,212,641 | 628,219 | 165,366 | 130,583 | 5,075 | |||||||||||||||||||||||||||||||||
Other Property and Investments: |
||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts, at fair value |
904,828 | — | — | 445,634 | 459,194 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Leveraged leases |
976,000 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Equity investments in unconsolidated subsidiaries |
107,232 | (11,564,121 | ) | 11,438,402 | 45,455 | 66,192 | 3,674 | 3,265 | 1,963 | — | 11,099 | 2,500 | ||||||||||||||||||||||||||||||||
Other |
284,876 | (979,686 | ) | 22,675 | 44,322 | 66,775 | 2,751 | 4,007 | 1,962 | 7 | 15,211 | 921 | ||||||||||||||||||||||||||||||||
Total other property and investments |
2,272,936 | (12,543,807 | ) | 11,461,077 | 535,411 | 592,161 | 6,425 | 7,272 | 3,925 | 7 | 26,310 | 3,421 | ||||||||||||||||||||||||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||||||||||||||||||||||||||||||
Deferred charges related to income taxes |
864,476 | — | — | 316,528 | 505,664 | 17,566 | 10,668 | 10,588 | 3,462 | — | — | |||||||||||||||||||||||||||||||||
Prepaid pension costs |
985,633 | (71,046 | ) | 681 | 489,193 | 450,270 | 45,384 | 19,158 | — | — | 51,993 | — | ||||||||||||||||||||||||||||||||
Unamortized debt issuance expense |
153,352 | — | 1,348 | 28,392 | 77,925 | 6,615 | 6,955 | 5,303 | 680 | 159 | — | |||||||||||||||||||||||||||||||||
Unamortized loss on reacquired debt |
323,395 | — | — | 109,403 | 176,825 | 19,197 | 9,437 | 7,935 | 598 | — | — | |||||||||||||||||||||||||||||||||
Other regulatory assets |
248,953 | — | — | 46,603 | 72,639 | 107,994 | 5,610 | 16,107 | — | — | — | |||||||||||||||||||||||||||||||||
Other |
288,752 | (492,360 | ) | 18,260 | 106,263 | 80,704 | 13,086 | 20,103 | 28,467 | 5,164 | 36,723 | 199,737 | ||||||||||||||||||||||||||||||||
Total deferred charges and other assets |
2,864,561 | (563,406 | ) | 20,289 | 1,096,382 | 1,364,027 | 209,842 | 71,931 | 68,400 | 9,904 | 88,875 | 199,737 | ||||||||||||||||||||||||||||||||
Total Assets |
$ | 36,962,086 | $ | (14,160,791 | ) | $ | 11,648,433 | $ | 12,783,459 | $ | 15,822,338 | $ | 2,110,663 | $ | 1,479,113 | $ | 812,591 | $ | 209,149 | $ | 676,182 | $ | 304,549 | |||||||||||||||||||||
(Continued on following page)
A-5
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Southern | Deferred | Deferred | Change in | |||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||||||||||||||
Current Assets: |
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ | 10 | $ | 25,241 | $ | 110,747 | $ | 533 | $ | 6,993 | $ | 1,619 | $ | 1,768 | $ | 1,507 | $ | — | $ | 287 | $ | — | ||||||||||||||||||||||
Receivables — |
||||||||||||||||||||||||||||||||||||||||||||
Customer accounts receivable |
— | 12,865 | 11,372 | 75 | 21,168 | — | 822 | 55,868 | — | — | — | |||||||||||||||||||||||||||||||||
Unbilled revenues |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Under recovered regulatory clause revenues |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other accounts and notes receivable |
— | 893 | 34,832 | — | 22 | — | — | 1,416 | — | — | 205 | |||||||||||||||||||||||||||||||||
Affiliated companies |
243,022 | 25,423 | 23,078 | 251 | 1,366 | 3 | 72 | 351 | — | — | — | |||||||||||||||||||||||||||||||||
Accumulated provision for uncollectible accounts |
— | (350 | ) | (66 | ) | (71 | ) | (3,352 | ) | — | (40 | ) | (12,701 | ) | — | — | — | |||||||||||||||||||||||||||
Fossil fuel stock, at average cost |
— | 2,904 | — | — | — | — | — | 17,118 | — | — | — | |||||||||||||||||||||||||||||||||
Vacation pay |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Materials and supplies, at average cost |
— | 9,839 | 517 | — | 6,881 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Prepaid expenses |
— | 12,704 | (2,590 | ) | (380 | ) | 13,687 | — | 748 | 991 | — | — | — | |||||||||||||||||||||||||||||||
Other |
— | 112 | 2,806 | — | (3 | ) | — | 3 | 777 | — | — | — | ||||||||||||||||||||||||||||||||
Total current assets |
243,032 | 89,631 | 180,696 | 408 | 46,762 | 1,622 | 3,373 | 65,327 | — | 287 | 205 | |||||||||||||||||||||||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||||||||||||||||||||||||||||||
In service |
— | 1,821,434 | 22,117 | — | 370,819 | — | 33,091 | 8,467 | — | — | — | |||||||||||||||||||||||||||||||||
Less accumulated depreciation |
— | 111,200 | 4,875 | — | 176,093 | — | 5,690 | 3,638 | — | — | — | |||||||||||||||||||||||||||||||||
| — | 1,710,234 | 17,242 | — | 194,726 | — | 27,401 | 4,829 | — | — | — | ||||||||||||||||||||||||||||||||||
Nuclear fuel, at amortized cost |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction work in progress |
— | 200,903 | — | — | 10,351 | — | 57 | — | — | — | — | |||||||||||||||||||||||||||||||||
Total property, plant, and equipment |
— | 1,911,137 | 17,242 | — | 205,077 | — | 27,458 | 4,829 | — | — | — | |||||||||||||||||||||||||||||||||
Other Property and Investments: |
||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts, at fair value |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Leveraged leases |
— | — | 976,000 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Equity investments in unconsolidated subsidiaries |
— | — | 65,382 | 33,125 | 296 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other |
— | — | 1,045,453 | 2,027 | 35 | — | 339 | 19,901 | 960 | 6,949 | 30,267 | |||||||||||||||||||||||||||||||||
Total other property and investments |
— | — | 2,086,835 | 35,152 | 331 | — | 339 | 19,901 | 960 | 6,949 | 30,267 | |||||||||||||||||||||||||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||||||||||||||||||||||||||||||
Deferred charges related to income taxes |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Prepaid pension costs |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Unamortized debt issuance expense |
— | 14,078 | 11,897 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Unamortized loss on reacquired debt |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other regulatory assets |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other |
— | 52,167 | 187,143 | 1,088 | 1,353 | 336 | 19,711 | 10,807 | — | — | — | |||||||||||||||||||||||||||||||||
Total deferred charges and other assets |
— | 66,245 | 199,040 | 1,088 | 1,353 | 336 | 19,711 | 10,807 | — | — | — | |||||||||||||||||||||||||||||||||
Total Assets |
$ | 243,032 | $ | 2,067,013 | $ | 2,483,813 | $ | 36,648 | $ | 253,523 | $ | 1,958 | $ | 50,881 | $ | 100,864 | $ | 960 | $ | 7,236 | $ | 30,472 | ||||||||||||||||||||||
(Continued on following page)
A-6
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||
Securities due within one year |
$ | 983,282 | $ | — | $ | — | $ | 225,005 | $ | 452,498 | $ | 100,000 | $ | — | $ | 1,010 | $ | — | $ | 8,466 | $ | — | ||||||||||||||||||||||
Notes payable |
426,394 | (360,932 | ) | 133,617 | — | 208,233 | 50,000 | — | 20,567 | 13,976 | — | — | ||||||||||||||||||||||||||||||||
Accounts payable — |
— | |||||||||||||||||||||||||||||||||||||||||||
Affiliated |
12,668 | (560,675 | ) | 13,694 | 141,096 | 194,253 | 35,359 | 19,568 | 17,379 | 10,947 | 68,303 | 11,380 | ||||||||||||||||||||||||||||||||
Other |
871,572 | — | 5,347 | 198,834 | 310,763 | 77,452 | 52,688 | 16,166 | — | 164,420 | 9,829 | |||||||||||||||||||||||||||||||||
Customer deposits |
200,454 | — | — | 49,598 | 115,661 | 18,470 | 9,053 | 6,973 | — | — | — | |||||||||||||||||||||||||||||||||
Accrued taxes — |
— | |||||||||||||||||||||||||||||||||||||||||||
Income taxes |
47,237 | (105,190 | ) | 43,801 | 28,498 | 78,269 | 1,927 | 396 | 148 | 506 | — | 167 | ||||||||||||||||||||||||||||||||
Other |
243,200 | — | — | 29,688 | 129,520 | 9,250 | 44,285 | 5,390 | 418 | 15,267 | 2,035 | |||||||||||||||||||||||||||||||||
Accrued interest |
179,301 | (22,385 | ) | 21,337 | 40,029 | 74,529 | 7,665 | 1,731 | 3,050 | 376 | 535 | — | ||||||||||||||||||||||||||||||||
Accrued vacation pay |
137,452 | — | — | 36,494 | 44,894 | 5,446 | 6,125 | 2,661 | — | 21,108 | 19,156 | |||||||||||||||||||||||||||||||||
Accrued compensation |
431,023 | (193 | ) | — | 76,858 | 127,340 | 16,989 | 23,913 | 5,612 | — | 112,265 | 57,868 | ||||||||||||||||||||||||||||||||
Other |
258,356 | (1,879 | ) | 22,269 | 26,365 | 75,699 | 12,988 | 48,677 | 5,248 | 59 | 33,342 | 598 | ||||||||||||||||||||||||||||||||
Total current liabilities |
3,790,939 | (1,051,254 | ) | 240,065 | 852,465 | 1,811,659 | 335,546 | 206,436 | 84,204 | 26,282 | 423,706 | 101,033 | ||||||||||||||||||||||||||||||||
Long-term Debt (See accompanying statements) |
10,488,076 | (974,043 | ) | 988,956 | 3,855,257 | 3,709,852 | 550,989 | 242,498 | 237,769 | 74,333 | 54,568 | — | ||||||||||||||||||||||||||||||||
Long-term Debt Payable to Affiliated Trusts |
1,960,644 | — | — | 309,279 | 969,073 | 72,166 | 36,082 | — | — | — | — | |||||||||||||||||||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||
Accumulated deferred income taxes |
5,237,160 | (290,790 | ) | 1,209 | 1,885,120 | 2,556,040 | 229,909 | 167,345 | 90,079 | 24,137 | — | — | ||||||||||||||||||||||||||||||||
Deferred credits related to income taxes |
372,528 | — | — | 148,395 | 170,973 | 23,354 | 20,261 | 8,738 | 807 | — | — | |||||||||||||||||||||||||||||||||
Accumulated deferred investment tax credits |
552,109 | — | — | 205,353 | 300,018 | 18,489 | 18,654 | 7,961 | 1,634 | — | — | |||||||||||||||||||||||||||||||||
Employee benefit obligations |
864,216 | (220,120 | ) | 8,117 | 194,837 | 331,002 | 54,869 | 57,275 | 46,580 | — | 209,528 | 170,048 | ||||||||||||||||||||||||||||||||
Deferred capacity revenues |
71,452 | (30,775 | ) | — | 25,056 | — | 160 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Asset retirement obligations |
903,385 | — | — | 383,621 | 504,515 | 5,789 | 5,532 | 3,870 | 58 | — | — | |||||||||||||||||||||||||||||||||
Other cost of removal obligations |
1,295,871 | — | — | 597,147 | 411,692 | 155,831 | 76,228 | 41,890 | 13,083 | — | — | |||||||||||||||||||||||||||||||||
Miscelleanous regulatory liabilities |
350,168 | — | — | 214,689 | 92,611 | 2,048 | 28,189 | 12,631 | — | — | — | |||||||||||||||||||||||||||||||||
Other |
237,379 | (30,020 | ) | 16 | 36,989 | 59,733 | 65,243 | 41,996 | 2,775 | 9,346 | 13,230 | — | ||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities |
9,884,268 | (571,705 | ) | 9,342 | 3,691,207 | 4,426,584 | 555,692 | 415,480 | 214,524 | 49,065 | 222,758 | 170,048 | ||||||||||||||||||||||||||||||||
Total Liabilities |
26,123,927 | (2,597,002 | ) | 1,238,363 | 8,708,208 | 10,917,168 | 1,514,393 | 900,496 | 536,497 | 149,680 | 701,032 | 271,081 | ||||||||||||||||||||||||||||||||
Preferred Stock
of Subsidiaries (See accompanying statements) |
560,472 | — | — | 465,047 | 14,609 | 4,098 | 32,780 | 43,938 | — | — | — | |||||||||||||||||||||||||||||||||
Common Stockholders’ Equity (See accompanying statements) |
10,277,687 | (11,563,789 | ) | 10,410,070 | 3,610,204 | 4,890,561 | 592,172 | 545,837 | 232,156 | 59,469 | (24,850 | ) | 33,468 | |||||||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity |
$ | 36,962,086 | $ | (14,160,791 | ) | $ | 11,648,433 | $ | 12,783,459 | $ | 15,822,338 | $ | 2,110,663 | $ | 1,479,113 | $ | 812,591 | $ | 209,149 | $ | 676,182 | $ | 304,549 | |||||||||||||||||||||
(Continued on following page)
A-7
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Southern | Deferred | Deferred | Change in | |||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||
Securities due within one year |
$ | — | $ | 200 | $ | 195,004 | $ | — | $ | 1,099 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Notes payable |
242,776 | — | 27,126 | — | 40,341 | — | — | 50,690 | — | — | — | |||||||||||||||||||||||||||||||||
Accounts payable — |
||||||||||||||||||||||||||||||||||||||||||||
Affiliated |
— | 19,265 | 22,533 | 162 | 2,613 | — | 336 | 16,455 | — | — | — | |||||||||||||||||||||||||||||||||
Other |
— | 11,024 | 6,885 | 489 | 9,046 | 263 | 433 | 7,933 | — | — | — | |||||||||||||||||||||||||||||||||
Customer deposits |
— | — | — | — | 699 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued taxes — |
||||||||||||||||||||||||||||||||||||||||||||
Income taxes |
— | — | (2,361 | ) | 564 | — | 153 | — | 359 | — | — | — | ||||||||||||||||||||||||||||||||
Other |
— | 4,104 | 108 | — | 1,685 | — | 25 | 1,425 | — | — | — | |||||||||||||||||||||||||||||||||
Accrued interest |
246 | 28,626 | 23,006 | — | 199 | — | — | 357 | — | — | — | |||||||||||||||||||||||||||||||||
Accrued vacation pay |
— | — | — | — | 1,489 | — | 79 | — | — | — | — | |||||||||||||||||||||||||||||||||
Accrued compensation |
— | — | 2,703 | — | 7,033 | — | 635 | — | — | — | — | |||||||||||||||||||||||||||||||||
Other |
— | 83 | 21,233 | — | 5,711 | (1 | ) | 5,140 | 2,824 | — | — | — | ||||||||||||||||||||||||||||||||
Total current liabilities |
243,022 | 63,302 | 296,237 | 1,215 | 69,915 | 415 | 6,648 | 80,043 | — | — | — | |||||||||||||||||||||||||||||||||
Long-term Debt (See accompanying statements) |
— | 1,099,435 | 645,161 | — | 3,301 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Long-term Debt Payable to Affiliated Trusts |
— | — | 574,044 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||
Accumulated deferred income taxes |
— | 40,212 | 496,345 | — | 34,263 | 89 | — | 3,202 | — | — | — | |||||||||||||||||||||||||||||||||
Deferred credits related to income taxes |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Accumulated deferred investment tax credits |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Employee benefit obligations |
— | — | 2,347 | — | 9,416 | — | 317 | — | — | — | — | |||||||||||||||||||||||||||||||||
Deferred capacity revenues |
— | 30,775 | — | — | 10,497 | — | 35,739 | — | — | — | — | |||||||||||||||||||||||||||||||||
Asset retirement obligations |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other cost of removal obligations |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Miscelleanous regulatory liabilities |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other |
— | 21,678 | 12,903 | — | 3,490 | 1 | — | (1 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities |
— | 92,665 | 511,595 | — | 57,666 | 90 | 36,056 | 3,201 | — | — | — | |||||||||||||||||||||||||||||||||
Total Liabilities |
243,022 | 1,255,402 | 2,027,037 | 1,215 | 130,882 | 505 | 42,704 | 83,244 | — | — | — | |||||||||||||||||||||||||||||||||
Preferred Stock
of Subsidiaries (See accompanying statements) |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Common Stockholders’ Equity (See accompanying statements) |
10 | 811,611 | 456,776 | 35,433 | 122,641 | 1,453 | 8,177 | 17,620 | 960 | 7,236 | 30,472 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity |
$ | 243,032 | $ | 2,067,013 | $ | 2,483,813 | $ | 36,648 | $ | 253,523 | $ | 1,958 | $ | 50,881 | $ | 100,864 | $ | 960 | $ | 7,236 | $ | 30,472 | ||||||||||||||||||||||
| 1 Includes Post Retirement Life & Medical Provisions, Supplemental and other Pension Accruals , Early Retirement Incentive Program Costs and other Work Force Reduction Costs, and Miscellaneous Post Employment Benefits. |
The notes to the financial statements ( herein incorporated by reference as part of exhibits numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-8
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||||
Long-Term Debt of Subsidiaries: |
||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds — |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
2006 |
6.50% to 6.90% | 45,000 | — | — | — | — | 25,000 | — | 20,000 | — | — | — | ||||||||||||||||||||||||||||||||||
2025 through 2026 |
6.88% | 60,000 | — | — | — | — | 30,000 | 30,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total first mortgage bonds |
105,000 | — | — | — | — | 55,000 | 30,000 | 20,000 | — | — | — | |||||||||||||||||||||||||||||||||||
Long-term senior notes and debt — |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
2005 |
5.49% to 5.50% | 379,187 | — | — | 225,000 | 150,000 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
2006 |
2.65% to 6.20% | 674,075 | — | — | 520,000 | 150,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2007 |
2.79% to 7.13% | 1,220,016 | — | 14,913 | 500,000 | 300,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2008 |
3.13% to 6.55% | 462,422 | — | — | 410,000 | — | — | — | 45,000 | — | — | — | ||||||||||||||||||||||||||||||||||
2009 |
4.10% to 7.00% | 168,586 | — | — | — | 125,000 | — | — | — | — | 40,740 | — | ||||||||||||||||||||||||||||||||||
2010 through 2044 |
4.00% to 8.12% | 4,534,901 | — | — | 1,425,000 | 1,225,000 | 335,000 | 90,000 | 150,000 | 50,000 | — | — | ||||||||||||||||||||||||||||||||||
Adjustable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2005 |
1.66% to 3.63% | 563,253 | — | — | — | 300,000 | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2006 |
2.09% | 195,000 | — | — | 195,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2007 |
3.76% | 89,563 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2009 |
2.48% to 2.76% | 440,000 | — | — | 250,000 | 150,000 | — | 40,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Long-term
notes payable to affiliates |
— | (974,043 | ) | 974,043 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total long-term senior notes and debt |
8,727,003 | (974,043 | ) | 988,956 | 3,525,000 | 2,400,000 | 435,000 | 130,000 | 195,000 | 50,000 | 40,740 | — | ||||||||||||||||||||||||||||||||||
Other long-term debt — |
||||||||||||||||||||||||||||||||||||||||||||||
Pollution control revenue bonds — |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized: |
||||||||||||||||||||||||||||||||||||||||||||||
2006 |
5.25% | 12,075 | — | — | — | — | 12,075 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2024 |
5.50% | 24,400 | — | — | 24,400 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Variable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2015 through 2017 |
2.01% to 2.16% | 89,800 | — | — | 89,800 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Non-collateralized: |
||||||||||||||||||||||||||||||||||||||||||||||
2012 through 2034 |
1.08% to 5.45% | 850,060 | — | — | — | 812,560 | 13,000 | — | — | 24,500 | — | — | ||||||||||||||||||||||||||||||||||
Variable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2011 through 2038 |
1.24% to 2.65% | 1,564,475 | — | — | 445,940 | 873,330 | 144,555 | 82,695 | 17,955 | — | — | — | ||||||||||||||||||||||||||||||||||
Total other long-term debt |
2,540,810 | — | — | 560,140 | 1,685,890 | 169,630 | 82,695 | 17,955 | 24,500 | — | — | |||||||||||||||||||||||||||||||||||
Capitalized lease obligations |
115,052 | — | — | 52 | 76,982 | — | — | 5,824 | — | 22,294 | — | |||||||||||||||||||||||||||||||||||
Unamortized debt (discount), net |
(16,507 | ) | — | — | (4,930 | ) | (522 | ) | (8,641 | ) | (197 | ) | — | (167 | ) | — | — | |||||||||||||||||||||||||||||
Total long-term debt (annual interest
requirement — $496 million) |
11,471,358 | (974,043 | ) | 988,956 | 4,080,262 | 4,162,350 | 650,989 | 242,498 | 238,779 | 74,333 | 63,034 | — | ||||||||||||||||||||||||||||||||||
Less amount due within one year |
983,282 | — | — | 225,005 | 452,498 | 100,000 | — | 1,010 | — | 8,466 | — | |||||||||||||||||||||||||||||||||||
| Long-term debt excluding amount due within one year | $ | 10,488,076 | $ | (974,043 | ) | $ | 988,956 | $ | 3,855,257 | $ | 3,709,852 | $ | 550,989 | $ | 242,498 | $ | 237,769 | $ | 74,333 | $ | 54,568 | $ | — | |||||||||||||||||||||||
(Continued on following page)
A-9
