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Item 2.02
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Results of Operations and Financial Condition
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The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On August 8, 2018, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the three-month and six-month periods ended June 30, 2018. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the three-month and six-month periods ended June 30, 2018 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.
Use of Non-GAAP Financial Measures
Exhibits 99.01, 99.02, 99.03 and 99.04 to this Current Report on Form 8-K include earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the three-month and six-month periods ended June 30, 2018 and 2017. These exhibits also include earnings and earnings per share (1) for the three-month and six-month periods ended June 30, 2018 and 2017, excluding (a) costs related to the acquisition and integration of Southern Company Gas and (b) earnings from the Wholesale Gas Services business of Southern Company Gas; (2) for the three-month and six-month periods ended June 30, 2018, excluding (a) a charge related to Georgia Power Company's construction of Plant Vogtle Units 3 and 4, (b) costs relating to the dispositions of Elizabethtown Gas, Elkton Gas, Pivotal Home Solutions, and Florida City Gas, (c) costs relating to the pending dispositions of Gulf Power Company and Southern Power Company's ownership interests in Plants Oleander and Stanton, and (d) settlement proceeds of Mississippi Power Company's claim for lost revenue resulting from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico; (3) for the six-month period ended
June 30, 2018 and the three-month and six-month periods ended June 30, 2017, excluding charges related to Mississippi Power Company’s integrated coal gasification combined cycle project in Kemper County, Mississippi (the “Kemper IGCC”); (4) for the six-month period ended June 30, 2017, excluding a charge for the write-down of Gulf Power Company’s ownership of Plant Scherer Unit 3; (5) for the six-month period ended June 30, 2018, excluding additional net tax benefits as a result of implementing federal tax reform legislation; and (6) for the three-month and six-month periods ended June 30, 2017, excluding earnings associated with equity return as a result of extending the Kemper IGCC construction schedule beyond November 30, 2016. The attached exhibits include additional information regarding these excluded items, as well as reconciliations of each non-GAAP financial measure to the most comparable financial measure under GAAP. Southern Company believes the presentation of earnings and earnings per share, excluding these items, is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company’s ongoing business activities. Southern Company management also uses earnings and earnings per share, excluding the effect of these items, to evaluate the performance of Southern Company’s ongoing business activities. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.
Exhibits
The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Southern Power Company and Southern Company Gas. Accordingly, this report is also being furnished on behalf of each such registrant.
The following exhibits relate to the three- and six-month periods ended June 30, 2018:
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Exhibit 99.01
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Exhibit 99.02
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Exhibit 99.03
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Exhibit 99.04
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Exhibit 99.05
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Exhibit 99.06
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Exhibit 99.07
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