COVER
COVER - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-14201 | |
Entity Registrant Name | SEMPRA | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 33-0732627 | |
Entity Address, Address Line One | 488 8th Avenue | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92101 | |
City Area Code | (619) | |
Local Phone Number | 696-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Shares Outstanding | 632,845,743 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001032208 | |
SDG&E | ||
Document Information [Line Items] | ||
Entity File Number | 1-03779 | |
Entity Registrant Name | SAN DIEGO GAS & ELECTRIC COMPANY | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-1184800 | |
Entity Address, Address Line One | 8330 Century Park Court | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92123 | |
City Area Code | (619) | |
Local Phone Number | 696-2000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0000086521 | |
SoCalGas | ||
Document Information [Line Items] | ||
Entity File Number | 1-01402 | |
Entity Registrant Name | SOUTHERN CALIFORNIA GAS COMPANY | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-1240705 | |
Entity Address, Address Line One | 555 West 5th Street | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90013 | |
City Area Code | (213) | |
Local Phone Number | 244-1200 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0000092108 | |
Common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | SRE | |
Security Exchange Name | NYSE | |
5.75% Junior Subordinated Notes Due 2079 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.75% Junior Subordinated Notes Due 2079, $25 par value | |
Trading Symbol | SREA | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | ||
Natural gas | $ 2,109 | $ 4,412 |
Electric | 1,056 | 1,027 |
Energy-related businesses | 475 | 1,121 |
Total revenues | 3,640 | 6,560 |
Operating expenses: | ||
Operation and maintenance | (1,212) | (1,209) |
Depreciation and amortization | (594) | (539) |
Franchise fees and other taxes | (184) | (192) |
Other income, net | 99 | 41 |
Interest income | 13 | 24 |
Interest expense | (305) | (366) |
Income before income taxes and equity earnings | 705 | 1,329 |
Income tax expense | (172) | (376) |
Equity earnings | 348 | 219 |
Net income | 881 | 1,172 |
Earnings attributable to noncontrolling interests | (69) | (192) |
Preferred dividends | (11) | (11) |
Earnings attributable to common shares | $ 801 | $ 969 |
Basic EPS: | ||
Earnings (in dollars per share) | $ 1.27 | $ 1.54 |
Weighted-average common shares outstanding (in shares) | 632,821 | 629,838 |
Diluted EPS: | ||
Earnings (in dollars per share) | $ 1.26 | $ 1.53 |
Weighted-average common shares outstanding (in shares) | 635,354 | 632,248 |
Natural gas | ||
Operating expenses: | ||
Operating expenses | $ (554) | $ (2,683) |
Electric fuel and purchased power | ||
Operating expenses: | ||
Operating expenses | (89) | (114) |
Energy-related businesses | ||
Operating expenses: | ||
Operating expenses | $ (109) | $ (193) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, pretax amount, attributable to parent | $ 984 | $ 1,356 |
Income tax (expense) benefit | (172) | (376) |
Net income, after tax amounts, attributable to parent | 812 | 980 |
Net income, Non-controlling interest (after tax) | 69 | 192 |
Net income | 881 | 1,172 |
Foreign currency translation adjustments | ||
Foreign currency translation adjustments, pretax amount, attributable to parent | 3 | 10 |
Foreign currency translation adjustments, income tax (expense) benefit, attributable to parent | 0 | 0 |
Foreign currency translation adjustments, net of tax amount, attributable to parent | 3 | 10 |
Foreign currency translation adjustments, net of tax amount, attributable to noncontrolling interests | 1 | 4 |
Total foreign currency translation adjustments | 4 | 14 |
Financial instruments | ||
Financial instruments, pretax amount, attributable to parent | 43 | (61) |
Financial instruments, income tax (expense) benefit, attributable to parent | (4) | 16 |
Financial instruments, net of tax amount, attributable to parent | 39 | (45) |
Financial instruments, after tax amount, attributable to noncontrolling interests | 114 | (50) |
Total financial instruments | 153 | (95) |
Pension and other postretirement benefits | ||
Pension and other postretirement benefits, pretax amount, attributable to parent | 5 | (12) |
Pension and other postretirement benefits, income tax (expense) benefit, attributable to parent | (1) | 0 |
Pension and other postretirement benefits, net of tax amount, attributable to parent | 4 | (12) |
Pension and other postretirement benefits, net of tax amount, attributable to noncontrolling interests | 0 | 0 |
Total pension and other postretirement benefits | 4 | (12) |
Total other comprehensive income, pretax amount, attributable to parent | 51 | (63) |
Total other comprehensive income, income tax (expense) benefit, attributable to parent | (5) | 16 |
Total other comprehensive income, net of tax amount, attributable to parent | 46 | (47) |
Total other comprehensive income, net of tax amount, attributable to noncontrolling interests | 115 | (46) |
Total other comprehensive income | 161 | (93) |
Comprehensive income, pretax amount, attributable to parent | 1,035 | 1,293 |
Comprehensive income, income tax (expense) benefit, attributable to parent | (177) | (360) |
Comprehensive income | 858 | 933 |
Comprehensive income, net of tax amount, attributable to noncontrolling interest | 184 | 146 |
Total comprehensive income | $ 1,042 | $ 1,079 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets: | |||
Cash and cash equivalents | $ 606 | $ 236 | [1] |
Restricted cash | 121 | 49 | [1] |
Accounts receivable – trade, net | 2,075 | 2,151 | [1] |
Accounts receivable – other, net | 552 | 561 | [1] |
Due from unconsolidated affiliates | 46 | 31 | [1] |
Income taxes receivable | 79 | 94 | [1] |
Inventories | 458 | 482 | [1] |
Prepaid expenses | 286 | 273 | [1] |
Regulatory assets | 52 | 226 | [1] |
Fixed-price contracts and other derivatives | 124 | 122 | [1] |
Greenhouse gas allowances | 1,176 | 1,189 | [1] |
Other current assets | 65 | 56 | [1] |
Total current assets | 5,640 | 5,470 | [1] |
Other assets: | |||
Restricted cash | 107 | 104 | [1] |
Regulatory assets | 3,982 | 3,771 | [1] |
Greenhouse gas allowances | 532 | 301 | [1] |
Nuclear decommissioning trusts | 886 | 872 | [1] |
Dedicated assets in support of certain benefit plans | 559 | 549 | [1] |
Deferred income taxes | 134 | 129 | [1] |
Right-of-use assets – operating leases | 715 | 723 | [1] |
Investment in Oncor Holdings | 14,545 | 14,266 | [1] |
Other investments | 2,235 | 2,244 | [1] |
Goodwill | 1,602 | 1,602 | [1] |
Other intangible assets | 311 | 318 | [1] |
Wildfire fund | 262 | 269 | [1] |
Other long-term assets | 1,776 | 1,603 | [1] |
Total other assets | 27,646 | 26,751 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 74,226 | 72,495 | [1] |
Less accumulated depreciation and amortization | (17,908) | (17,535) | [1] |
Property, plant and equipment, net | 56,318 | 54,960 | [1] |
Total assets | 89,604 | 87,181 | [1] |
Current liabilities: | |||
Short-term debt | 1,659 | 2,342 | [1] |
Accounts payable – trade | 1,955 | 2,211 | [1] |
Accounts payable – other | 234 | 224 | [1] |
Dividends and interest payable | 737 | 691 | [1] |
Accrued compensation and benefits | 376 | 526 | [1] |
Regulatory liabilities | 952 | 553 | [1] |
Current portion of long-term debt and finance leases | 593 | 975 | [1] |
Greenhouse gas obligations | 1,176 | 1,189 | [1] |
Total current liabilities | 9,064 | 10,090 | [1] |
Long-term debt and finance leases | 29,519 | 27,759 | [1] |
Deferred credits and other liabilities: | |||
Due to unconsolidated affiliates | 298 | 307 | [1] |
Regulatory liabilities | 3,887 | 3,739 | [1] |
Greenhouse gas obligations | 146 | 0 | [1] |
Pension and other postretirement benefit plan obligations, net of plan assets | 431 | 407 | [1] |
Deferred income taxes | 5,588 | 5,254 | [1] |
Asset retirement obligations | 3,663 | 3,642 | [1] |
Deferred credits and other | 2,347 | 2,329 | [1] |
Total deferred credits and other liabilities | 16,360 | 15,678 | [1] |
Commitments and contingencies | [1] | ||
Equity: | |||
Common stock | 12,209 | 12,204 | [1] |
Retained earnings | 16,141 | 15,732 | [1] |
Accumulated other comprehensive income (loss) | (104) | (150) | [1] |
Total shareholders’ equity | 29,135 | 28,675 | [1] |
Preferred stock of subsidiary | 20 | 20 | [1] |
Other noncontrolling interests | 5,506 | 4,959 | [1] |
Total equity | 34,661 | 33,654 | [1] |
Total liabilities and equity | 89,604 | 87,181 | [1] |
Related Party | |||
Current assets: | |||
Due from unconsolidated affiliates | 46 | 31 | |
Current liabilities: | |||
Other current liabilities | 0 | 5 | [1] |
Deferred credits and other liabilities: | |||
Due to unconsolidated affiliates | 298 | 307 | |
Nonrelated Party | |||
Current liabilities: | |||
Other current liabilities | 1,382 | 1,374 | [1] |
Series C Preferred Stock | |||
Equity: | |||
Preferred stock | $ 889 | $ 889 | [1] |
[1] Derived from audited financial statements. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares authorized (in shares) | 1,125,000,000 | 1,125,000,000 |
Common stock, shares outstanding (in shares) | 632,606,408 | 631,431,732 |
Series C Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares outstanding (in shares) | 900,000 | 900,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 881 | $ 1,172 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 594 | 539 |
Deferred income taxes and investment tax credits | 137 | 253 |
Equity earnings | (348) | (219) |
Share-based compensation expense | 21 | 17 |
Fixed-price contracts and other derivatives | 16 | (374) |
Bad debt expense | 42 | 114 |
Other | 7 | 27 |
Net change in working capital components | 319 | 451 |
Distributions from investments | 232 | 199 |
Changes in other noncurrent assets and liabilities, net | (50) | (199) |
Net cash provided by operating activities | 1,851 | 1,980 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,933) | (1,830) |
Expenditures for investments | (193) | (85) |
Purchases of nuclear decommissioning and other trust assets | (197) | (181) |
Proceeds from sales of nuclear decommissioning and other trust assets | 217 | 199 |
Other | (1) | 2 |
Net cash used in investing activities | (2,107) | (1,895) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | (362) | (360) |
Issuances of common stock | 10 | 0 |
Repurchases of common stock | (40) | (31) |
Issuances of debt (maturities greater than 90 days) | 2,044 | 1,986 |
Payments on debt (maturities greater than 90 days) and finance leases | (846) | (1,803) |
(Decrease) increase in short-term debt, net | (498) | 168 |
Advances from unconsolidated affiliates | 45 | 14 |
Proceeds from sale of noncontrolling interests | 0 | 265 |
Distributions to noncontrolling interests | (111) | (43) |
Contributions from noncontrolling interests | 474 | 97 |
Settlement of cross-currency swaps | 0 | (99) |
Other | (16) | (43) |
Net cash provided by financing activities | 700 | 151 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1 | 5 |
Increase in cash, cash equivalents and restricted cash | 445 | 241 |
Cash, cash equivalents and restricted cash, January 1 | 389 | 462 |
Cash, cash equivalents and restricted cash, March 31 | 834 | 703 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 274 | 305 |
Income tax payments, net of refunds | 25 | 50 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Repayments of advances from unconsolidated affiliate in lieu of distributions | 62 | 0 |
Accrued capital expenditures | 915 | 1,171 |
Increase in finance lease obligations for investment in PP&E | 7 | 17 |
Common dividends issued in stock | 14 | 0 |
Preferred stock | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | 11 | 11 |
Common stock | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | $ 392 | $ 374 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Series C Preferred Stock | Preferred stock | Common stock | Retained earnings | Retained earnings Series C Preferred Stock | Accumulated other comprehensive income (loss) | Sempra shareholders' equity | Sempra shareholders' equity Series C Preferred Stock | Non- controlling interests | |
Beginning Balance at Dec. 31, 2022 | $ 29,256 | $ 889 | $ 12,160 | $ 14,201 | $ (135) | $ 27,115 | $ 2,141 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,172 | 980 | 980 | 192 | |||||||
Other comprehensive income (loss) | (93) | (47) | (47) | (46) | |||||||
Share-based compensation expense | 17 | 17 | 17 | ||||||||
Dividends declared: | |||||||||||
Preferred dividends | $ (11) | $ (11) | $ (11) | ||||||||
Common stock dividends declared | (374) | (374) | (374) | ||||||||
Repurchases of common stock | (31) | (31) | (31) | ||||||||
Noncontrolling interest activities: | |||||||||||
Contributions | 97 | 97 | |||||||||
Distributions | (43) | (43) | |||||||||
Sale | 255 | 18 | 18 | 237 | |||||||
Ending balance at Mar. 31, 2023 | 30,245 | 889 | 12,164 | 14,796 | (182) | 27,667 | 2,578 | ||||
Beginning Balance at Dec. 31, 2023 | 33,654 | [1] | 889 | 12,204 | 15,732 | (150) | 28,675 | 4,979 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 881 | 812 | 812 | 69 | |||||||
Other comprehensive income (loss) | 161 | 46 | 46 | 115 | |||||||
Share-based compensation expense | 21 | 21 | 21 | ||||||||
Dividends declared: | |||||||||||
Preferred dividends | $ (11) | $ (11) | $ (11) | ||||||||
Common stock dividends declared | (392) | (392) | (392) | ||||||||
Issuances of common stock | 24 | 24 | 24 | ||||||||
Repurchases of common stock | (40) | (40) | (40) | ||||||||
Noncontrolling interest activities: | |||||||||||
Contributions | 474 | 474 | |||||||||
Distributions | (111) | (111) | |||||||||
Ending balance at Mar. 31, 2024 | $ 34,661 | $ 889 | $ 12,209 | $ 16,141 | $ (104) | $ 29,135 | $ 5,526 | ||||
[1] Derived from audited financial statements. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends declared per share of common stock (in dollars per share) | $ 0.62 | $ 0.60 |
Series C Preferred Stock | ||
Dividends declared per share of preferred stock (in dollars per share) | $ 12.19 | $ 12.19 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - SDG&E - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | ||
Electric | $ 1,056 | $ 1,027 |
Natural gas | 2,109 | 4,412 |
Operating expenses: | ||
Other Income (Expense), Net | 99 | 41 |
Interest income | 13 | 24 |
Interest expense | (305) | (366) |
Income before income taxes and equity earnings | 705 | 1,329 |
Income tax expense | (172) | (376) |
Net income | 881 | 1,172 |
Earnings attributable to common shares | 801 | 969 |
SDG&E | ||
REVENUES | ||
Electric | 1,060 | 1,031 |
Natural gas | 319 | 622 |
Operating revenues | 1,379 | 1,653 |
Operating expenses: | ||
Cost of electric fuel and purchased power | 107 | 135 |
Cost of natural gas | 102 | 379 |
Operation and maintenance | 411 | 427 |
Depreciation and amortization | 298 | 262 |
Franchise fees and other taxes | 104 | 96 |
Total operating expenses | 1,022 | 1,299 |
Operating income | 357 | 354 |
Other Income (Expense), Net | 33 | 28 |
Interest income | 1 | 1 |
Interest expense | (128) | (118) |
Income before income taxes and equity earnings | 263 | 265 |
Income tax expense | (40) | (7) |
Net income | 223 | 258 |
Earnings attributable to common shares | $ 223 | $ 258 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - SDG&E - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income, pretax amount, attributable to parent | $ 984 | $ 1,356 |
Income tax (expense) benefit | (172) | (376) |
Net income, after tax amounts, attributable to parent | 812 | 980 |
Comprehensive income, pretax amount, attributable to parent | 1,035 | 1,293 |
Comprehensive income, income tax (expense) benefit, attributable to parent | (177) | (360) |
Comprehensive income | 858 | 933 |
SDG&E | ||
Net income, pretax amount, attributable to parent | 263 | 265 |
Income tax (expense) benefit | (40) | (7) |
Net income, after tax amounts, attributable to parent | 223 | 258 |
Comprehensive income, pretax amount, attributable to parent | 263 | 265 |
Comprehensive income, income tax (expense) benefit, attributable to parent | (40) | (7) |
Comprehensive income | $ 223 | $ 258 |
CONDENSED BALANCE SHEETS - SDG&
CONDENSED BALANCE SHEETS - SDG&E - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 606 | $ 236 | |
Accounts receivable – trade, net | 2,075 | 2,151 | |
Accounts receivable – other, net | 552 | 561 | |
Income taxes receivable | 79 | 94 | |
Inventories | 458 | 482 | |
Prepaid expenses | 286 | 273 | |
Regulatory assets | 52 | 226 | |
Greenhouse gas allowances | 1,176 | 1,189 | |
Other current assets | 65 | 56 | |
Total current assets | 5,640 | 5,470 | |
Other assets: | |||
Regulatory assets | 3,982 | 3,771 | |
Greenhouse gas allowances | 532 | 301 | |
Nuclear decommissioning trusts | 886 | 872 | |
Right-of-use assets – operating leases | 715 | 723 | |
Wildfire fund | 262 | 269 | |
Other long-term assets | 1,776 | 1,603 | |
Total other assets | 27,646 | 26,751 | |
Property, plant and equipment: | |||
Property, plant and equipment | 74,226 | 72,495 | |
Less accumulated depreciation and amortization | (17,908) | (17,535) | |
Property, plant and equipment, net | 56,318 | 54,960 | |
Total assets | 89,604 | 87,181 | |
Current liabilities: | |||
Accrued compensation and benefits | 376 | 526 | |
Regulatory liabilities | 952 | 553 | |
Current portion of long-term debt and finance leases | 593 | 975 | |
Greenhouse gas obligations | 1,176 | 1,189 | |
Total current liabilities | 9,064 | 10,090 | |
Long-term debt and finance leases | 29,519 | 27,759 | |
Deferred credits and other liabilities: | |||
Regulatory liabilities | 3,887 | 3,739 | |
Greenhouse gas obligations | 146 | 0 | |
Pension and other postretirement benefit plan obligations, net of plan assets | 431 | 407 | |
Deferred income taxes | 5,588 | 5,254 | |
Asset retirement obligations | 3,663 | 3,642 | |
Deferred credits and other | 2,347 | 2,329 | |
Total deferred credits and other liabilities | 16,360 | 15,678 | |
Commitments and contingencies | |||
Equity: | |||
Common stock | 12,209 | 12,204 | |
Retained earnings | 16,141 | 15,732 | |
Accumulated other comprehensive income (loss) | (104) | (150) | |
Total shareholders’ equity | 29,135 | 28,675 | |
Total liabilities and equity | 89,604 | 87,181 | |
Related Party | |||
Current liabilities: | |||
Other current liabilities | 0 | 5 | |
Nonrelated Party | |||
Current liabilities: | |||
Other current liabilities | 1,382 | 1,374 | |
SDG&E | |||
Current assets: | |||
Cash and cash equivalents | 293 | 50 | |
Accounts receivable – trade, net | 818 | 870 | |
Accounts receivable – other, net | 170 | 141 | |
Income taxes receivable | 221 | 236 | |
Inventories | 154 | 153 | |
Prepaid expenses | 149 | 165 | |
Regulatory assets | 26 | 19 | |
Greenhouse gas allowances | 158 | 158 | |
Other current assets | 17 | 31 | |
Total current assets | 2,006 | 1,823 | |
Other assets: | |||
Regulatory assets | 1,906 | 1,968 | |
Greenhouse gas allowances | 225 | 202 | |
Nuclear decommissioning trusts | 886 | 872 | |
Right-of-use assets – operating leases | 367 | 368 | |
Wildfire fund | 262 | 269 | |
Other long-term assets | 142 | 134 | |
Total other assets | 3,788 | 3,813 | |
Property, plant and equipment: | |||
Property, plant and equipment | 31,435 | 30,918 | |
Less accumulated depreciation and amortization | (7,555) | (7,369) | |
Property, plant and equipment, net | 23,880 | 23,549 | |
Total assets | 29,674 | 29,185 | |
Current liabilities: | |||
Accounts payable | 689 | 808 | |
Interest payable | 101 | 81 | |
Accrued compensation and benefits | 91 | 145 | |
Accrued franchise fees | 76 | 112 | |
Regulatory liabilities | 369 | 447 | |
Current portion of long-term debt and finance leases | 40 | 441 | |
Greenhouse gas obligations | 158 | 158 | |
Asset retirement obligations | 115 | 116 | |
Total current liabilities | 2,091 | 2,597 | |
Long-term debt and finance leases | 10,034 | 9,453 | |
Deferred credits and other liabilities: | |||
Regulatory liabilities | 2,615 | 2,534 | |
Greenhouse gas obligations | 29 | 0 | |
Pension and other postretirement benefit plan obligations, net of plan assets | 86 | 79 | |
Deferred income taxes | 2,943 | 2,873 | |
Asset retirement obligations | 776 | 778 | |
Deferred credits and other | 975 | 969 | |
Total deferred credits and other liabilities | 7,424 | 7,233 | |
Commitments and contingencies | |||
Equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 1,660 | 1,660 | |
Retained earnings | 8,473 | 8,250 | |
Accumulated other comprehensive income (loss) | (8) | (8) | |
Total shareholders’ equity | 10,125 | 9,902 | |
Total liabilities and equity | 29,674 | 29,185 | |
SDG&E | Related Party | |||
Current liabilities: | |||
Other current liabilities | 93 | 73 | |
SDG&E | Nonrelated Party | |||
Current liabilities: | |||
Other current liabilities | $ 359 | $ 216 | |
[1] Derived from audited financial statements. |
CONDENSED BALANCE SHEETS - SD_2
CONDENSED BALANCE SHEETS - SDG&E (Parentheticals) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares authorized (in shares) | 1,125,000,000 | 1,125,000,000 |
Common stock, shares outstanding (in shares) | 632,606,408 | 631,431,732 |
SDG&E | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 255,000,000 | 255,000,000 |
Common stock, shares outstanding (in shares) | 116,583,358 | 116,583,358 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - SDG&E - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 881 | $ 1,172 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 594 | 539 |
Deferred income taxes and investment tax credits | 137 | 253 |
Bad debt expense | 42 | 114 |
Other | 7 | 27 |
Net change in working capital components | 319 | 451 |
Changes in other noncurrent assets and liabilities, net | (50) | (199) |
Net cash provided by operating activities | 1,851 | 1,980 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,933) | (1,830) |
Purchases of nuclear decommissioning trust assets | (197) | (181) |
Proceeds from sales of nuclear decommissioning trust assets | 217 | 199 |
Net cash used in investing activities | (2,107) | (1,895) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of debt (maturities greater than 90 days) | 2,044 | 1,986 |
Payments on debt (maturities greater than 90 days) and finance leases | (846) | (1,803) |
(Decrease) increase in short-term debt, net | (498) | 168 |
Net cash provided by financing activities | 700 | 151 |
Increase in cash, cash equivalents and restricted cash | 445 | 241 |
Cash, cash equivalents and restricted cash, January 1 | 389 | 462 |
Cash, cash equivalents and restricted cash, March 31 | 834 | 703 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 274 | 305 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 915 | 1,171 |
Increase in finance lease obligations for investment in PP&E | 7 | 17 |
SDG&E | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 223 | 258 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 298 | 262 |
Deferred income taxes and investment tax credits | 25 | (11) |
Bad debt expense | 6 | 37 |
Other | (5) | (11) |
Net change in working capital components | (1) | (51) |
Changes in other noncurrent assets and liabilities, net | 130 | (112) |
Net cash provided by operating activities | 676 | 372 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (624) | (624) |
Purchases of nuclear decommissioning trust assets | (168) | (145) |
Proceeds from sales of nuclear decommissioning trust assets | 181 | 156 |
Net cash used in investing activities | (611) | (613) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of debt (maturities greater than 90 days) | 594 | 792 |
Payments on debt (maturities greater than 90 days) and finance leases | (411) | (9) |
(Decrease) increase in short-term debt, net | 0 | (205) |
Debt issuance costs | (5) | (8) |
Net cash provided by financing activities | 178 | 570 |
Increase in cash, cash equivalents and restricted cash | 243 | 329 |
Cash, cash equivalents and restricted cash, January 1 | 50 | 7 |
Cash, cash equivalents and restricted cash, March 31 | 293 | 336 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 107 | 94 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 182 | 186 |
Increase in finance lease obligations for investment in PP&E | $ 2 | $ 2 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY - SDG&E - USD ($) $ in Millions | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | SDG&E | SDG&E Common stock | SDG&E Retained earnings | SDG&E Accumulated other comprehensive income (loss) | |
Beginning Balance at Dec. 31, 2022 | $ 29,256 | $ 12,160 | $ 14,201 | $ (135) | $ 9,067 | $ 1,660 | $ 7,414 | $ (7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,172 | 980 | 258 | 258 | |||||
Ending balance at Mar. 31, 2023 | 30,245 | 12,164 | 14,796 | (182) | 9,325 | 1,660 | 7,672 | (7) | |
Beginning Balance at Dec. 31, 2023 | 33,654 | [1] | 12,204 | 15,732 | (150) | 9,902 | 1,660 | 8,250 | (8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 881 | 812 | 223 | 223 | |||||
Ending balance at Mar. 31, 2024 | $ 34,661 | $ 12,209 | $ 16,141 | $ (104) | $ 10,125 | $ 1,660 | $ 8,473 | $ (8) | |
[1] Derived from audited financial statements. |
CONDENSED STATEMENTS OF OPERA_2
CONDENSED STATEMENTS OF OPERATIONS - SoCalGas - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Other income, net | $ 99 | $ 41 |
Interest income | 13 | 24 |
Interest expense | (305) | (366) |
Income before income taxes and equity earnings | 705 | 1,329 |
Income tax (expense) benefit | (172) | (376) |
Earnings attributable to common shares | 801 | 969 |
Net income | 881 | 1,172 |
SoCalGas | ||
REVENUES | ||
Operating revenues | 1,805 | 3,794 |
Operating expenses: | ||
Cost of natural gas | 465 | 2,347 |
Operation and maintenance | 613 | 625 |
Depreciation and amortization | 223 | 206 |
Franchise fees and other taxes | 74 | 89 |
Total operating expenses | 1,375 | 3,267 |
Operating income | 430 | 527 |
Other income, net | 47 | (8) |
Interest income | 2 | 4 |
Interest expense | (77) | (69) |
Income before income taxes and equity earnings | 402 | 454 |