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Southern | Deferred | Deferred | Change in | |||||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||||
Long-Term Debt of Subsidiaries: |
||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds —
|
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
2006 |
6.50% to 6.90% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2025 through 2026 |
6.88% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total first mortgage bonds |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Long-term senior notes and debt — |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
2005 |
5.49% to 5.50% | — | — | 4,187 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2006 |
2.65% to 6.20% | — | — | 4,075 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2007 |
2.79% to 7.13% | — | 1,685 | 403,418 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2008 |
3.13% to 6.55% | — | — | 3,302 | — | 4,120 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2009 |
4.10% to 7.00% | — | — | 2,566 | — | 280 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2010 through 2044 |
4.00% to 8.12% | — | 1,100,000 | 159,901 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjustable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2005 |
1.66% to 3.63% | — | 163,253 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
2006 |
2.09% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2007 |
3.76% | — | — | 89,563 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2009 |
2.48% to 2.76% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Long-term notes payable to affiliates |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total long-term senior notes and debt |
— | 1,101,685 | 830,265 | — | 4,400 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other long-term debt — |
||||||||||||||||||||||||||||||||||||||||||||||
Pollution control revenue bonds — |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized: |
||||||||||||||||||||||||||||||||||||||||||||||
2006 |
5.25% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2024 |
5.50% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Variable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2015 through 2017 |
2.01% to 2.16% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Non-collateralized: |
||||||||||||||||||||||||||||||||||||||||||||||
2012 through 2034 |
1.08% to 5.45% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Variable rates (at 1/1/05): |
||||||||||||||||||||||||||||||||||||||||||||||
2011 through 2038 |
1.24% to 2.65% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total other long-term debt |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Capitalized lease obligations |
— | — | 9,900 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Unamortized debt (discount), net |
— | (2,050 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total long-term debt (annual interest
requirement — $496 million) |
— | 1,099,635 | 840,165 | — | 4,400 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Less amount due within one year |
— | 200 | 195,004 | — | 1,099 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Long-term debt excluding amount due within one year | $ | — | $ | 1,099,435 | $ | 645,161 | $ | — | $ | 3,301 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
(Continued on following page)
A-10
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||||
Long-term Debt Payable to Affiliated Trusts: |
||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
2027 through 2041 |
7.20% to 8.19% | 435,368 | — | — | — | — | 30,928 | 36,082 | — | — | — | — | ||||||||||||||||||||||||||||||||||
2042 |
4.75% to 7.13% | 1,319,090 | — | — | 309,279 | 762,887 | 41,238 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
2044 |
5.88% | 206,186 | — | — | — | 206,186 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total
long-term debt payable to affiliated trusts (annual interest requirement — $128
million) |
1,960,644 | — | — | 309,279 | 969,073 | 72,166 | 36,082 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Preferred Stock of Subsidiaries: |
||||||||||||||||||||||||||||||||||||||||||||||
$100 cumulative par or stated value — |
||||||||||||||||||||||||||||||||||||||||||||||
4.20% to 7.00% |
99,098 | — | — | 47,611 | 14,609 | 4,098 | 32,780 | — | — | — | — | |||||||||||||||||||||||||||||||||||
$25 par or stated value — |
||||||||||||||||||||||||||||||||||||||||||||||
Cumulative — 5.20% to 5.83% |
294,077 | — | — | 294,077 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Non-cumulative — 6.00% |
43,938 | — | — | — | — | — | — | 43,938 | — | — | — | |||||||||||||||||||||||||||||||||||
$100,000 par or stated value — |
||||||||||||||||||||||||||||||||||||||||||||||
4.95% |
123,359 | — | — | 123,359 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total preferred stock of subsidiaries
(annual dividend requirement — $30 million) |
560,472 | — | — | 465,047 | 14,609 | 4,098 | 32,780 | 43,938 | — | — | — | |||||||||||||||||||||||||||||||||||
Common Stockholders’ Equity: |
||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value $5 per share — |
||||||||||||||||||||||||||||||||||||||||||||||
Authorized - 1 billion shares |
||||||||||||||||||||||||||||||||||||||||||||||
Issued : 742 million shares |
||||||||||||||||||||||||||||||||||||||||||||||
Treasury: 0.2 million shares |
||||||||||||||||||||||||||||||||||||||||||||||
Par value |
3,708,675 | (805,301 | ) | 3,708,675 | 330,000 | 344,250 | 38,060 | 37,691 | 54,223 | 328 | 725 | 10 | ||||||||||||||||||||||||||||||||||
Paid-in capital |
868,746 | (6,630,952 | ) | 866,608 | 1,955,183 | 2,478,268 | 397,396 | 295,837 | 72,533 | 34,104 | 150 | 34,799 | ||||||||||||||||||||||||||||||||||
Treasury, at cost |
(5,557 | ) | (5,557 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Retained earnings |
5,838,986 | (4,121,979 | ) | 5,834,983 | 1,341,049 | 2,102,798 | 159,581 | 215,893 | 107,685 | 25,037 | — | — | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
(133,163 | ) | — | (196 | ) | (16,028 | ) | (34,755 | ) | (2,865 | ) | (3,584 | ) | (2,285 | ) | — | (25,725 | ) | (1,341 | ) | ||||||||||||||||||||||||||
Total common stockholders’ equity |
10,277,687 | (11,563,789 | ) | 10,410,070 | 3,610,204 | 4,890,561 | 592,172 | 545,837 | 232,156 | 59,469 | (24,850 | ) | 33,468 | |||||||||||||||||||||||||||||||||
Total Capitalization |
$ | 23,286,879 | $ | (12,537,832 | ) | $ | 11,399,026 | $ | 8,239,787 | $ | 9,584,095 | $ | 1,219,425 | $ | 857,197 | $ | 513,863 | $ | 133,802 | $ | 29,718 | $ | 33,468 | |||||||||||||||||||||||
(Continued on following page)
A-11
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF CAPITALIZATION — DECEMBER 31, 2004
(Stated in Thousands of Dollars)
(Continued)
| Southern | Southern | Southern | Deferred | Deferred | Change in | |||||||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||||||
| Long-term Debt Payable to Affiliated Trusts: | ||||||||||||||||||||||||||||||||||||||||||||||||
Maturity |
Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||||
2027 through 2041 |
7.20% to 8.19% | — | — | 368,358 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
2042 |
4.75% to 7.13% | — | — | 205,686 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
2044 |
5.88% | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total
long-term debt payable to affiliated trusts (annual interest requirement — $128 million) |
— | — | 574,044 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Preferred Stock of Subsidiaries: | ||||||||||||||||||||||||||||||||||||||||||||||||
| $100 cumulative par or stated value — 4.20% to 7.00% | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| $25 par or stated value — | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative — 5.20% to 5.83% |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Non-cumulative — 6.00% |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| $100,000 par or stated value — 4.95% | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total
preferred stock of subsidiaries (annual dividend requirement — $30 million) |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Common Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock, par value $5 per share — | ||||||||||||||||||||||||||||||||||||||||||||||||
Authorized - 1 billion shares |
||||||||||||||||||||||||||||||||||||||||||||||||
Issued : 742 million shares |
||||||||||||||||||||||||||||||||||||||||||||||||
Treasury: 0.2 million shares |
||||||||||||||||||||||||||||||||||||||||||||||||
Par value |
— | — | 10 | 1 | 1 | 1 | 1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Paid-in capital |
10 | 740,535 | 304,475 | 75,284 | 162,019 | 15,994 | 4,420 | 29,016 | 854 | 5,283 | 26,930 | |||||||||||||||||||||||||||||||||||||
Treasury, at cost |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Retained earnings |
— | 122,134 | 145,938 | (39,852 | ) | (39,325 | ) | (14,542 | ) | 3,769 | (9,679 | ) | 106 | 1,953 | 3,437 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
— | (51,058 | ) | 6,353 | — | (54 | ) | — | (13 | ) | (1,717 | ) | — | — | 105 | |||||||||||||||||||||||||||||||||
| Total common stockholders’ equity | 10 | 811,611 | 456,776 | 35,433 | 122,641 | 1,453 | 8,177 | 17,620 | 960 | 7,236 | 30,472 | |||||||||||||||||||||||||||||||||||||
| Total Capitalization | $ | 10 | $ | 1,911,046 | $ | 1,675,981 | $ | 35,433 | $ | 125,942 | $ | 1,453 | $ | 8,177 | $ | 17,620 | $ | 960 | $ | 7,236 | $ | 30,472 | ||||||||||||||||||||||||||
The notes to the financial statements (herein incorporated by reference as part of exhibit numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-12
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | Power | |||||||||||||||||||||||||||||||
Balance, December 31, 2003 |
$ | 5,343,533 | $ | (3,907,365 | ) | $ | 5,340,329 | $ | 1,291,558 | $ | 2,010,297 | $ | 161,208 | $ | 203,419 | $ | 106,653 | $ | 29,638 | $ | 217,626 | |||||||||||||||||||
ADD: |
||||||||||||||||||||||||||||||||||||||||
Net Income After Preferred Dividends |
1,532,257 | (1,598,447 | ) | 1,531,745 | 481,171 | 658,001 | 68,223 | 76,801 | 24,232 | 7,388 | 111,508 | |||||||||||||||||||||||||||||
ADD (DEDUCT): |
||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock of Southern Company |
(1,044,448 | ) | 286 | (1,044,734 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Dividends on Common Stock of Subsidiary Companies |
— | 1,391,189 | — | (437,300 | ) | (565,500 | ) | (70,000 | ) | (66,200 | ) | (23,200 | ) | (11,989 | ) | (207,000 | ) | |||||||||||||||||||||||
Other Adjustments to Retained Earnings |
7,644 | (7,642 | ) | 7,643 | 5,620 | — | 150 | 1,873 | — | — | — | |||||||||||||||||||||||||||||
Balance, December 31, 2004 |
$ | 5,838,986 | $ | (4,121,979 | ) | $ | 5,834,983 | $ | 1,341,049 | $ | 2,102,798 | $ | 159,581 | $ | 215,893 | $ | 107,685 | $ | 25,037 | $ | 122,134 | |||||||||||||||||||
| Southern | Southern | Deferred | Deferred | Change in | ||||||||||||||||||||||||||||||||
| Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||
| Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||
Balance, December 31, 2003 |
$ | 2,900 | $ | (51,204 | ) | $ | (53,333 | ) | $ | (14,556 | ) | $ | 13,638 | $ | (11,915 | ) | $ | 96 | $ | 1,547 | $ | 2,997 | ||||||||||||||
ADD: |
||||||||||||||||||||||||||||||||||||
Net Income After Preferred Dividends |
143,038 | 11,352 | 14,008 | 14 | 131 | 2,236 | 10 | 406 | 440 | |||||||||||||||||||||||||||
ADD (DEDUCT): |
||||||||||||||||||||||||||||||||||||
Dividends on Common Stock of Southern Company |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends on Common Stock of Subsidiary Companies |
— | — | — | — | (10,000 | ) | — | — | — | — | ||||||||||||||||||||||||||
Other Adjustments to Retained Earnings |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Balance, December 31, 2004 |
$ | 145,938 | $ | (39,852 | ) | $ | (39,325 | ) | $ | (14,542 | ) | $ | 3,769 | $ | (9,679 | ) | $ | 106 | $ | 1,953 | $ | 3,437 | ||||||||||||||
The notes to the financial statements (herein incorporated by reference as part of exhibit numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-13
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||||||||||
| and Transfers | Southern | |||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | SEGCO | SCS | Nuclear | ||||||||||||||||||||||||||||||||||
Balance, December
31, 2003 |
$ | 746,080 | $ | (6,307,893 | ) | $ | 744,663 | $ | 1,927,069 | $ | 2,208,538 | $ | 364,864 | $ | 292,841 | $ | 24,417 | $ | 33,520 | $ | 150 | $ | 25,633 | |||||||||||||||||||||
ADD (DEDUCT): |
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from
issuance of common
stock over the par
value thereof |
120,869 | — | 120,869 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Contributions and
adjustments to
capital |
— | (437,257 | ) | — | 28,213 | 269,769 | 32,544 | 3,323 | 48,116 | 584 | — | 9,166 | ||||||||||||||||||||||||||||||||
Capital
distribution to
SOUTHERN |
— | 113,000 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other |
1,797 | 1,198 | 1,076 | (99 | ) | (39 | ) | (12 | ) | (327 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Balance, December
31, 2004 |
$ | 868,746 | $ | (6,630,952 | ) | $ | 866,608 | $ | 1,955,183 | $ | 2,478,268 | $ | 397,396 | $ | 295,837 | $ | 72,533 | $ | 34,104 | $ | 150 | $ | 34,799 | |||||||||||||||||||||
| Southern | Southern | Southern | Deferred | Deferred | Change In | |||||||||||||||||||||||||||||||||||||||
| Company | Southern | Southern | Southern | LINC | Southern | Company | Cash | Stock | Control | |||||||||||||||||||||||||||||||||||
| Funding | Power | Holdings | Management | Wireless | Powercall | Telecom | Gas | Trust | Trust | Trust | ||||||||||||||||||||||||||||||||||
Balance, December
31, 2003 |
$ | 10 | $ | 850,312 | $ | 289,855 | $ | 65,510 | $ | 159,525 | $ | 15,994 | $ | 1,952 | $ | 23,720 | $ | 854 | $ | 4,066 | $ | 20,480 | ||||||||||||||||||||||
ADD (DEDUCT): |
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from
issuance of common
stock over the par
value thereof |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Contributions and
adjustments to
capital |
— | 3,223 | 14,620 | 9,774 | 2,494 | — | 2,468 | 5,296 | — | 1,217 | 6,450 | |||||||||||||||||||||||||||||||||
Capital
distribution to
SOUTHERN |
— | (113,000 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance, December
31, 2004 |
$ | 10 | $ | 740,535 | $ | 304,475 | $ | 75,284 | $ | 162,019 | $ | 15,994 | $ | 4,420 | $ | 29,016 | $ | 854 | $ | 5,283 | $ | 26,930 | ||||||||||||||||||||||
The notes to the financial statements (herein incorporated by reference as part of exhibit numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-14
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||||||
| and Transfers | All Other | |||||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Subsidiaries1 | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | ||||||||||||||||||||||||||||
Consolidated Net Income |
$ | 1,532,257 | $ | (1,598,447 | ) | $ | 19,160 | $ | 1,531,745 | $ | 481,171 | $ | 658,001 | $ | 68,223 | $ | 76,801 | $ | 24,232 | |||||||||||||||||
Other comprehensive income: |
||||||||||||||||||||||||||||||||||||
Change in additional minimum
pension liability, net of tax
of $(11,436) |
(19,188 | ) | — | — | (197 | ) | (4,083 | ) | (6,122 | ) | (292 | ) | (1,825 | ) | (401 | ) | ||||||||||||||||||||
Change in fair value of
marketable securities, net of
tax of $3,647 |
6,493 | — | — | — | 414 | (181 | ) | 56 | 80 | — | ||||||||||||||||||||||||||
Changes in fair value of
qualifying hedges, net of tax
of $(11,776) |
(18,977 | ) | — | — | (61 | ) | (7,906 | ) | (7,999 | ) | — | (297 | ) | 255 | ||||||||||||||||||||||
Less: Reclassification
adjustment for amounts included
in net income, net of tax of
$7,208 |
11,514 | — | — | 1,071 | 3,514 | 2,421 | 145 | (80 | ) | 65 | ||||||||||||||||||||||||||
Total Other Comprehensive Income |
(20,158 | ) | — | — | 813 | (8,061 | ) | (11,881 | ) | (91 | ) | (2,122 | ) | (81 | ) | |||||||||||||||||||||
Consolidated Comprehensive
Income |
$ | 1,512,099 | $ | (1,598,447 | ) | $ | 19,160 | $ | 1,532,558 | $ | 473,110 | $ | 646,120 | $ | 68,132 | $ | 74,679 | $ | 24,151 | |||||||||||||||||
| Southern | Southern | Deferred | Change In | |||||||||||||||||||||||||||||||||
| Southern | Southern | Southern | LINC | Southern | Company | Cash | Control | |||||||||||||||||||||||||||||
| SCS | Nuclear | Power | Holdings | Wireless | Telecom | Gas | Trust | Trust | ||||||||||||||||||||||||||||
Consolidated Net Income |
$ | — | $ | — | $ | 111,508 | $ | 143,038 | $ | 14,008 | $ | 131 | $ | 2,236 | $ | 10 | $ | 440 | ||||||||||||||||||
Other comprehensive income: |
||||||||||||||||||||||||||||||||||||
Change in additional minimum
pension liability, net of tax |
(5,925 | ) | (294 | ) | — | — | (36 | ) | (13 | ) | — | — | — | |||||||||||||||||||||||
Change in fair value of
marketable securities, net of
tax |
— | — | — | 6,359 | — | — | — | (8 | ) | (227 | ) | |||||||||||||||||||||||||
Changes in fair value of
qualifying hedges, net of tax |
— | — | (920 | ) | — | — | — | (2,049 | ) | — | — | |||||||||||||||||||||||||
Less: Reclassification
adjustment for amounts included
in net income, net of tax |
— | — | 6,324 | — | — | — | (1,946 | ) | — | — | ||||||||||||||||||||||||||
Total Other Comprehensive Income |
(5,925 | ) | (294 | ) | 5,404 | 6,359 | (36 | ) | (13 | ) | (3,995 | ) | (8 | ) | (227 | ) | ||||||||||||||||||||
Consolidated Comprehensive Income |
$ | (5,925 | ) | $ | (294 | ) | $ | 116,912 | $ | 149,397 | $ | 13,972 | $ | 118 | $ | (1,759 | ) | $ | 2 | $ | 213 | |||||||||||||||
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
| Intercompany | ||||||||||||||||||||||||||||||||
| Eliminations | ||||||||||||||||||||||||||||||||
| and Transfers | ||||||||||||||||||||||||||||||||
| Consolidated | Add (Deduct) | Southern | Alabama | Georgia | Gulf | Mississippi | Savannah | |||||||||||||||||||||||||
Balance at beginning of period |
$ | (113,005 | ) | $ | — | $ | (1,009 | ) | $ | (7,967 | ) | $ | (22,874 | ) | $ | (2,774 | ) | $ | (1,462 | ) | $ | (2,204 | ) | |||||||||
Change in current period |
(20,158 | ) | — | 813 | (8,061 | ) | (11,881 | ) | (91 | ) | (2,122 | ) | (81 | ) | ||||||||||||||||||
Balance at end of period |
$ | (133,163 | ) | $ | — | (196 | ) | $ | (16,028 | ) | $ | (34,755 | ) | $ | (2,865 | ) | $ | (3,584 | ) | $ | (2,285 | ) | ||||||||||
| Southern | Southern | Deferred | Change In | |||||||||||||||||||||||||||||||||
| Southern | Southern | Southern | LINC | Southern | Company | Cash | Control | |||||||||||||||||||||||||||||
| SCS | Nuclear | Power | Holdings | Wireless | Telecom | Gas | Trust | Trust | ||||||||||||||||||||||||||||
Balance at beginning of period |
$ | (19,800 | ) | $ | (1,047 | ) | $ | (56,462 | ) | $ | (6 | ) | $ | (18 | ) | $ | — | $ | 2,278 | $ | 8 | $ | 332 | |||||||||||||
Change in current period |
(5,925 | ) | (294 | ) | 5,404 | 6,359 | (36 | ) | (13 | ) | (3,995 | ) | (8 | ) | (227 | ) | ||||||||||||||||||||
Balance at end of period |
$ | (25,725 | ) | $ | (1,341 | ) | (51,058 | ) | $ | 6,353 | $ | (54 | ) | $ | (13 | ) | $ | (1,717 | ) | $ | — | $ | 105 | |||||||||||||
| 1 Consolidating Statement of Comprehensive Income breaks out only consolidated subsidiaries which had other comprehensive income. See Consolidating Statement of Income for details of other subsidiaries net income. |
The notes to the financial statements (herein incorporated by reference as part of exhibit numbers A-1 through A-7 inclusive) are an integral part of this statement.