Income tax (expense) benefit | (43) | (94) |
Net income | $ 359 | $ 360 |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - SCG - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income, pretax amount, attributable to parent | $ 984 | $ 1,356 |
Income tax (expense) benefit | (172) | (376) |
Net income, after tax amounts, attributable to parent | 812 | 980 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefits, pretax amount, attributable to parent | 5 | (12) |
Pension and other postretirement benefits, income tax (expense) benefit, attributable to parent | (1) | 0 |
Pension and other postretirement benefits, net of tax amount, attributable to parent | 4 | (12) |
Total other comprehensive income, pretax amount, attributable to parent | 51 | (63) |
Total other comprehensive income, income tax (expense) benefit, attributable to parent | (5) | 16 |
Total other comprehensive income, net of tax amount, attributable to parent | 46 | (47) |
Comprehensive income, pretax amount, attributable to parent | 1,035 | 1,293 |
Comprehensive income, income tax (expense) benefit, attributable to parent | (177) | (360) |
Comprehensive income | 858 | 933 |
SoCalGas | ||
Net income, pretax amount, attributable to parent | 402 | 454 |
Income tax (expense) benefit | (43) | (94) |
Net income, after tax amounts, attributable to parent | 359 | 360 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefits, pretax amount, attributable to parent | 1 | 1 |
Pension and other postretirement benefits, income tax (expense) benefit, attributable to parent | 0 | 0 |
Pension and other postretirement benefits, net of tax amount, attributable to parent | 1 | 1 |
Total other comprehensive income, pretax amount, attributable to parent | 1 | 1 |
Total other comprehensive income, income tax (expense) benefit, attributable to parent | 0 | 0 |
Total other comprehensive income, net of tax amount, attributable to parent | 1 | 1 |
Comprehensive income, pretax amount, attributable to parent | 403 | 455 |
Comprehensive income, income tax (expense) benefit, attributable to parent | (43) | (94) |
Comprehensive income | $ 360 | $ 361 |
CONDENSED BALANCE SHEETS - SoCa
CONDENSED BALANCE SHEETS - SoCalGas - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets: | |||
Cash and cash equivalents | $ 606 | $ 236 | [1] |
Accounts receivable – trade, net | 2,075 | 2,151 | [1] |
Accounts receivable – other, net | 552 | 561 | [1] |
Due from unconsolidated affiliates | 46 | 31 | [1] |
Inventories | 458 | 482 | [1] |
Regulatory assets | 52 | 226 | [1] |
Greenhouse gas allowances | 1,176 | 1,189 | [1] |
Other current assets | 65 | 56 | [1] |
Total current assets | 5,640 | 5,470 | [1] |
Other assets: | |||
Regulatory assets | 3,982 | 3,771 | [1] |
Greenhouse gas allowances | 532 | 301 | [1] |
Right-of-use assets – operating leases | 715 | 723 | [1] |
Other long-term assets | 1,776 | 1,603 | [1] |
Total other assets | 27,646 | 26,751 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 74,226 | 72,495 | [1] |
Less accumulated depreciation and amortization | (17,908) | (17,535) | [1] |
Property, plant and equipment, net | 56,318 | 54,960 | [1] |
Total assets | 89,604 | 87,181 | [1] |
Current liabilities: | |||
Short-term debt | 1,659 | 2,342 | [1] |
Accounts payable – trade | 1,955 | 2,211 | [1] |
Accounts payable – other | 234 | 224 | [1] |
Accrued compensation and benefits | 376 | 526 | [1] |
Regulatory liabilities | 952 | 553 | [1] |
Current portion of long-term debt and finance leases | 593 | 975 | [1] |
Greenhouse gas obligations | 1,176 | 1,189 | [1] |
Total current liabilities | 9,064 | 10,090 | [1] |
Long-term debt and finance leases | 29,519 | 27,759 | [1] |
Deferred credits and other liabilities: | |||
Regulatory liabilities | 3,887 | 3,739 | [1] |
Greenhouse gas obligations | 146 | 0 | [1] |
Pension obligation, net of plan assets | 431 | 407 | [1] |
Deferred income taxes | 5,588 | 5,254 | [1] |
Asset retirement obligations | 3,663 | 3,642 | [1] |
Deferred credits and other | 2,347 | 2,329 | [1] |
Total deferred credits and other liabilities | 16,360 | 15,678 | [1] |
Commitments and contingencies | [1] | ||
Equity: | |||
Common stock | 12,209 | 12,204 | [1] |
Retained earnings | 16,141 | 15,732 | [1] |
Accumulated other comprehensive income (loss) | (104) | (150) | [1] |
Total shareholders’ equity | 29,135 | 28,675 | [1] |
Total liabilities and equity | 89,604 | 87,181 | [1] |
Related Party | |||
Current assets: | |||
Due from unconsolidated affiliates | 46 | 31 | |
Current liabilities: | |||
Other current liabilities | 0 | 5 | [1] |
Nonrelated Party | |||
Current liabilities: | |||
Other current liabilities | 1,382 | 1,374 | [1] |
SoCalGas | |||
Current assets: | |||
Cash and cash equivalents | 54 | 2 | [1] |
Accounts receivable – trade, net | 995 | 985 | [1] |
Accounts receivable – other, net | 83 | 102 | [1] |
Due from unconsolidated affiliates | 45 | 22 | [1] |
Inventories | 265 | 277 | [1] |
Regulatory assets | 24 | 204 | [1] |
Greenhouse gas allowances | 936 | 950 | [1] |
Other current assets | 115 | 100 | [1] |
Total current assets | 2,517 | 2,642 | [1] |
Other assets: | |||
Regulatory assets | 1,988 | 1,715 | [1] |
Greenhouse gas allowances | 250 | 62 | [1] |
Right-of-use assets – operating leases | 25 | 29 | [1] |
Other long-term assets | 666 | 645 | [1] |
Total other assets | 2,929 | 2,451 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 27,405 | 27,025 | [1] |
Less accumulated depreciation and amortization | (7,969) | (7,852) | [1] |
Property, plant and equipment, net | 19,436 | 19,173 | [1] |
Total assets | 24,882 | 24,266 | [1] |
Current liabilities: | |||
Short-term debt | 143 | 946 | [1] |
Accounts payable – trade | 676 | 811 | [1] |
Accounts payable – other | 176 | 184 | [1] |
Accrued compensation and benefits | 162 | 213 | [1] |
Regulatory liabilities | 580 | 103 | [1] |
Current portion of long-term debt and finance leases | 523 | 523 | [1] |
Greenhouse gas obligations | 936 | 950 | [1] |
Asset retirement obligations | 77 | 73 | [1] |
Total current liabilities | 3,781 | 4,407 | [1] |
Long-term debt and finance leases | 6,780 | 6,288 | [1] |
Deferred credits and other liabilities: | |||
Regulatory liabilities | 1,269 | 1,202 | [1] |
Greenhouse gas obligations | 106 | 0 | [1] |
Pension obligation, net of plan assets | 245 | 231 | [1] |
Deferred income taxes | 1,770 | 1,586 | [1] |
Asset retirement obligations | 2,796 | 2,774 | [1] |
Deferred credits and other | 365 | 368 | [1] |
Total deferred credits and other liabilities | 6,551 | 6,161 | [1] |
Commitments and contingencies | [1] | ||
Equity: | |||
Preferred stock | 22 | 22 | [1] |
Common stock | 2,316 | 2,316 | [1] |
Retained earnings | 5,454 | 5,095 | [1] |
Accumulated other comprehensive income (loss) | (22) | (23) | [1] |
Total shareholders’ equity | 7,770 | 7,410 | [1] |
Total liabilities and equity | 24,882 | 24,266 | [1] |
SoCalGas | Related Party | |||
Current assets: | |||
Due from unconsolidated affiliates | 45 | 22 | |
Current liabilities: | |||
Other current liabilities | 33 | 38 | [1] |
SoCalGas | Nonrelated Party | |||
Current liabilities: | |||
Other current liabilities | $ 475 | $ 566 | [1] |
[1] Derived from audited financial statements. |
CONDENSED BALANCE SHEETS - So_2
CONDENSED BALANCE SHEETS - SoCalGas (Parentheticals) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares authorized (in shares) | 1,125,000,000 | 1,125,000,000 |
Common stock, shares outstanding (in shares) | 632,606,408 | 631,431,732 |
SoCalGas | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 11,000,000 | 11,000,000 |
Preferred stock, shares outstanding (in shares) | 862,043 | 862,043 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 91,300,000 | 91,300,000 |
CONDENSED STATEMENTS OF CASH _2
CONDENSED STATEMENTS OF CASH FLOWS - SoCalGas - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 881 | $ 1,172 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 594 | 539 |
Deferred income taxes and investment tax credits | 137 | 253 |
Bad debt expense | 42 | 114 |
Other | 7 | 27 |
Net change in working capital components | 319 | 451 |
Changes in other noncurrent assets and liabilities, net | (50) | (199) |
Net cash provided by operating activities | 1,851 | 1,980 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,933) | (1,830) |
Net cash used in investing activities | (2,107) | (1,895) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of debt (maturities greater than 90 days) | 2,044 | 1,986 |
Payments on finance leases | (846) | (1,803) |
(Decrease) increase in short-term debt, net | (498) | 168 |
Net cash provided by financing activities | 700 | 151 |
Increase in cash, cash equivalents and restricted cash | 445 | 241 |
Cash, cash equivalents and restricted cash, January 1 | 389 | 462 |
Cash, cash equivalents and restricted cash, March 31 | 834 | 703 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 274 | 305 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 915 | 1,171 |
Increase in finance lease obligations for investment in PP&E | 7 | 17 |
SoCalGas | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 359 | 360 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 223 | 206 |
Deferred income taxes and investment tax credits | 40 | 86 |
Bad debt expense | 26 | 77 |
Other | (4) | 0 |
Net change in working capital components | 405 | (244) |
Changes in other noncurrent assets and liabilities, net | (162) | (159) |
Net cash provided by operating activities | 887 | 326 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (519) | (458) |
Net cash used in investing activities | (519) | (458) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of debt (maturities greater than 90 days) | 497 | 0 |
Payments on finance leases | (6) | (5) |
(Decrease) increase in short-term debt, net | (803) | 123 |
Debt issuance costs | (4) | 0 |
Net cash provided by financing activities | (316) | 118 |
Increase in cash, cash equivalents and restricted cash | 52 | (14) |
Cash, cash equivalents and restricted cash, January 1 | 2 | 21 |
Cash, cash equivalents and restricted cash, March 31 | 54 | 7 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 52 | 65 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 204 | 219 |
Increase in finance lease obligations for investment in PP&E | $ 5 | $ 15 |
CONDENSED STATEMENTS OF CHANG_2
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - SoCalGas - USD ($) $ in Millions | Total | Preferred stock | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | SoCalGas | SoCalGas Preferred stock | SoCalGas Common stock | SoCalGas Retained earnings | SoCalGas Accumulated other comprehensive income (loss) | |
Beginning Balance at Dec. 31, 2022 | $ 29,256 | $ 889 | $ 12,160 | $ 14,201 | $ (135) | $ 6,698 | $ 22 | $ 2,316 | $ 4,384 | $ (24) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 1,172 | 980 | 360 | 360 | |||||||
Other comprehensive income (loss) | (93) | (47) | 1 | 1 | |||||||
Dividends declared: | |||||||||||
Preferred dividends | 0 | 0 | |||||||||
Ending balance at Mar. 31, 2023 | 30,245 | 889 | 12,164 | 14,796 | (182) | 7,059 | 22 | 2,316 | 4,744 | (23) | |
Beginning Balance at Dec. 31, 2023 | 33,654 | [1] | 889 | 12,204 | 15,732 | (150) | 7,410 | 22 | 2,316 | 5,095 | (23) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 881 | 812 | 359 | 359 | |||||||
Other comprehensive income (loss) | 161 | 46 | 1 | 1 | |||||||
Dividends declared: | |||||||||||
Preferred dividends | 0 | 0 | |||||||||
Ending balance at Mar. 31, 2024 | $ 34,661 | $ 889 | $ 12,209 | $ 16,141 | $ (104) | $ 7,770 | $ 22 | $ 2,316 | $ 5,454 | $ (22) | |
[1] Derived from audited financial statements. |
CONDENSED STATEMENTS OF CHANG_3
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - SoCalGas (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SoCalGas | ||
Dividends declared per share of preferred stock (in dollars per share) | $ 0.38 | $ 0.38 |
GENERAL INFORMATION AND OTHER F
GENERAL INFORMATION AND OTHER FINANCIAL DATA | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION AND OTHER FINANCIAL DATA | GENERAL INFORMATION AND OTHER FINANCIAL DATA PRINCIPLES OF CONSOLIDATION Sempra Sempra’s Condensed Consolidated Financial Statements include the accounts of Sempra, a California-based holding company, and its consolidated entities, which invest in, develop and operate energy infrastructure in North America, and provide electric and gas services to customers. Sempra has three separate reportable segments, which we describe in Note 12. In the fourth quarter of 2023, Sempra realigned its reportable segments to reflect changes in how the CODM oversees our three platforms: Sempra California, Sempra Texas Utilities and Sempra Infrastructure. Our former SDG&E and SoCalGas reportable segments were combined into one operating and reportable segment, Sempra California, which is consistent with how the CODM assesses performance due to the similarities of their operations, including geographic location and regulatory framework in California. Sempra’s historical segment disclosures have been restated to conform with the current presentation, so that all discussions reflect the revised segment information of its three reportable segments. All references in these Notes to our reportable segments are not intended to refer to any legal entity with the same or similar name. SDG&E SDG&E’s common stock is wholly owned by Enova Corporation, which is a wholly owned subsidiary of Sempra. SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one reportable segment. SoCalGas SoCalGas’ common stock is wholly owned by Pacific Enterprises, which is a wholly owned subsidiary of Sempra. SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one reportable segment. BASIS OF PRESENTATION This is a combined report of Sempra, SDG&E and SoCalGas. We provide separate information for SDG&E and SoCalGas as required. We have eliminated intercompany accounts and transactions within the condensed consolidated financial statements of each Registrant. We have prepared our Condensed Consolidated Financial Statements in conformity with U.S. GAAP and in accordance with the interim period reporting requirements of Form 10-Q and applicable rules of the SEC. The financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods. These adjustments are only of a normal, recurring nature. Results of operations for interim periods are not necessarily indicative of results for the entire year or for any other period. We evaluated events and transactions that occurred after March 31, 2024 through the date the financial statements were issued and, in the opinion of management, the accompanying statements reflect all adjustments necessary for a fair presentation. All December 31, 2023 balance sheet information in the Condensed Consolidated Financial Statements has been derived from our audited 2023 Consolidated Financial Statements in the Annual Report. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the interim period reporting provisions of U.S. GAAP and the SEC. We describe our significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report and the impact of the adoption of new accounting standards on those policies in Note 2 below. We follow the same accounting policies for interim period reporting purposes. The information contained in this report should be read in conjunction with the Annual Report. REGULATED OPERATIONS SDG&E, SoCalGas and Sempra Infrastructure’s natural gas distribution utility, Ecogas, prepare their financial statements in accordance with the provisions of U.S. GAAP governing rate-regulated operations. We discuss revenue recognition and the effects of regulation at our utilities in Notes 3 and 4 below and in Notes 1, 3 and 4 of the Notes to Consolidated Financial Statements in the Annual Report. Our Sempra Texas Utilities segment is comprised of our equity method investments in holding companies that own interests in regulated electric transmission and distribution utilities in Texas. Our Sempra Infrastructure segment includes the operating companies of our subsidiary, SI Partners, as well as certain holding companies and risk management activity. Certain business activities at Sempra Infrastructure are regulated by the CRE and the FERC and meet the regulatory accounting requirements of U.S. GAAP. VARIABLE INTEREST ENTITIES We consolidate a VIE if we are the primary beneficiary of the VIE. Our determination of whether we are the primary beneficiary is based on qualitative and quantitative analyses, which assess: ▪ the purpose and design of the VIE; ▪ the nature of the VIE’s risks and the risks we absorb; ▪ the power to direct activities that most significantly impact the economic performance of the VIE; and ▪ the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We will continue to evaluate our VIEs for any changes that may impact our determination of whether an entity is a VIE and if we are the primary beneficiary. SDG&E SDG&E’s power procurement is subject to reliability requirements that may require SDG&E to enter into various PPAs that include variable interests. SDG&E evaluates the respective entities to determine if variable interests exist and, based on the qualitative and quantitative analyses described above, if SDG&E, and indirectly Sempra, is the primary beneficiary. SDG&E has agreements under which it purchases power generated by facilities for which it supplies all of the natural gas to fuel the power plant (i.e., tolling agreements). SDG&E’s obligation to absorb natural gas costs may be a significant variable interest. In addition, SDG&E has the power to direct the dispatch of electricity generated by these facilities. Based on our analysis, the ability to direct the dispatch of electricity may have the most significant impact on the economic performance of the entity owning the generating facility because of the associated exposure to the cost of natural gas, which fuels the plants, and the value of electricity produced. To the extent that SDG&E (1) is obligated to purchase and provide fuel to operate the facility, (2) has the power to direct the dispatch, and (3) purchases all of the output from the facility for a substantial portion of the facility’s useful life, SDG&E may be the primary beneficiary of the entity owning the generating facility. SDG&E determines if it is the primary beneficiary in these cases based on a qualitative approach in which it considers the operational characteristics of the facility, including its expected power generation output relative to its capacity to generate and the financial structure of the entity, among other factors. If SDG&E determines that it is the primary beneficiary, SDG&E and Sempra consolidate the entity that owns the facility as a VIE. In addition to tolling agreements, other variable interests involve various elements of fuel and power costs, and other components of cash flows expected to be paid to or received by our counterparties. In most of these cases, the expectation of variability is not substantial, and SDG&E generally does not have the power to direct activities, including the operation and maintenance activities of the generating facility, that most significantly impact the economic performance of the other VIEs. If our ongoing evaluation of these VIEs were to conclude that SDG&E becomes the primary beneficiary and consolidation by SDG&E becomes necessary, the effects could be significant to the financial position and liquidity of SDG&E and Sempra. SDG&E determined that none of its PPAs and tolling agreements resulted in SDG&E being the primary beneficiary of a VIE at March 31, 2024 and December 31, 2023. PPAs and tolling agreements that relate to SDG&E’s involvement with VIEs are primarily accounted for as finance leases. The carrying amounts of the assets and liabilities under these contracts are included in PP&E, net, and finance lease liabilities with balances of $1,159 million and $1,166 million at March 31, 2024 and December 31, 2023, respectively. SDG&E recovers costs incurred on PPAs, tolling agreements and other variable interests through CPUC-approved long-term power procurement plans. SDG&E has no residual interest in the respective entities and has not provided or guaranteed any debt or equity support, liquidity arrangements, performance guarantees or other commitments associated with these contracts other than the purchase commitments described in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report. As a result, SDG&E’s potential exposure to loss from its variable interest in these VIEs is not significant. Other Sempra Oncor Holdings Oncor Holdings is a VIE. Sempra is not the primary beneficiary of this VIE because of the structural and operational ring-fencing and governance measures in place that prevent us from having the power to direct the significant activities of Oncor Holdings. As a result, we do not consolidate Oncor Holdings and instead account for our ownership interest as an equity method investment. See Note 6 of the Notes to Consolidated Financial Statements in the Annual Report for additional information about our equity method investment in Oncor Holdings and restrictions on our ability to influence its activities. Our maximum exposure to loss, which fluctuates over time, from our interest in Oncor Holdings does not exceed the carrying value of our investment, which was $14,545 million and $14,266 million at March 31, 2024 and December 31, 2023, respectively. Cameron LNG JV Cameron LNG JV is a VIE principally due to contractual provisions that transfer certain risks to customers. Sempra is not the primary beneficiary of this VIE because we do not have the power to direct the most significant activities of Cameron LNG JV, including LNG production and operation and maintenance activities at the liquefaction facility. Therefore, we account for our investment in Cameron LNG JV under the equity method. The carrying value of our investment, including amounts recognized in AOCI related to interest-rate cash flow hedges at Cameron LNG JV, was $1,025 million at March 31, 2024 and $1,008 million at December 31, 2023. Our maximum exposure to loss, which fluctuates over time, includes the carrying value of our investment and our obligation under the SDSRA, which we discuss in Note 5. CFIN As we discuss in Note 5, in July 2020, Sempra entered into a Support Agreement for the benefit of CFIN, which is a VIE. Sempra is not the primary beneficiary of this VIE because we do not have the power to direct the most significant activities of CFIN, including modification, prepayment, and refinance decisions related to the financing arrangement with external lenders and Cameron LNG JV’s four project owners as well as the ability to determine and enforce remedies in the event of default. The conditional obligations of the Support Agreement represent a variable interest that we measure at fair value on a recurring basis (see Note 8). Sempra’s maximum exposure to loss under the terms of the Support Agreement is $979 million. ECA LNG Phase 1 ECA LNG Phase 1 is a VIE because its total equity at risk is not sufficient to finance its activities without additional subordinated financial support. We expect that ECA LNG Phase 1 will require future capital contributions or other financial support to finance the construction of the facility. Sempra is the primary beneficiary of this VIE because we have the power to direct the activities related to the construction and future operation and maintenance of the liquefaction facility. As a result, we consolidate ECA LNG Phase 1. Sempra consolidated $1,638 million and $1,580 million of assets at March 31, 2024 and December 31, 2023, respectively, consisting primarily of PP&E, net, attributable to ECA LNG Phase 1 that could be used only to settle obligations of this VIE and that are not available to settle obligations of Sempra, and $1,087 million and $1,029 million of liabilities at March 31, 2024 and December 31, 2023, respectively, consisting primarily of long-term debt, accounts payable and short-term debt attributable to ECA LNG Phase 1 for which creditors do not have recourse to the general credit of Sempra. Additionally, as we discuss in Note 6, IEnova and TotalEnergies SE have provided guarantees for 83.4% and 16.6%, respectively, of the loan facility supporting construction of the liquefaction facility. Port Arthur LNG Port Arthur LNG is a VIE because its total equity at risk is not sufficient to finance its activities without additional subordinated financial support. We expect that Port Arthur LNG will require future capital contributions or other financial support to finance the construction of the PA LNG Phase 1 project. Sempra is the primary beneficiary of this VIE because we have the power to direct the activities related to the construction and future operation and maintenance of the liquefaction facility. As a result, we consolidate Port Arthur LNG. Sempra consolidated $4,605 million and $3,927 million of assets at March 31, 2024 and December 31, 2023, respectively, consisting primarily of PP&E, net, and other long-term assets attributable to Port Arthur LNG that could be used only to settle obligations of this VIE and that are not available to settle obligations of Sempra, and $582 million and $600 million of liabilities at March 31, 2024 and December 31, 2023, respectively, consisting primarily of accounts payable and long-term debt attributable to Port Arthur LNG for which creditors do not have recourse to the general credit of Sempra. CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Condensed Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Condensed Consolidated Statements of Cash Flows. We provide information about the nature of restricted cash in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Dollars in millions) March 31, December 31, Sempra: Cash and cash equivalents $ 606 $ 236 Restricted cash, current 121 49 Restricted cash, noncurrent 107 104 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 834 $ 389 CREDIT LOSSES We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable, amounts due from unconsolidated affiliates, our net investment in