A-15
Notes to Financial Statements
at December 31, 2004
The notes to SOUTHERN’s financial statements included in the Form 10-K on pages II-42 through II-70 are herein incorporated by reference as part of exhibit number A-1 and are an integral part of the financial statements.
A-16
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| ALABAMA | ALABAMA | ALABAMA | ALABAMA | ALABAMA | ||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PROPERTY | TRUST IV | TRUST V | |||||||||||||||||||
| (Note B) | (Note B) | |||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||
Retail sales |
$ | 3,292,828 | $ | — | $ | 3,292,828 | $ | — | $ | — | $ | — | ||||||||||||
Sales for resale — |
||||||||||||||||||||||||
Non-affiliates |
483,839 | — | 483,839 | — | — | — | ||||||||||||||||||
Affiliates |
308,312 | — | 308,312 | — | — | — | ||||||||||||||||||
Other revenues |
151,012 | — | 151,012 | — | — | — | ||||||||||||||||||
Total operating revenues |
4,235,991 | — | 4,235,991 | — | — | — | ||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||
Fuel |
1,186,472 | — | 1,186,472 | — | — | — | ||||||||||||||||||
Purchased power — |
||||||||||||||||||||||||
Non-affiliates |
186,187 | — | 186,187 | — | — | — | ||||||||||||||||||
Affiliates |
226,697 | — | 226,697 | — | — | — | ||||||||||||||||||
Other operations |
634,030 | — | 634,030 | — | — | — | ||||||||||||||||||
Maintenance |
313,407 | — | 313,407 | — | — | — | ||||||||||||||||||
Depreciation and amortization |
425,906 | — | 425,906 | — | — | — | ||||||||||||||||||
Taxes other than income taxes |
242,809 | — | 242,809 | — | — | — | ||||||||||||||||||
Total operating expenses |
3,215,508 | — | 3,215,508 | — | — | — | ||||||||||||||||||
Operating Income |
1,020,483 | — | 1,020,483 | — | — | — | ||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||
Allowance for equity funds used during construction |
16,141 | — | 16,141 | — | — | — | ||||||||||||||||||
Interest income |
15,677 | (4,059 | ) | 15,599 | 78 | 1,224 | 2,835 | |||||||||||||||||
Interest expense, net of amounts capitalized |
(193,590 | ) | 4,059 | (197,649 | ) | — | — | — | ||||||||||||||||
Interest expense to affiliate trusts |
(16,191 | ) | — | (12,254 | ) | — | (1,187 | ) | (2,750 | ) | ||||||||||||||
Other income (expense), net |
(24,728 | ) | (634 | ) | (24,754 | ) | 660 | — | — | |||||||||||||||
Total other income and (expense) |
(202,691 | ) | (634 | ) | (202,917 | ) | 738 | 37 | 85 | |||||||||||||||
Earnings Before Income Taxes |
817,792 | (634 | ) | 817,566 | 738 | 37 | 85 | |||||||||||||||||
Income taxes |
313,024 | — | 312,798 | 226 | — | — | ||||||||||||||||||
Net Income |
504,768 | (634 | ) | 504,768 | 512 | 37 | 85 | |||||||||||||||||
Dividends on Preferred Stock |
23,597 | — | 23,597 | — | — | — | ||||||||||||||||||
Net Income After Dividends on Preferred Stock |
$ | 481,171 | $ | (634 | ) | $ | 481,171 | $ | 512 | $ | 37 | $ | 85 | |||||||||||
A-17
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| ALABAMA | ALABAMA | ALABAMA | ALABAMA | ALABAMA | ||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PROPERTY | TRUST IV | TRUST V | |||||||||||||||||||
| (Note B) | (Note B) | |||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||
Net income |
$ | 504,768 | $ | (634 | ) | $ | 504,768 | $ | 512 | $ | 37 | $ | 85 | |||||||||||
Adjustments to reconcile net income
to net cash provided from operating activities — |
||||||||||||||||||||||||
Depreciation and amortization |
497,010 | — | 497,010 | — | — | — | ||||||||||||||||||
Deferred income taxes and investment tax credits, net |
252,858 | — | 252,858 | — | — | — | ||||||||||||||||||
Deferred revenues |
(11,510 | ) | — | (11,510 | ) | — | — | — | ||||||||||||||||
Allowance for equity funds used during construction |
(16,141 | ) | — | (16,141 | ) | — | — | — | ||||||||||||||||
Pension, postretirement, and other employee benefits |
(29,362 | ) | — | (29,362 | ) | — | — | — | ||||||||||||||||
Tax benefit of stock options |
10,672 | — | 10,672 | — | — | — | ||||||||||||||||||
Other, net |
10,817 | 634 | 10,183 | — | — | — | ||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||
Receivables, net |
(144,256 | ) | 533 | (144,672 | ) | 5 | (37 | ) | (85 | ) | ||||||||||||||
Fossil fuel stock |
30,130 | — | 30,130 | — | — | — | ||||||||||||||||||
Materials and supplies |
(26,229 | ) | — | (26,229 | ) | — | — | — | ||||||||||||||||
Other current assets |
19,131 | — | 19,131 | — | — | — | ||||||||||||||||||
Accounts payable |
(12,778 | ) | — | (12,814 | ) | 36 | — | — | ||||||||||||||||
Accrued taxes |
(24,568 | ) | — | (24,862 | ) | 294 | — | — | ||||||||||||||||
Accrued compensation |
(7,041 | ) | — | (7,041 | ) | — | — | — | ||||||||||||||||
Other current liabilities |
(42,544 | ) | (533 | ) | (42,011 | ) | — | — | — | |||||||||||||||
Net cash provided from (used for) operating activities |
1,010,957 | — | 1,010,110 | 847 | — | — | ||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||
Gross property additions |
(797,014 | ) | — | (795,585 | ) | (1,429 | ) | — | — | |||||||||||||||
Cost of removal net of salvage |
(37,369 | ) | — | (37,369 | ) | — | — | — | ||||||||||||||||
Other |
11,575 | — | 11,575 | — | — | — | ||||||||||||||||||
Net cash provided from (used for) investing activities |
(822,808 | ) | — | (821,379 | ) | (1,429 | ) | — | — | |||||||||||||||
Financing Activities: |
||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||
Senior notes |
900,000 | — | 900,000 | — | — | — | ||||||||||||||||||
Preferred stock |
100,000 | — | 100,000 | — | — | — | ||||||||||||||||||
Common stock |
40,000 | — | 40,000 | — | — | — | ||||||||||||||||||
Capital contributions from parent company |
17,541 | — | 17,515 | 26 | — | — | ||||||||||||||||||
Redemptions —
|
||||||||||||||||||||||||
Senior notes |
(725,000 | ) | — | (725,000 | ) | — | — | — | ||||||||||||||||
Other long-term debt |
(1,445 | ) | — | (1,445 | ) | — | — | — | ||||||||||||||||
Payment of preferred stock dividends |
(23,639 | ) | — | (23,639 | ) | — | — | — | ||||||||||||||||
Payment of common stock dividends |
(437,300 | ) | — | (437,300 | ) | — | — | — | ||||||||||||||||
Other |
(16,597 | ) | — | (16,597 | ) | — | — | — | ||||||||||||||||
Net cash provided from (used for) financing activities |
(146,440 | ) | — | (146,466 | ) | 26 | — | — | ||||||||||||||||
Net Change in Cash and Cash Equivalents |
41,709 | — | 42,265 | (556 | ) | — | — | |||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
42,752 | — | 36,711 | 6,041 | — | — | ||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 84,461 | $ | — | $ | 78,976 | $ | 5,485 | $ | — | $ | — | ||||||||||||
A-18
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| ALABAMA | ALABAMA | ALABAMA | ||||||||||||||
| Consolidated | Eliminations | CORPORATE | PROPERTY | |||||||||||||
Current Assets: |
||||||||||||||||
Cash and cash equivalents |
$ | 84,461 | $ | — | $ | 78,976 | $ | 5,485 | ||||||||
Receivables — |
||||||||||||||||
Customer accounts receivable |
235,221 | — | 235,221 | — | ||||||||||||
Unbilled revenues |
96,486 | — | 96,486 | — | ||||||||||||
Under recovered regulatory clause revenues |
119,773 | — | 119,773 | — | ||||||||||||
Other accounts and notes receivable |
52,145 | — | 52,145 | — | ||||||||||||
Affiliated companies |
61,149 | — | 61,091 | 58 | ||||||||||||
Accumulated provision for uncollectible accounts |
(5,404 | ) | — | (5,404 | ) | — | ||||||||||
Fossil fuel stock, at average cost |
57,787 | — | 57,787 | — | ||||||||||||
Vacation pay |
36,494 | — | 36,494 | — | ||||||||||||
Materials and supplies, at average cost |
237,919 | — | 237,919 | — | ||||||||||||
Prepaid expenses |
61,896 | — | 61,896 | — | ||||||||||||
Other |
11,269 | — | 11,269 | — | ||||||||||||
Total current assets |
1,049,196 | — | 1,043,653 | 5,543 | ||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||
In service |
14,636,168 | — | 14,636,168 | — | ||||||||||||
Less accumulated provision for depreciation |
5,097,930 | — | 5,097,930 | — | ||||||||||||
| 9,538,238 | — | 9,538,238 | — | |||||||||||||
Nuclear fuel, at amortized cost |
93,388 | — | 93,388 | — | ||||||||||||
Construction work in progress |
470,844 | — | 470,844 | — | ||||||||||||
Total property, plant, and equipment |
10,102,470 | — | 10,102,470 | — | ||||||||||||
Other Property and Investments: |
||||||||||||||||
Equity investments in subsidiaries |
45,455 | (10,599 | ) | 56,054 | — | |||||||||||
Nuclear decommissioning trusts, at fair value |
445,634 | — | 445,634 | — | ||||||||||||
Other |
44,322 | — | 38,960 | 5,362 | ||||||||||||
Total other property and investments |
535,411 | (10,599 | ) | 540,648 | 5,362 | |||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||
Deferred charges related to income taxes |
316,528 | — | 316,528 | — | ||||||||||||
Prepaid pension costs |
489,193 | — | 489,193 | — | ||||||||||||
Unamortized debt issuance expense |
28,392 | — | 28,392 | — | ||||||||||||
Unamortized loss on reacquired debt |
109,403 | — | 109,403 | — | ||||||||||||
Other regulatory assets |
46,603 | — | 46,603 | — | ||||||||||||
Other |
106,263 | — | 106,263 | — | ||||||||||||
Total deferred charges and other assets |
1,096,382 | — | 1,096,382 | — | ||||||||||||
Total Assets |
$ | 12,783,459 | $ | (10,599 | ) | $ | 12,783,153 | $ | 10,905 | |||||||
A-19
ALABAMA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| ALABAMA | ALABAMA | ALABAMA | ||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PROPERTY | |||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||||
Securities due within one year |
$ | 225,005 | $ | — | $ | 225,005 | $ | — | ||||||||||||||||
Accounts payable — |
||||||||||||||||||||||||
Affiliated |
141,096 | — | 141,042 | 54 | ||||||||||||||||||||
Other |
198,834 | — | 198,834 | — | ||||||||||||||||||||
Customer deposits |
49,598 | — | 49,598 | — | ||||||||||||||||||||
Accrued taxes — |
— | — | ||||||||||||||||||||||
Income taxes |
28,498 | — | 28,253 | 245 | ||||||||||||||||||||
Other |
29,688 | — | 29,681 | 7 | ||||||||||||||||||||
Accrued interest |
40,029 | — | 40,029 | — | ||||||||||||||||||||
Accrued vacation pay |
36,494 | — | 36,494 | — | ||||||||||||||||||||
Accrued compensation |
76,858 | — | 76,858 | — | ||||||||||||||||||||
Other |
26,365 | — | 26,365 | — | ||||||||||||||||||||
Total current liabilities |
852,465 | — | 852,159 | 306 | ||||||||||||||||||||
Long-term Debt |
3,855,257 | — | 3,855,257 | — | ||||||||||||||||||||
Long-term Debt Payable to Affiliated Trusts |
309,279 | — | 309,279 | — | ||||||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||||||
Accumulated deferred income taxes |
1,885,120 | — | 1,885,120 | — | ||||||||||||||||||||
Deferred credits related to income taxes |
148,395 | — | 148,395 | — | ||||||||||||||||||||
Accumulated deferred investment tax credits |
205,353 | — | 205,353 | — | ||||||||||||||||||||
Employee benefit obligations |
194,837 | — | 194,837 | — | ||||||||||||||||||||
Deferred capacity revenues |
25,056 | — | 25,056 | — | ||||||||||||||||||||
Asset retirement obligations |
383,621 | — | 383,621 | — | ||||||||||||||||||||
Asset retirement obligation regulatory liability |
159,230 | — | 159,230 | — | ||||||||||||||||||||
Other cost of removal obligations |
597,147 | — | 597,147 | — | ||||||||||||||||||||
Miscellaneous regulatory liabilities |
55,459 | — | 55,459 | — | ||||||||||||||||||||
Other |
36,989 | — | 36,989 | — | ||||||||||||||||||||
Total deferred credits and other liabilities |
3,691,207 | — | 3,691,207 | — | ||||||||||||||||||||
Total Liabilities |
8,708,208 | — | 8,707,902 | 306 | ||||||||||||||||||||
Cumulative Preferred Stock |
465,047 | — | 465,047 | — | ||||||||||||||||||||
Common Stockholder’s Equity |
3,610,204 | (10,599 | ) | 3,610,204 | 10,599 | |||||||||||||||||||
Total Liabilities and Stockholder’s Equity |
$ | 12,783,459 | $ | (10,599 | ) | $ | 12,783,153 | $ | 10,905 | |||||||||||||||
A-20
Notes to ALABAMA’s Consolidating
Financial Statements
| (A) | The notes to ALABAMA’s financial statements included in the Form 10-K on pages II-100 through II-118 are herein incorporated by reference as part of exhibit number A-2 and are an integral part of the financial statements. | |||
| (B) | Upon the prospective adoption of FIN 46R at March 31, 2004, these trusts were deconsolidated because the Company does not meet the definition of primary beneficiary. See Note 1 to ALABAMA’s financial statements under “Variable Interest Entities” in item 8 of the Form 10-K for additional information. | |||
A-21
GEORGIA POWER COMPANY AND SUBSIDIARIES
| GEORGIA | GEORGIA | GEORGIA | GEORGIA | GEORGIA | GEORGIA | |||||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PIEDMONT | ATV | TRUST IV | TRUST V | TRUST VI | TRUST VII | ||||||||||||||||||||||||||||
| (Note B) | (Note B) | (Note B) | (Note B) | |||||||||||||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||||||||||||||
Retail sales |
$ | 4,776,985 | $ | — | $ | 4,776,985 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Sales for resale — |
||||||||||||||||||||||||||||||||||||
Non-affiliates |
246,545 | — | 246,545 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Affiliates |
166,245 | — | 166,245 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues |
181,033 | (838 | ) | 181,033 | 838 | — | — | — | — | — | ||||||||||||||||||||||||||
Total operating revenues |
5,370,808 | (838 | ) | 5,370,808 | 838 | — | — | — | — | — | ||||||||||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||||||||
Fuel |
1,232,496 | — | 1,232,496 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Purchased power — |
||||||||||||||||||||||||||||||||||||
Non-affiliates |
304,978 | — | 304,978 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Affiliates |
671,098 | — | 671,098 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other operations |
902,167 | (838 | ) | 903,005 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Maintenance |
498,114 | — | 498,114 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Depreciation and amortization |
275,488 | — | 275,488 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Taxes other than income taxes |
227,806 | — | 227,506 | 300 | — | — | — | — | — | |||||||||||||||||||||||||||
Total operating expenses |
4,112,147 | (838 | ) | 4,112,685 | 300 | — | — | — | — | — | ||||||||||||||||||||||||||
Operating Income |
1,258,661 | — | 1,258,123 | 538 | — | — | — | — | — | |||||||||||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
26,659 | — | 26,659 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Interest income |
6,657 | (17,283 | ) | 6,893 | 718 | — | 2,158 | 8,080 | 3,769 | 2,322 | ||||||||||||||||||||||||||
Interest expense, net of amounts capitalized |
(182,370 | ) | 17,283 | (199,417 | ) | (236 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Interest expense to affiliate trusts |
(44,565 | ) | — | (44,565 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Distributions on mandatorily redeemable preferred securities |
(15,839 | ) | — | — | — | — | (2,093 | ) | (7,838 | ) | (3,656 | ) | (2,252 | ) | ||||||||||||||||||||||
Other income (expense), net |
(11,362 | ) | (1,645 | ) | (9,651 | ) (B) | — | (66 | ) | — | — | — | — | |||||||||||||||||||||||
Total other income and (expense) |
(220,820 | ) | (1,645 | ) | (220,081 | ) | 482 | (66 | ) | 65 | 242 | 113 | 70 | |||||||||||||||||||||||
Earnings Before Income Taxes |
1,037,841 | (1,645 | ) | 1,038,042 | 1,020 | (66 | ) | 65 | 242 | 113 | 70 | |||||||||||||||||||||||||
Income taxes |
379,170 | — | 379,371 | (201 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Net Income |
658,671 | (1,645 | ) | 658,671 | 1,221 | (66 | ) | 65 | 242 | 113 | 70 | |||||||||||||||||||||||||
Dividends on Preferred Stock |
670 | — | 670 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net Income After Dividends on Preferred Stock |
$ | 658,001 | $ | (1,645 | ) | $ | 658,001 | $ | 1,221 | $ | (66 | ) | $ | 65 | $ | 242 | $ | 113 | $ | 70 | ||||||||||||||||
A-22
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| GEORGIA | GEORGIA | GEORGIA | GEORGIA | GEORGIA | GEORGIA | |||||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PIEDMONT | ATV | TRUST IV | TRUST V | TRUST VI | TRUST VII | ||||||||||||||||||||||||||||
| (Note B) | (Note B) | (Note B) | (Note B) | |||||||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||
Net income |
$ | 658,671 | $ | (1,645 | ) | $ | 658,671 | $ | $1,221 | $ | (66 | ) | $ | 65 | $ | 242 | $ | 113 | $ | 70 | ||||||||||||||||
Adjustments to reconcile net income
to net cash provided from operating activities — |
||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
361,958 | — | 361,958 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred income taxes and investment tax credits, net |
251,623 | — | 251,583 | 40 | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred expenses - affiliates |
(10,563 | ) | — | (10,563 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Allowance for equity funds used during construction |