sales-type leases and a note receivable. We are also exposed to credit losses from off-balance sheet arrangements through Sempra’s guarantee related to Cameron LNG JV’s SDSRA, which we discuss in Note 5. We regularly monitor and evaluate credit losses and record allowances for expected credit losses, if necessary, for trade and other accounts receivable using a combination of factors, including past-due status based on contractual terms, trends in write-offs, the age of the receivables and customer payment patterns, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies, pandemics and other factors. We write off financial assets measured at amortized cost in the period in which we determine they are not recoverable. We record recoveries of amounts previously written off when it is known that they will be recovered. The implementation of customer assistance programs and higher 2023 winter season customer billings have resulted in certain SDG&E and SoCalGas customers exhibiting slower payment and higher levels of nonpayment than has been the case historically. In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term repayment plans to eligible residential customers with past-due balances until October 2026. SDG&E and SoCalGas have regulatory mechanisms to recover credit losses and thus record changes in the allowances for credit losses related to Accounts Receivable – Trade that are probable of recovery in regulatory accounts. We discuss regulatory accounts in Note 4 below and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report. Changes in allowances for credit losses for trade receivables and other receivables are as follows: CHANGES IN ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2024 2023 Sempra: Allowances for credit losses at January 1 $ 533 $ 181 Provisions for expected credit losses 42 117 Write-offs (50) (20) Allowances for credit losses at March 31 $ 525 $ 278 SDG&E: Allowances for credit losses at January 1 $ 144 $ 78 Provisions for expected credit losses 6 38 Write-offs (17) (11) Allowances for credit losses at March 31 $ 133 $ 105 SoCalGas: Allowances for credit losses at January 1 $ 331 $ 98 Provisions for expected credit losses 26 77 Write-offs (33) (9) Allowances for credit losses at March 31 $ 324 $ 166 Allowances for credit losses related to trade receivables and other receivables are included in the Condensed Consolidated Balance Sheets as follows: ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) March 31, December 31, 2024 2023 Sempra: Accounts receivable – trade, net $ 457 $ 480 Accounts receivable – other, net 57 52 Other long-term assets 11 1 Total allowances for credit losses $ 525 $ 533 SDG&E: Accounts receivable – trade, net $ 97 $ 116 Accounts receivable – other, net 28 27 Other long-term assets 8 1 Total allowances for credit losses $ 133 $ 144 SoCalGas: Accounts receivable – trade, net $ 292 $ 306 Accounts receivable – other, net 29 25 Other long-term assets 3 — Total allowances for credit losses $ 324 $ 331 As we discuss below in “Note Receivable,” we have an interest-bearing promissory note due from KKR Pinnacle. On a quarterly basis, we evaluate credit losses and record allowances for expected credit losses on this note receivable, including compounded interest and unamortized transaction costs, based on published default rate studies, the maturity date of the instrument and an internally developed credit rating. At both March 31, 2024 and December 31, 2023, $6 million of expected credit losses are included in Other Long-Term Assets on Sempra’s Condensed Consolidated Balance Sheets. As we discuss in Note 5, Sempra provided a guarantee for the benefit of Cameron LNG JV related to amounts withdrawn by Sempra Infrastructure from the SDSRA. On a quarterly basis, we evaluate credit losses and record liabilities for expected credit losses on this off-balance sheet arrangement based on external credit ratings, published default rate studies and the maturity date of the arrangement. At both March 31, 2024 and December 31, 2023, $5 million of expected credit losses are included in Deferred Credits and Other on Sempra’s Condensed Consolidated Balance Sheets. TRANSACTIONS WITH AFFILIATES We summarize amounts due from and to unconsolidated affiliates at the Registrants in the following table. AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES (Dollars in millions) March 31, December 31, Sempra: Tax sharing arrangement with Oncor Holdings $ 41 $ 25 Various affiliates 5 6 Total due from unconsolidated affiliates – current $ 46 $ 31 TAG Pipelines – 5.5% Note due January 9, 2024 (1) $ — $ (5) Total due to unconsolidated affiliates – current $ — $ (5) TAG Pipelines (1) : 5.5% Note due January 14, 2025 $ — $ (24) 5.5% Note due July 16, 2025 — (23) 5.5% Note due January 14, 2026 (8) (20) 5.5% Note due July 14, 2026 (12) (11) 5.5% Note due January 19, 2027 (15) (14) 5.5% Note due July 21, 2027 (18) (17) 5.5% Note due January 19, 2028 (45) — TAG Norte – 5.74% Note due December 17, 2029 (1) (200) (198) Total due to unconsolidated affiliates – noncurrent $ (298) $ (307) SDG&E: Sempra $ (39) $ (44) SoCalGas (41) (21) Various affiliates (13) (8) Total due to unconsolidated affiliates – current $ (93) $ (73) Income taxes due from Sempra (2) $ 232 $ 246 SoCalGas: SDG&E $ 43 $ 21 Various affiliates 2 1 Total due from unconsolidated affiliates – current $ 45 $ 22 Sempra $ (33) $ (38) Total due to unconsolidated affiliates – current $ (33) $ (38) Income taxes due from Sempra (2) $ 4 $ 6 (1) U.S. dollar-denominated loans at fixed interest rates. Amounts include principal balances plus accumulated interest outstanding and value added tax payable to the Mexican government. The following table summarizes income statement information from unconsolidated affiliates. INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Revenues $ 10 $ 13 Interest expense 4 4 SDG&E: Revenues $ 6 $ 4 Cost of sales 40 30 SoCalGas: Revenues $ 44 $ 34 Cost of sales (1) (3) 31 (1) Includes net commodity costs from natural gas transactions with unconsolidated affiliates. Guarantees Sempra provides guarantees related to Cameron LNG JV’s SDSRA and CFIN’s Support Agreement. We discuss these guarantees in Note 5. INVENTORIES The components of inventories are as follows: INVENTORY BALANCES (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Natural gas $ 150 $ 174 $ 1 $ 1 $ 139 $ 155 LNG 3 9 — — — — Materials and supplies 305 299 153 152 126 122 Total $ 458 $ 482 $ 154 $ 153 $ 265 $ 277 DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANS In support of its Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans, Sempra maintains dedicated assets, including a Rabbi Trust and investments in life insurance contracts, which totaled $559 million and $549 million at March 31, 2024 and December 31, 2023, respectively. NOTE RECEIVABLE In November 2021, Sempra loaned $300 million to KKR Pinnacle in exchange for an interest-bearing promissory note that is due in full no later than October 2029 and bears compound interest at 5% per annum, which may be paid quarterly or added to the outstanding principal at the election of KKR Pinnacle. At March 31, 2024 and December 31, 2023, Other Long-Term Assets includes $336 million and $332 million, respectively, of outstanding principal, compounded interest and unamortized transaction costs, net of allowance for credit losses, on Sempra’s Condensed Consolidated Balance Sheets. PROPERTY, PLANT AND EQUIPMENT Sempra Infrastructure’s Sonora natural gas pipeline consists of two segments, the Sasabe-Puerto Libertad-Guaymas segment and the Guaymas-El Oro segment. Each segment has its own service agreement with the CFE. Following the start of commercial operations of the Guaymas-El Oro segment, Sempra Infrastructure reported damage to the pipeline in the Yaqui territory that has made that section inoperable since August 2017. Sempra Infrastructure and the CFE have agreed to an amendment to their transportation services agreement and to re-route the portion of the pipeline that is in the Yaqui territory, whereby the CFE would pay for the re-routing with a new tariff. This amendment will terminate if certain conditions are not met, and Sempra Infrastructure retains the right to terminate the transportation services agreement and seek to recover its reasonable and documented costs and lost profit. Sempra Infrastructure continues to acquire and pursue the necessary rights-of-way and permits for the re-routed portion of the pipeline. At March 31, 2024, Sempra Infrastructure had $408 million in PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline, which could be subject to impairment if Sempra Infrastructure is unable to re-route a portion of the pipeline and resume operations or if Sempra Infrastructure terminates the contract and is unable to obtain recovery. CAPITALIZED FINANCING COSTS Capitalized financing costs include capitalized interest costs and AFUDC related to both debt and equity financing of construction projects. We capitalize interest costs incurred to finance capital projects and interest at equity method investments that have not commenced planned principal operations. The table below summarizes capitalized financing costs, comprised of AFUDC and capitalized interest. CAPITALIZED FINANCING COSTS (Dollars in millions) Three months ended March 31, 2024 2023 Sempra $ 145 $ 73 SDG&E 26 31 SoCalGas 24 15 COMPREHENSIVE INCOME The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (Dollars in millions) Foreign Financial Pension Total Three months ended March 31, 2024 and 2023 Sempra: Balance at December 31, 2023 $ (36) $ 3 $ (117) $ (150) OCI before reclassifications 3 45 2 50 Amounts reclassified from AOCI — (6) 2 (4) Net OCI 3 39 4 46 Balance at March 31, 2024 $ (33) $ 42 $ (113) $ (104) Balance at December 31, 2022 $ (59) $ 10 $ (86) $ (135) OCI before reclassifications 10 (40) (13) (43) Amounts reclassified from AOCI — (5) 1 (4) Net OCI 10 (45) (12) (47) Balance at March 31, 2023 $ (49) $ (35) $ (98) $ (182) SDG&E: Balance at December 31, 2023 and March 31, 2024 $ (8) $ (8) Balance at December 31, 2022 and March 31, 2023 $ (7) $ (7) SoCalGas: Balance at December 31, 2023 $ (11) $ (12) $ (23) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at March 31, 2024 $ (11) $ (11) $ (22) Balance at December 31, 2022 $ (12) $ (12) $ (24) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at March 31, 2023 $ (12) $ (11) $ (23) (1) All amounts are net of income tax, if subject to tax, and after NCI. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Details about AOCI components Amounts reclassified Affected line item on Condensed Three months ended March 31, 2024 2023 Sempra: Financial instruments: Interest rate instruments $ (3) $ — Interest Expense Interest rate instruments (5) (7) Equity Earnings (1) Foreign exchange instruments (3) — Revenues: Energy-Related Businesses — 1 Other Income, Net Foreign exchange instruments (2) 1 Equity Earnings (1) Interest rate and foreign exchange instruments — (6) Other Income, Net Total, before income tax (13) (11) 3 3 Income Tax Expense Total, net of income tax (10) (8) 4 3 Earnings Attributable to Noncontrolling Interests $ (6) $ (5) Pension and PBOP (2) : Amortization of actuarial loss $ 2 $ — Other Income, Net Amortization of prior service cost 1 1 Other Income, Net Total, before income tax 3 1 (1) — Income Tax Expense Total, net of income tax $ 2 $ 1 Total reclassifications for the period, net of income tax and after NCI $ (4) $ (4) SoCalGas: Pension and PBOP (2) : Amortization of prior service cost $ 1 $ 1 Other Income (Expense), Net Total reclassifications for the period, net of income tax $ 1 $ 1 (1) Equity earnings at our foreign equity method investees are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Pension and PBOP” below). For the three months ended March 31, 2024 and 2023, reclassifications out of AOCI to net income were negligible for SDG&E. PENSION AND PBOP Net Periodic Benefit Cost The following tables provide the components of net periodic benefit cost. The components of net periodic benefit cost, other than the service cost component, are included in Other Income, Net. NET PERIODIC BENEFIT COST (Dollars in millions) Pension PBOP Three months ended March 31, 2024 2023 2024 2023 Sempra: Service cost $ 32 $ 28 $ 4 $ 4 Interest cost 42 40 9 9 Expected return on assets (45) (43) (17) (17) Amortization of: Prior service cost (credit) 1 1 (1) (1) Actuarial loss (gain) 3 2 (4) (6) Net periodic benefit cost (credit) 33 28 (9) (11) Regulatory adjustments (25) 29 9 11 Total expense recognized $ 8 $ 57 $ — $ — SDG&E: Service cost $ 10 $ 8 $ 1 $ 1 Interest cost 11 10 2 2 Expected return on assets (12) (10) (3) (2) Amortization of: Actuarial loss (gain) 2 1 — (1) Net periodic benefit cost 11 9 — — Regulatory adjustments (10) 4 — — Total expense recognized $ 1 $ 13 $ — $ — SoCalGas: Service cost $ 19 $ 17 $ 3 $ 3 Interest cost 26 25 7 7 Expected return on assets (30) (29) (15) (15) Amortization of: Prior service cost (credit) 1 1 (1) (1) Actuarial gain — — (3) (5) Net periodic benefit cost (credit) 16 14 (9) (11) Regulatory adjustments (15) 25 9 11 Total expense recognized $ 1 $ 39 $ — $ — OTHER INCOME, NET Other Income, Net, consists of the following: OTHER INCOME (EXPENSE), NET (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Allowance for equity funds used during construction $ 37 $ 33 Investment gains, net (1) 16 12 Gains on interest rate and foreign exchange instruments, net — 5 Foreign currency transaction gains, net 1 1 Non-service components of net periodic benefit cost 28 (25) Interest on regulatory balancing accounts, net 18 18 Sundry, net (1) (3) Total $ 99 $ 41 SDG&E: Allowance for equity funds used during construction $ 20 $ 23 Non-service components of net periodic benefit cost 10 (4) Interest on regulatory balancing accounts, net 7 10 Sundry, net (4) (1) Total $ 33 $ 28 SoCalGas: Allowance for equity funds used during construction $ 17 $ 10 Non-service components of net periodic benefit cost 21 (19) Interest on regulatory balancing accounts, net 11 8 Sundry, net (2) (7) Total $ 47 $ (8) (1) Represents net investment gains on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Condensed Consolidated Statements of Operations. INCOME TAXES We provide our calculations of ETRs in the following table. INCOME TAX EXPENSE AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Income tax expense $ 172 $ 376 Income before income taxes and equity earnings $ 705 $ 1,329 Equity earnings, before income tax (1) 134 132 Pretax income $ 839 $ 1,461 Effective income tax rate 21 % 26 % SDG&E: Income tax expense $ 40 $ 7 Income before income taxes $ 263 $ 265 Effective income tax rate 15 % 3 % SoCalGas: Income tax expense $ 43 $ 94 Income before income taxes $ 402 $ 454 Effective income tax rate 11 % 21 % (1) We discuss how we recognize equity earnings in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report. Sempra, SDG&E and SoCalGas record income taxes for interim periods utilizing a forecasted ETR anticipated for the full year. Unusual and infrequent items and items that cannot be reliably estimated are recorded in the interim period in which they occur, which can result in variability in the ETR. For SDG&E and SoCalGas, the CPUC requires flow-through rate-making treatment for the current income tax benefit or expense arising from certain property-related and other temporary differences between the treatment for financial reporting and income tax, which will reverse over time. Under the regulatory accounting treatment required for these flow-through temporary differences, deferred income tax assets and liabilities are not recorded to deferred income tax expense, but rather to a regulatory asset or liability, which impacts the ETR. As a result, changes in the relative size of these items compared to pretax income, from period to period, can cause variations in the ETR. The following items are subject to flow-through treatment: ▪ repairs expenditures related to a certain portion of utility plant fixed assets ▪ the equity portion of AFUDC, which is non-taxable ▪ a portion of the cost of removal of utility plant assets ▪ utility self-developed software expenditures ▪ depreciation on a certain portion of utility plant assets ▪ state income taxes AFUDC related to equity recorded for regulated construction projects at Sempra Infrastructure has similar flow-through treatment. Under the IRA, in 2023, the scope of projects eligible for ITCs was expanded to include standalone energy storage projects, which are transferable under the IRA. The IRA also provided an election through 2024 that permits ITCs related to standalone energy storage projects to be returned to utility customers over a period that is shorter than the life of the applicable asset. In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting for gas repairs expenditures. Sempra in |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS We describe below recent accounting pronouncements that have had or may have a significant effect on our results of operations, financial condition, cash flows or disclosures. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”: ASU 2023-07 revises reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, public entities are required to disclose the title and position of the CODM and explain how the CODM uses the reported measures of profit or loss to assess segment performance. The standard also requires interim disclosure of certain segment-related disclosures that previously were required only on an annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Entities must adopt the changes to the segment reporting disclosures on a retrospective basis. We plan to adopt the standard on December 31, 2024. ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”: ASU 2023-09 improves the transparency of income tax disclosures by requiring disaggregated information about each Registrant’s ETR reconciliation as well as information on income taxes paid. For each annual period, each Registrant will be required to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. We plan to adopt the standard on December 31, 2025 and are currently evaluating the effect of the standard on our financial reporting. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES We discuss revenue recognition for revenues from contracts with customers and from sources other than contracts with customers in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report. The following tables disaggregate our revenues from contracts with customers by major service line and market. We also provide a reconciliation to total revenues by segment for Sempra. The majority of our revenue is recognized over time. DISAGGREGATED REVENUES (Dollars in millions) Sempra Sempra California Sempra Infrastructure Consolidating adjustments and Parent Sempra Three months ended March 31, 2024 By major service line: Utilities $ 3,479 $ 30 $ (6) $ 3,503 Energy-related businesses — 212 (18) 194 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 By market: Gas $ 2,350 $ 125 $ (5) $ 2,470 Electric 1,129 117 (19) 1,227 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 Utilities regulatory revenues (338) — — (338) Other revenues — 277 4 281 Total revenues $ 3,141 $ 519 $ (20) $ 3,640 Three months ended March 31, 2023 By major service line: Utilities $ 5,574 $ 30 $ (6) $ 5,598 Energy-related businesses — 312 (21) 291 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 By market: Gas $ 4,365 $ 204 $ (5) $ 4,564 Electric 1,209 138 (22) 1,325 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 Utilities regulatory revenues (159) — — (159) Other revenues — 854 (24) 830 Total revenues $ 5,415 $ 1,196 $ (51) $ 6,560 DISAGGREGATED REVENUES (Dollars in millions) SDG&E SoCalGas Three months ended March 31, 2024 2023 2024 2023 By major service line: Revenues from contracts with customers – Utilities $ 1,462 $ 1,765 $ 2,060 $ 3,841 By market: Gas $ 330 $ 554 $ 2,060 $ 3,841 Electric 1,132 1,211 — — Revenues from contracts with customers $ 1,462 $ 1,765 $ 2,060 $ 3,841 Revenues from contracts with customers $ 1,462 $ 1,765 $ 2,060 $ 3,841 Utilities regulatory revenues (83) (112) (255) (47) Total revenues $ 1,379 $ 1,653 $ 1,805 $ 3,794 REVENUES FROM CONTRACTS WITH CUSTOMERS Remaining Performance Obligations For contracts greater than one year, at March 31, 2024, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations for contracts greater than one year at March 31, 2024. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2024 (excluding first three months of 2024) $ 209 $ 2 2025 263 4 2026 263 4 2027 263 4 2028 195 4 Thereafter 1,767 56 Total revenues to be recognized $ 2,960 $ 74 (1) Excludes intercompany transactions. Contract Liabilities from Revenues from Contracts with Customers Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in the three months ended March 31, 2024 or 2023. Sempra Infrastructure recorded a contract liability for funds held as collateral in lieu of a customer’s letters of credit primarily associated with its LNG storage and regasification agreement. CONTRACT LIABILITIES (Dollars in millions) 2024 2023 Sempra: Contract liabilities at January 1 $ (198) $ (252) Revenue from performance obligations satisfied during reporting period 2 2 Payments received in advance (3) — Contract liabilities at March 31 (1) $ (199) $ (250) SDG&E: Contract liabilities at January 1 $ (75) $ (79) Revenue from performance obligations satisfied during reporting period 1 1 Contract liabilities at March 31 (2) $ (74) $ (78) (1) Balances at March 31, 2024 include $5 in Other Current Liabilities and $194 in Deferred Credits and Other. (2) Balances at March 31, 2024 include $4 in Other Current Liabilities and $70 in Deferred Credits and Other. Receivables from Revenues from Contracts with Customers The table below shows receivable balances, net of allowances for credit losses, associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) March 31, 2024 December 31, 2023 Sempra: Accounts receivable – trade, net (1) $ 1,891 $ 1,951 Accounts receivable – other, net 22 15 Due from unconsolidated affiliates – current (2) 5 4 Other long-term assets (3) 17 — Total $ 1,935 $ 1,970 SDG&E: Accounts receivable – trade, net (1) $ 818 $ 870 Accounts receivable – other, net 20 13 Due from unconsolidated affiliates – current (2) 7 6 Other long-term assets (3) 7 — Total $ 852 $ 889 SoCalGas: Accounts receivable – trade, net 995 985 Accounts receivable – other, net 2 2 Other long-term assets (3) 10 — Total $ 1,007 $ 987 (1) At March 31, 2024 and December 31, 2023, includes $125 and $148, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues. (2) Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists. (3) In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term repayment plans to eligible residential customers with past-due balances until October 2026. |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS REGULATORY ASSETS AND LIABILITIES We discuss regulatory matters in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and provide updates to those discussions and information about new regulatory matters below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Fixed-price contracts and other derivatives $ 50 $ 215 $ 26 $ 14 $ 24 $ 201 Deferred income taxes recoverable in rates 1,327 1,142 668 626 573 430 Pension and PBOP plan obligations (194) (212) 58 48 (252) (260) Employee benefit costs 24 24 3 3 21 21 Removal obligations (3,156) (3,082) (2,534) (2,468) (622) (614) Environmental costs 148 139 115 105 33 34 Sunrise Powerlink fire mitigation 125 124 125 124 — — Regulatory balancing accounts (1)(2) : Commodity – electric (180) (233) (180) (233) — — Commodity – gas, including transportation (280) (259) 42 52 (322) (311) Safety and reliability 1,044 959 221 207 823 752 Public purpose programs (361) (273) (162) (144) (199) (129) Wildfire mitigation plan 735 685 735 685 — — Liability insurance premium 110 113 86 90 24 23 Other balancing accounts (112) 373 (282) (152) 170 525 Other regulatory (liabilities) assets, net (2) (85) (10) 27 49 (110) (58) Total $ (805) $ (295) $ (1,052) $ (994) $ 163 $ 614 (1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. CPUC GRC The CPUC uses GRCs to set revenues to allow SDG&E and SoCalGas to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In May 2022, SDG&E and SoCalGas filed their 2024 GRC applications requesting CPUC approval of test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027. SDG&E and SoCalGas requested revenue requirements for 2024 of $3.0 billion and $4.4 billion, respectively. SDG&E and SoCalGas proposed post-test year revenue requirement changes using various mechanisms that are estimated to result in annual increases of approximately 8% to 11% at SDG&E and approximately 6% to 8% at SoCalGas. Intervening parties have proposed various adjustments to SDG&E’s and SoCalGas’ revenue requirement requests. In October 2022, the CPUC issued a scoping ruling that set a schedule for the proceeding, including the expected issuance of a proposed decision in the second quarter of 2024. The CPUC has authorized SDG&E and SoCalGas to recognize the effects of the 2024 GRC final decision retroactive to January 1, 2024. In October 2023, SDG&E submitted a separate request to the CPUC in its 2024 GRC describing $2.2 billion in costs to implement its wildfire mitigation plans from 2019 through 2022, and seeking review and recovery of the incremental wildfire mitigation plan costs incurred during that period, totaling $1.5 billion. SDG&E expects to receive a proposed decision on this request in late 2024. In February 2024, the CPUC approved an interim cost recovery mechanism that would permit SDG&E to recover in rates $194 million of its wildfire mitigation plan regulatory account balance in 2024 and, if a recovery mechanism is not in place by January 1, 2025, an additional $96 million in 2025. Such recovery of SDG&E’s wildfire mitigation plan regulatory account balance will be subject to reasonableness review by the CPUC. SDG&E also expects to submit a separate request for review and recovery of its 2023 wildfire mitigation plan costs in late 2024. SDG&E and SoCalGas recorded CPUC-authorized revenues in the three months ended March 31, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending. The results of the 2024 GRC may materially differ from what is contained in the GRC applications. CPUC COST OF CAPITAL The CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and was to remain in effect through December 31, 2025, subject to the CCM. The CPUC has issued a ruling to initiate a second phase of this cost of capital proceeding to evaluate potential modifications to the CCM. We expect a proposed decision on the second phase in the second half of 2024. AUTHORIZED COST OF CAPITAL FOR 2023 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. The CCM was triggered for SDG&E and SoCalGas on September 30, 2023. In December 2023, the CPUC approved increases to SDG&E’s and SoCalGas’ authorized rates of return effective January 1, 2024, which are in effect through December 31, 2025, subject to the CCM. In January 2024, several parties submitted a request for the CPUC to review such approval. In March 2024, the CPUC issued a proposed decision denying the intervenor petition seeking to suspend the CCM and its resulting changes that became effective on January 1, 2024. We expect a final decision in the second quarter of 2024. AUTHORIZED COST OF CAPITAL FOR 2024 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.34 % 1.96 % Long-Term Debt 45.60 % 4.54 % 2.07 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.65 5.54 Common Equity 52.00 10.50 5.46 100.00 % 7.67 % 100.00 % 7.67 % FERC RATE MATTERS SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s currently effective TO5 settlement provides for a ROE of 10.60%, consisting of a base ROE of 10.10% plus an additional 50 bps for participation in the California ISO (the California ISO adder). If the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder, SDG&E would refund the California ISO adder as of the refund effective date (June 1, 2019) or such other date set by the FERC if such a refund is determined to be required by the terms of the TO5 settlement. The TO5 settlement will remain in effect until terminated by a notice provided at least six months before the end of the calendar year. Following any such notice, SDG&E would file an updated rate request with an effective date of January 1 of the following year. We provide below updates to ongoing matters related to SONGS, a nuclear generating facility near San Clemente, California that permanently ceased operations in June 2013, and in which SDG&E has a 20% ownership interest. We discuss SONGS further in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report. NUCLEAR DECOMMISSIONING AND FUNDING As a result of Edison’s decision to permanently retire SONGS Units 2 and 3, Edison began the decommissioning phase of the plant. Major decommissioning work began in 2020. We expect the majority of the decommissioning work to be completed around 2030. Decommissioning of Unit 1, removed from service in 1992, is largely complete. The remaining work for Unit 1 will be completed once Units 2 and 3 are dismantled and the spent fuel is removed from the site. The spent fuel is currently being stored on-site, until the DOE identifies a spent fuel storage facility and puts in place a program for the fuel’s disposal. SDG&E is responsible for approximately 20% of the total decommissioning cost. In accordance with state and federal requirements and regulations, SDG&E has assets held in the NDT to fund its share of decommissioning costs for SONGS Units 1, 2 and 3. Amounts that were collected in rates for SONGS’ decommissioning are invested in the NDT, which is comprised of externally managed trust funds. Amounts held by the NDT are invested in accordance with CPUC regulations. SDG&E classifies debt and equity securities held in the NDT as available-for-sale. The NDT assets are presented on the Sempra and SDG&E Condensed Consolidated Balance Sheets at fair value with the offsetting credits recorded in noncurrent Regulatory Liabilities. Except for the use of funds for the planning of decommissioning activities or NDT administrative costs, CPUC approval is required for SDG&E to access the NDT assets to fund SONGS decommissioning costs for Units 2 and 3. In December 2023, the CPUC granted SDG&E authorization to access NDT funds of up to $79 million for forecasted 2024 costs. Nuclear Decommissioning Trusts The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Condensed Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 8. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated March 31, 2024 Short-term investments, primarily cash equivalents $ 28 $ — $ — $ 28 Equity securities 89 239 (3) 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) 59 1 (1) 59 Municipal bonds (2) 277 2 (9) 270 Other securities (3) 231 1 (10) 222 Total debt securities 567 4 (20) 551 Receivables (payables), net (18) — — (18) Total $ 666 $ 243 $ (23) $ 886 December 31, 2023 Short-term investments, primarily cash equivalents $ 21 $ — $ — $ 21 Equity securities 89 225 (2) 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 50 2 (1) 51 Municipal bonds 280 3 (8) 275 Other securities 228 3 (11) 220 Total debt securities 558 8 (20) 546 Receivables (payables), net (7) — — (7) Total $ 661 $ 233 $ (22) $ 872 (1) Maturity dates are 2025 - 2054. (2) Maturity dates are 2024 - 2062. (3) Maturity dates are 2024 - 2072. The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Three months ended March 31, 2024 2023 Proceeds from sales $ 181 $ 156 Gross realized gains 14 2 Gross realized losses (2) (3) Net unrealized gains and losses, as well as realized gains and losses that are reinvested in the NDT, are included in noncurrent Regulatory Liabilities on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. ASSET RETIREMENT OBLIGATION The present value of SDG&E’s asset retirement obligation related to decommissioning costs for all three SONGS units was $497 million at March 31, 2024 and is based on a cost study prepared in 2020 that is pending CPUC approval. SDG&E expects to receive a proposed decision in the third quarter of 2024. NUCLEAR INSURANCE SDG&E and the other owners of SONGS have insurance to cover claims from nuclear liability incidents arising at SONGS. Currently, this insurance provides $500 million in coverage limits, the maximum amount available, including coverage for acts of terrorism. In addition, the Price-Anderson Act provides an additional $1.5 billion of coverage. If a nuclear liability loss occurs at SONGS and exceeds the $500 million insurance limit, this additional coverage would be available to provide a total of $2.0 billion in coverage limits per incident. The SONGS owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirement of $50 million. This insurance coverage is provided through NEIL. The NEIL policies have specific exclusions and limitations that can result in reduced coverage. Insured members as a group are subject to retrospective premium assessments to cover losses sustained by NEIL under all issued policies. SDG&E could be assessed up to $2 million of retrospective premiums based on overall member claims. The nuclear property insurance program includes an industry aggregate loss limit for non-certified acts of terrorism (as defined by the Terrorism Risk Insurance Act) of $3.24 billion. This is the maximum amount that will be paid to insured members who suffer losses or damages from these non-certified terrorist acts. |
SEMPRA - INVESTMENTS IN UNCONSO
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES | SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES We generally account for investments under the equity method when we have significant influence over, but do not have control of, these entities. Equity earnings and losses, both before and net of income tax, are combined and presented as Equity Earnings on the Condensed Consolidated Statements of Operations. Distributions received from equity method investees are classified in the Condensed Consolidated Statements of Cash Flows as either a return on investment in operating activities or a return of investment in investing activities based on the “nature of the distribution” approach. See Note 12 for information on equity earnings and losses, both before and net of income tax, by segment. See Note 1 for information on how equity earnings and losses before income taxes are factored into the calculations of our pretax income or loss and ETR. We provide additional information concerning our equity method investments in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report. ONCOR HOLDINGS We account for our 100% equity ownership interest in Oncor Holdings, which owns an 80.25% interest in Oncor, as an equity method investment. Due to the ring-fencing measures, governance mechanisms and commitments in effect, we do not have the power to direct the significant activities of Oncor Holdings and Oncor. See Note 6 of the Notes to Consolidated Financial Statements in the Annual Report for additional information related to the restrictions on our ability to direct the significant activities of Oncor Holdings and Oncor. In the three months ended March 31, 2024 and 2023, Sempra contributed $193 million and $85 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $100 million and $85 million, respectively, to Sempra. We provide summarized income statement information for Oncor Holdings in the following table. SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS (Dollars in millions) Three months ended 2024 2023 Operating revenues $ 1,458 $ 1,292 Operating expenses (1,051) (1,024) Income from operations 407 268 Interest expense (150) (123) Income tax expense (49) (24) Net income 223 99 NCI held by Texas Transmission Investment LLC (44) (20) Earnings attributable to Sempra (1) 179 79 (1) Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing arrangement and changes in basis differences in AOCI within the carrying value of our equity method investment. CAMERON LNG JV In the three months ended March 31, 2024 and 2023, Cameron LNG JV distributed $132 million and $114 million, respectively, to Sempra Infrastructure. Sempra Promissory Note for SDSRA Distribution Cameron LNG JV’s debt agreements require Cameron LNG JV to maintain the SDSRA, which is an additional reserve account beyond the Senior Debt Service Accrual Account, where funds accumulate from operations to satisfy senior debt obligations due and payable on the next payment date. Both accounts can be funded with cash or authorized investments. In June 2021, Sempra Infrastructure received a distribution of $165 million based on its proportionate share of the SDSRA, for which Sempra provided a promissory note and letters of credit to secure a proportionate share of Cameron LNG JV’s obligation to fund the SDSRA. Sempra’s maximum exposure to loss is replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA, or $165 million. We recorded a guarantee liability of $22 million in June 2021, with an associated carrying value of $19 million at March 31, 2024, for the fair value of the promissory note, which is being reduced over the duration of the guarantee through Sempra Infrastructure’s investment in Cameron LNG JV. The guarantee will terminate upon full repayment of Cameron LNG JV’s debt, scheduled to occur in 2039, or replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA. Sempra Support Agreement for CFIN In July 2020, CFIN entered into a financing arrangement with Cameron LNG JV’s four project owners and received aggregate proceeds of $1.5 billion from two project owners and from external lenders on behalf of the other two project owners (collectively, the affiliate loans), based on their proportionate ownership interest in Cameron LNG JV. CFIN used the proceeds from the affiliate loans to provide a loan to Cameron LNG JV. The affiliate loans mature in 2039. Principal and interest are paid from Cameron LNG JV’s project cash flows from its three-train natural gas liquefaction facility. Cameron LNG JV used the proceeds from its loan to return equity to its project owners. Sempra Infrastructure’s $753 million proportionate share of the affiliate loans, based on SI Partners’ 50.2% ownership interest in Cameron LNG JV, was funded by external lenders comprised of a syndicate of eight banks (the bank debt) to whom Sempra has provided a guarantee pursuant to a Support Agreement under which: ▪ Sempra has severally guaranteed repayment of the bank debt plus accrued and unpaid interest if CFIN fails to pay the external lenders; ▪ the external lenders may exercise an option to put the bank debt to Sempra Infrastructure upon the occurrence of certain events, including a failure by CFIN to meet its payment obligations under the bank debt; ▪ the external lenders will put some or all of the bank debt to Sempra Infrastructure on the fifth, tenth, or fifteenth anniversary date of the affiliate loans, except the portion of the debt owed to any external lender that has elected not to participate in the put option six months prior to the respective anniversary date; ▪ Sempra Infrastructure also has a right to call the bank debt back from, or to refinance the bank debt with, the external lenders at any time; and ▪ the Support Agreement will terminate upon full repayment of the bank debt, including repayment following an event in which the bank debt is put to Sempra Infrastructure. In exchange for this guarantee, the external lenders pay a guarantee fee that is based on the credit rating of Sempra’s long-term senior unsecured non-credit enhanced debt rating, which guarantee fee Sempra Infrastructure recognizes as interest income as earned. Sempra’s maximum exposure to loss is the bank debt plus any accrued and unpaid interest and related fees, subject to a liability cap of 130% of the bank debt, or $979 million. We measure the Support Agreement at fair value, net of related guarantee fees, on a recurring basis (see Note 8). At March 31, 2024, the fair value of the Support Agreement was $23 million, of which $7 million is included in Other Current Assets and $16 million is included in Other Long-Term Assets on Sempra’s Condensed Consolidated Balance Sheet. TAG NORTE In the three months ended March 31, 2024, TAG Norte distributed $62 million to Sempra Infrastructure. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES The principal terms of our debt arrangements are described below and in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report. SHORT-TERM DEBT Committed Lines of Credit At March 31, 2024, Sempra had an aggregate capacity of $9.9 billion under seven primary committed lines of credit, which provide liquidity and support our commercial paper programs. Because our commercial paper programs are supported by some of these lines of credit, we reflect the amount of commercial paper outstanding, before reductions of any unamortized discounts, and any letters of credit outstanding as a reduction to the available unused credit capacity in the following table. COMMITTED LINES OF CREDIT (Dollars in millions) March 31, 2024 Borrower Expiration date of facility Total facility Commercial paper outstanding Amounts outstanding Letters of credit outstanding Available unused credit Sempra October 2028 $ 4,000 $ (671) $ — $ — $ 3,329 SDG&E October 2028 1,500 — — — 1,500 SoCalGas October 2028 1,200 (143) — — 1,057 SI Partners and IEnova September 2025 500 — (425) — 75 SI Partners and IEnova August 2026 1,000 — (35) — 965 SI Partners and IEnova August 2028 1,500 — (356) — 1,144 Port Arthur LNG March 2030 200 — — (64) 136 Total $ 9,900 $ (814) $ (816) $ (64) $ 8,206 Sempra, SDG&E and SoCalGas each must maintain a ratio of indebtedness to total capitalization (as defined in each of the applicable credit facilities) of no more than 65% at the end of each quarter. At March 31, 2024, each Registrant was in compliance with this ratio under its respective credit facility. The three lines of credit that are shared by SI Partners and IEnova require that SI Partners maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in each credit facility) of no more than 5.25 to 1.00 at the end of each quarter. At March 31, 2024, SI Partners was in compliance with this ratio. Uncommitted Line of Credit ECA LNG Phase 1 has an uncommitted line of credit, which is generally used for working capital requirements, with an aggregate capacity of $200 million of which $30 million was outstanding at March 31, 2024. The amounts outstanding are before reductions of any unamortized discounts. Borrowings can be in U.S. dollars or Mexican pesos. At March 31, 2024, outstanding amounts were borrowed in Mexican pesos and bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 105 bps. Borrowings made in U.S. dollars bear interest at a variable rate based on the one-month or three-month SOFR plus 115 bps. Uncommitted Letters of Credit Outside of our domestic and foreign credit facilities, we have bilateral unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At March 31, 2024, we had $512 million in standby letters of credit outstanding under these agreements. UNCOMMITTED LETTERS OF CREDIT (Dollars in millions) March 31, 2024 Expiration date range Uncommitted letters of credit outstanding SDG&E May 2024 - January 2025 $ 25 SoCalGas October 2024 - June 2025 20 Other Sempra April 2024 - November 2054 467 Total Sempra $ 512 Weighted-Average Interest Rates The weighted-average interest rates on all short-term debt were as follows: WEIGHTED-AVERAGE INTEREST RATES March 31, 2024 December 31, 2023 Sempra 5.98 % 5.96 % SoCalGas 5.39 5.44 LONG-TERM DEBT SDG&E In March 2024, SDG&E issued $600 million aggregate principal amount of 5.55% first mortgage bonds due in full upon maturity on April 15, 2054 and received proceeds of $587 million (net of debt discount, underwriting discounts and debt issuance costs of $13 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SDG&E intends to use the net proceeds for general corporate purposes, including repayment of commercial paper and potentially other indebtedness. SoCalGas In March 2024, SoCalGas issued $500 million aggregate principal amount of 5.6% first mortgage bonds due in full upon maturity on April 1, 2054 and received proceeds of $491 million (net of debt discount, underwriting discounts and debt issuance costs of $9 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds to repay outstanding indebtedness and for other general corporate purposes. Sempra In March 2024, Sempra issued $600 million of 6.875% fixed-to-fixed reset rate junior subordinated notes maturing on October 1, 2054. Interest on the notes accrues from and including March 14, 2024 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The notes bear interest (i) from and including March 14, 2024 to, but excluding, October 1, 2029 at the rate of 6.875% per annum and (ii) from and including October 1, 2029, during each subsequent five-year period beginning on October 1 of every fifth year, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the notes) as of the day falling two business days before the first day of such five-year period plus a spread of 2.789%, to be reset on October 1 of every fifth year beginning in 2029. We received proceeds of $593 million (net of underwriting discounts and debt issuance costs of $7 million). We used the proceeds from the offering for general corporate purposes, including repayment of commercial paper and other indebtedness. We may redeem some or all of the notes before their maturity, as follows: ▪ in whole or in part, (i) on any day in the period commencing on the date falling 90 days prior to October 1, 2029 and ending on and including October 1, 2029 and (ii) after October 1, 2029, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date; ▪ in whole but not in part, at any time following the occurrence and during the continuance of a tax event (as defined in the notes) at a redemption price in cash equal to 100% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date; and ▪ in whole but not in part, at any time following the occurrence and during the continuance of a rating agency event (as defined in the notes) at a redemption price in cash equal to 102% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date. The notes are unsecured obligations and rank junior and subordinate in right of payment to our existing and future senior indebtedness. The notes rank equally in right of payment with our existing 4.125% fixed-to-fixed reset rate junior subordinated notes due 2052 and 5.75% junior subordinated notes due 2079 and with any future unsecured indebtedness that we may incur if the terms of such indebtedness provide that it ranks equally with the notes in right of payment. The notes are effectively subordinated in right of payment to any secured indebtedness we have incurred or may incur (to the extent of the value of the collateral securing such secured indebtedness) and to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries. Other Sempra ECA LNG Phase 1 ECA LNG Phase 1 has a five-year loan agreement with a syndicate of seven external lenders that matures on December 9, 2025 for an aggregate principal amount of up to $1.3 billion. IEnova and TotalEnergies SE have provided guarantees for repayment of the loans plus accrued and unpaid interest of 83.4% and 16.6%, respectively. At March 31, 2024 and December 31, 2023, $926 million and $832 million, respectively, of borrowings from external lenders were outstanding under the loan agreement, with a weighted-average interest rate of 8.27% and 8.31%, respectively. Port Arthur LNG Port Arthur LNG has a seven-year term loan facility agreement with a syndicate of lenders that matures on March 20, 2030 for an aggregate principal amount of approximately $6.8 billion. At March 31, 2024 and December 31, 2023, $273 million and $258 million, respectively, of borrowings were outstanding under the loan agreement, with an all-in weighted-average interest rate of 5.33% and 5.81%, respectively. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS We use derivative instruments primarily to manage exposures arising in the normal course of business. Our principal exposures are commodity market risk, benchmark interest rate risk and foreign exchange rate exposures. Our use of derivatives for these risks is integrated into the economic management of our anticipated revenues, anticipated expenses, assets and liabilities. Derivatives may be effective in mitigating these risks (1) that could lead to declines in anticipated revenues or increases in anticipated expenses, or (2) that could cause our asset values to fall or our liabilities to increase. Accordingly, our derivative activity summarized below generally represents an impact that is intended to offset associated revenues, expenses, assets or liabilities that are not included in the tables below. In certain cases, we apply the normal purchase or sale exception to contracts that otherwise would have been accounted for as derivative instruments and have other commodity contracts that are not derivatives. These contracts are not recorded at fair value and are therefore excluded from the disclosures below. In all other cases, we record derivatives at fair value on the Condensed Consolidated Balance Sheets. We may have derivatives that are (1) cash flow hedges, (2) fair value hedges, or (3) undesignated. Depending on the applicability of hedge accounting and, for SDG&E and SoCalGas and other operations subject to regulatory accounting, the requirement to pass impacts through to customers, the impact of derivative instruments may be offset in OCI (cash flow hedges), on the balance sheet (regulatory offsets), or recognized in earnings (fair value hedges and undesignated derivatives not subject to rate recovery). We classify cash flows from the principal settlements of cross-currency swaps that hedge exposure related to Mexican peso-denominated debt and amounts related to terminations or early settlements of interest rate swaps as financing activities and settlements of other derivative instruments as operating activities on the Condensed Consolidated Statements of Cash Flows. HEDGE ACCOUNTING We may designate a derivative as a cash flow hedging instrument if it effectively converts anticipated cash flows associated with revenues or expenses to a fixed dollar amount. We may utilize cash flow hedge accounting for derivative commodity instruments, foreign currency instruments and interest rate instruments. Designating cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk of variability of future cash flows of a given revenue or expense item, and other criteria. ENERGY DERIVATIVES Our market risk is primarily related to natural gas and electricity price volatility and the specific physical locations where we transact. We use energy derivatives to manage these risks. The use of energy derivatives in our various businesses depends on the particular energy market, and the operating and regulatory environments applicable to the business, as follows: ▪ SDG&E and SoCalGas use natural gas derivatives and SDG&E uses electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risk, and stabilizing and lowering natural gas and electricity costs. These derivatives include fixed-price natural gas and electricity positions, options, and basis risk instruments, which are either exchange-traded or over-the-counter financial instruments, or bilateral physical transactions. This activity is governed by risk management and transacting activity plans limited by company policy. SDG&E’s risk management and transacting activity plans for electricity derivatives are also required to be filed with, and have been approved by, the CPUC. SoCalGas is also subject to certain regulatory requirements and thresholds related to natural gas procurement under the GCIM. Natural gas and electricity derivative activities are recorded as commodity costs that are offset by regulatory account balances and are recovered in rates. Net commodity cost impacts on the Condensed Consolidated Statements of Operations are reflected in Cost of Natural Gas or in Cost of Electric Fuel and Purchased Power. ▪ SDG&E is allocated and may purchase CRRs, which serve to reduce the regional electricity price volatility risk that may result from local transmission capacity constraints. Unrealized gains and losses do not impact earnings, as they are offset by regulatory account balances. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations. ▪ Sempra Infrastructure may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of its assets which support the following businesses: LNG, natural gas pipelines and storage, and power generation. Gains and losses associated with undesignated derivatives are recognized in Energy-Related Businesses Revenues on the Condensed Consolidated Statements of Operations. ▪ From time to time, our various businesses, including SDG&E and SoCalGas, may use other derivatives to hedge exposures such as GHG allowances. The following table summarizes net energy derivative volumes. NET ENERGY DERIVATIVE VOLUMES (Quantities in millions) Commodity Unit of measure March 31, 2024 December 31, 2023 Sempra: Natural gas MMBtu 303 361 Electricity MWh — 1 Congestion revenue rights MWh 33 36 SDG&E: Natural gas MMBtu 18 17 Congestion revenue rights MWh 33 36 SoCalGas: Natural gas MMBtu 210 268 INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. SDG&E and SoCalGas, as well as Sempra and its other subsidiaries and JVs, periodically enter into interest rate derivative agreements intended to moderate our exposure to interest rates and to lower our overall costs of borrowing. In addition, we may utilize interest rate swaps, typically designated as cash flow hedges, to lock in interest rates on outstanding debt or in anticipation of future financings. The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments. INTEREST RATE DERIVATIVES (Dollars in millions) March 31, 2024 December 31, 2023 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges (1) $ 4,451 2024-2048 $ 4,451 2024-2048 (1) At March 31, 2024 and December 31, 2023, cash flow hedges accrued interest based on a notional amount of $604 and $488, respectively. FOREIGN CURRENCY DERIVATIVES We may utilize cross-currency swaps to hedge exposure related to Mexican peso-denominated debt at our Mexican subsidiaries and JVs. These cash flow hedges exchange our Mexican peso-denominated principal and interest payments into the U.S. dollar and swap Mexican fixed interest rates for U.S. fixed interest rates. From time to time, Sempra Infrastructure and its JVs may use other foreign currency derivatives to hedge exposures related to cash flows associated with revenues from contracts denominated in Mexican pesos that are indexed to the U.S. dollar. We are also exposed to exchange rate movements at our Mexican subsidiaries and JVs, which have U.S. dollar-denominated cash balances, receivables, payables and debt (monetary assets and liabilities) that give rise to Mexican currency exchange rate movements for Mexican income tax purposes. They also have deferred income tax assets and liabilities denominated in the Mexican peso, which must be translated to U.S. dollars for financial reporting purposes. In addition, monetary assets and liabilities and certain nonmonetary assets and liabilities are adjusted for Mexican inflation for Mexican income tax purposes. We may utilize foreign currency derivatives as a means to manage the risk of exposure to significant fluctuations in our income tax expense and equity earnings from these impacts; however, we generally do not hedge our deferred income tax assets and liabilities or for inflation. The following table presents the net notional amounts of our foreign currency derivatives, excluding those in our equity method investments. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) March 31, 2024 December 31, 2023 Notional amount Maturities Notional amount Maturities Sempra: Other foreign currency derivatives $ 141 2024-2025 $ 176 2024-2025 FINANCIAL STATEMENT PRESENTATION The Condensed Consolidated Balance Sheets reflect the offsetting of net derivative positions and cash collateral with the same counterparty when a legal right of offset exists. The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets, including the amount of cash collateral receivables that were not offset because the cash collateral was in excess of liability positions. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31, 2024 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 22 $ 201 $ — $ — Foreign exchange instruments — — (9) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 233 49 (234) (52) Associated offsetting commodity contracts (229) (48) 229 48 Commodity contracts subject to rate recovery 8 8 (42) (18) Associated offsetting commodity contracts (3) (3) 3 3 Associated offsetting cash collateral — — 14 12 Net amounts presented on the balance sheet 31 207 (39) (7) Additional cash collateral for commodity contracts not subject to rate recovery 87 — — — Additional cash collateral for commodity contracts subject to rate recovery 6 — — — Total (2) $ 124 $ 207 $ (39) $ (7) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 7 $ 8 $ (21) $ (15) Associated offsetting commodity contracts (3) (3) 3 3 Associated offsetting cash collateral — — 14 12 Net amounts presented on the balance sheet 4 5 (4) — Additional cash collateral for commodity contracts subject to rate recovery 5 — — — Total (2) $ 9 $ 5 $ (4) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 1 $ — $ (21) $ (3) Net amounts presented on the balance sheet 1 — (21) (3) Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 2 $ — $ (21) $ (3) (1) Included in Other Current Assets for SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Dollars in millions) December 31, 2023 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 17 $ 70 $ — $ — Foreign exchange instruments — — (9) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 173 52 (170) (56) Associated offsetting commodity contracts (169) (51) 169 51 Commodity contracts subject to rate recovery 10 8 (228) (9) Associated offsetting commodity contracts (5) (2) 5 2 Associated offsetting cash collateral — — 12 7 Net amounts presented on the balance sheet 26 77 (221) (5) Additional cash collateral for commodity contracts not subject to rate recovery 74 — — — Additional cash collateral for commodity contracts subject to rate recovery 22 — — — Total (2) $ 122 $ 77 $ (221) $ (5) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 9 $ 8 $ (18) $ (9) Associated offsetting commodity contracts (5) (2) 5 2 Associated offsetting cash collateral — — 12 7 Net amounts presented on the balance sheet 4 6 (1) — Additional cash collateral for commodity contracts subject to rate recovery 21 — — — Total (2) $ 25 $ 6 $ (1) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 1 $ — $ (210) $ — Net amounts presented on the balance sheet 1 — (210) — Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 2 $ — $ (210) $ — (1) Included in Other Current Assets for SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. The following table includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI. CASH FLOW HEDGE IMPACTS (Dollars in millions) Pretax gain (loss) Pretax gain (loss) reclassified Three months ended March 31, Three months ended March 31, 2024 2023 Location 2024 2023 Sempra: Interest rate instruments $ 142 $ (77) Interest Expense $ 3 $ — Interest rate instruments 28 (17) Equity Earnings (1) 5 7 Foreign exchange instruments 1 (6) Revenues: Energy- Related Businesses 3 — Other Income, Net — (1) Foreign exchange instruments — (5) Equity Earnings (1) 2 (1) Interest rate and foreign exchange instruments — 7 Other Income, Net — 6 Total $ 171 $ (98) $ 13 $ 11 (1) Equity earnings at our foreign equity method investees are recognized after tax. For Sempra, we expect that net gains before NCI of $25 million, which are net of income tax expense, that are currently recorded in AOCI (with net gains of $10 million attributable to NCI) related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. SoCalGas expects that $1 million of losses, net of income tax benefit, that are currently recorded in AOCI related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. Actual amounts ultimately reclassified into earnings depend on the interest rates in effect when derivative contracts mature. For all forecasted transactions, the maximum remaining term over which we are hedging exposure to the variability of cash flows at March 31, 2024 is approximately 24 years for Sempra. The maximum remaining term for which we are hedging exposure to the variability of cash flows at our equity method investees is 16 years. The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations. UNDESIGNATED DERIVATIVE IMPACTS (Dollars in millions) Pretax gain (loss) on derivatives recognized in earnings Three months ended March 31, Location 2024 2023 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ 79 $ 449 Commodity contracts subject to rate recovery Cost of Natural Gas (6) (27) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power (23) 9 Interest rate instrument Interest Expense — (47) Total $ 50 $ 384 SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel $ (23) $ 9 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (6) $ (27) CREDIT RISK RELATED CONTINGENT FEATURES For Sempra, SDG&E and SoCalGas, certain of our derivative instruments contain credit limits which vary depending on our credit ratings. Generally, these provisions, if applicable, may reduce our credit limit if a specified credit rating agency reduces our ratings. In certain cases, if our credit ratings were to fall below investment grade, the counterparty to these derivative liability instruments could request immediate payment or demand immediate and ongoing full collateralization. For Sempra, the total fair value of this group of derivative instruments in a liability position at March 31, 2024 and December 31, 2023 was $29 million and $215 million, respectively. For SoCalGas, the total fair value of this group of derivative instruments in a liability position at March 31, 2024 and December 31, 2023 was $24 million and $210 million, respectively. SDG&E did not have this group of derivative instruments in a liability position at March 31, 2024 or December 31, 2023. At March 31, 2024, if the credit ratings of Sempra or SoCalGas were reduced below investment grade, $29 million and $24 million, respectively, of additional assets could be required to be posted as collateral for these derivative contracts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We discuss the valuation techniques and inputs we use to measure fair value and the definition of the three levels of the fair value hierarchy in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. RECURRING FAIR VALUE MEASURES The tables below set forth our financial assets and liabilities, by level within the fair value hierarchy, that were accounted for at fair value on a recurring basis at March 31, 2024 and December 31, 2023. We classify financial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair-valued assets and liabilities and their placement within the fair value hierarchy. We have not changed the valuation techniques or types of inputs we use to measure recurring fair value since December 31, 2023. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 7 under “Financial Statement Presentation.” The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests). Our financial assets and liabilities that were accounted for at fair value on a recurring basis in the tables below include the following: ▪ Nuclear decommissioning trusts reflect the assets of SDG&E’s NDT, excluding accounts receivable and accounts payable. A third-party trustee values the trust assets using prices from a pricing service based on a market approach. We validate these prices by comparison to prices from other independent data sources. Securities are valued using quoted prices listed on nationally recognized securities exchanges or based on closing prices reported in the active market in which the identical security is traded (Level 1). Other securities are valued based on yields that are currently available for comparable securities of issuers with similar credit ratings (Level 2). ▪ For commodity contracts, interest rate instruments and foreign exchange instruments, we primarily use a market or income approach with market participant assumptions to value these derivatives. Market participant assumptions include those about risk, and the risk inherent in the inputs to the valuation techniques. These inputs can be readily observable, market corroborated, or generally unobservable. We have exchange-traded derivatives that are valued based on quoted prices in active markets for the identical instruments (Level 1). We also may have other commodity derivatives that are valued using industry standard models that consider quoted forward prices for commodities, time value, current market and contractual prices for the underlying instruments, volatility factors, and other relevant economic measures (Level 2). Level 3 recurring items relate to CRRs at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include short-term investments that consist of money market and mutual funds that we value using a market approach based on closing prices reported in the active market in which the identical security is traded (Level 1). ▪ As we discuss in Note 5, in July 2020, Sempra entered into a Support Agreement for the benefit of CFIN. We measure the Support Agreement, which includes a guarantee obligation, a put option and a call option, net of related guarantee fees, at fair value on a recurring basis. We use a discounted cash flow model to value the Support Agreement, net of related guarantee fees. Because some of the inputs that are significant to the valuation are less observable, the Support Agreement is classified as Level 3, as we describe below in “Level 3 Information – Other Sempra.” RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 Sempra: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 24 $ 4 $ — $ 28 Equity securities 322 3 — 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 42 17 — 59 Municipal bonds — 270 — 270 Other securities — 222 — 222 Total debt securities 42 509 — 551 Total nuclear decommissioning trusts (1) 388 516 — 904 Short-term investments held in Rabbi Trust 47 — — 47 Interest rate instruments — 223 — 223 Commodity contracts not subject to rate recovery — 5 — 5 Effect of netting and allocation of collateral (2) 87 — — 87 Commodity contracts subject to rate recovery — 1 9 10 Effect of netting and allocation of collateral (2) 1 — 5 6 Support Agreement, net of related guarantee fees — — 23 23 Total $ 523 $ 745 $ 37 $ 1,305 Liabilities: Foreign exchange instruments $ — $ 9 $ — $ 9 Commodity contracts not subject to rate recovery — 9 — 9 Commodity contracts subject to rate recovery 26 28 — 54 Effect of netting and allocation of collateral (2) (26) — — (26) Total $ — $ 46 $ — $ 46 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (CONTINUED) (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at December 31, 2023 Sempra: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 19 $ 2 $ — $ 21 Equity securities 308 4 — 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 34 17 — 51 Municipal bonds — 275 — 275 Other securities — 220 — 220 Total debt securities 34 512 — 546 Total nuclear decommissioning trusts (1) 361 518 — 879 Short-term investments held in Rabbi Trust 67 — — 67 Interest rate instruments — 87 — 87 Commodity contracts not subject to rate recovery — 5 — 5 Effect of netting and allocation of collateral (2) 74 — — 74 Commodity contracts subject to rate recovery — 1 10 11 Effect of netting and allocation of collateral (2) 16 — 6 22 Support Agreement, net of related guarantee fees — — 23 23 Total $ 518 $ 611 $ 39 $ 1,168 Liabilities: Foreign exchange instruments $ — $ 9 $ — $ 9 Commodity contracts not subject to rate recovery — 6 — 6 Commodity contracts subject to rate recovery 20 210 — 230 Effect of netting and allocation of collateral (2) (19) — — (19) Total $ 1 $ 225 $ — $ 226 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 SDG&E: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 24 $ 4 $ — $ 28 Equity securities 322 3 — 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 42 17 — 59 Municipal bonds — 270 — 270 Other securities — 222 — 222 Total debt securities 42 509 — 551 Total nuclear decommissioning trusts (1) 388 516 — 904 Commodity contracts subject to rate recovery — — 9 9 Effect of netting and allocation of collateral (2) — — 5 5 Total $ 388 $ 516 $ 14 $ 918 Liabilities: Commodity contracts subject to rate recovery $ 26 $ 4 $ — $ 30 Effect of netting and allocation of collateral (2) (26) — — (26) Total $ — $ 4 $ — $ 4 Fair value at December 31, 2023 SDG&E: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 19 $ 2 $ — $ 21 Equity securities 308 4 — 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 34 17 — 51 Municipal bonds — 275 — 275 Other securities — 220 — 220 Total debt securities 34 512 — 546 Total nuclear decommissioning trusts (1) 361 518 — 879 Commodity contracts subject to rate recovery — — 10 10 Effect of netting and allocation of collateral (2) 15 — 6 21 Total $ 376 $ 518 $ 16 $ 910 Liabilities: Commodity contracts subject to rate recovery $ 20 $ — $ — $ 20 Effect of netting and allocation of collateral (2) (19) — — (19) Total $ 1 $ — $ — $ 1 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 SoCalGas: Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 1 $ — $ 2 Liabilities: Commodity contracts subject to rate recovery $ — $ 24 $ — $ 24 Total $ — $ 24 $ — $ 24 Fair value at December 31, 2023 SoCalGas: Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 1 $ — $ 2 Liabilities: Commodity contracts subject to rate recovery $ — $ 210 $ — $ 210 Total $ — $ 210 $ — $ 210 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. Level 3 Information SDG&E The table below sets forth reconciliations of changes in the fair value of CRRs classified as Level 3 in the fair value hierarchy for Sempra and SDG&E. LEVEL 3 RECONCILIATIONS (1) (Dollars in millions) Three months ended March 31, 2024 2023 Balance at January 1 $ 10 $ 35 Realized and unrealized losses (1) (4) Settlements — (1) Balance at March 31 $ 9 $ 30 Change in unrealized losses relating to instruments still held at March 31 $ — $ (2) (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. Inputs used to determine the fair value of CRRs are reviewed and compared with market conditions to determine reasonableness. CRRs are recorded at fair value based almost entirely on the most current auction prices published by the California ISO, an objective source. Annual auction prices are published once a year, typically in the middle of November, and are the basis for valuing CRRs settling in the following year. For the CRRs settling from January 1 to December 31, the auction price inputs, at a given location, were in the following ranges for the years indicated below: CONGESTION REVENUE RIGHTS AUCTION PRICE INPUTS Settlement year Price per MWh Median price per MWh 2024 $ (3.69) to $ 9.55 $ (0.44) 2023 (3.09) to 10.71 (0.56) The impact associated with discounting is not significant. Because these auction prices are a less observable input, these instruments are classified as Level 3. The fair value of these instruments is derived from auction price differences between two locations. Positive values between two locations represent expected future reductions in congestion costs, whereas negative values between two locations represent expected future charges. Valuation of our CRRs is sensitive to a change in auction price. If auction prices at one location increase (decrease) relative to another location, this could result in a significantly higher (lower) fair value measurement. We summarize CRR volumes in Note 7. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations. Because unrealized gains and losses are recorded as regulatory assets and liabilities, they do not affect earnings. Other Sempra The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy. LEVEL 3 RECONCILIATIONS (Dollars in millions) Three months ended March 31, 2024 2023 Balance at January 1 $ 23 $ 17 Realized and unrealized gains (1) 2 9 Settlements (2) (2) Balance at March 31 (2) $ 23 $ 24 Change in unrealized gains relating to instruments still held at March 31 $ 1 $ 9 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statements of Operations. (2) Includes $7 in Other Current Assets and $16 in Other Long-term Assets at March 31, 2024 on Sempra’s Condensed Consolidated Balance Sheet. The fair value of the Support Agreement, net of related guarantee fees, is based on a discounted cash flow model using a probability of default and survival methodology. Our estimate of fair value considers inputs such as third-party default rates, credit ratings, recovery rates, and risk-adjusted discount rates, which may be readily observable, market corroborated or generally unobservable inputs. Because CFIN’s credit rating and related default and survival rates are unobservable inputs that are significant to the valuation, the Support Agreement, net of related guarantee fees, is classified as Level 3. We assigned CFIN an internally developed credit rating of A3 and relied on default rate data published by Moody’s to assign a probability of default. A hypothetical change in the credit rating up or down one notch could result in a significant change in the fair value of the Support Agreement. Fair Value of Financial Instruments The fair values of certain of our financial instruments (cash, accounts receivable, amounts due to/from unconsolidated affiliates with original maturities of less than 90 days, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts because of the short-term nature of these instruments. Investments in life insurance contracts that we hold in support of our Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans are carried at cash surrender values, which represent the amount of cash that could be realized under the contracts. The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets. FAIR VALUE OF FINANCIAL INSTRUMENTS (Dollars in millions) Carrying Fair value Level 1 Level 2 Level 3 Total March 31, 2024 Sempra: Long-term note receivable (1) $ 338 $ — $ — $ 321 $ 321 Long-term amounts due to unconsolidated affiliates 298 — 270 — 270 Total long-term debt (2) 29,125 — 26,679 — 26,679 SDG&E: Total long-term debt (3) $ 8,950 $ — $ 7,915 $ — $ 7,915 SoCalGas: Total long-term debt (4) $ 7,259 $ — $ 6,820 $ — $ 6,820 December 31, 2023 Sempra: Long-term note receivable (1) $ 334 $ — $ — $ 318 $ 318 Long-term amounts due to unconsolidated affiliates 312 — 283 — 283 Total long-term debt (2) 27,716 — 25,617 — 25,617 SDG&E: Total long-term debt (3) $ 8,750 $ — $ 7,856 $ — $ 7,856 SoCalGas: Total long-term debt (4) $ 6,759 $ — $ 6,442 $ — $ 6,442 (1) Before allowances for credit losses of $6 at March 31, 2024 and December 31, 2023. Excludes unamortized transaction costs of $4 at March 31, 2024 and December 31, 2023. (2) Before reductions of unamortized discount and debt issuance costs of $343 and $322 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $1,330 and $1,340 at March 31, 2024 and December 31, 2023, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $100 and $89 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $1,224 and $1,233 at March 31, 2024 and December 31, 2023, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $62 and $55 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $106 and $107 at March 31, 2024 and December 31, 2023, respectively. We provide the fair values for the securities held in the NDT related to SONGS in Note 10. |
SEMPRA - EQUITY AND EARNINGS PE
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