(26,659 | ) | — | (26,659 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Pension, postretirement, and other employee benefits |
2,636 | — | 2,636 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Tax benefit of stock options |
9,701 | — | 9,701 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Hedge settlements |
(12,394 | ) | — | (12,394 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other, net |
(27,624 | ) | 1,645 | (29,269 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||||||||||||||
Receivables, net |
(225,454 | ) | 1,645 | (220,619 | ) | — | (82 | ) | (65 | ) | (242 | ) | (3,769 | ) | (2,322 | ) | ||||||||||||||||||||
Fossil fuel stock |
(46,730 | ) | — | (46,730 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Materials and supplies |
618 | — | 618 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other current assets |
(9,314 | ) | — | (9,006 | ) | — | (308 | ) | — | — | — | — | ||||||||||||||||||||||||
Accounts payable |
132,001 | (1,645 | ) | 127,737 | — | 1 | — | — | 3,656 | 2,252 | ||||||||||||||||||||||||||
Accrued taxes |
(64,563 | ) | — | (63,721 | ) | (842 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Accrued compensation |
(6,664 | ) | — | (6,664 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other current liabilities |
5,836 | — | 5,836 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net cash provided from (used for) operating activities |
993,079 | — | 993,115 | 419 | (455 | ) | — | — | — | — | ||||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||
Gross property additions |
(786,314 | ) | — | (786,314 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Purchase of property from affiliates |
(339,750 | ) | — | (339,750 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Cost of removal net of salvage |
(21,756 | ) | — | (21,756 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Change in construction payables, net of joint owner portion |
413 | — | 413 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other |
31,503 | — | 31,032 | — | 471 | — | — | — | — | |||||||||||||||||||||||||||
Net cash provided from (used for) investing activities |
(1,115,904 | ) | — | (1,116,375 | ) | — | 471 | — | — | — | — | |||||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
70,956 | — | 70,956 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||
Senior notes |
600,000 | — | 600,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
200,000 | — | 200,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Capital contributions from parent company |
260,068 | — | 260,068 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemptions — |
||||||||||||||||||||||||||||||||||||
Other long-term debt |
— | — | (420 | ) | 420 | — | — | — | — | — | ||||||||||||||||||||||||||
Senior notes |
(200,000 | ) | — | (200,000 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
(200,000 | ) | — | (200,000 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Payment of preferred stock dividends |
(654 | ) | — | (654 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Payment of common stock dividends |
(565,500 | ) | — | (565,500 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other |
(17,247 | ) | — | (16,408 | ) | (839 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided from (used for) financing activities |
147,623 | — | 148,042 | (419 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
24,798 | — | 24,782 | — | 16 | — | — | — | — | |||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
8,699 | — | 8,699 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 33,497 | $ | — | $ | 33,481 | $ | — | $ | 16 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
A-23
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| GEORGIA | GEORGIA | |||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PIEDMONT | ATV | ||||||||||||||||
Current Assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 33,497 | $ | — | $ | 33,481 | $ | — | $ | 16 | ||||||||||
Receivables — |
||||||||||||||||||||
Customer accounts receivable |
317,937 | — | 317,937 | — | — | |||||||||||||||
Unbilled revenues |
140,027 | — | 140,027 | — | — | |||||||||||||||
Under recovered regulatory clause revenues |
345,542 | — | 345,542 | — | — | |||||||||||||||
Other accounts and notes receivable |
94,377 | — | 94,295 | — | 82 | |||||||||||||||
Affiliated companies |
17,042 | — | 17,042 | — | — | |||||||||||||||
Accumulated provision for uncollectible accounts |
(7,100 | ) | — | (7,100 | ) | — | — | |||||||||||||
Fossil fuel stock, at average cost |
184,267 | — | 184,267 | — | — | |||||||||||||||
Vacation pay |
57,372 | — | 57,372 | — | — | |||||||||||||||
Materials and supplies, at average cost |
270,422 | — | 270,422 | — | — | |||||||||||||||
Prepaid expenses |
32,696 | — | 32,696 | — | — | |||||||||||||||
Other |
25,260 | — | 24,952 | — | 308 | |||||||||||||||
Total current assets |
1,511,339 | — | 1,510,933 | — | 406 | |||||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||||||
In service |
18,681,533 | — | 18,664,190 | 17,343 | — | |||||||||||||||
Less accumulated provision for depreciation |
7,217,607 | — | 7,217,607 | — | — | |||||||||||||||
| 11,463,926 | — | 11,446,583 | 17,343 | — | ||||||||||||||||
Nuclear fuel, at amortized cost |
124,745 | — | 124,745 | — | — | |||||||||||||||
Construction work in progress |
766,140 | — | 766,140 | — | — | |||||||||||||||
Total property, plant, and equipment |
12,354,811 | — | 12,337,468 | 17,343 | — | |||||||||||||||
Other Property and Investments: |
||||||||||||||||||||
Equity investments in subsidiaries |
66,192 | (5,743 | ) | 71,935 | (C) | — | — | |||||||||||||
Nuclear decommissioning trusts, at fair value |
459,194 | — | 459,194 | — | — | |||||||||||||||
Other |
66,775 | (13,254 | ) | 78,679 | — | 1,350 | ||||||||||||||
Total other property and investments |
592,161 | (18,997 | ) | 609,808 | — | 1,350 | ||||||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||||||
Deferred charges related to income taxes |
505,664 | — | 505,094 | 570 | — | |||||||||||||||
Prepaid pension costs |
450,270 | — | 450,270 | — | — | |||||||||||||||
Unamortized debt issuance expense |
77,925 | — | 77,925 | — | — | |||||||||||||||
Unamortized loss on reacquired debt |
176,825 | — | 176,825 | — | — | |||||||||||||||
Other regulatory assets |
72,639 | — | 72,639 | — | — | |||||||||||||||
Other |
80,704 | — | 80,704 | — | — | |||||||||||||||
Total deferred charges and other assets |
1,364,027 | — | 1,363,457 | 570 | — | |||||||||||||||
Total Assets |
$ | 15,822,338 | $ | (18,997 | ) | $ | 15,821,666 | $ | 17,913 | $ | 1,756 | |||||||||
A-24
GEORGIA POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| GEORGIA | GEORGIA | |||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | PIEDMONT | ATV | ||||||||||||||||
Current Liabilities: |
||||||||||||||||||||
Securities due within one year |
$ | 452,498 | $ | — | $ | 452,498 | $ | — | $ | — | ||||||||||
Notes payable |
208,233 | — | 208,233 | — | — | |||||||||||||||
Accounts payable — |
||||||||||||||||||||
Affiliated |
194,253 | — | 194,253 | — | — | |||||||||||||||
Other |
310,763 | — | 310,762 | — | 1 | |||||||||||||||
Customer deposits |
115,661 | — | 115,661 | — | — | |||||||||||||||
Accrued taxes — |
||||||||||||||||||||
Income taxes |
78,269 | — | 77,598 | 671 | — | |||||||||||||||
Other |
129,520 | — | 129,520 | — | — | |||||||||||||||
Accrued interest |
74,529 | — | 74,529 | — | — | |||||||||||||||
Accrued vacation pay |
44,894 | — | 44,894 | — | — | |||||||||||||||
Accrued compensation |
127,340 | — | 127,340 | — | — | |||||||||||||||
Other |
75,699 | — | 75,699 | — | — | |||||||||||||||
Total current liabilities |
1,811,659 | — | 1,810,987 | 671 | 1 | |||||||||||||||
Long-term Debt |
3,709,852 | (11,499 | ) | 3,709,852 | 11,499 | — | ||||||||||||||
Long-term Debt Payable to Affiliated Trusts |
969,073 | — | 969,073 | — | ||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||
Accumulated deferred income taxes |
2,556,040 | — | 2,556,040 | — | — | |||||||||||||||
Deferred credits related to income taxes |
170,973 | — | 170,973 | — | — | |||||||||||||||
Accumulated deferred investment tax credits |
300,018 | — | 300,018 | — | — | |||||||||||||||
Employee benefit obligations |
331,002 | — | 331,002 | — | — | |||||||||||||||
Asset retirement obligations |
504,515 | — | 504,515 | — | — | |||||||||||||||
Other cost of removal obligations |
411,692 | — | 411,692 | — | — | |||||||||||||||
Miscellaneous regulatory liabilities |
92,611 | — | 92,611 | — | — | |||||||||||||||
Other |
59,733 | — | 59,733 | — | — | |||||||||||||||
Total deferred credits and other liabilities |
4,426,584 | — | 4,426,584 | — | — | |||||||||||||||
Total Liabilities |
10,917,168 | (11,499 | ) | 10,916,496 | 12,170 | 1 | ||||||||||||||
Preferred Stock |
14,609 | — | 14,609 | — | — | |||||||||||||||
Common Stockholder’s Equity |
4,890,561 | (7,498 | ) | 4,890,561 | 5,743 | 1,755 | ||||||||||||||
Total Liabilities and Stockholder’s Equity |
$ | 15,822,338 | $ | (18,997 | ) | $ | 15,821,666 | $ | 17,913 | $ | 1,756 | |||||||||
A-25
Notes to GEORGIA’s Consolidating
Financial Statements
(A)
|
The notes to GEORGIA’s financial statements included in the Form 10-K on pages II-149 through II-173 are herein incorporated by reference as part of exhibit number A-3 and are an integral part of the financial statements. | |
(B)
|
Upon the prospective adoption of FIN 46R at March 31, 2004, these trusts were deconsolidated because the Company does not meet the definition of primary beneficiary. See Note 1 to GEORGIA’s financial statements under “Variable Interest Entities” in item 8 of the Form 10-K for additional information. |
A-26
GULF POWER COMPANY AND SUBSIDIARIES
| GULF | GULF | GULF | GULF | |||||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST III | TRUST IV | ||||||||||||||||
| (Note B) | (Note B) | |||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||
Retail sales |
$ | 736,870 | $ | — | $ | 736,870 | $ | — | $ | — | ||||||||||
Sales for resale — |
||||||||||||||||||||
Non-affiliates |
73,537 | — | 73,537 | — | — | |||||||||||||||
Affiliates |
110,264 | — | 110,264 | — | — | |||||||||||||||
Other revenues |
39,460 | — | 39,460 | — | — | |||||||||||||||
Total operating revenues |
960,131 | — | 960,131 | — | — | |||||||||||||||
Operating Expenses: |
||||||||||||||||||||
Fuel |
367,155 | — | 367,155 | — | — | |||||||||||||||
Purchased power — |
||||||||||||||||||||
Non-affiliates |
30,720 | — | 30,720 | — | — | |||||||||||||||
Affiliates |
35,177 | — | 35,177 | — | — | |||||||||||||||
Other operations |
160,635 | — | 160,635 | — | — | |||||||||||||||
Maintenance |
69,077 | — | 69,077 | — | — | |||||||||||||||
Depreciation and amortization |
82,799 | — | 82,799 | — | — | |||||||||||||||
Taxes other than income taxes |
69,856 | — | 69,856 | — | — | |||||||||||||||
Total operating expenses |
815,419 | — | 815,419 | — | — | |||||||||||||||
Operating Income |
144,712 | — | 144,712 | — | — | |||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||
Allowance for equity funds used during construction |
1,855 | — | 1,855 | — | — | |||||||||||||||
Interest income |
1,224 | (1,147 | ) | 1,224 | 570 | 577 | ||||||||||||||
Interest expense, net of amounts capitalized |
(31,482 | ) | 1,147 | (32,629 | ) | — | — | |||||||||||||
Interest expense to affiliate trusts |
(3,443 | ) | — | (3,443 | ) | — | — | |||||||||||||
Distributions on mandatorily redeemable preferred
securities |
(1,113 | ) | — | — | (553 | ) | (560 | ) | ||||||||||||
Other income (expense), net |
(3,618 | ) | (34 | ) | (3,584 | ) | — | — | ||||||||||||
Total other income and (expense) |
(36,577 | ) | (34 | ) | (36,577 | ) | 17 | 17 | ||||||||||||
Earnings Before Income Taxes |
108,135 | (34 | ) | 108,135 | 17 | 17 | ||||||||||||||
Income taxes |
39,695 | — | 39,695 | — | — | |||||||||||||||
Net Income |
68,440 | (34 | ) | 68,440 | 17 | 17 | ||||||||||||||
Dividends on Preferred Stock |
217 | — | 217 | — | — | |||||||||||||||
Net Income After Dividends on Preferred Stock |
$ | 68,223 | $ | (34 | ) | $ | 68,223 | $ | 17 | $ | 17 | |||||||||
A-27
GULF POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| GULF | GULF | GULF | GULF | |||||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST III | TRUST IV | ||||||||||||||||
| (Note B) | (Note B) | |||||||||||||||||||
Operating Activities: |
||||||||||||||||||||
Net income |
$ | 68,440 | $ | (34 | ) | $ | 68,440 | $ | 17 | $ | 17 | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities — |
||||||||||||||||||||
Depreciation and amortization |
88,772 | — | 88,772 | — | — | |||||||||||||||
Deferred income taxes |
46,255 | — | 46,255 | — | — | |||||||||||||||
Pension, postretirement, and other employee benefits |
(895 | ) | — | (895 | ) | — | — | |||||||||||||
Tax benefit of stock options |
3,063 | — | 3,063 | — | — | |||||||||||||||
Other, net |
10,101 | 34 | 10,067 | — | — | |||||||||||||||
Changes in certain current assets and liabilities —
|
||||||||||||||||||||
Receivables, net |
1,741 | (52 | ) | 1,845 | — | (52 | ) | |||||||||||||
Fossil fuel stock |
2,355 | — | 2,355 | — | — | |||||||||||||||
Materials and supplies |
(831 | ) | — | (831 | ) | — | — | |||||||||||||
Other current assets |
(29,622 | ) | — | (29,622 | ) | — | — | |||||||||||||
Accounts payable |
(51,876 | ) | — | (51,876 | ) | — | — | |||||||||||||
Accrued taxes |
629 | — | 629 | — | — | |||||||||||||||
Accrued compensation |
1,946 | — | 1,946 | — | — | |||||||||||||||
Other current liabilities |
3,111 | 52 | 3,007 | — | 52 | |||||||||||||||
Net cash provided from operating activities |
143,189 | — | 143,155 | 17 | 17 | |||||||||||||||
Investing Activities: |
||||||||||||||||||||
Gross property additions |
(161,205 | ) | — | (161,205 | ) | — | — | |||||||||||||
Cost of removal net of salvage |
(10,259 | ) | — | (10,259 | ) | — | — | |||||||||||||
Other |
36,391 | — | 36,425 | (17 | ) | (17 | ) | |||||||||||||
Net cash used for investing activities |
(135,073 | ) | — | (135,039 | ) | (17 | ) | (17 | ) | |||||||||||
Financing Activities: |
||||||||||||||||||||
Increase (decrease) in notes payable, net |
12,334 | — | 12,334 | — | — | |||||||||||||||
Proceeds — |
||||||||||||||||||||
Senior notes |
110,000 | — | 110,000 | — | — | |||||||||||||||
Other long-term debt |
100,000 | — | 100,000 | — | — | |||||||||||||||
Capital contributions from parent company |
29,481 | — | 29,481 | — | — | |||||||||||||||
Redemptions — Senior notes |
(125,000 | ) | — | (125,000 | ) | — | — | |||||||||||||
Payment of preferred stock dividends |
(217 | ) | — | (217 | ) | — | — | |||||||||||||
Payment of common stock dividends |
(70,000 | ) | — | (70,000 | ) | — | — | |||||||||||||
Other |
(2,433 | ) | — | (2,433 | ) | — | — | |||||||||||||
Net cash provided from financing activities |
54,165 | — | 54,165 | — | — | |||||||||||||||
Net Change in Cash and Cash Equivalents |
62,281 | — | 62,281 | — | — | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
2,548 | — | 2,548 | — | — | |||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 64,829 | $ | — | $ | 64,829 | $ | — | $ | — | ||||||||||
A-28
Notes to GULF’s Consolidating
Financial Statements
(A)
|
The notes to GULF’s financial statements included in the Form 10-K on pages II-202 through II-219 are herein incorporated by reference as part of exhibit number A-4 and are an integral part of the financial statements. | |
(B)
|
Upon the prospective adoption of FIN 46R at March 31, 2004, these trusts were deconsolidated because the Company does not meet the definition of primary beneficiary. See Note 1 to GULF’s financial statements under “Variable Interest Entities” in item 8 of the Form 10-K for additional information. |
A-29
MISSISSIPPI POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| MISSISSIPPI | MISSISSIPPI | MISSISSIPPI | ||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST II | |||||||||||||
| (Note B) | ||||||||||||||||
Operating Revenues: |
||||||||||||||||
Retail sales |
$ | 584,313 | $ | — | $ | 584,313 | $ | — | ||||||||
Sales for resale — |
||||||||||||||||
Non-affiliates |
265,863 | — | 265,863 | — | ||||||||||||
Affiliates |
44,371 | — | 44,371 | — | ||||||||||||
Other revenues |
15,779 | — | 15,779 | — | ||||||||||||
Total operating revenues |
910,326 | — | 910,326 | — | ||||||||||||
Operating Expenses: |
||||||||||||||||
Fuel |
320,997 | — | 320,997 | — | ||||||||||||
Purchased power — |
||||||||||||||||
Non-affiliates |
33,528 | — | 33,528 | — | ||||||||||||
Affiliates |
73,235 | — | 73,235 | — | ||||||||||||
Other operations — Other |
164,362 | — | 164,362 | — | ||||||||||||
Maintenance |
77,001 | — | 77,001 | — | ||||||||||||
Depreciation and amortization |
39,390 | — | 39,390 | — | ||||||||||||
Taxes other than income taxes |
55,572 | — | 55,572 | — | ||||||||||||
Total operating expenses |
764,085 | — | 764,085 | — | ||||||||||||
Operating Income |
146,241 | — | 146,241 | — | ||||||||||||
Other Income and (Expense): |