SEMPRA – EQUITY AND EARNINGS PER COMMON SHARE | SEMPRA – EQUITY AND EARNINGS PER COMMON SHARE PREFERRED STOCK On May 2, 2024, Sempra filed an amendment to its amended and restated articles of incorporation to implement the revocation of the series A preferred stock and series B preferred stock, all of which had previously been converted to Sempra common stock, thereby decreasing the number of authorized shares of series A preferred stock from 17,250,000 to zero and series B preferred stock from 5,750,000 to zero. Effective as of May 2, 2024, each such series of stock is no longer an authorized series of Sempra’s capital stock. COMMON STOCK SPLIT IN THE FORM OF A STOCK DIVIDEND On August 2, 2023, Sempra’s board of directors declared a two-for-one split of Sempra’s common stock in the form of a 100% stock dividend for shareholders of record at the close of business on August 14, 2023. Each such shareholder of record received one additional share of Sempra common stock for every then-held share of Sempra common stock, which was distributed after the close of trading on August 21, 2023. Sempra’s common stock began trading on a post-split basis effective August 22, 2023. Sempra’s common stock continues to have no par value with 1,125,000,000 authorized shares. Except as expressly noted, all share and per share information related to issued and outstanding common stock and outstanding equity awards with respect to common stock has been retroactively adjusted to reflect the stock split and is presented on a post-split basis herein. COMMON STOCK OFFERING In November 2023, we completed the offering of 17,142,858 shares of our common stock, no par value, in a registered public offering at $70.00 per share ($68.845 per share after deducting underwriting discounts), pursuant to forward sale agreements. We discuss the common stock offering in Note 14 of the Notes to Consolidated Financial Statements in the Annual Report. As of May 7, 2024, a total of 17,142,858 shares of Sempra common stock from our November 2023 offering remain subject to future settlement under these forward sale agreements, which may be settled on one or more dates specified by us occurring no later than December 31, 2024, which is the final settlement date under the agreements. Although we expect to settle the forward sale agreements entirely by the physical delivery of shares of our common stock in exchange for cash proceeds, we may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements. The forward sale agreements are also subject to acceleration by the counterparties to the agreements upon the occurrence of certain events. COMMON STOCK REPURCHASES In the three months ended March 31, 2024 and 2023, we withheld 552,799 shares for $40 million and 393,404 shares for $31 million, respectively, of our common stock that would otherwise be issued to long-term incentive plan participants who do not elect otherwise upon the vesting of RSUs and exercise of stock options in an amount sufficient to satisfy minimum statutory tax withholding requirements. Such share withholding is considered a share repurchase for accounting purposes. NONCONTROLLING INTERESTS Ownership interests in a consolidated entity that are held by unconsolidated owners are accounted for and reported as NCI. The following table summarizes net income attributable to Sempra and transfers (to) from NCI, which shows the effects of changes in Sempra’s ownership interest in its subsidiaries on Sempra’s shareholders’ equity. NET INCOME ATTRIBUTABLE TO SEMPRA AND TRANSFERS (TO) FROM NCI (Dollars in millions) Three months ended Sempra: Net income attributable to Sempra $ 980 Transfers (to) from NCI: Increase in shareholders’ equity for sale of NCI 18 Net transfers (to) from NCI 18 Change from net income attributable to Sempra and transfers (to) from NCI $ 998 SI Partners Subsidiaries Sale of NCI to ConocoPhillips Affiliate. In March 2023, an indirect subsidiary of SI Partners completed the sale of an indirect 30% interest in an SI Partners subsidiary (resulting in an indirect 30% NCI in the PA LNG Phase 1 project) to an affiliate of ConocoPhillips for aggregate cash consideration of $265 million, before post-closing adjustments recorded subsequently. As a result of this sale, we recorded a $237 million increase in equity held by NCI and an increase in Sempra’s shareholders’ equity of $18 million, net of $3 million in transaction costs and $7 million in tax expense. The indirect subsidiary of SI Partners and the ConocoPhillips affiliate have made certain customary capital contribution commitments to fund their respective pro rata equity share of the total anticipated capital calls for the equity portion of the anticipated development costs of the PA LNG Phase 1 project. In addition, both SI Partners and ConocoPhillips have provided guarantees relating to their respective affiliate’s commitment to make its pro rata equity share of capital contributions to fund 110% of the development budget of the PA LNG Phase 1 project, in an aggregate amount of up to $9.0 billion. SI Partners’ guarantee covers 70% of this amount plus enforcement costs of its guarantee. As of March 31, 2024, an aggregate amount of $2.2 billion has been paid by SI Partners’ indirect subsidiary in satisfaction of its commitment to fund its portion of the development budget of the PA LNG Phase 1 project. EARNINGS PER COMMON SHARE Basic EPS is calculated by dividing earnings attributable to common shares by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential dilution of common stock equivalent shares that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. EARNINGS PER COMMON SHARE COMPUTATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months ended March 31, 2024 2023 Sempra: Numerator: Earnings attributable to common shares $ 801 $ 969 Denominator: Weighted-average common shares outstanding for basic EPS (1) 632,821 629,838 Dilutive effect of common shares sold forward 673 — Dilutive effect of stock options and RSUs (2) 1,860 2,410 Weighted-average common shares outstanding for diluted EPS 635,354 632,248 EPS: Basic $ 1.27 $ 1.54 Diluted $ 1.26 $ 1.53 (1) Includes 624 and 721 fully vested RSUs held in our Deferred Compensation Plan for the three months ended March 31, 2024 and 2023, respectively. These fully vested RSUs are included in weighted-average common shares outstanding for basic EPS because there are no conditions under which the corresponding shares will not be issued. (2) Due to market fluctuations of both Sempra common stock and the comparative indices used to determine the vesting percentage of our total shareholder return performance-based RSUs, which we discuss in Note 10 of the Notes to Consolidated Financial Statements in the Annual Report, dilutive RSUs may vary widely from period-to-period. The potentially dilutive impact from stock options and RSUs is calculated under the treasury stock method. Under this method, proceeds based on the exercise price and unearned compensation are assumed to be used to repurchase shares on the open market at the average market price for the period, reducing the number of potential new shares to be issued and sometimes causing an antidilutive effect. The computation of diluted EPS for the three months ended March 31, 2024 and 2023 excludes 1,356,470 and 360,030 potentially dilutive shares, respectively, because to include them would be antidilutive for the period. However, these shares could potentially dilute basic EPS in the future. The potentially dilutive impact from the forward sale of our common stock pursuant to the forward sale agreements that we discuss above is reflected in our diluted EPS calculation using the treasury stock method. We anticipate there will be a dilutive effect on our EPS when the average market price of our common stock shares is above the applicable adjusted forward sale price, subject to increase or decrease based on the overnight bank funding rate, less a spread, and subject to decrease by amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements. Additionally, if we decide to physically settle or net share settle the forward sale agreements, delivery of our shares to the forward purchasers on any such physical settlement or net share settlement of the forward sale agreements would result in dilution to our EPS. In January 2024, pursuant to Sempra’s share-based compensation plans, the Compensation and Talent Development Committee of Sempra’s board of directors granted 414,812 nonqualified stock options, 702,194 performance-based RSUs and 288,806 service-based RSUs. We discuss share-based compensation plans and related awards and the terms and conditions of Sempra’s equity securities further in Notes 10, 13 and 14 of the Notes to Consolidated Financial Statements in the Annual Report. |
SAN ONOFRE NUCLEAR GENERATING S
SAN ONOFRE NUCLEAR GENERATING STATION | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
SAN ONOFRE NUCLEAR GENERATING STATION | REGULATORY MATTERS REGULATORY ASSETS AND LIABILITIES We discuss regulatory matters in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and provide updates to those discussions and information about new regulatory matters below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Fixed-price contracts and other derivatives $ 50 $ 215 $ 26 $ 14 $ 24 $ 201 Deferred income taxes recoverable in rates 1,327 1,142 668 626 573 430 Pension and PBOP plan obligations (194) (212) 58 48 (252) (260) Employee benefit costs 24 24 3 3 21 21 Removal obligations (3,156) (3,082) (2,534) (2,468) (622) (614) Environmental costs 148 139 115 105 33 34 Sunrise Powerlink fire mitigation 125 124 125 124 — — Regulatory balancing accounts (1)(2) : Commodity – electric (180) (233) (180) (233) — — Commodity – gas, including transportation (280) (259) 42 52 (322) (311) Safety and reliability 1,044 959 221 207 823 752 Public purpose programs (361) (273) (162) (144) (199) (129) Wildfire mitigation plan 735 685 735 685 — — Liability insurance premium 110 113 86 90 24 23 Other balancing accounts (112) 373 (282) (152) 170 525 Other regulatory (liabilities) assets, net (2) (85) (10) 27 49 (110) (58) Total $ (805) $ (295) $ (1,052) $ (994) $ 163 $ 614 (1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. CPUC GRC The CPUC uses GRCs to set revenues to allow SDG&E and SoCalGas to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In May 2022, SDG&E and SoCalGas filed their 2024 GRC applications requesting CPUC approval of test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027. SDG&E and SoCalGas requested revenue requirements for 2024 of $3.0 billion and $4.4 billion, respectively. SDG&E and SoCalGas proposed post-test year revenue requirement changes using various mechanisms that are estimated to result in annual increases of approximately 8% to 11% at SDG&E and approximately 6% to 8% at SoCalGas. Intervening parties have proposed various adjustments to SDG&E’s and SoCalGas’ revenue requirement requests. In October 2022, the CPUC issued a scoping ruling that set a schedule for the proceeding, including the expected issuance of a proposed decision in the second quarter of 2024. The CPUC has authorized SDG&E and SoCalGas to recognize the effects of the 2024 GRC final decision retroactive to January 1, 2024. In October 2023, SDG&E submitted a separate request to the CPUC in its 2024 GRC describing $2.2 billion in costs to implement its wildfire mitigation plans from 2019 through 2022, and seeking review and recovery of the incremental wildfire mitigation plan costs incurred during that period, totaling $1.5 billion. SDG&E expects to receive a proposed decision on this request in late 2024. In February 2024, the CPUC approved an interim cost recovery mechanism that would permit SDG&E to recover in rates $194 million of its wildfire mitigation plan regulatory account balance in 2024 and, if a recovery mechanism is not in place by January 1, 2025, an additional $96 million in 2025. Such recovery of SDG&E’s wildfire mitigation plan regulatory account balance will be subject to reasonableness review by the CPUC. SDG&E also expects to submit a separate request for review and recovery of its 2023 wildfire mitigation plan costs in late 2024. SDG&E and SoCalGas recorded CPUC-authorized revenues in the three months ended March 31, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending. The results of the 2024 GRC may materially differ from what is contained in the GRC applications. CPUC COST OF CAPITAL The CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and was to remain in effect through December 31, 2025, subject to the CCM. The CPUC has issued a ruling to initiate a second phase of this cost of capital proceeding to evaluate potential modifications to the CCM. We expect a proposed decision on the second phase in the second half of 2024. AUTHORIZED COST OF CAPITAL FOR 2023 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. The CCM was triggered for SDG&E and SoCalGas on September 30, 2023. In December 2023, the CPUC approved increases to SDG&E’s and SoCalGas’ authorized rates of return effective January 1, 2024, which are in effect through December 31, 2025, subject to the CCM. In January 2024, several parties submitted a request for the CPUC to review such approval. In March 2024, the CPUC issued a proposed decision denying the intervenor petition seeking to suspend the CCM and its resulting changes that became effective on January 1, 2024. We expect a final decision in the second quarter of 2024. AUTHORIZED COST OF CAPITAL FOR 2024 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.34 % 1.96 % Long-Term Debt 45.60 % 4.54 % 2.07 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.65 5.54 Common Equity 52.00 10.50 5.46 100.00 % 7.67 % 100.00 % 7.67 % FERC RATE MATTERS SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s currently effective TO5 settlement provides for a ROE of 10.60%, consisting of a base ROE of 10.10% plus an additional 50 bps for participation in the California ISO (the California ISO adder). If the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder, SDG&E would refund the California ISO adder as of the refund effective date (June 1, 2019) or such other date set by the FERC if such a refund is determined to be required by the terms of the TO5 settlement. The TO5 settlement will remain in effect until terminated by a notice provided at least six months before the end of the calendar year. Following any such notice, SDG&E would file an updated rate request with an effective date of January 1 of the following year. We provide below updates to ongoing matters related to SONGS, a nuclear generating facility near San Clemente, California that permanently ceased operations in June 2013, and in which SDG&E has a 20% ownership interest. We discuss SONGS further in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report. NUCLEAR DECOMMISSIONING AND FUNDING As a result of Edison’s decision to permanently retire SONGS Units 2 and 3, Edison began the decommissioning phase of the plant. Major decommissioning work began in 2020. We expect the majority of the decommissioning work to be completed around 2030. Decommissioning of Unit 1, removed from service in 1992, is largely complete. The remaining work for Unit 1 will be completed once Units 2 and 3 are dismantled and the spent fuel is removed from the site. The spent fuel is currently being stored on-site, until the DOE identifies a spent fuel storage facility and puts in place a program for the fuel’s disposal. SDG&E is responsible for approximately 20% of the total decommissioning cost. In accordance with state and federal requirements and regulations, SDG&E has assets held in the NDT to fund its share of decommissioning costs for SONGS Units 1, 2 and 3. Amounts that were collected in rates for SONGS’ decommissioning are invested in the NDT, which is comprised of externally managed trust funds. Amounts held by the NDT are invested in accordance with CPUC regulations. SDG&E classifies debt and equity securities held in the NDT as available-for-sale. The NDT assets are presented on the Sempra and SDG&E Condensed Consolidated Balance Sheets at fair value with the offsetting credits recorded in noncurrent Regulatory Liabilities. Except for the use of funds for the planning of decommissioning activities or NDT administrative costs, CPUC approval is required for SDG&E to access the NDT assets to fund SONGS decommissioning costs for Units 2 and 3. In December 2023, the CPUC granted SDG&E authorization to access NDT funds of up to $79 million for forecasted 2024 costs. Nuclear Decommissioning Trusts The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Condensed Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 8. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated March 31, 2024 Short-term investments, primarily cash equivalents $ 28 $ — $ — $ 28 Equity securities 89 239 (3) 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) 59 1 (1) 59 Municipal bonds (2) 277 2 (9) 270 Other securities (3) 231 1 (10) 222 Total debt securities 567 4 (20) 551 Receivables (payables), net (18) — — (18) Total $ 666 $ 243 $ (23) $ 886 December 31, 2023 Short-term investments, primarily cash equivalents $ 21 $ — $ — $ 21 Equity securities 89 225 (2) 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 50 2 (1) 51 Municipal bonds 280 3 (8) 275 Other securities 228 3 (11) 220 Total debt securities 558 8 (20) 546 Receivables (payables), net (7) — — (7) Total $ 661 $ 233 $ (22) $ 872 (1) Maturity dates are 2025 - 2054. (2) Maturity dates are 2024 - 2062. (3) Maturity dates are 2024 - 2072. The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Three months ended March 31, 2024 2023 Proceeds from sales $ 181 $ 156 Gross realized gains 14 2 Gross realized losses (2) (3) Net unrealized gains and losses, as well as realized gains and losses that are reinvested in the NDT, are included in noncurrent Regulatory Liabilities on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. ASSET RETIREMENT OBLIGATION The present value of SDG&E’s asset retirement obligation related to decommissioning costs for all three SONGS units was $497 million at March 31, 2024 and is based on a cost study prepared in 2020 that is pending CPUC approval. SDG&E expects to receive a proposed decision in the third quarter of 2024. NUCLEAR INSURANCE SDG&E and the other owners of SONGS have insurance to cover claims from nuclear liability incidents arising at SONGS. Currently, this insurance provides $500 million in coverage limits, the maximum amount available, including coverage for acts of terrorism. In addition, the Price-Anderson Act provides an additional $1.5 billion of coverage. If a nuclear liability loss occurs at SONGS and exceeds the $500 million insurance limit, this additional coverage would be available to provide a total of $2.0 billion in coverage limits per incident. The SONGS owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirement of $50 million. This insurance coverage is provided through NEIL. The NEIL policies have specific exclusions and limitations that can result in reduced coverage. Insured members as a group are subject to retrospective premium assessments to cover losses sustained by NEIL under all issued policies. SDG&E could be assessed up to $2 million of retrospective premiums based on overall member claims. The nuclear property insurance program includes an industry aggregate loss limit for non-certified acts of terrorism (as defined by the Terrorism Risk Insurance Act) of $3.24 billion. This is the maximum amount that will be paid to insured members who suffer losses or damages from these non-certified terrorist acts. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS We accrue losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued, may exceed, and in some cases have exceeded, applicable insurance coverage and could materially adversely affect our business, results of operations, financial condition, cash flows and/or prospects. Unless otherwise indicated, we are unable to reasonably estimate possible losses or a range of losses in excess of any amounts accrued. At March 31, 2024, loss contingency accruals for legal matters that are probable and estimable were $57 million for Sempra, including $31 million for SoCalGas. SDG&E City of San Diego Franchise Agreement In 2021, two lawsuits were filed in the California Superior Court challenging various aspects of the natural gas and electric franchise agreements granted by the City of San Diego to SDG&E. Both lawsuits ultimately sought to void the franchise agreements. In one of the cases, judgment was granted in favor of SDG&E and the City of San Diego, and the plaintiff in that case has appealed. In the second case, the court ruled in favor of SDG&E and the City of San Diego, upholding all terms of the franchise agreements, except for the two-thirds City Council vote requirement for termination if the City decides to terminate under certain circumstances. Under the court’s ruling, the City can instead terminate on a majority vote, so long as it satisfies repayment provisions under the franchise agreements. This matter is subject to an appeal and a motion for reconsideration. SoCalGas Aliso Canyon Natural Gas Storage Facility Gas Leak From October 23, 2015 through February 11, 2016, SoCalGas experienced a natural gas leak from one of the injection-and-withdrawal wells, SS25, at its Aliso Canyon natural gas storage facility in Los Angeles County. Litigation. In September 2021, SoCalGas and Sempra entered into an agreement with counsel to resolve approximately 390 lawsuits including approximately 36,000 plaintiffs (the Individual Plaintiffs) then pending against SoCalGas and Sempra related to the Leak for a payment of up to $1.8 billion. Over 99% of the Individual Plaintiffs participated and submitted valid releases, and SoCalGas paid $1.79 billion in 2022 under the agreement. The Individual Plaintiffs who did not participate in the settlement (the Non-Settling Individual Plaintiffs) are able to continue to pursue their claims. As of April 30, 2024, there are approximately 96 Non-Settling Individual Plaintiffs remaining. In addition, as of April 30, 2024, new lawsuits related to the Leak on behalf of approximately 436 new plaintiffs have been filed against SoCalGas and Sempra since the September 2021 settlement. The Non-Settling Individual Plaintiffs’ cases and new plaintiffs’ cases are coordinated before a single court in the Los Angeles County Superior Court for pretrial management under a consolidated master complaint filed in November 2017, with one plaintiff’s case proceeding under a separate complaint. Both the consolidated master complaint and the separate complaint assert negligence, negligence per se, strict liability, negligent and intentional infliction of emotional distress and fraudulent concealment. The consolidated master complaint asserts additional causes of action for private and public nuisance (continuing and permanent), trespass, inverse condemnation, loss of consortium and wrongful death against SoCalGas and Sempra. The separate complaint asserts an additional cause of action for assault and battery. Both complaints seek compensatory and punitive damages for personal injuries, lost wages and/or lost profits, costs of future medical monitoring, and attorneys’ fees. The consolidated master complaint also seeks property damage and diminution in property value, injunctive relief and civil penalties. Regulatory Proceeding. In February 2017, the CPUC opened proceeding SB 380 OII to determine the feasibility of minimizing or eliminating the use of the Aliso Canyon natural gas storage facility while still maintaining energy and electric reliability for the region, but excluding issues with respect to air quality, public health, causation, culpability or cost responsibility regarding the Leak. The first phase of the proceeding established a framework for the hydraulic, production cost and economic modeling assumptions for the potential reduction in usage or elimination of the Aliso Canyon natural gas storage facility, as well as evaluating the impacts of reducing or eliminating the Aliso Canyon natural gas storage facility using the established framework and models. The next phase of the proceeding included engaging a consultant to analyze alternative means for meeting or avoiding the demand for the facility’s services if it were eliminated in either the 2027 or 2035 timeframe, and to address potential implementation of alternatives to the Aliso Canyon natural gas storage facility if the CPUC determines that the Aliso Canyon natural gas storage facility should be permanently closed. The CPUC also added all California IOUs as parties to the proceeding and encouraged all load serving entities in the Los Angeles Basin to join the proceeding. In August 2023, the CPUC issued a decision on the interim range of gas inventory levels at the Aliso Canyon natural gas storage facility, setting an interim range of gas inventory levels of up to 68.6 Bcf. The CPUC may issue future changes to this interim range of authorized gas inventory levels before issuing a final decision within the SB 380 OII proceeding. At March 31, 2024, the Aliso Canyon natural gas storage facility had a net book value of $1.0 billion. If the Aliso Canyon natural gas storage facility were to be permanently closed or if future cash flows from its operation were otherwise insufficient to recover its carrying value, we may record an impairment of the facility, which could be material, and natural gas reliability and electric generation could be jeopardized. Accounting and Other Impacts. At March 31, 2024, $29 million is accrued in Other Current Liabilities and $2 million is accrued in Deferred Credits and Other on SoCalGas’ and Sempra’s Condensed Consolidated Balance Sheets. These accruals do not include any amounts in excess of what has been reasonably estimated to resolve certain matters that we describe in “Litigation” above, nor any amounts that may be necessary to resolve threatened litigation, other potential litigation or other costs. We are not able to reasonably estimate the possible loss or a range of possible losses in excess of the amounts accrued, which could be significant and could have a material adverse effect on SoCalGas’ and Sempra’s results of operations, financial condition, cash flows and/or prospects. Other Sempra Energía Costa Azul We describe below certain land disputes and permit challenges affecting our ECA Regas Facility. Certain of these land disputes involve land on which portions of the ECA LNG liquefaction facilities under construction and in development are expected to be situated or on which portions of the ECA Regas Facility that would be necessary for the operation of such ECA LNG liquefaction facilities are situated. One or more unfavorable final decisions on these disputes or challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects. Land Disputes. Sempra Infrastructure has been engaged in a long-running land dispute with a claimant relating to property adjacent to its ECA Regas Facility that allegedly overlaps with land owned by the ECA Regas Facility (the facility, however, is not situated on the land that is the subject of this dispute), as follows: ▪ The claimant to the adjacent property filed complaints in the federal Agrarian Court challenging the refusal of SEDATU in 2006 to issue title to him for the disputed property. In November 2013, the federal Agrarian Court ordered that SEDATU issue the requested title to the claimant and cause it to be registered. Both SEDATU and Sempra Infrastructure challenged the ruling due to lack of notification of the underlying process. In May 2019, a federal court in Mexico reversed the ruling and ordered a retrial, which is pending resolution. ▪ In a separate proceeding, the claimant filed suit to reinitiate an administrative procedure at SEDATU to obtain the property title that, as described above, had previously been issued in a ruling by the federal Agrarian Court and subsequently reversed by a federal court in Mexico. In April 2021, the proceeding in the Agrarian Court concluded with the court ordering that the administrative procedure be restarted. The administrative procedure at SEDATU may continue if SEDATU decides to reopen the matter. In addition, the plaintiff filed a claim in the federal Agrarian Court that seeks to annul the property title for a portion of the land on which the ECA Regas Facility is situated and to obtain possession of a different parcel that allegedly overlaps with the site of the ECA Regas Facility. The proceeding, which seeks an order that SEDATU annul the ECA Regas Facility’s competing property title, was initiated in 2006 and, in July 2021, a decision was issued in favor of the ECA Regas Facility. The plaintiff appealed and, in February 2022, the appellate court confirmed the ruling in favor of the ECA Regas Facility and dismissed the appeal. The plaintiff filed a federal appeal against the appellate court ruling. A ruling from the Federal Collegiate Circuit Court is pending. Environmental and Social Impact Permits. Several administrative challenges are pending before Mexico’s Secretariat of Environment and Natural Resources (the Mexican environmental protection agency) and Federal Tax and Administrative Courts, seeking revocation of the environmental impact authorization issued to the ECA Regas Facility in 2003. These cases generally allege that the conditions and mitigation measures in the environmental impact authorization are inadequate and challenge findings that the activities of the terminal are consistent with regional development guidelines. In 2018 and 2021, three related claimants filed separate challenges in the federal district court in Ensenada, Baja California seeking revocation of the environmental and social impact permits issued by each of ASEA and SENER to ECA LNG authorizing natural gas liquefaction activities at the ECA Regas Facility, as follows: ▪ In the first case, the court issued a provisional injunction against the permits in September 2018. In December 2018, ASEA approved modifications to the environmental permit that facilitate the development of the proposed natural gas liquefaction facility in two phases. In May 2019, the court canceled the provisional injunction. The claimant appealed the court’s decision to cancel the injunction but was not successful. The lower court’s ruling was favorable to the ECA Regas Facility, as the court determined that no harm has been caused to the plaintiff and dismissed the lawsuit. The claimant appealed and the appellate court’s ruling is pending. ▪ In the second case, the initial request for a provisional injunction against the permits was denied. That decision was reversed on appeal in January 2020, resulting in the issuance of a new injunction against the permits that were issued by ASEA and SENER. This injunction has uncertain application absent clarification by the court. The claimants petitioned the court to rule that construction of natural gas liquefaction facilities violated the injunction and, in February 2022, the court ruled in favor of the ECA Regas Facility, holding that the natural gas liquefaction construction activities did not violate the injunction. The claimants appealed this ruling but were not successful. The lower court’s ruling was favorable to the ECA Regas Facility, as the court determined that no harm has been caused to the plaintiffs and dismissed the lawsuit. The claimants appealed and the appellate court’s ruling is pending. ▪ In the third case, a group of residents filed a complaint in June 2021 against various federal and state authorities alleging deficiencies in the public consultation process for the issuance of the permits. The request for an initial injunction was denied. The claimants appealed this ruling but were not successful. The lower court’s ruling was favorable to the ECA Regas Facility, as the court determined that no harm has been caused to the plaintiffs and dismissed the lawsuit. The claimants appealed and the appellate court’s ruling is pending. Port Arthur LNG The PA LNG Phase 1 project holds two Clean Air Act, Prevention of Significant Deterioration permits issued by the TCEQ, which we refer to as the “2016 Permit” and the “2022 Permit.” The 2022 Permit also governs emissions for the proposed PA LNG Phase 2 project. In November 2023, a panel of the U.S. Court of Appeals for the Fifth Circuit issued a decision to vacate and remand the 2022 Permit to the TCEQ for additional explanation of the agency’s permit decision. In February 2024, the court withdrew its opinion and referred the case to the Supreme Court of Texas to resolve the question of the appropriate standard to be applied by the TCEQ. The 2022 Permit is effective during the Texas Supreme Court’s review. The 2016 Permit was not the subject of, and is unaffected by, the pending litigation of the 2022 Permit. Construction of the PA LNG Phase 1 project is proceeding uninterrupted under existing permits, and we do not currently anticipate material impacts to the PA LNG Phase 1 project cost, schedule or expected commercial operations at this stage. Litigation Related to Regulatory and Other Actions by the Mexican Government Amendments to Mexico’s Electricity Industry Law. In March 2021, the Mexican government published a decree with amendments to Mexico’s Electricity Industry Law that include some public policy changes, including establishing priority of dispatch for CFE plants over privately owned plants. The decree further purports to permit the CRE to revoke self-supply permits granted under the former electricity law, which were grandfathered when the new Electricity Industry Law was enacted, if it considers them to have been obtained improperly. According to the decree, these amendments were to become effective in March 2021, and SENER, the CRE and Centro Nacional de Control de Energía (Mexico’s National Center for Energy Control) were to have 180 calendar days to modify, as necessary, all resolutions, policies, criteria, manuals and other regulations applicable to the power industry to conform with this decree. Numerous legal actions were taken against the decree, which resulted in Mexican courts issuing a suspension of the decree later in March 2021, pending resolution of such actions. In April 2022, the Mexican Supreme Court resolved an action of unconstitutionality filed by a group of senators against the amended Electricity Industry Law. The super majority needed to find the amendment unconstitutional was not reached and the proceeding was therefore dismissed, leaving the amended Electricity Industry Law in place. However, the Court nevertheless found certain of the amendments, including the priority of dispatch for the CFE and other provisions that granted preference to the CFE over private companies, were invalid. In January 2024, the Second Chamber of the Mexican Supreme Court definitively resolved an amparo in a separate case brought by a third party and ruled that certain provisions of the amendments of the Electricity Industry Law are unconstitutional, including the priority of dispatch for the CFE and other provisions that granted preference to the CFE over private companies. The Court also dismissed an amparo relating to the provision of the decree applicable to self-supply permits granted under the former electricity law, and established that its decision applies generally over all participants. Sempra Infrastructure filed three lawsuits challenging the amendments to the Electricity Industry Law, including one concerning the provision permitting revocation of self-supply permits deemed improperly obtained. In each of them, Sempra Infrastructure obtained a favorable judgment in the lower court, all of which were challenged by the CRE. Final resolution is pending in the Second Collegiate Court. That court must follow the criteria established by the Mexican Supreme Court in January 2024, which would require dismissal of the lawsuit challenging the provision permitting revocation of self-supply permits. In such case, the CRE may be required to seek to revoke such self-supply permits, under a legal standard that is ambiguous and not well defined under the law. Sempra Infrastructure supplies power pursuant to self-supply permits, and would be permitted to file amparos challenging the constitutionality of any such action. If such self-supply permits are revoked, it may result in increased costs for Sempra Infrastructure and for its power consumers, adversely affect our ability to develop new projects, result in decreased revenues and cash flows, and negatively impact our ability to recover the carrying values of our investments in Mexico, any of which could have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects. RBS Sempra Commodities – Resolved Sempra holds an equity method investment in RBS Sempra Commodities, a limited liability partnership in the process of being liquidated. In 2015, liquidators filed a claim in the High Court of Justice against The Royal Bank of Scotland plc (now NatWest Markets plc, our partner in the JV) and Mercuria Energy Europe Trading Limited (the Defendants) on behalf of 10 companies (the Liquidating Companies) that engaged in carbon credit trading via chains that included a company that traded directly with RBS Sempra Energy Europe, a subsidiary of RBS Sempra Commodities. The claim alleged that the Defendants’ participation in the purchase and sale of carbon credits resulted in the Liquidating Companies’ carbon credit trading transactions creating a VAT liability they were unable to pay, and that the Defendants were liable to provide for equitable compensation due to dishonest assistance and compensation under the U.K. Insolvency Act of 1986. In January 2024, the parties settled the Liquidating Companies’ claim against the Defendants to fully resolve the matter; our share of such settlement was approximately £7.9 million (approximately $10 million in U.S. dollars at December 31, 2023). For the year ended December 31, 2023, we recorded $40 million in equity earnings from our investment in RBS Sempra Commodities to reduce our estimate of our obligations to settle these VAT matters and related legal costs based on the settlement reached with the Liquidating Companies in January 2024. Asbestos Claims Against EFH Subsidiaries Certain EFH subsidiaries that we acquired as part of the merger of EFH with an indirect subsidiary of Sempra were defendants in personal injury lawsuits brought in state courts throughout the U.S. These cases alleged illness or death as a result of exposure to asbestos in power plants designed and/or built by companies whose assets were purchased by predecessor entities to the EFH subsidiaries, and generally assert claims for product defects, negligence, strict liability and wrongful death. They sought compensatory and punitive damages. As of April 30, 2024, no lawsuits are pending. Additionally, approximately 28,000 proofs of claim were filed, but not discharged, in advance of a December 2015 deadline to file a proof of claim in the EFH bankruptcy proceeding on behalf of persons who allege exposure to asbestos under similar circumstances and assert the right to file such lawsuits in the future. The costs to defend or resolve such claims and the amount of damages that may be incurred could have a material adverse effect on Sempra’s results of operations, financial condition, cash flows and/or prospects. Ordinary Course Litigation We are also defendants in ordinary routine litigation incidental to our businesses, including personal injury, employment litigation, product liability, property damage and other claims. Juries have demonstrated an increasing willingness to grant large awards, including punitive damages, in these types of cases. LEASES We discuss leases further in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report. Lessee Accounting We have operating and finance leases for real and personal property (including office space, land, fleet vehicles, aircraft, machinery and equipment, warehouses and other operational facilities) and PPAs with renewable energy, energy storage and peaker plant facilities. Leases That Have Not Yet Commenced SDG&E has entered into six PPAs, of which SDG&E expects two will commence in 2024, three will commence in 2025, and one will commence in 2026. SDG&E expects the future minimum lease payments to be $27 million in 2024, $59 million in 2025, $80 million in 2026, $82 million in both 2027 and 2028 and $834 million thereafter (through expiration in 2041). Lessor Accounting Sempra Infrastructure is a lessor for certain of its natural gas and ethane pipelines, compressor stations, liquid petroleum gas storage facilities, a rail facility and refined products terminals, which we account for as operating or sales-type leases. We provide information below for leases for which we are the lessor. LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions) Three months ended March 31, 2024 2023 Sempra – Sales-type leases: Interest income $ 1 $ 2 Total revenues from sales-type leases (1) $ 1 $ 2 Sempra – Operating leases: Fixed lease payments $ 89 $ 80 Variable lease payments 10 2 Total revenues from operating leases (1) $ 99 $ 82 Depreciation expense $ 18 $ 15 (1) Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations. CONTRACTUAL COMMITMENTS We discuss below significant changes in the first three months of 2024 to contractual commitments discussed in Note 16 of the Notes to Consolidated Financial Statements in the Annual Report. LNG Purchase Agreement Sempra Infrastructure has an SPA for the supply of LNG to the ECA Regas Facility. The commitment amount is calculated using a predetermined formula based on estimated forward prices of the index applicable from 2024 to 2029. Although this agreement specifies a number of cargoes to be delivered, under its terms, the supplier may divert certain cargoes, which would reduce amounts paid under the agreement by Sempra Infrastructure. At March 31, 2024, we expect the commitment amount to decrease by $144 million in 2024, increase by $22 million in 2025, $13 million in 2026, $5 million in 2027, decrease by $4 million in 2028 and $2 million thereafter (through contract termination in 2029) compared to December 31, 2023, reflecting changes in estimated forward prices since December 31, 2023 and actual transactions for the first three months of 2024. These LNG commitment amounts are based on the assumption that all LNG cargoes under the agreement are delivered, less those already confirmed to be diverted as of March 31, 2024. Actual LNG purchases in the current and prior years have been significantly lower than the maximum amount provided under the agreement due to the supplier electing to divert cargoes as allowed by the agreement. ENVIRONMENTAL ISSUES We disclose any proceeding under environmental laws to which a government authority is a party when the potential monetary sanctions, exclusive of interest and costs, exceed the lesser of $1 million or 1% of current assets, which was $56 million for Sempra, $20 million for SDG&E and $25 million for SoCalGas at March 31, 2024. |
SEMPRA - SEGMENT INFORMATION
SEMPRA - SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEMPRA – SEGMENT INFORMATION Sempra has three separately managed reportable segments, as follows: ▪ Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas. ▪ Sempra Texas Utilities holds our investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our indirect 50% interest in Sharyland Holdings L.P., which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Infrastructure includes the operating companies of our subsidiary, SI Partners, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally. Sempra Infrastructure owns a 70% interest in SI Partners. The cost of common services shared by the business segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Interest income and expense is recorded on intercompany loans. The loan balances and related interest are eliminated in consolidation. The following tables show selected information by segment from our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. Amounts labeled as “All other” in the following tables consist primarily of activities of parent organizations. SEGMENT INFORMATION (Dollars in millions) March 31, December 31, ASSETS Sempra California $ 54,513 $ 53,430 Sempra Texas Utilities 14,673 14,392 Sempra Infrastructure 20,422 19,430 All other 1,016 967 Intersegment receivables (1,020) (1,038) Total $ 89,604 $ 87,181 EQUITY METHOD INVESTMENTS Sempra Texas Utilities $ 14,661 $ 14,380 Sempra Infrastructure 2,118 2,129 All other 1 1 Total $ 16,780 $ 16,510 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended March 31, 2024 2023 REVENUES Sempra California $ 3,141 $ 5,415 Sempra Infrastructure 519 1,196 Adjustments and eliminations (1) — Intersegment revenues (1) (19) (51) Total $ 3,640 $ 6,560 DEPRECIATION AND AMORTIZATION Sempra California $ 521 $ 468 Sempra Infrastructure 72 69 All other 1 2 Total $ 594 $ 539 INTEREST INCOME Sempra California $ 3 $ 5 Sempra Infrastructure 5 15 All other 5 4 Total $ 13 $ 24 INTEREST EXPENSE Sempra California $ 205 $ 187 Sempra Infrastructure — 95 All other 100 84 Total $ 305 $ 366 INCOME TAX EXPENSE (BENEFIT) Sempra California $ 83 $ 101 Sempra Infrastructure 109 330 All other (20) (55) Total $ 172 $ 376 EQUITY EARNINGS Equity earnings, before income tax: Sempra Texas Utilities $ 2 $ 1 Sempra Infrastructure 132 131 134 132 Equity earnings, net of income tax: Sempra Texas Utilities 183 83 Sempra Infrastructure 31 4 214 87 Total $ 348 $ 219 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES Sempra California $ 582 $ 618 Sempra Texas Utilities 183 83 Sempra Infrastructure 131 315 All other (95) (47) Total $ 801 $ 969 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT Sempra California $ 1,143 $ 1,082 Sempra Infrastructure 790 744 All other — 4 Total $ 1,933 $ 1,830 (1) Revenues for reportable segments include intersegment revenues of $5 and $14 for the three months ended March 31, 2024 and $5 and $46 for the three months ended March 31, 2023 for Sempra California and Sempra Infrastructure, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income attributable to Sempra | $ 812 | $ 980 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the most recent fiscal quarter, (i) the individual listed below, who was at the time a Sempra director or officer, adopted a Rule 10b5-1 trading arrangement with respect to the securities of Sempra, with the material terms described below; (ii) no Sempra directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement with respect to the securities of Sempra; and (iii) no SDG&E or SoCalGas directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement with respect to the securities of each such Registrant. As used herein, directors and officers are as defined in Rule 16a-1(f) under the Exchange Act, a Rule 10b5-1 trading arrangement is as defined in Item 408(a) of SEC Regulation S-K, and a non-Rule 10b5-1 trading arrangement is as defined in Item 408(c) of SEC Regulation S-K. The Rule 10b5-1 trading arrangement listed below is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. RULE 10B5-1 TRADING ARRANGEMENT (In the three months ended March 31, 2024) Name and title of the director or officer Date on which the director or officer adopted or terminated the trading arrangement Duration of the trading arrangement Aggregate number of securities to be purchased or sold pursuant to the trading arrangement Sempra: Peter R. Wall, Senior Vice President, Controller and Chief Accounting Officer March 19, 2024 From June 18, 2024 until all shares are sold or the trading arrangement is otherwise terminated 6,100 owned shares of Sempra common stock; all shares of Sempra common stock subject to 7,480 performance-based RSUs vesting in January and February of 2025 (1) , less shares to which Mr. Wall would otherwise be entitled that are withheld to satisfy minimum statutory tax withholding requirements; all shares of Sempra common stock subject to 5,876 performance-based RSUs vesting in January and February of 2026 (1) , less shares to which Mr. Wall would otherwise be entitled that are withheld to satisfy minimum statutory tax withholding requirements (1) Shares subject to the performance-based RSUs scheduled to vest in January and February of 2025 and 2026 generally will vest, in whole or in part, or be forfeited in early 2025 or early 2026, as applicable, based on our total shareholder return for the three-year performance period ending on January 2, 2025 and January 2, 2026, as applicable, and EPS growth (as adjusted for long-term incentive plan purposes) for the three-year performance period ending on December 31, 2024 and December 31, 2025, as applicable. The number of shares that will vest may range from 0% to 200% of the target number of shares (plus dividend equivalents) and cannot be ascertained until the performance period has ended and the Compensation and Talent Development Committee of Sempra’s board of directors has certified the results. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Peter R. Wall [Member] | |
Trading Arrangements, by Individual | |
Name | Peter R. Wall |
Title | Senior Vice President, Controller and Chief Accounting Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 19, 2024 |
Aggregate Available | 6,100 |
GENERAL INFORMATION AND OTHER_2
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION Sempra Sempra’s Condensed Consolidated Financial Statements include the accounts of Sempra, a California-based holding company, and its consolidated entities, which invest in, develop and operate energy infrastructure in North America, and provide electric and gas services to customers. Sempra has three separate reportable segments, which we describe in Note 12. In the fourth quarter of 2023, Sempra realigned its reportable segments to reflect changes in how the CODM oversees our three platforms: Sempra California, Sempra Texas Utilities and Sempra Infrastructure. Our former SDG&E and SoCalGas reportable segments were combined into one operating and reportable segment, Sempra California, which is consistent with how the CODM assesses performance due to the similarities of their operations, including geographic location and regulatory framework in California. Sempra’s historical segment disclosures have been restated to conform with the current presentation, so that all discussions reflect the revised segment information of its three reportable segments. All references in these Notes to our reportable segments are not intended to refer to any legal entity with the same or similar name. SDG&E SDG&E’s common stock is wholly owned by Enova Corporation, which is a wholly owned subsidiary of Sempra. SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one reportable segment. SoCalGas SoCalGas’ common stock is wholly owned by Pacific Enterprises, which is a wholly owned subsidiary of Sempra. SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one reportable segment. |
Basis of Presentation | BASIS OF PRESENTATION This is a combined report of Sempra, SDG&E and SoCalGas. We provide separate information for SDG&E and SoCalGas as required. We have eliminated intercompany accounts and transactions within the condensed consolidated financial statements of each Registrant. We have prepared our Condensed Consolidated Financial Statements in conformity with U.S. GAAP and in accordance with the interim period reporting requirements of Form 10-Q and applicable rules of the SEC. The financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods. These adjustments are only of a normal, recurring nature. Results of operations for interim periods are not necessarily indicative of results for the entire year or for any other period. We evaluated events and transactions that occurred after March 31, 2024 through the date the financial statements were issued and, in the opinion of management, the accompanying statements reflect all adjustments necessary for a fair presentation. All December 31, 2023 balance sheet information in the Condensed Consolidated Financial Statements has been derived from our audited 2023 Consolidated Financial Statements in the Annual Report. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the interim period reporting provisions of U.S. GAAP and the SEC. We describe our significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report and the impact of the adoption of new accounting standards on those policies in Note 2 below. We follow the same accounting policies for interim period reporting purposes. The information contained in this report should be read in conjunction with the Annual Report. |
Regulated Operations | REGULATED OPERATIONS SDG&E, SoCalGas and Sempra Infrastructure’s natural gas distribution utility, Ecogas, prepare their financial statements in accordance with the provisions of U.S. GAAP governing rate-regulated operations. We discuss revenue recognition and the effects of regulation at our utilities in Notes 3 and 4 below and in Notes 1, 3 and 4 of the Notes to Consolidated Financial Statements in the Annual Report. Our Sempra Texas Utilities segment is comprised of our equity method investments in holding companies that own interests in regulated electric transmission and distribution utilities in Texas. Our Sempra Infrastructure segment includes the operating companies of our subsidiary, SI Partners, as well as certain holding companies and risk management activity. Certain business activities at Sempra Infrastructure are regulated by the CRE and the FERC and meet the regulatory accounting requirements of U.S. GAAP. |
Variable Interest Entity | VARIABLE INTEREST ENTITIES We consolidate a VIE if we are the primary beneficiary of the VIE. Our determination of whether we are the primary beneficiary is based on qualitative and quantitative analyses, which assess: ▪ the purpose and design of the VIE; ▪ the nature of the VIE’s risks and the risks we absorb; ▪ the power to direct activities that most significantly impact the economic performance of the VIE; and ▪ the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. |