||||||||||||||||
Interest income |
777 | (649 | ) | 777 | 649 | |||||||||||
Interest expense |
(11,776 | ) | 649 | (12,425 | ) | — | ||||||||||
Interest expense to affiliate trust |
(1,948 | ) | — | (1,948 | ) | — | ||||||||||
Distributions on mandatorily redeemable preferred securities |
(630 | ) | — | — | (630 | ) | ||||||||||
Other income (expense), net |
(1,365 | ) | (19 | ) | (1,346 | ) | — | |||||||||
Total other income and (expense) |
(14,942 | ) | (19 | ) | (14,942 | ) | 19 | |||||||||
Earnings Before Income Taxes |
131,299 | (19 | ) | 131,299 | 19 | |||||||||||
Income taxes |
50,666 | — | 50,666 | — | ||||||||||||
Net Income |
80,633 | (19 | ) | 80,633 | 19 | |||||||||||
Dividends on Preferred Stock |
3,832 | — | 3,832 | — | ||||||||||||
Net Income After Dividends on Preferred Stock |
$ | 76,801 | $ | (19 | ) | $ | 76,801 | $ | 19 | |||||||
A-30
MISSISSIPPI POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| MISSISSIPPI | MISSISSIPPI | MISSISSIPPI | ||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST II | |||||||||||||
| (Note B) | ||||||||||||||||
Operating Activities: |
||||||||||||||||
Net income |
$ | 80,633 | $ | (19 | ) | $ | 80,633 | $ | 19 | |||||||
Adjustments to reconcile net income
to net cash provided from operating activities — |
||||||||||||||||
Depreciation and amortization |
60,260 | — | 60,260 | — | ||||||||||||
Deferred income taxes and investment tax credits, net |
44,424 | — | 44,424 | — | ||||||||||||
Plant Daniel capacity |
(16,508 | ) | — | (16,508 | ) | — | ||||||||||
Pension, postretirement, and other employee benefits |
(1,084 | ) | — | (1,084 | ) | — | ||||||||||
Tax benefit of stock options |
1,532 | — | 1,532 | — | ||||||||||||
Other, net |
(1,700 | ) | 19 | (1,719 | ) | — | ||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||
Receivables, net |
(26,373 | ) | — | (26,373 | ) | — | ||||||||||
Fossil fuel stock |
5,528 | — | 5,528 | — | ||||||||||||
Materials and supplies |
(3,768 | ) | — | (3,768 | ) | — | ||||||||||
Other current assets |
1,401 | — | 1,401 | — | ||||||||||||
Accounts payable |
(5,555 | ) | — | (5,555 | ) | — | ||||||||||
Accrued taxes |
151 | — | 151 | — | ||||||||||||
Accrued compensation |
82 | — | 82 | — | ||||||||||||
Over recovered regulatory clause revenues |
(25,761 | ) | — | (25,761 | ) | — | ||||||||||
Other current liabilities |
6,052 | — | 6,052 | — | ||||||||||||
Net cash provided from (used for) operating activities |
119,314 | — | 119,295 | 19 | ||||||||||||
Investing Activities: |
||||||||||||||||
Gross property additions |
(70,063 | ) | — | (70,063 | ) | — | ||||||||||
Cost of removal net of salvage |
(3,189 | ) | — | (3,189 | ) | — | ||||||||||
Other |
(2,826 | ) | — | (2,807 | ) | (19 | ) | |||||||||
Net cash provided from (used for) investing activities |
(76,078 | ) | — | (76,059 | ) | (19 | ) | |||||||||
| Financing Activities: | ||||||||||||||||
Financing Activities: |
||||||||||||||||
Proceeds — |
||||||||||||||||
Senior notes |
40,000 | — | 40,000 | — | ||||||||||||
Preferred stock |
30,000 | — | 30,000 | — | ||||||||||||
Capital contributions from parent company |
1,791 | — | 1,791 | — | ||||||||||||
Redemptions — |
||||||||||||||||
Senior notes |
(80,000 | ) | — | (80,000 | ) | — | ||||||||||
Preferred stock |
(28,388 | ) | — | (28,388 | ) | — | ||||||||||
Payment of preferred stock dividends |
(1,829 | ) | — | (1,829 | ) | — | ||||||||||
Payment of common stock dividends |
(66,200 | ) | — | (66,200 | ) | — | ||||||||||
Other |
(785 | ) | — | (785 | ) | — | ||||||||||
Net cash provided from (used for) financing activities |
(105,411 | ) | — | (105,411 | ) | — | ||||||||||
Net Change in Cash and Cash Equivalents |
(62,175 | ) | — | (62,175 | ) | — | ||||||||||
Cash and
Cash Equivalents at Beginning of Period |
69,120 | — | 69,120 | — | ||||||||||||
Cash and
Cash Equivalents at End of Period |
$ | 6,945 | $ | — | $ | 6,945 | $ | — | ||||||||
A-31
Notes to MISSISSIPPI’s Consolidating
Financial Statements
| (A) | The notes to MISSISSIPPI’s financial statements included in the Form 10-K on pages II-247 through II-265 are herein incorporated by reference as part of exhibit number A-5 and are an integral part of the financial statements. | |||
| (B) | Upon the prospective adoption of FIN 46R at March 31, 2004, these trusts were deconsolidated because the Company does not meet the definition of primary beneficiary. See Note 1 to MISSISSIPPI’s financial statements under “Variable Interest Entities” in item 8 of the Form 10-K for additional information. | |||
A-32
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SAVANNAH | SAVANNAH | SAVANNAH | ||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST I | |||||||||||||
| (Note B) | ||||||||||||||||
Operating Revenues: |
||||||||||||||||
Retail sales |
$ | 341,766 | $ | — | $ | 341,766 | $ | — | ||||||||
Sales for resale — |
||||||||||||||||
Non-affiliates |
5,035 | — | 5,035 | — | ||||||||||||
Affiliates |
6,130 | — | 6,130 | — | ||||||||||||
Other revenues |
4,029 | — | 4,029 | — | ||||||||||||
Total operating revenues |
356,960 | — | 356,960 | — | ||||||||||||
Operating Expenses: |
||||||||||||||||
Fuel |
55,721 | — | 55,721 | — | ||||||||||||
Purchased power — |
||||||||||||||||
Non-affiliates |
11,413 | — | 11,413 | — | ||||||||||||
Affiliates |
114,261 | — | 114,261 | — | ||||||||||||
Other operations |
61,134 | — | 61,134 | — | ||||||||||||
Maintenance |
24,831 | — | 24,831 | — | ||||||||||||
Depreciation and amortization |
21,252 | — | 21,252 | — | ||||||||||||
Taxes other than income taxes |
15,245 | — | 15,245 | — | ||||||||||||
Total operating expenses |
303,857 | — | 303,857 | — | ||||||||||||
Operating Income |
53,103 | — | 53,103 | — | ||||||||||||
Other Income and (Expense): |
||||||||||||||||
Interest income |
208 | (118 | ) | 208 | 118 | |||||||||||
Interest expense, net of amounts capitalized |
(12,047 | ) | 118 | (12,165 | ) | — | ||||||||||
Distributions on mandatorily redeemable preferred securities |
(109 | ) | — | — | (109 | ) | ||||||||||
Other income (expense), net |
(1,045 | ) | (9 | ) | (1,036 | ) | — | |||||||||
Total other income and (expense) |
(12,993 | ) | (9 | ) | (12,993 | ) | 9 | |||||||||
Earnings Before Income Taxes |
40,110 | (9 | ) | 40,110 | 9 | |||||||||||
Income taxes |
14,378 | — | 14,378 | — | ||||||||||||
Net Income |
25,732 | (9 | ) | 25,732 | 9 | |||||||||||
Dividends on Preferred Stock |
1,500 | — | 1,500 | — | ||||||||||||
Net Income After Dividends on Preferred Stock |
$ | 24,232 | $ | (9 | ) | $ | 24,232 | $ | 9 | |||||||
A-33
SAVANNAH ELECTRIC AND POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SAVANNAH | SAVANNAH | SAVANNAH | ||||||||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | TRUST I | |||||||||||||||||||||||||||||||||
| (Note B) | ||||||||||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||
Net income |
$ | 25,732 | $ | (9 | ) | $ | 25,732 | $ | 9 | |||||||||||||||||||||||||||
Adjustments to reconcile net income
to net cash provided from operating activities — |
||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
23,710 | — | 23,710 | — | ||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits, net |
13,441 | — | 13,441 | — | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction |
(2,379 | ) | — | (2,379 | ) | — | ||||||||||||||||||||||||||||||
Pension, postretirement, and other employee benefits |
6,114 | — | 6,114 | — | ||||||||||||||||||||||||||||||||
Tax benefit of stock options |
861 | — | 861 | — | ||||||||||||||||||||||||||||||||
Other, net |
(7,226 | ) | 9 | (7,235 | ) | — | ||||||||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||||||||||||||
Receivables, net |
(26,371 | ) | — | (26,371 | ) | — | ||||||||||||||||||||||||||||||
Fossil fuel stock |
(1,938 | ) | — | (1,938 | ) | — | ||||||||||||||||||||||||||||||
Materials and supplies |
(842 | ) | — | (842 | ) | — | ||||||||||||||||||||||||||||||
Other current assets |
(5,324 | ) | — | (5,324 | ) | — | ||||||||||||||||||||||||||||||
Accounts payable |
5,035 | — | 5,035 | — | ||||||||||||||||||||||||||||||||
Accrued taxes |
3,352 | — | 3,352 | — | ||||||||||||||||||||||||||||||||
Accrued compensation |
(40 | ) | — | (40 | ) | — | ||||||||||||||||||||||||||||||
Other current liabilities |
(911 | ) | — | (911 | ) | — | ||||||||||||||||||||||||||||||
Net cash provided from operating activities |
33,214 | — | 33,205 | 9 | ||||||||||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||
Gross property additions |
(51,301 | ) | — | (51,301 | ) | — | ||||||||||||||||||||||||||||||
Purchase of property from affiliates |
(74,832 | ) | — | (74,832 | ) | — | ||||||||||||||||||||||||||||||
Other |
931 | — | 940 | (9 | ) | |||||||||||||||||||||||||||||||
Net cash used for investing activities |
(125,202 | ) | — | (125,193 | ) | (9 | ) | |||||||||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
20,567 | — | 20,567 | — | ||||||||||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||
Senior notes |
35,000 | — | 35,000 | — | ||||||||||||||||||||||||||||||||
Other long-term debt |
10,376 | — | 10,376 | — | ||||||||||||||||||||||||||||||||
Preferred stock |
45,000 | — | 45,000 | — | ||||||||||||||||||||||||||||||||
Capital contributions from parent company |
47,255 | — | 47,255 | — | ||||||||||||||||||||||||||||||||
Redemptions — |
||||||||||||||||||||||||||||||||||||
Other long-term debt |
(30,000 | ) | — | (30,000 | ) | — | ||||||||||||||||||||||||||||||
Mandatorily redeemable preferred securities |
(40,000 | ) | — | (40,000 | ) | — | ||||||||||||||||||||||||||||||
Payment of preferred stock dividends |
(825 | ) | — | (825 | ) | — | ||||||||||||||||||||||||||||||
Payment of common stock dividends |
(23,200 | ) | — | (23,200 | ) | — | ||||||||||||||||||||||||||||||
Other |
(1,266 | ) | — | (1,266 | ) | — | ||||||||||||||||||||||||||||||
Net cash provided from financing activities |
62,907 | — | 62,907 | — | ||||||||||||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
(29,081 | ) | — | (29,081 | ) | — | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
37,943 | — | 37,943 | — | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 8,862 | $ | — | $ | 8,862 | $ | — | ||||||||||||||||||||||||||||
A-34
Notes to SAVANNAH’s Consolidating
Financial Statements
| (A) | The notes to SAVANNAH’s financial statements included in the Form 10-K on pages II-293 through II-313 are herein incorporated by reference as part of exhibit number A-6 and are an integral part of the financial statements. | |||
| (B) | In January 2004, the Company redeemed all $40 million of its outstanding mandatorily redeemable preferred securities and dissolved SAVANNAH TRUST 1. | |||
A-35
SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | ST. LUCIE | |||||||||||||||||||||||||||||
| POWER | POWER | COMPANY | COMPANY | COMPANY | COMPANY | COMPANY | HOLDINGS | |||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | FLORIDA | JET PORT | KLONDIKE | McLEOD | CHEROKEE | CANA LLC | ||||||||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||||||||||||||
Sales for resale — |
||||||||||||||||||||||||||||||||||||
Non-affiliates |
$ | 266,463 | $ | — | $ | 225,823 | $ | 40,640 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Affiliates |
425,065 | — | 425,065 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues |
9,783 | — | 9,688 | 95 | — | — | — | — | — | |||||||||||||||||||||||||||
Total operating revenues |
701,311 | — | 660,576 | 40,735 | — | — | — | — | — | |||||||||||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||||||||
Fuel |
127,103 | — | 127,103 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Purchased power — |
||||||||||||||||||||||||||||||||||||
Non-affiliates |
76,652 | — | 76,652 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Affiliates |
111,804 | — | 111,805 | (1 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Other operations |
58,111 | — | 51,994 | 6,117 | — | — | — | — | — | |||||||||||||||||||||||||||
Maintenance |
17,084 | — | 14,477 | 2,606 | — | — | — | 1 | — | |||||||||||||||||||||||||||
Depreciation and amortization |
51,161 | — | 46,713 | 4,448 | — | — | — | — | — | |||||||||||||||||||||||||||
Taxes other than income taxes |
11,273 | — | 8,752 | 2,451 | — | 3 | 67 | — | — | |||||||||||||||||||||||||||
Total operating expenses |
453,188 | — | 437,496 | 15,621 | — | 3 | 67 | 1 | — | |||||||||||||||||||||||||||
Operating Income |
248,123 | — | 223,080 | 25,114 | — | (3 | ) | (67 | ) | (1 | ) | — | ||||||||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries |
— | (15,312 | ) | 15,312 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense, net of amounts capitalized |
(66,088 | ) | — | (66,088 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other income (expense), net |
2,408 | — | 2,346 | 61 | — | — | — | — | 1 | |||||||||||||||||||||||||||
Total other income and (expense) |
(63,680 | ) | (15,312 | ) | (48,430 | ) | 61 | — | — | — | — | 1 | ||||||||||||||||||||||||
Earnings Before Income Taxes |
184,443 | (15,312 | ) | 174,650 | 25,175 | — | (3 | ) | (67 | ) | (1 | ) | 1 | |||||||||||||||||||||||
Income taxes |
72,935 | — | 63,142 | 9,793 | — | — | — | — | — | |||||||||||||||||||||||||||
Net Income |
$ | 111,508 | $ | (15,312 | ) | $ | 111,508 | $ | 15,382 | $ | — | $ | (3 | ) | $ | (67 | ) | $ | (1 | ) | $ | 1 | ||||||||||||||
A-36
SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | ST. LUCIE | |||||||||||||||||||||||||||||
| POWER | POWER | COMPANY | COMPANY | COMPANY | COMPANY | COMPANY | HOLDINGS | |||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | FLORIDA | JET PORT | KLONDIKE | McLEOD | CHEROKEE | CANA LLC | ||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||
Net income |
$ | 111,508 | $ | (15,312 | ) | $ | 111,508 | $ | 15,382 | $ | — | $ | (3 | ) | $ | (67 | ) | $ | (1 | ) | $ | 1 | ||||||||||||||
Adjustments to reconcile net income
to net cash provided from operating activities — |
||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
65,838 | — | 61,390 | 4,448 | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred income taxes and investment tax credits, net |
23,510 | — | 21,367 | 2,143 | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred revenues |
10,064 | — | 10,064 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Equity in earnings of subsidiaries |
— | 15,312 | (15,312 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Tax benefit of stock options |
415 | — | 415 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other, net |
9,957 | — | 12,837 | (2,880 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
||||||||||||||||||||||||||||||||||||
Receivables, net |
(14,009 | ) | — | (14,420 | ) | 411 | — | — | — | — | — | |||||||||||||||||||||||||
Fossil fuel stock |
2,894 | — | 2,894 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Materials and supplies |
(1,715 | ) | — | (1,432 | ) | (283 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Other current assets |
4,144 | — | 4,144 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Accounts payable |
(13,844 | ) | — | (13,833 | ) | (11 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Accrued taxes |
32,330 | — | 22,807 | 9,523 | — | — | — | — | — | |||||||||||||||||||||||||||
Accrued interest |
(1,386 | ) | — | (1,386 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other current liabilities |
(306 | ) | — | (306 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Net cash provided from (used for) operating activities |
229,400 | — | 200,737 | 28,733 | — | (3 | ) | (67 | ) | (1 | ) | 1 | ||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||
Gross property additions |
(115,606 | ) | — | (110,571 | ) | (777 | ) | — | 394 | — | 4 | (4,656 | ) | |||||||||||||||||||||||
Investment in subsidiaries |
— | 4,723 | (4,723 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Return of capital from subsidiaries |
— | (12,790 | ) | 12,790 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Sale of property to affiliates |
414,582 | — | 414,582 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Change in construction payables, net |
(14,349 | ) | — | (14,349 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Other |
(10,043 | ) | — | (10,043 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Net cash provided from (used for) investing activities |
274,584 | (8,067 | ) | 287,686 | (777 | ) | — | 394 | — | 4 | (4,656 | ) | ||||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
(114,349 | ) | — | (114,349 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||
Capital contributions from parent company |
2,808 | (4,723 | ) | 2,808 | — | — | — | 67 | — | 4,656 | ||||||||||||||||||||||||||
Redemptions — |
||||||||||||||||||||||||||||||||||||
Senior notes |
(50,000 | ) | — | (50,000 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Capital distributions to parent company |
(113,000 | ) | 12,790 | (113,000 | ) | (12,396 | ) | — | (391 | ) | — | (3 | ) | — | ||||||||||||||||||||||
Payment of common stock dividends |
(207,000 | ) | — | (200,201 | ) | (6,799 | ) | — | — | — | — | |||||||||||||||||||||||||
Net cash provided from (used for) financing activities |
(481,541 | ) | 8,067 | (474,742 | ) | (19,195 | ) | — | (391 | ) | 67 | (3 | ) | 4,656 | ||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
22,443 | — | 13,681 | 8,761 | — | — | — | — | 1 | |||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
2,798 | — | — | 2,794 | 1 | 1 | 1 | 1 | — | |||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 25,241 | $ | — | $ | 13,681 | $ | 11,555 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||||||||
A-37
SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | ST. LUCIE | |||||||||||||||||||||||||||||
| POWER | POWER | COMPANY | COMPANY | COMPANY | COMPANY | COMPANY | HOLDINGS | |||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | FLORIDA | JET PORT | KLONDIKE | McLEOD | CHEROKEE | CANA LLC | ||||||||||||||||||||||||||||
Current Assets: |
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ | 25,241 | $ | — | $ | 13,681 | $ | 11,555 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||||||||
Receivables — |
||||||||||||||||||||||||||||||||||||
Customer accounts receivable |
12,865 | — | 9,904 | 2,961 | — | — | — | — | — | |||||||||||||||||||||||||||
Other accounts receivable |
893 | — | 878 | 15 | — | — | — | — | — | |||||||||||||||||||||||||||
Accumulated provision for uncollectible accounts |
(350 | ) | — | (350 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Affiliated companies |
25,423 | — | 25,423 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Fossil fuel stock, at average cost |
2,904 | — | 2,904 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Materials and supplies, at average cost |
9,839 | — | 9,049 | 790 | — | — | — | — | — | |||||||||||||||||||||||||||
Prepaid income taxes |
4,619 | — | 4,619 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Prepaid expenses |
8,085 | — | 4,711 | 3,374 | — | — | — | — | — | |||||||||||||||||||||||||||
Other |
112 | — | 112 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total current assets |
89,631 | — | 70,931 | 18,695 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||||||||||||||||||||||
In service |
1,821,434 | — | 1,665,736 | 155,698 | — | — | — | — | — | |||||||||||||||||||||||||||
Less accumulated provision for depreciation |
111,200 | — | 105,656 | 5,544 | — | — | — | — | — | |||||||||||||||||||||||||||
| 1,710,234 | — | 1,560,080 | 150,154 | — | — | — | — | — | ||||||||||||||||||||||||||||
Construction work in progress |
200,903 | — | 187,493 | 316 | 3,714 | 219 | 4,505 | — | 4,656 | |||||||||||||||||||||||||||
Total property, plant, and equipment |
1,911,137 | — | 1,747,573 | 150,470 | 3,714 | 219 | 4,505 | — | 4,656 | |||||||||||||||||||||||||||
Other Property and Investments |
— | (164,567 | ) | 164,567 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense |
14,078 | — | 14,078 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Prepaid long-term service agreements |
34,800 | — | 34,800 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other— |
||||||||||||||||||||||||||||||||||||
Affiliated |
6,455 | — | 6,455 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other |
10,912 | — | 10,040 | 839 | — | — | — | 33 | — | |||||||||||||||||||||||||||
Total deferred charges and other assets |
66,245 | — | 65,373 | 839 | — | — | — | 33 | — | |||||||||||||||||||||||||||
Total Assets |
$ | 2,067,013 | $ | (164,567 | ) | $ | 2,048,444 | $ | 170,004 | $ | 3,715 | $ | 220 | $ | 4,506 | $ | 34 | $ | 4,657 | |||||||||||||||||
A-38
SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET (Note A)
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | SOUTHERN | ST. LUCIE | |||||||||||||||||||||||||||||
| POWER | POWER | COMPANY | COMPANY | COMPANY | COMPANY | COMPANY | HOLDINGS | |||||||||||||||||||||||||||||
| Consolidated | Eliminations | CORPORATE | FLORIDA | JET PORT | KLONDIKE | McLEOD | CHEROKEE | CANA LLC | ||||||||||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||||||||||||||||
Securities due within one year |
$ | 200 | $ | — | $ | 200 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Accounts payable — |
||||||||||||||||||||||||||||||||||||
Affiliated |
19,265 | — | 18,221 | 1,043 | — | — | — | 1 | — | |||||||||||||||||||||||||||
Other |
11,024 | — | 8,019 | 3,005 | — | — | — | — | — | |||||||||||||||||||||||||||
Accrued taxes — Other than income |
4,104 | — | (8,273 | ) | 12,377 | — | — | — | — | — | ||||||||||||||||||||||||||
Accrued interest |
28,626 | — | 28,626 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other |
83 | — | 83 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total current liabilities |
63,302 | — | 46,876 | 16,425 | — | — | — | 1 | — | |||||||||||||||||||||||||||
Long-term Debt |
1,099,435 | — | 1,099,435 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||||||||||||||||||
Accumulated deferred income taxes |
40,212 | — | 38,069 | 2,143 | — | — | — | — | — | |||||||||||||||||||||||||||
Deferred capacity revenues — Affiliated |
39,118 | — | 39,118 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other — |
||||||||||||||||||||||||||||||||||||
Affiliated |
13,333 | — | 13,333 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other |
2 | — | 2 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total deferred credits and other liabilities |
92,665 | — | 90,522 | 2,143 | — | — | — | — | — | |||||||||||||||||||||||||||
Total Liabilities |
1,255,402 | — | 1,236,833 | 18,568 | — | — | — | 1 | — | |||||||||||||||||||||||||||
Common Stockholder’s Equity: |
||||||||||||||||||||||||||||||||||||
Common stock, par value $0.01 per share — |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Authorized - 1,000,000 shares |
||||||||||||||||||||||||||||||||||||
Outstanding - 1,000 shares |
||||||||||||||||||||||||||||||||||||
Paid-in capital |
740,535 | (151,558 | ) | 740,535 | 138,307 | 3,716 | 228 | 4,616 | 35 | 4,656 | ||||||||||||||||||||||||||
Retained earnings |
122,134 | (13,009 | ) | 122,134 | 13,129 | (1 | ) | (8 | ) | (110 | ) | (2 | ) | 1 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
(51,058 | ) | — | (51,058 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Total common stockholder’s equity |
811,611 | (164,567 | ) | 811,611 | 151,436 | 3,715 | 220 | 4,506 | 33 | 4,657 | ||||||||||||||||||||||||||
Total Liabilities and Stockholder’s Equity |
$ | 2,067,013 | $ | (164,567 | ) | $ | 2,048,444 | $ | 170,004 | $ | 3,715 | $ | 220 | $ | 4,506 | $ | 34 | $ | 4,657 | |||||||||||||||||
A-39
Notes to SOUTHERN POWER’s Consolidating
Financial Statements
| (A) | The notes to SOUTHERN POWER’s financial statements included in the Form 10-K on pages II-335 through II-343 are herein incorporated by reference as part of exhibit number A-7 and are an integral part of the financial statements. |
A-40
SOUTHERN COMPANY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SE FINANCE | ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||
| HOLDINGS | SOUTHERN | CAPITAL | CAPITAL | SYNFUEL | SYNFUEL | ELECTRO | ||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Eliminations | HOLDINGS | CORP II | FUNDING | SCES LLC | ENERGY | SERVICES | ERA | TECHNOLOGIES | SCRS | SERC | |||||||||||||||||||||||||||||||||||||
| (Note A) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||||||||||||||||||||||||||
Sales for resale — Affiliates |
$ | 2,707 | $ | — | $ | — | $ | — | $ | — | $ | 226 | $ | — | $ | — | $ | — | $ | — | $ | 2,481 | $ | — | ||||||||||||||||||||||||
Other revenues |
155,960 | — | — | — | — | 37,843 | — | 106,248 | 8,327 | 15 | 3,527 | — | ||||||||||||||||||||||||||||||||||||
Total operating revenues |
158,667 | — | — | — | — | 38,069 | — | 106,248 | 8,327 | 15 | 6,008 | — | ||||||||||||||||||||||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||||||||||||||||||||
Fuel |
81,719 | — | — | — | — | — | — | 81,719 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other operations |
87,756 | — | 48 | 3,411 | 68 | 37,421 | 39,561 | 227 | 111 | 1,587 | 5,322 | — | ||||||||||||||||||||||||||||||||||||
Maintenance |
4 | — | — | — | — | — | — | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
9,480 | — | — | 1,285 | 301 | 2,002 | 1,896 | — | 2,631 | 1,232 | 133 | — | ||||||||||||||||||||||||||||||||||||
Total operating expenses |
178,959 | — | 48 | 4,696 | 369 | 39,423 | 41,457 | 81,946 | 2,742 | 2,819 | 5,459 | — | ||||||||||||||||||||||||||||||||||||
Operating Income |
(20,292 | ) | — | (48 | ) | (4,696 | ) | (369 | ) | (1,354 | ) | (41,457 | ) | 24,302 | 5,585 | (2,804 | ) | 549 | — | |||||||||||||||||||||||||||||
Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||||||||||||||
Interest income |
66,971 | (852 | ) | 820 | 230 | 66,065 | 137 | 125 | 85 | 38 | 5 | 318 | — | |||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries |
(96,736 | ) | (142,640 | ) | 142,640 | (30,353 | ) | (207 | ) | — | (65,766 | ) | — | — | (410 | ) | — | — | ||||||||||||||||||||||||||||||
Leveraged lease income |
70,170 | — | — | 70,170 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized |
(41,121 | ) | 852 | (188 | ) | (19,466 | ) | (21,200 | ) | (11 | ) | (440 | ) | (7 | ) | (108 | ) | — | (553 | ) | — | |||||||||||||||||||||||||||
Interest expense to affiliate trusts |
(33,589 | ) | — | — | — | (33,589 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Distributions on mandatorily redeemable
preferred securities |
(9,539 | ) | — | — | — | (9,539 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other income (expense), net |
1,667 | — | — | (229 | ) | — | 2,080 | — | — | — | (155 | ) | (29 | ) | — | |||||||||||||||||||||||||||||||||
Total other income and (expense) |
(42,177 | ) | (142,640 | ) | 143,272 | 20,352 | 1,530 | 2,206 | (66,081 | ) | 78 | (70 | ) | (560 | ) | (264 | ) | — | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
(62,469 | ) | (142,640 | ) | 143,224 | 15,656 | 1,161 | 852 | (107,538 | ) | 24,380 | 5,515 | (3,364 | ) | 285 | — | ||||||||||||||||||||||||||||||||
Income taxes |
(205,507 | ) | — | 186 | (50,278 | ) | 406 | 329 | (166,657 | ) | 9,551 | 2,024 | (1,180 | ) | 112 | — | ||||||||||||||||||||||||||||||||
Consolidated Net Income |
$ | 143,038 | $ | (142,640 | ) | $ | 143,038 | $ | 65,934 | $ | 755 | $ | 523 | $ | 59,119 | $ | 14,829 | $ | 3,491 | $ | (2,184 | ) | $ | 173 | $ | — | ||||||||||||||||||||||
| (A) | Excludes after-tax interest expense of $3,526(000) recorded at Southern Company. |
A-41
SOUTHERN COMPANY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SE FINANCE | ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||
| HOLDINGS | SOUTHERN | CAPITAL | CAPITAL | SYNFUEL | SYNFUEL | ELECTRO | ||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Eliminations | HOLDINGS | CORP II | FUNDING | SCES LLC | ENERGY | SERVICES | ERA | TECHNOLOGIES | SCRS | SERC | |||||||||||||||||||||||||||||||||||||
| (Note A) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Activities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income |
$ | 143,038 | $ | (142,640 | ) | $ | 143,038 | $ | 65,934 | $ | 755 | $ | 523 | $ | 59,119 | $ | 14,829 | $ | 3,491 | $ | (2,184 | ) | $ | 173 | $ | — | ||||||||||||||||||||||
Adjustments to reconcile consolidated net income
to net cash provided from (used for) operating activities — |
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization |
8,248 | — | — | 1,284 | 301 | 2,002 | 1,896 | — | 2,631 | — | 134 | — | ||||||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits |
(70,886 | ) | — | — | (1,453 | ) | — | 1,774 | (72,194 | ) | — | — | — | 987 | — | |||||||||||||||||||||||||||||||||
Equity in losses (earnings) of subsidiaries |
96,736 | 142,640 | (142,640 | ) | 30,353 | 207 | — | 65,766 | — | — | 410 | — | — | |||||||||||||||||||||||||||||||||||
Leveraged lease income |
(70,170 | ) | — | — | (70,170 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pension, postretirement, and other employee benefits |
305 | — | — | — | — | 305 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Tax benefit of stock options |
45 | — | — | — | — | 45 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other, net |
5,672 | — | (1,105 | ) | 146 | (1,669 | ) | 7,727 | 3,423 | — | (299 | ) | (2,551 | ) | — | — | ||||||||||||||||||||||||||||||||
Changes in certain current assets and liabilities — |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Receivables, net |
6,294 | (7,238 | ) | 8,574 | 13 | 45 | 3,201 | 6 | 2,327 | 174 | 283 | (1,274 | ) | 183 | ||||||||||||||||||||||||||||||||||
Materials and supplies |
1,310 | — | — | — | — | 1,310 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other current assets |
15,868 | — | (1,951 | ) | 14,131 | — | 3,039 | (1,934 | ) | — | — | 2,944 | (361 | ) | — | |||||||||||||||||||||||||||||||||
Accounts payable |
8,003 | (403 | ) | 9,534 | (789 | ) | 7 | (3,451 | ) | 5,110 | (80 | ) | (251 | ) | (684 | ) | (772 | ) | (218 | ) | ||||||||||||||||||||||||||||
Accrued taxes |
(35,198 | ) | — | (7,214 | ) | (2,375 | ) | (4,579 | ) | (124 | ) | (21,248 | ) | (532 | ) | 939 | (82 | ) | 17 | — | ||||||||||||||||||||||||||||
Accrued compensation |
413 | — | — | — | — | 413 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other current liabilities |
4,633 | 7,641 | (7,590 | ) | 888 | (868 | ) | 4,160 | 117 | 7 | (78 | ) | — | 356 | — | |||||||||||||||||||||||||||||||||
Net cash provided from (used for) operating activities |
114,311 | — | 646 | 37,962 | (5,801 | ) | 20,924 | 40,061 | 16,551 | 6,607 | (1,864 | ) | (740 | ) | (35 | ) | ||||||||||||||||||||||||||||||||
Investing Activities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Gross property additions |
(71,606 | ) | — | — | (67,987 | ) | — | 21 | — | — | (203 | ) | — | (3,437 | ) | — | ||||||||||||||||||||||||||||||||
Investment in subsidiaries |
(97,759 | ) | 16,422 | (16,421 | ) | (33,031 | ) | 1,037 | — | (65,766 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other |
(12,970 | ) | 29,885 | (28,600 | ) | — | — | 2,634 | — | — | (10,706 | ) | (6,183 | ) | — | |||||||||||||||||||||||||||||||||
Net cash provided from (used for) investing activities |
(182,335 | ) | 46,307 | (45,021 | ) | (101,018 | ) | 1,037 | 2,655 | (65,766 | ) | — | (203 | ) | (10,706 | ) | (9,620 | ) | — | |||||||||||||||||||||||||||||
Financing Activities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net |
23,876 | (29,885 | ) | 23,876 | 5,600 | 4,000 | — | 20,023 | 2,700 | (6,614 | ) | — | 4,176 | — | ||||||||||||||||||||||||||||||||||
Proceeds — |
||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
56,400 | — | — | 50,000 | — | — | — | — | — | — | 6,400 | — | ||||||||||||||||||||||||||||||||||||
Capital contributions from parent company |
14,576 | (41,327 | ) | 14,576 | 25,000 | (47 | ) | — | 1,026 | 159 | 14,105 | 1,084 | — | |||||||||||||||||||||||||||||||||||
Redemptions — Long-term debt |
(31,499 | ) | — | — | (27,193 | ) | — | (4,306 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Payment of common stock dividends |
— | 24,905 | — | — | (5,905 | ) | — | (19,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net cash provided from (used for) financing activities |
63,353 | (46,307 | ) | 38,452 | 53,407 | (1,905 | ) | (4,353 | ) | 20,023 | (15,274 | ) | (6,455 | ) | 14,105 | 11,660 | — | |||||||||||||||||||||||||||||||
Net Change in Cash and Cash Equivalents |
(4,671 | ) | — | (5,923 | ) | (9,649 | ) | (6,669 | ) | 19,226 | (5,682 | ) | 1,277 | (51 | ) | 1,535 | 1,300 | (35 | ) | |||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period |
115,418 | — | 26,168 | 37,459 | 7,246 | 3,651 | 34,161 | 3,445 | 1,878 | 1,204 | 151 | 55 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period |
$ | 110,747 | $ | — | $ | 20,245 | $ | 27,810 | $ | 577 | $ | 22,877 | $ | 28,479 | $ | 4,722 | $ | 1,827 | $ | 2,739 | $ | 1,451 | $ | 20 | ||||||||||||||||||||||||
| (A) | Excludes after-tax interest expense of $3,526(000) recorded at Southern Company. |
A-42
SOUTHERN COMPANY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SE FINANCE | ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||
| HOLDINGS | SOUTHERN | CAPITAL | CAPITAL | SYNFUEL | SYNFUEL | ELECTRO | ||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Eliminations | HOLDINGS | CORP II | FUNDING | SCES LLC | ENERGY | SERVICES | ERA | TECHNOLOGIES | SCRS | SERC | |||||||||||||||||||||||||||||||||||||
| (Note A) | ||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ | 110,747 | $ | — | $ | 20,245 | $ | 27,810 | $ | 577 | $ | 22,877 | $ | 28,479 | $ | 4,722 | $ | 1,827 | $ | 2,739 | $ | 1,451 | $ | 20 | ||||||||||||||||||||||||
Receivables — |
||||||||||||||||||||||||||||||||||||||||||||||||
Customer accounts receivable |
11,372 | — | — | — | 2 | 2,400 | — | 7,058 | 706 | — | 1,206 | — | ||||||||||||||||||||||||||||||||||||
Other accounts and notes receivable |
34,832 | — | 18 | 29,315 | 1 | 5,401 | 25 | 5 | 5 | — | 62 | — | ||||||||||||||||||||||||||||||||||||
Affiliated companies |
23,078 | (7,331 | ) | 7,336 | — | 21,131 | 1,702 | — | — | — | — | 131 | 109 | |||||||||||||||||||||||||||||||||||
Accumulated provision for uncollectible accounts |
(66 | ) | — | — | — | — | (66 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Materials and supplies, at average cost |
517 | — | — | — | — | 517 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Prepaid expenses |
(2,590 | ) | — | 4,069 | (9,391 | ) | (9,232 | ) | 2,292 | 8,296 | — | — | 808 | 568 | — | |||||||||||||||||||||||||||||||||
Other |
2,806 | — | — | — | — | 2,806 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total current assets |
180,696 | (7,331 | ) | 31,668 | 47,734 | 12,479 | 37,929 | 36,800 | 11,785 | 2,538 | 3,547 | 3,418 | 129 | |||||||||||||||||||||||||||||||||||
Property, Plant, and Equipment: |
||||||||||||||||||||||||||||||||||||||||||||||||
In service |
22,117 | — | — | — | — | 2,050 | — | — | 10,116 | — | 9,951 | — | ||||||||||||||||||||||||||||||||||||
Less accumulated depreciation |
4,875 | — | — | — | — | 407 | — | — | 4,336 | — | 132 | — | ||||||||||||||||||||||||||||||||||||
Total property, plant, and equipment |
17,242 | — | — | — | — | 1,643 | — | — | 5,780 | — | 9,819 | — | ||||||||||||||||||||||||||||||||||||
Other Property and Investments: |
||||||||||||||||||||||||||||||||||||||||||||||||
Leveraged leases |
976,000 | — | — | 976,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Equity investments in subsidiaries |
65,382 | (413,806 | ) | 413,806 | 29,350 | 18,983 | — | 17,049 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other |
1,045,453 | (28,808 | ) | 28,812 | — | 974,044 | 22,997 | — | — | — | 38,508 | 9,900 | — | |||||||||||||||||||||||||||||||||||
Total other property and investments |
2,086,835 | (442,614 | ) | 442,618 | 1,005,350 | 993,027 | 22,997 | 17,049 | — | — | 38,508 | 9,900 | — | |||||||||||||||||||||||||||||||||||
Deferred Charges and Other Assets: |
||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense |
11,897 | — | — | 2,821 | 9,076 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other |
187,143 | — | (4 | ) | 99,373 | — | 14,998 | 69,121 | — | 2,786 | 12 | 857 | — | |||||||||||||||||||||||||||||||||||
Total deferred charges and other assets |
199,040 | — | (4 | ) | 102,194 | 9,076 | 14,998 | 69,121 | — | 2,786 | 12 | 857 | — | |||||||||||||||||||||||||||||||||||
Total Assets |
$ | 2,483,813 | $ | (449,945 | ) | $ | 474,282 | $ | 1,155,278 | $ | 1,014,582 | $ | 77,567 | $ | 122,970 | $ | 11,785 | $ | 11,104 | $ | 42,067 | $ | 23,994 | $ | 129 | |||||||||||||||||||||||
A-43
SOUTHERN COMPANY HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands)
| SOUTHERN | SE FINANCE | ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||
| HOLDINGS | SOUTHERN | CAPITAL | CAPITAL | SYNFUEL | SYNFUEL | ELECTRO | ||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Eliminations | HOLDINGS | CORP II | FUNDING | SCES LLC | ENERGY | SERVICES | ERA | TECHNOLOGIES | SCRS | SERC | |||||||||||||||||||||||||||||||||||||
| (Note A) | ||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Securities due within one year |
$ | 195,004 | $ | — | $ | — | $ | 190,817 | $ | — | $ | 4,187 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Notes payable |
27,126 | (6,700 | ) | 22,400 | — | 4,000 | — | — | — | — | — | 7,426 | — | |||||||||||||||||||||||||||||||||||
Accounts payable — |
||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated |
22,533 | (403 | ) | 485 | 1,193 | 37 | 695 | 12,813 | 6,938 | 101 | 101 | 449 | 124 | |||||||||||||||||||||||||||||||||||
Other |
6,885 | — | 11 | (49 | ) | 10 | 6,776 | — | — | — | — | 137 | — | |||||||||||||||||||||||||||||||||||
Accrued taxes — |
||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes |
(2,361 | ) | — | 748 | 6,604 | (9,856 | ) | 444 | — | (83 | ) | (111 | ) | (107 | ) | — | — | |||||||||||||||||||||||||||||||
Other |
108 | — | — | 91 | — | — | — | — | — | — | 17 | — | ||||||||||||||||||||||||||||||||||||
Accrued interest |
23,006 | (228 | ) | 214 | 1,352 | 21,130 | — | 125 | 7 | 7 | — | 399 | — | |||||||||||||||||||||||||||||||||||
Accrued compensation |
2,703 | — | — | — | — | 2,703 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other |
21,233 | — | — | — | — | 21,225 | — | — | — | 8 | — | — | ||||||||||||||||||||||||||||||||||||
Total current liabilities |
296,237 | (7,331 | ) | 23,858 | 200,008 | 15,321 | 36,030 | 12,938 | 6,862 | (3 | ) | 2 | 8,428 | 124 | ||||||||||||||||||||||||||||||||||
Long-term Debt |
645,161 | — | — | 212,264 | 400,000 | 22,997 | — | — | — | — | 9,900 | — | ||||||||||||||||||||||||||||||||||||
Long-term Debt Payable to Affiliated Trusts |
574,044 | (28,808 | ) | — | 5,600 | 574,044 | — | 20,023 | 2,700 | 485 | — | — | — | |||||||||||||||||||||||||||||||||||
Deferred Credits and Other Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated deferred income taxes |
496,345 | — | — | 450,306 | 1 | 7,935 | 30,676 | 449 | 1,697 | 3,424 | 1,857 | — | ||||||||||||||||||||||||||||||||||||
Employee benefit obligations |
2,347 | — | — | — | — | 2,347 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other |
12,903 | — | — | — | — | 62 | 8,533 | 500 | — | 3,806 | 2 | — | ||||||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities |
511,595 | — | — | 450,306 | 1 | 10,344 | 39,209 | 949 | 1,697 | 7,230 | 1,859 | — | ||||||||||||||||||||||||||||||||||||
Total Liabilities |
2,027,037 | (36,139 | ) | 23,858 | 868,178 | 989,366 | 69,371 | 72,170 | 10,511 | 2,179 | 7,232 | 20,187 | 124 | |||||||||||||||||||||||||||||||||||
Common Stockholders’ Equity |
456,776 | (413,806 | ) | 450,424 | 287,100 | 25,216 | 8,196 | 50,800 | 1,274 | 8,925 | 34,835 | 3,807 | 5 | |||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity |
$ | 2,483,813 | $ | (449,945 | ) | $ | 474,282 | $ | 1,155,278 | $ | 1,014,582 | $ | 77,567 | $ | 122,970 | $ | 11,785 | $ | 11,104 | $ | 42,067 | $ | 23,994 | $ | 129 | |||||||||||||||||||||||
| (A) | Excludes after-tax interest expense of $3,526(000) recorded at Southern Company. |
A-44
EXHIBITS.
Exhibits (including reference to previous filings):
| Exhibit | ||
| Number | Description of Exhibit | |
A-1
|
Annual Report of SOUTHERN on Form 10-K for the year ended December 31, 2004. (File No. 1-3526.) | |
A-2
|
Annual Report of ALABAMA on Form 10-K for the year ended December 31, 2004. (File No. 1-3164.) | |
A-3
|
Annual Report of GEORGIA on Form 10-K for the year ended December 31, 2004. (File No. 1-6468.) | |
A-4
|
Annual Report of GULF on Form 10-K for the year ended December 31, 2004. (File No. 0-2429.) | |
A-5
|
Annual Report of MISSISSIPPI on Form 10-K for the year ended December 31, 2004. (File No. 001-11229.) | |
A-6
|
Annual Report of SAVANNAH on Form 10-K for the year ended December 31, 2004. (File No. 1-5072.) | |
A-7
|
Annual Report of SOUTHERN POWER on Form 10-K for the year ended December 31, 2004. (File No. 333-98553.) | |
B-1
|
Composite Certificate of Incorporation of SOUTHERN, reflecting all amendments thereto through January 5, 1994. (Designated in Registration No. 33-3546, as Exhibit 4(a), in Certificate of Notification, File No. 70-7341, as Exhibit A and in Certificate of Notification, File No. 70-8181, as Exhibit A.) | |
B-2
|
By-laws of SOUTHERN as amended effective February 17, 2003, and as presently in effect. (Designated in SOUTHERN’s Form 10-Q for the quarter ended June 30, 2003, File No. 1-3526, as Exhibit 3(a)1.) | |
B-3
|
Charter of ALABAMA and amendments thereto through February 17, 2004. (Designated in Registration No. 2-59634 as Exhibit 2(b), in Registration No. 2-60209 as Exhibit 2(c), in Registration No. 2-60484 as Exhibit 2(b), in Registration No. 2-70838 as Exhibit 4(a)-2, in Registration No. 2-85987 as Exhibit 4(a)-2, in Registration No. 33-25539 as Exhibit 4(a)-2, in Registration No. 33-43917 as Exhibit 4(a)-2, in Form 8-K dated February 5, 1992, File No. 1-3164, as Exhibit 4(b)-3, in Form 8-K dated July 8, 1992, File No. 1-3164, as Exhibit 4(b)-3, in Form 8-K dated October 27, 1993, File No. 1-3164, as Exhibits 4(a) and 4(b), in Form 8-K dated November 16, 1993, File No. 1-3164, as Exhibit 4(a), in Certificate of Notification, File No. 70-8191, as Exhibit A, in Form 10-K for the year ended December 31, 1997, File No. 1-3164, as Exhibit 3(b)2, in Form 8-K dated August 10, 1998, File No. 1-3164, as Exhibit 4.4, in Form 10-K for the year ended December 31, 2000, File No. 1-3164, as Exhibit 3(b)2, in Form 10-K for the year ended December 31, 2001, File No. 1-3164, as Exhibit 3(b)2, in Form 8-K dated February 5, 2003, File No. 1-3164, as Exhibit 4.4, in ALABAMA’s Form 10Q for the quarter ended March 31, 2003, File No. 1-3164, as Exhibit 3(b)1 and in Form 8-K dated February 5, 2004, File No. 1-3164 as Exhibit 4.4.) | |
B-4
|
By-laws of ALABAMA as amended effective April 25, 2003, and as presently in effect. (Designated in Form 10-Q for the quarter ended March 31, 2003, File No. 1-3164, as Exhibit 3(b)2.) |
A-45
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
B-5
|
Charter of GEORGIA and amendments thereto through February 16, 2001. (Designated in Registration No. 2-63392 as Exhibit 2(a)-2, in Registration No. 2-78913 as Exhibits 4(a)-(2) and 4(a)-(3), in Registration No. 2-93039 as Exhibit 4(a)-(2), in Registration No. 2-96810 as Exhibit 4(a)(2), in Registration No. 33-141 as Exhibit 4(a)(2), in Registration No. 33-1359 as Exhibit 4(a)(2), in Registration No. 33-5405 as Exhibit 4(b)(2), in Registration No. 33-14367 as Exhibits 4(b)-2 and 4(b)-3, in Registration No. 33-22504 as Exhibits 4(b)-(2), 4(b)-(3) and 4(b)-(4), in GEORGIA’s Form 10-K for the year ended December 31, 1991, File No. 1-6468, as Exhibits 4(a)(2) and 4(a)(3), in Registration No. 33-48895, as Exhibits 4(b)-(2) and 4(b)-(3), in Form 8-K dated December 10, 1992, File No. 1-6468, as Exhibit 4(b), in Form 8-K dated June 17, 1993, File No. 1-6468, as Exhibit 4(b), in Form 8-K dated October 20, 1993, File No. 1-6468, as Exhibit 4(b), in Form 10-K for the year ended December 31, 1997, File No. 1-6468, as Exhibit 3(c)2 and in Form 10-K for the year ended December 31, 2000, File No. 1-6468, as Exhibit 3(c)2.) | |
B-6
|
By-laws of GEORGIA as amended effective August 20, 2003, and as presently in effect. (Designated in GEORGIA’s Form 10-Q for the quarter ended March 31, 2004, File No. 1-6468, as Exhibit 3(c)1.) | |
B-7
|
Restated Articles of Incorporation of GULF and amendments thereto through February 9, 2001. (Designated in Registration No. 33-43739 as Exhibit 4(b)-(1), in Form 8-K dated January 15, 1992, File No. 0-2429, as Exhibit 1(b), in Form 8-K dated August 18, 1992, File No. 0-2429, as Exhibit 4(b)-2, in Form 8-K dated September 22, 1993, File No. 0-2429, as Exhibit 4, in Form 8-K dated November 3, 1993, File No. 0-2429, as Exhibit 4, in Form 10-K for the year ended December 31, 1997, File No. 0-2429, as Exhibit 3(d)2 and in Form 10-K for the year ended December 31, 2000, File No. 0-2429, as Exhibit 3(d)2.) | |
B-8
|
By-laws of GULF as amended effective July 26, 2002, and as presently in effect. (Designated in Form 10-K for the year ended December 31, 2002, File No. 0-2429, as Exhibit 3(d)2.) | |
B-9
|
Articles of incorporation of MISSISSIPPI, articles of merger of Mississippi Power Company (a Maine corporation) into MISSISSIPPI and articles of amendment to the articles of incorporation of MISSISSIPPI through April 2, 2004. (Designated in Registration No. 2-71540 as Exhibit 4(a)-1, in Form U5S for 1987, File No. 30-222-2, as Exhibit B-10, in Registration No. 33-49320 as Exhibit 4(b)-1, in Form 8-K dated August 5, 1992, File No. 0-6849, as Exhibits 4(b)-2 and 4(b)-3 in Form 8-K dated August 4, 1993, File No. 0-6849, as Exhibit 4(b)-3, in Form 8-K dated August 18, 1993, File No. 0-6849, as Exhibit 4(b)-3, in Form 10-K for the year ended December 31, 1997, File No. 0-6849, as Exhibit 3(e)2, in Form 10-K for the year ended December 31, 2000, File No. 0-6849, as Exhibit 3(e)2 and in Form 8-K dated March 3, 2004, File No. 0-6849, as Exhibit 4.6.) | |
B-10
|
By-laws of MISSISSIPPI as amended effective February 28, 2001, and as presently in effect. (Designated if Form 10-K for the year ended December 31, 2001, File No. 0-6849, as Exhibit 3(e)2.) |
A-46
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
B-11
|
Charter of SAVANNAH and amendments thereto through June 10, 2004. (Designated in Registration No. 33-25183 as Exhibit 4(b)-(1), in Registration No. 33-45757 as Exhibit 4(b)-(2), in Form 8-K dated November 9, 1993, File No. 1-5072 as Exhibit 4(b), in Form 10-K for the year ended December 31, 1998, File No. 1-5072, as Exhibit 3(f)2 and in Form 8-K dated May 27, 2004, File No. 1-5072, as Exhibits 4.6 and 4.7.) | |
B-12
|
By-laws of SAVANNAH as amended effective May 17, 2000, and as presently in effect. (Designated in SAVANNAH’s Form 10-K for the year ended December 31, 2000, File No. 1-5072, as Exhibit 3(f)2.) | |
B-13
|
SCS Certificate of Incorporation as amended. (Designated in Form U-1, File No. 70-3573, as Exhibit A-1; in Form U-1, File No. 70-3833, as Exhibit A-2; Form U5S for 1962, File No. 30-222-2, as Exhibit A-17; and Form U5S for 1985, File No. 30-222-2, as Exhibit B-13(b).) | |
B-14
|
SCS By-laws as amended to date, last amended October 19, 1998. (Designated in Form U5S for 1998, File No. 30-222-2, as Exhibit B-16.) | |
B-15
|
Articles of Incorporation of Southern Management and amendments thereto through March 6, 2001. (Designated in Form U5S for 1985, File No. 30-222-2, as Exhibit B-23 , in Form U5S for 1987, File No. 30-222-2, as Exhibit B-27, in Form U5S for 1993, File No. 30-222-2, as Exhibit B-25 and in Form U5S for 2001, File No. 30-222-2, as Exhibit B-18.) | |
B-16
|
Amended and Restated By-laws of Southern Management effective March 5, 2001. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-19.) | |
B-17
|
Articles of Incorporation of SOUTHERN NUCLEAR and amendment thereto through June 14, 1991. (Designated in Form U5S for 1991, File No. 30-222-2, as Exhibit B-28.) | |
B-18
|
By-laws of SOUTHERN NUCLEAR as amended to date, last amended May 21, 1991. (Designated in Form U5S for 1991, File No. 30-222-2, as Exhibit B-27 and in Form U5S for 1997, File No. 30-222-2, as Exhibit B-28.) | |
B-19
|
Certificate of Incorporation of SERC. (Designated in Form U5S for 1993, File No. 30-222-2, as Exhibit B-30.) | |
B-20
|
By-laws of SERC. (Designated in Form U5S for 1993, File No. 30-222-2, as Exhibit B-31.) | |
B-21
|
Certificate of Incorporation of SouthernLINC Wireless. (Designated in Form U5S for 1994, File No. 30-222-2, as Exhibit B-31.) |
A-47
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
B-22
|
By-laws of SouthernLINC Wireless. (Designated in Form U5S for 1994, File No. 30-222-2, as Exhibit B-32.) | |
B-23
|
Certificate of Incorporation of Southern Telecom as amended through February 17, 1998. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-26.) | |
B-24
|
By-Laws of Southern Telecom. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-50.) | |
B-25
|
Certificate of Incorporation of Southern Company Funding Corporation dated January 17, 2001. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-28.) | |
B-26
|
By-Laws of Southern Company Funding Corporation effective January 17, 2001. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-29.) | |
B-27
|
Certificate of Incorporation of Southern Holdings as amended through March 6, 2001. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-30.) | |
B-28
|
By-Laws of Southern Holdings effective March 5, 2001. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-31.) | |
B-29
|
Certificate of Incorporation of Powercall as amended through February 17, 1998. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-32.) | |
B-30
|
By-Laws of Powercall effective September 9, 1996. (Designated in Form U5S for 2001, File No. 30-222-2, as Exhibit B-33.) | |
B-31
|
Certificate of Incorporation of SOUTHERN POWER dated January 8, 2001. (Designated in Registration No. 333-98553 as Exhibit 3.1.) | |
B-32
|
By-Laws of SOUTHERN POWER effective January 8, 2001. (Designated in Registration No. 333-98553 as Exhibit 3.2.) | |
B-33
|
Certificate of Incorporation of Southern Company Funding Corporation dated January 17, 2001. | |
B-34
|
By-Laws of Southern Company Funding Corporation effective January 17, 2001. | |
B-35
|
Limited Liability Company Operating Agreement of Southern Company Gas LLC effective June 3, 2002. | |
C-1
|
Subordinated Note Indenture dated as of February 1, 1997, among SOUTHERN, Capital Funding and The Bank of New York Trust Company, N.A., as Successor Trustee, and indentures supplemental thereto dated as of February 4, 1997. (Designated in Registration Nos. 333-28349 as Exhibits 4.1 and 4.2 and 333-28355 as Exhibit 4.2.) |
A-48
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
C-2
|
Subordinated Note Indenture dated as of June 1, 1997, among SOUTHERN, Capital Funding and The Bank of New York Trust Company, N.A., as Successor Trustee, and indentures supplemental thereto through of July 31, 2002. (Designated in Form 10-K for the year ended December 31, 1997, File No. 1-3526, as Exhibit 4(a)2, in Form 8-K dated June 18, 1998, File No. 1-3526, as Exhibit 4.2, in Form 8-K dated December 18, 1998, File No. 1-3526, as Exhibit 4.4 and in Form 8-K dated July 24, 2002, File No. 1-3526, as Exhibit 4.4.) | |
C-3
|
Senior Note Indenture dated as of February 1, 2002, among SOUTHERN, Capital Funding and The Bank of New York, as Trustee, and indentures supplemental thereto through those dated February 1, 2002. (Designated in Form 8-K dated January 29, 2002, File No. 1-3526, as Exhibits 4.1 and 4.2 and in Form 8-K dated January 30, 2002, File No. 1-3526, as Exhibit 4.2.) | |
C-4
|
Indenture dated as of January 1, 1942, between ALABAMA and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through December 1, 1994. (Designated in Registration Nos. 2-59843 as Exhibit 2(a)-2, 2-60484 as Exhibits 2(a)-3 and 2(a)-4, 2-60716 as Exhibit 2(c), 2-67574 as Exhibit 2(c), 2-68687 as Exhibit 2(c), 2-69599 as Exhibit 4(a)-2, 2-71364 as Exhibit 4(a)-2, 2-73727 as Exhibit 4(a)-2, 33-5079 as Exhibit 4(a)-2, 33-17083 as Exhibit 4(a)-2, 33-22090 as Exhibit 4(a)-2, in ALABAMA’s Form 10-K for the year ended December 31, 1990, File No. 1-3164, as Exhibit 4(c), in Registration Nos. 33-43917 as Exhibit 4(a)-2, 33-45492 as Exhibit 4(a)-2, 33-48885 as Exhibit 4(a)-2, 33-48917 as Exhibit 4(a)-2, in Form 8-K dated January 20, 1993, File No. 1-3436, as Exhibit 4(a)-3, in Form 8-K dated February 17, 1993, File No. 1-3436, as Exhibit 4(a)-3, in Form 8-K dated March 10, 1993, File No. 1-3436, as Exhibit 4(a)-3, in Certificate of Notification, File No. 70-8069, as Exhibits A and B, in Form 8-K dated June 24, 1993, File No. 1-3436, as Exhibit 4, in Certificate of Notification, File No. 70-8069, as Exhibit A, in Form 8-K dated November 16, 1993, File No. 1-3436, as Exhibit 4(b), in Certificate of Notification, File No. 70-8069, as Exhibits A and B, in Certificate of Notification, File No. 70-8069, as Exhibit A, in Certificate of Notification, File No. 70-8069, as Exhibit A and in Form 8-K dated November 30, 1994, File No. 1-3436, as Exhibit 4.) | |
C-5
|
Subordinated Note Indenture dated as of January 1, 1997, between ALABAMA and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through October 2, 2002. (Designated in Form 8-K dated January 9, 1997, File No. 1-3164, as Exhibits 4.1 and 4.2, in Form 8-K dated February 18, 1999, File No. 1-3164, as Exhibit 4.2 and in Form 8-K dated September 26, 2002, File No.1-3164, as Exhibits 4.9-A and 4.9-B.) | |
C-6
|
Senior Note Indenture dated as of December 1, 1997, between ALABAMA and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through March 16, 2005. (Designated in Form 8-K dated December 4, 1997, File No. 1-3164, as Exhibits 4.1 and 4.2, in Form 8-K dated February 20, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K |
A-49
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
| dated April 17, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated August 11, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated September 8, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated September 16, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated October 7, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated October 28, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated November 12, 1998, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated May 19, 1999, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated August 13, 1999, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated September 21, 1999, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated May 11, 2000, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated August 22, 2001, File No. 1-3164, as Exhibits 4.2(a) and 4.2(b), in Form 8-K dated June 21, 2002, File No. 1-3164, as Exhibit 4.2(a), in Form 8-K dated October 16, 2002, File No. 1-3164, as Exhibit 4.2(a), in Form 8-K dated November 20, 2002, File No. 1-3164, as Exhibit 4.2(a), in Form 8-K dated December 6, 2002, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated February 11, 2003, File No. 1-3164, as Exhibits 4.2(a) and 4.2(b), in Form 8-K dated March 12, 2003, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated April 15, 2003 as Exhibit 4.2(a) , in Form 8-K dated May 1, 2003, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated November 14, 2003, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated February 10, 2004, File No. 1-3164, as Exhibit 4.2 in Form 8-K dated April 7, 2004, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated August 19, 2004, File No. 1-3164, as Exhibit 4.2, in Form 8-K dated November 9, 2004, File No. 1-3164, as Exhibit 4.2 and in Form 8-K dated March 8, 2005, File No. 1-3164, as Exhibit 4.2.) | ||
C-7
|
Subordinated Note Indenture dated as of June 1, 1997, between GEORGIA and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through January 23, 2004. (Designated in Certificate of Notification, File No. 70-8461, as Exhibits D and E, in Form 8-K dated February 17, 1999, File No. 1-6468, as Exhibit 4.4, in Form 8-K dated June 13, 2002, File No. 1-6468, as Exhibit 4.4, in Form 8-K dated October 30, 2002, File No. 1-6468, as Exhibit 4.4 and in Form 8-K dated January 15, 2004, File No. 1-6468, as Exhibit 4.4.) | |
C-8
|
Senior Note Indenture dated as of January 1, 1998, between GEORGIA and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through January 20, 2005. (Designated in Form 8-K dated January 21, 1998, File No. 1-6468, as Exhibits 4.1 and 4.2, in Forms 8-K each dated November 19, 1998, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated March 3, 1999, File No. 1-6468, as Exhibit 4.5, in Form 8-K dated February 15, 2000, File No. 1-6468 as Exhibit 4.2, in Form 8-K dated January 26, 2001, File No. 1-6468, as Exhibits 4.2(a) and 4.2(b), in Form 8-K dated February 16, 2001, File No. 1-6469 as Exhibit 4.2, in Form 8-K dated May 1, 2001, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated June 27, 2002, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated November 15, 2002, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated February 13, 2003, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated February 21, 2003, File No. 1-6468, as Exhibit 4.2, in Form 8-K dated April 10, 2003, File No. 1-6468, as Exhibits 4.1, 4.2 and 4.3, in Form 8-K dated September 8, 2003, File No. 1-6468, as Exhibit 4.1, in Form 8-K dated September 23, 2003, File No. 1-6468, as Exhibit 4.1, in Form 8-K dated January 12, 2004, File No. 1-6468, as Exhibits 4.1 and 4.2, in Form 8-K dated February 12, 2004, File No. 1-6468, as Exhibit 4.1, in Form 8-K dated August 11, 2004, File No. 1-6468, as Exhibits 4.1 and 4.2 and in Form 8-K dated January 13, 2005, File No. 1-6468, as Exhibit 4.1.) |
A-50
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
C-9
|
Indenture dated as of September 1, 1941, between GULF and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through November 1, 1996. (Designated in Registration Nos. 2-4833 as Exhibit B-3, 2-62319 as Exhibit 2(a)-3, 2-63765 as Exhibit 2(a)-3, 2-66260 as Exhibit 2(a)-3, 33-2809 as Exhibit 4(a)-2, 33-43739 as Exhibit 4(a)-2, in GULF’s Form 10-K for the year ended December 31, 1991, File No. 0-2429, as Exhibit 4(b), in Form 8-K dated August 18, 1992, File No. 0-2429, as Exhibit 4(a)-3, in Registration No. 33-50165 as Exhibit 4(a)-2, in Form 8-K dated July 12, 1993, File No. 0-2429, as Exhibit 4, in Certificate of Notification, File No. 70-8229, as Exhibit A, in Certificate of Notification, File No. 70-8229, as Exhibits E and F, in Form 8-K dated January 17, 1996, File No. 0-2429, as Exhibit 4, in Certificate of Notification, File No. 70-8229, as Exhibit A, in Certificate of Notification, File No. 70-8229, as Exhibit A and in Form 8-K dated November 6, 1996, File No. 0-2429, as Exhibit 4.) | |
C-10
|
Subordinated Note Indenture dated as of January 1, 1997, between GULF and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto through December 13, 2002. (Designated in Form 8-K dated January 27, 1997, File No. 0-2429, as Exhibits 4.1 and 4.2, in Form 8-K dated July 28, 1997, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated January 13, 1998, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated November 8, 2001, File No. 0-2429, as Exhibit 4.2 and in Form 8-K dated December 5, 2002, File No. 0-2429, as Exhibit 4.2.) | |
C-11
|
Senior Note Indenture dated as of January 1, 1998, between GULF and JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee, and indentures supplemental thereto dated as of September 22, 2004. (Designated in Form 8-K dated June 17, 1998, File No. 0-2429, as Exhibits 4.1 and 4.2, in Form 8-K dated August 17, 1999, File No. 0-2429 as Exhibit 4.2, in Form 8-K dated July 31, 2001, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated October 5, 2001, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated January 18, 2002, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated March 21, 2003, File No. 0-2429, as Exhibit 4.2, in Form 8-K dated July 10, 2003, File No. 0-2429, as Exhibits 4.1 and 4.2, in Form 8-K dated September 5, 2003, File No. 0-2429, as Exhibit 4.1, in Form 8-K dated April 6, 2004, File No. 0-2429, as Exhibit 4.1 and in Form 8-K dated September 13, 2004, File No. 0-2429, as Exhibit 4.1.) | |
C-12
|
Indenture dated as of September 1, 1941, between MISSISSIPPI and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Successor Trustee, and indentures supplemental thereto through December 1, 1995. (Designated in Registration Nos. 2-4834 as Exhibit B-3, 2-62965 as Exhibit 2(b)-2, 2-66845 as Exhibit 2(b)-2, 2-71537 as Exhibit 4(a)-(2), 33-5414 as Exhibit 4(a)-(2), 33-39833 as Exhibit 4(a)-2, in MISSISSIPPI’s Form 10-K for the year ended December 31, 1991, File No. 0-6849, as Exhibit 4(b), in Form 8-K dated August 5, 1992, File No. 0-6849, as Exhibit 4(a)-2, in Second Certificate of Notification, File No. 70-7941, as Exhibit I, in MISSISSIPPI’s Form 8-K dated February 26, 1993, File No. 0-6849, as Exhibit 4(a)-2, in Certificate of Notification, File No. 70-8127, as Exhibit A, in Form 8-K dated June 22, 1993, File No. 0-6849, as Exhibit 1, in Certificate of Notification, File No. 70-8127, as Exhibit A, in Form 8-K dated March 8, 1994, File No. 0-6849, as Exhibit 4, in Certificate of Notification, File No. 70-8127, as Exhibit C and in Form 8-K dated December 5, 1995, File No. 0-6849, as Exhibit 4.) |
A-51
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
C-13
|
Subordinated Note Indenture dated as of February 1, 1997, between MISSISSIPPI and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee, and indentures supplemental thereto through March 22, 2002. (Designated in Form 8-K dated February 20, 1997, File No. 0-6849, as Exhibits 4.1 and 4.2 and in Form 8-K dated March 15, 2002, File No. 0-6849, as Exhibit 4.2.) | |
C-14
|
Senior Note Indenture dated as of May 1, 1998 between MISSISSIPPI and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee and indentures supplemental thereto through March 9, 2004. (Designated in Form 8-K dated May 14, 1998, File No. 0-6849, as Exhibits 4.1, 4.2(a) and 4.2(b), in Form 8-K dated March 22, 2000, File No. 0-6849, as Exhibit 4.2, in Form 8-K dated March 12, 2002, File No. 0-6849, as Exhibit 4.2, in Form 8-K dated April 24, 2003, File No. 001-11229, as Exhibit 4.2 and in Form 8-K dated March 3, 2004, File No. 001-11229, as Exhibit 4.2.) | |
C-15
|
Indenture dated as of March 1, 1945, between SAVANNAH and The Bank of New York, as Trustee, and indentures supplemental thereto through May 1, 1996. (Designated in Registration Nos. 33-25183 as Exhibit 4(a)-(1), 33-41496 as Exhibit 4(a)-(2), 33-45757 as Exhibit 4(a)-(2), in SAVANNAH’s Form 10-K for the year ended December 31, 1991, File No. 1-5072, as Exhibit 4(b), in Form 8-K dated July 8, 1992, File No. 1-5072, as Exhibit 4(a)-3, in Registration No. 33-50587 as Exhibit 4(a)-(2), in Form 8-K dated July 22, 1993, File No. 1-5072, as Exhibit 4, in Form 8-K dated May 18, 1995, File No. 1-5072, as Exhibit 4 and in Form 8-K dated May 23, 1996, File No. 1-5072, as Exhibit 4.) | |
C-16
|
Subordinated Note Indenture dated as of December 1, 1998, between SAVANNAH and The Bank of New York, as Trustee, and indenture supplemental thereto dated as of December 9, 1998. (Designated in Form 8-K dated December 3, 1998, File No. 1-5072, as Exhibit 4.3 and 4.4.) | |
C-17
|
Senior Note Indenture dated as of March 1, 1998 between SAVANNAH and The Bank of New York, as Trustee and indentures supplemental thereto through December 9, 2004. (Designated in Form 8-K dated March 9, 1998, File No. 1-5072, as Exhibits 4.1 and 4.2, in Form 8-K dated May 8, 2001, File No. 1-5072, as Exhibits 4.2(a) and 4.2(b), in Form 8-K dated November 4, 2002, File No. 1-5072, as Exhibit 4.2, in Form 8-K dated December 10, 2003, File No. 1-5072, as Exhibits 4.1 and 4.2 and in Form 8-K dated December 2, 2004, File No. 1-5072, as Exhibit 4.1.) | |
C-18
|
Indenture dated as of June 1, 2002, between SOUTHERN POWER and The Bank of New York, as Trustee, and indenture supplemental thereto dated as of July 8, 2003. (Designated in Registration No. 333-98553 as Exhibits 4.1 and 4.2 and in SOUTHERN POWER’s Form 10-Q for the quarter ended June 30, 2003, File No. 333-98553, as Exhibit 4(g)1.) |
A-52
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
D-1
|
Income Tax Allocation Agreement and Amendments 1 through 111 thereto. (Designated in Form U5S for 1981, File No. 30-222-2, as Exhibit A-21, in Form U5S for 1982, File No. 30-222-2, as Exhibit A-22(b), in Form U5S for 1982, File No. 30-222-2, as Exhibit A-22(c), in Form U5S for 1983, File No. 30-222-2, as Exhibit D-1(d), in Form U5S for 1985, File No. 30-222-2, as Exhibit D-1(e), in Amendment No. 1 to Form U5S for 1985, File No. 30-222-2, as Exhibit D-1(f) in Form U5S for 1987, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1991, File No. 30-222-2, as Exhibit D-2 and in Form U5S for 1992, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1991, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1994, File No. 30-222-2, as Exhibit D-2 and in Form U5S for 1995, File No. 30-222-2, as Exhibit D-2, as Exhibit D-2, in Form U5S for 1994, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1996, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1997, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1998, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1999, File No. 30-222-2, as Exhibit D-2, in Form U5S for 2000, File No. 30-222-2, as Exhibit D-2, in Form U5S for 2001, File No. 30-222-2, as Exhibit D-2, in Form U5S for 2002, File No. 30-222-2, as Exhibit D-2 and in Form U5S for 2003, file No. 30-222-2, as Exhibit D-2.) | |
D-2
|
Amendments 112 and 113 to Income Tax Allocation Agreement. | |
D-3
|
Statement of the Effects to the Companies Party to the Southern Company Income Tax Allocation Agreement after the Spin-Off of Mirant Corporation. (Designated in Form U5S for 2002, File No. 30-222-2 as Exhibit No. D-3.) |
A-53
EXHIBITS.
Exhibits (including reference to previous filings): (Continued)
| Exhibit | ||
| Number | Description of Exhibit | |
E-1
|
ALABAMA’s, GEORGIA’s, GULF’s, MISSISSIPPI’s, SCS’s and SOUTHERN NUCLEAR’s personnel policies pertaining to employee loans. (Designated in Form U5S for 1985, File No. 30-222-2, as Exhibits E-1, E-2, E-3, E-4 and E-5, in Form U5S, File No. 30-222-2, for 1987 as Exhibit E-2, in Form U5S for 1990, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1991, File No. 30-222-2, as Exhibits E-2 and E-3 , in Form U5S for 1992, File No. 30-222-2, as Exhibit E-2 in Form U5S for 1993, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1991, File No. 30-222-2, as Exhibit D-2, in Form U5S for 1994, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1995, File No. 30-222-2, as Exhibit E-2, in Form U5S for 1997, File No. 30-222-2, as Exhibit E-2 and in Form U5S for 2001, File No. 30-222-2, as Exhibit E-2.) | |
H
|
Organizational chart. | |
I
|
Financial statements relating to certain exempt wholesale generators and foreign utility companies. |
Exhibits listed above which have heretofore been filed with the Securities and Exchange Commission (SEC) pursuant to various Acts administered by the SEC, and which were designated as noted above, are hereby incorporated herein by reference and made a part hereof with the same effect as if filed herewith.
A-54
SIGNATURE
The undersigned registered holding company has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized pursuant to the requirements of the Public Utility Holding Company Act of 1935.
| THE SOUTHERN COMPANY | ||||||
Date: April 15, 2005
|
By | /s/ W. Dean Hudson | ||||
| W. Dean Hudson | ||||||
| Chief Accounting Officer and | ||||||
| Comptroller | ||||||
A-55