Credit Losses | CREDIT LOSSES We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable, amounts due from unconsolidated affiliates, our net investment in sales-type leases and a note receivable. We are also exposed to credit losses from off-balance sheet arrangements through Sempra’s guarantee related to Cameron LNG JV’s SDSRA, which we discuss in Note 5. We regularly monitor and evaluate credit losses and record allowances for expected credit losses, if necessary, for trade and other accounts receivable using a combination of factors, including past-due status based on contractual terms, trends in write-offs, the age of the receivables and customer payment patterns, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies, pandemics and other factors. We write off financial assets measured at amortized cost in the period in which we determine they are not recoverable. We record recoveries of amounts previously written off when it is known that they will be recovered. |
Interim Period Effective Tax Rate | Sempra, SDG&E and SoCalGas record income taxes for interim periods utilizing a forecasted ETR anticipated for the full year. Unusual and infrequent items and items that cannot be reliably estimated are recorded in the interim period in which they occur, which can result in variability in the ETR. |
Flow-Through Rate-Making Treatment Tax | For SDG&E and SoCalGas, the CPUC requires flow-through rate-making treatment for the current income tax benefit or expense arising from certain property-related and other temporary differences between the treatment for financial reporting and income tax, which will reverse over time. Under the regulatory accounting treatment required for these flow-through temporary differences, deferred income tax assets and liabilities are not recorded to deferred income tax expense, but rather to a regulatory asset or liability, which impacts the ETR. As a result, changes in the relative size of these items compared to pretax income, from period to period, can cause variations in the ETR. The following items are subject to flow-through treatment: ▪ repairs expenditures related to a certain portion of utility plant fixed assets ▪ the equity portion of AFUDC, which is non-taxable ▪ a portion of the cost of removal of utility plant assets ▪ utility self-developed software expenditures ▪ depreciation on a certain portion of utility plant assets ▪ state income taxes AFUDC related to equity recorded for regulated construction projects at Sempra Infrastructure has similar flow-through treatment. Under the IRA, in 2023, the scope of projects eligible for ITCs was expanded to include standalone energy storage projects, which are transferable under the IRA. The IRA also provided an election through 2024 that permits ITCs related to standalone energy storage projects to be returned to utility customers over a period that is shorter than the life of the applicable asset. In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting for gas repairs expenditures. Sempra intends to elect this change in tax accounting method in its consolidated 2023 income tax return filing, and Sempra, SDG&E and SoCalGas have applied this methodology in the calculation of their 2024 forecasted ETRs. Sempra, SDG&E, and SoCalGas record regulatory liabilities for benefits that will be flowed through to customers in the future. |
Derivative Financial Instruments | HEDGE ACCOUNTING We may designate a derivative as a cash flow hedging instrument if it effectively converts anticipated cash flows associated with revenues or expenses to a fixed dollar amount. We may utilize cash flow hedge accounting for derivative commodity instruments, foreign currency instruments and interest rate instruments. Designating cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk of variability of future cash flows of a given revenue or expense item, and other criteria. ENERGY DERIVATIVES Our market risk is primarily related to natural gas and electricity price volatility and the specific physical locations where we transact. We use energy derivatives to manage these risks. The use of energy derivatives in our various businesses depends on the particular energy market, and the operating and regulatory environments applicable to the business, as follows: ▪ SDG&E and SoCalGas use natural gas derivatives and SDG&E uses electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risk, and stabilizing and lowering natural gas and electricity costs. These derivatives include fixed-price natural gas and electricity positions, options, and basis risk instruments, which are either exchange-traded or over-the-counter financial instruments, or bilateral physical transactions. This activity is governed by risk management and transacting activity plans limited by company policy. SDG&E’s risk management and transacting activity plans for electricity derivatives are also required to be filed with, and have been approved by, the CPUC. SoCalGas is also subject to certain regulatory requirements and thresholds related to natural gas procurement under the GCIM. Natural gas and electricity derivative activities are recorded as commodity costs that are offset by regulatory account balances and are recovered in rates. Net commodity cost impacts on the Condensed Consolidated Statements of Operations are reflected in Cost of Natural Gas or in Cost of Electric Fuel and Purchased Power. ▪ SDG&E is allocated and may purchase CRRs, which serve to reduce the regional electricity price volatility risk that may result from local transmission capacity constraints. Unrealized gains and losses do not impact earnings, as they are offset by regulatory account balances. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations. ▪ Sempra Infrastructure may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of its assets which support the following businesses: LNG, natural gas pipelines and storage, and power generation. Gains and losses associated with undesignated derivatives are recognized in Energy-Related Businesses Revenues on the Condensed Consolidated Statements of Operations. ▪ From time to time, our various businesses, including SDG&E and SoCalGas, may use other derivatives to hedge exposures such as GHG allowances. INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. SDG&E and SoCalGas, as well as Sempra and its other subsidiaries and JVs, periodically enter into interest rate derivative agreements intended to moderate our exposure to interest rates and to lower our overall costs of borrowing. In addition, we may utilize interest rate swaps, typically designated as cash flow hedges, to lock in interest rates on outstanding debt or in anticipation of future financings. FOREIGN CURRENCY DERIVATIVES We may utilize cross-currency swaps to hedge exposure related to Mexican peso-denominated debt at our Mexican subsidiaries and JVs. These cash flow hedges exchange our Mexican peso-denominated principal and interest payments into the U.S. dollar and swap Mexican fixed interest rates for U.S. fixed interest rates. From time to time, Sempra Infrastructure and its JVs may use other foreign currency derivatives to hedge exposures related to cash flows associated with revenues from contracts denominated in Mexican pesos that are indexed to the U.S. dollar. We are also exposed to exchange rate movements at our Mexican subsidiaries and JVs, which have U.S. dollar-denominated cash balances, receivables, payables and debt (monetary assets and liabilities) that give rise to Mexican currency exchange rate movements for Mexican income tax purposes. They also have deferred income tax assets and liabilities denominated in the Mexican peso, which must be translated to U.S. dollars for financial reporting purposes. In addition, monetary assets and liabilities and certain nonmonetary assets and liabilities are adjusted for Mexican inflation for Mexican income tax purposes. We may utilize foreign currency derivatives as a means to manage the risk of exposure to significant fluctuations in our income tax expense and equity earnings from these impacts; however, we generally do not hedge our deferred income tax assets and liabilities or for inflation. CREDIT RISK RELATED CONTINGENT FEATURES For Sempra, SDG&E and SoCalGas, certain of our derivative instruments contain credit limits which vary depending on our credit ratings. Generally, these provisions, if applicable, may reduce our credit limit if a specified credit rating agency reduces our ratings. In certain cases, if our credit ratings were to fall below investment grade, the counterparty to these derivative liability instruments could request immediate payment or demand immediate and ongoing full collateralization. |
Fair Value Measurement | We have not changed the valuation techniques or types of inputs we use to measure recurring fair value since December 31, 2023. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 7 under “Financial Statement Presentation.” The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests). Our financial assets and liabilities that were accounted for at fair value on a recurring basis in the tables below include the following: ▪ Nuclear decommissioning trusts reflect the assets of SDG&E’s NDT, excluding accounts receivable and accounts payable. A third-party trustee values the trust assets using prices from a pricing service based on a market approach. We validate these prices by comparison to prices from other independent data sources. Securities are valued using quoted prices listed on nationally recognized securities exchanges or based on closing prices reported in the active market in which the identical security is traded (Level 1). Other securities are valued based on yields that are currently available for comparable securities of issuers with similar credit ratings (Level 2). ▪ For commodity contracts, interest rate instruments and foreign exchange instruments, we primarily use a market or income approach with market participant assumptions to value these derivatives. Market participant assumptions include those about risk, and the risk inherent in the inputs to the valuation techniques. These inputs can be readily observable, market corroborated, or generally unobservable. We have exchange-traded derivatives that are valued based on quoted prices in active markets for the identical instruments (Level 1). We also may have other commodity derivatives that are valued using industry standard models that consider quoted forward prices for commodities, time value, current market and contractual prices for the underlying instruments, volatility factors, and other relevant economic measures (Level 2). Level 3 recurring items relate to CRRs at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include short-term investments that consist of money market and mutual funds that we value using a market approach based on closing prices reported in the active market in which the identical security is traded (Level 1). ▪ As we discuss in Note 5, in July 2020, Sempra entered into a Support Agreement for the benefit of CFIN. We measure the Support Agreement, which includes a guarantee obligation, a put option and a call option, net of related guarantee fees, at fair value on a recurring basis. We use a discounted cash flow model to value the Support Agreement, net of related guarantee fees. Because some of the inputs that are significant to the valuation are less observable, the Support Agreement is classified as Level 3, as we describe below in “Level 3 Information – Other Sempra.” Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Condensed Consolidated Statements of Operations. Because unrealized gains and losses are recorded as regulatory assets and liabilities, they do not affect earnings. Other Sempra Fair Value of Financial Instruments |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic EPS is calculated by dividing earnings attributable to common shares by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential dilution of common stock equivalent shares that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. |
Gains and Losses on NDTs | Net unrealized gains and losses, as well as realized gains and losses that are reinvested in the NDT, are included in noncurrent Regulatory Liabilities on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. |
Legal Proceedings | LEGAL PROCEEDINGS We accrue losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued, may exceed, and in some cases have exceeded, applicable insurance coverage and could materially adversely affect our business, results of operations, financial condition, cash flows and/or prospects. Unless otherwise indicated, we are unable to reasonably estimate possible losses or a range of losses in excess of any amounts accrued. |
Segment Information | Sempra has three separately managed reportable segments, as follows: ▪ Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas. ▪ Sempra Texas Utilities holds our investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our indirect 50% interest in Sharyland Holdings L.P., which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Infrastructure includes the operating companies of our subsidiary, SI Partners, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally. Sempra Infrastructure owns a 70% interest in SI Partners. The cost of common services shared by the business segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Interest income and expense is recorded on intercompany loans. The loan balances and related interest are eliminated in consolidation. |
GENERAL INFORMATION AND OTHER_3
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Condensed Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Condensed Consolidated Statements of Cash Flows. We provide information about the nature of restricted cash in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Dollars in millions) March 31, December 31, Sempra: Cash and cash equivalents $ 606 $ 236 Restricted cash, current 121 49 Restricted cash, noncurrent 107 104 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 834 $ 389 |
Accounts Receivable, Allowance for Credit Loss | Changes in allowances for credit losses for trade receivables and other receivables are as follows: CHANGES IN ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2024 2023 Sempra: Allowances for credit losses at January 1 $ 533 $ 181 Provisions for expected credit losses 42 117 Write-offs (50) (20) Allowances for credit losses at March 31 $ 525 $ 278 SDG&E: Allowances for credit losses at January 1 $ 144 $ 78 Provisions for expected credit losses 6 38 Write-offs (17) (11) Allowances for credit losses at March 31 $ 133 $ 105 SoCalGas: Allowances for credit losses at January 1 $ 331 $ 98 Provisions for expected credit losses 26 77 Write-offs (33) (9) Allowances for credit losses at March 31 $ 324 $ 166 Allowances for credit losses related to trade receivables and other receivables are included in the Condensed Consolidated Balance Sheets as follows: ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) March 31, December 31, 2024 2023 Sempra: Accounts receivable – trade, net $ 457 $ 480 Accounts receivable – other, net 57 52 Other long-term assets 11 1 Total allowances for credit losses $ 525 $ 533 SDG&E: Accounts receivable – trade, net $ 97 $ 116 Accounts receivable – other, net 28 27 Other long-term assets 8 1 Total allowances for credit losses $ 133 $ 144 SoCalGas: Accounts receivable – trade, net $ 292 $ 306 Accounts receivable – other, net 29 25 Other long-term assets 3 — Total allowances for credit losses $ 324 $ 331 |
Schedule of Related Party Transactions | We summarize amounts due from and to unconsolidated affiliates at the Registrants in the following table. AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES (Dollars in millions) March 31, December 31, Sempra: Tax sharing arrangement with Oncor Holdings $ 41 $ 25 Various affiliates 5 6 Total due from unconsolidated affiliates – current $ 46 $ 31 TAG Pipelines – 5.5% Note due January 9, 2024 (1) $ — $ (5) Total due to unconsolidated affiliates – current $ — $ (5) TAG Pipelines (1) : 5.5% Note due January 14, 2025 $ — $ (24) 5.5% Note due July 16, 2025 — (23) 5.5% Note due January 14, 2026 (8) (20) 5.5% Note due July 14, 2026 (12) (11) 5.5% Note due January 19, 2027 (15) (14) 5.5% Note due July 21, 2027 (18) (17) 5.5% Note due January 19, 2028 (45) — TAG Norte – 5.74% Note due December 17, 2029 (1) (200) (198) Total due to unconsolidated affiliates – noncurrent $ (298) $ (307) SDG&E: Sempra $ (39) $ (44) SoCalGas (41) (21) Various affiliates (13) (8) Total due to unconsolidated affiliates – current $ (93) $ (73) Income taxes due from Sempra (2) $ 232 $ 246 SoCalGas: SDG&E $ 43 $ 21 Various affiliates 2 1 Total due from unconsolidated affiliates – current $ 45 $ 22 Sempra $ (33) $ (38) Total due to unconsolidated affiliates – current $ (33) $ (38) Income taxes due from Sempra (2) $ 4 $ 6 (1) U.S. dollar-denominated loans at fixed interest rates. Amounts include principal balances plus accumulated interest outstanding and value added tax payable to the Mexican government. (2) SDG&E and SoCalGas are included in the consolidated income tax return of Sempra, and their respective income tax expense is computed as an amount equal to that which would result from each company having always filed a separate return. Amounts include current and noncurrent income taxes due to/from Sempra. The following table summarizes income statement information from unconsolidated affiliates. INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Revenues $ 10 $ 13 Interest expense 4 4 SDG&E: Revenues $ 6 $ 4 Cost of sales 40 30 SoCalGas: Revenues $ 44 $ 34 Cost of sales (1) (3) 31 (1) Includes net commodity costs from natural gas transactions with unconsolidated affiliates. |
Schedule of Inventory, Current | The components of inventories are as follows: INVENTORY BALANCES (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Natural gas $ 150 $ 174 $ 1 $ 1 $ 139 $ 155 LNG 3 9 — — — — Materials and supplies 305 299 153 152 126 122 Total $ 458 $ 482 $ 154 $ 153 $ 265 $ 277 |
Schedule of Capitalization | The table below summarizes capitalized financing costs, comprised of AFUDC and capitalized interest. CAPITALIZED FINANCING COSTS (Dollars in millions) Three months ended March 31, 2024 2023 Sempra $ 145 $ 73 SDG&E 26 31 SoCalGas 24 15 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (Dollars in millions) Foreign Financial Pension Total Three months ended March 31, 2024 and 2023 Sempra: Balance at December 31, 2023 $ (36) $ 3 $ (117) $ (150) OCI before reclassifications 3 45 2 50 Amounts reclassified from AOCI — (6) 2 (4) Net OCI 3 39 4 46 Balance at March 31, 2024 $ (33) $ 42 $ (113) $ (104) Balance at December 31, 2022 $ (59) $ 10 $ (86) $ (135) OCI before reclassifications 10 (40) (13) (43) Amounts reclassified from AOCI — (5) 1 (4) Net OCI 10 (45) (12) (47) Balance at March 31, 2023 $ (49) $ (35) $ (98) $ (182) SDG&E: Balance at December 31, 2023 and March 31, 2024 $ (8) $ (8) Balance at December 31, 2022 and March 31, 2023 $ (7) $ (7) SoCalGas: Balance at December 31, 2023 $ (11) $ (12) $ (23) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at March 31, 2024 $ (11) $ (11) $ (22) Balance at December 31, 2022 $ (12) $ (12) $ (24) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at March 31, 2023 $ (12) $ (11) $ (23) (1) All amounts are net of income tax, if subject to tax, and after NCI. |
Reclassifications out of AOCI | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Details about AOCI components Amounts reclassified Affected line item on Condensed Three months ended March 31, 2024 2023 Sempra: Financial instruments: Interest rate instruments $ (3) $ — Interest Expense Interest rate instruments (5) (7) Equity Earnings (1) Foreign exchange instruments (3) — Revenues: Energy-Related Businesses — 1 Other Income, Net Foreign exchange instruments (2) 1 Equity Earnings (1) Interest rate and foreign exchange instruments — (6) Other Income, Net Total, before income tax (13) (11) 3 3 Income Tax Expense Total, net of income tax (10) (8) 4 3 Earnings Attributable to Noncontrolling Interests $ (6) $ (5) Pension and PBOP (2) : Amortization of actuarial loss $ 2 $ — Other Income, Net Amortization of prior service cost 1 1 Other Income, Net Total, before income tax 3 1 (1) — Income Tax Expense Total, net of income tax $ 2 $ 1 Total reclassifications for the period, net of income tax and after NCI $ (4) $ (4) SoCalGas: Pension and PBOP (2) : Amortization of prior service cost $ 1 $ 1 Other Income (Expense), Net Total reclassifications for the period, net of income tax $ 1 $ 1 (1) Equity earnings at our foreign equity method investees are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Pension and PBOP” below). |
Schedule of Net Benefit Costs | NET PERIODIC BENEFIT COST (Dollars in millions) Pension PBOP Three months ended March 31, 2024 2023 2024 2023 Sempra: Service cost $ 32 $ 28 $ 4 $ 4 Interest cost 42 40 9 9 Expected return on assets (45) (43) (17) (17) Amortization of: Prior service cost (credit) 1 1 (1) (1) Actuarial loss (gain) 3 2 (4) (6) Net periodic benefit cost (credit) 33 28 (9) (11) Regulatory adjustments (25) 29 9 11 Total expense recognized $ 8 $ 57 $ — $ — SDG&E: Service cost $ 10 $ 8 $ 1 $ 1 Interest cost 11 10 2 2 Expected return on assets (12) (10) (3) (2) Amortization of: Actuarial loss (gain) 2 1 — (1) Net periodic benefit cost 11 9 — — Regulatory adjustments (10) 4 — — Total expense recognized $ 1 $ 13 $ — $ — SoCalGas: Service cost $ 19 $ 17 $ 3 $ 3 Interest cost 26 25 7 7 Expected return on assets (30) (29) (15) (15) Amortization of: Prior service cost (credit) 1 1 (1) (1) Actuarial gain — — (3) (5) Net periodic benefit cost (credit) 16 14 (9) (11) Regulatory adjustments (15) 25 9 11 Total expense recognized $ 1 $ 39 $ — $ — |
Schedule of Other Nonoperating Income (Expense) | Other Income, Net, consists of the following: OTHER INCOME (EXPENSE), NET (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Allowance for equity funds used during construction $ 37 $ 33 Investment gains, net (1) 16 12 Gains on interest rate and foreign exchange instruments, net — 5 Foreign currency transaction gains, net 1 1 Non-service components of net periodic benefit cost 28 (25) Interest on regulatory balancing accounts, net 18 18 Sundry, net (1) (3) Total $ 99 $ 41 SDG&E: Allowance for equity funds used during construction $ 20 $ 23 Non-service components of net periodic benefit cost 10 (4) Interest on regulatory balancing accounts, net 7 10 Sundry, net (4) (1) Total $ 33 $ 28 SoCalGas: Allowance for equity funds used during construction $ 17 $ 10 Non-service components of net periodic benefit cost 21 (19) Interest on regulatory balancing accounts, net 11 8 Sundry, net (2) (7) Total $ 47 $ (8) (1) Represents net investment gains on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Condensed Consolidated Statements of Operations. |
Schedule of Effective Income Tax Rate Reconciliation | We provide our calculations of ETRs in the following table. INCOME TAX EXPENSE AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Three months ended March 31, 2024 2023 Sempra: Income tax expense $ 172 $ 376 Income before income taxes and equity earnings $ 705 $ 1,329 Equity earnings, before income tax (1) 134 132 Pretax income $ 839 $ 1,461 Effective income tax rate 21 % 26 % SDG&E: Income tax expense $ 40 $ 7 Income before income taxes $ 263 $ 265 Effective income tax rate 15 % 3 % SoCalGas: Income tax expense $ 43 $ 94 Income before income taxes $ 402 $ 454 Effective income tax rate 11 % 21 % (1) We discuss how we recognize equity earnings in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report. |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate our revenues from contracts with customers by major service line and market. We also provide a reconciliation to total revenues by segment for Sempra. The majority of our revenue is recognized over time. DISAGGREGATED REVENUES (Dollars in millions) Sempra Sempra California Sempra Infrastructure Consolidating adjustments and Parent Sempra Three months ended March 31, 2024 By major service line: Utilities $ 3,479 $ 30 $ (6) $ 3,503 Energy-related businesses — 212 (18) 194 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 By market: Gas $ 2,350 $ 125 $ (5) $ 2,470 Electric 1,129 117 (19) 1,227 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 Revenues from contracts with customers $ 3,479 $ 242 $ (24) $ 3,697 Utilities regulatory revenues (338) — — (338) Other revenues — 277 4 281 Total revenues $ 3,141 $ 519 $ (20) $ 3,640 Three months ended March 31, 2023 By major service line: Utilities $ 5,574 $ 30 $ (6) $ 5,598 Energy-related businesses — 312 (21) 291 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 By market: Gas $ 4,365 $ 204 $ (5) $ 4,564 Electric 1,209 138 (22) 1,325 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 Revenues from contracts with customers $ 5,574 $ 342 $ (27) $ 5,889 Utilities regulatory revenues (159) — — (159) Other revenues — 854 (24) 830 Total revenues $ 5,415 $ 1,196 $ (51) $ 6,560 DISAGGREGATED REVENUES (Dollars in millions) SDG&E SoCalGas Three months ended March 31, 2024 2023 2024 2023 By major service line: Revenues from contracts with customers – Utilities $ 1,462 $ 1,765 $ 2,060 $ 3,841 By market: Gas $ 330 $ 554 $ 2,060 $ 3,841 Electric 1,132 1,211 — — Revenues from contracts with customers $ 1,462 $ 1,765 $ 2,060 $ 3,841 Revenues from contracts with customers $ 1,462 $ 1,765 $ 2,060 $ 3,841 Utilities regulatory revenues (83) (112) (255) (47) Total revenues $ 1,379 $ 1,653 $ 1,805 $ 3,794 |
Schedule of Timing of Remaining Performance Obligations | For contracts greater than one year, at March 31, 2024, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations for contracts greater than one year at March 31, 2024. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2024 (excluding first three months of 2024) $ 209 $ 2 2025 263 4 2026 263 4 2027 263 4 2028 195 4 Thereafter 1,767 56 Total revenues to be recognized $ 2,960 $ 74 (1) |
Schedule of Contract Liabilities | Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in the three months ended March 31, 2024 or 2023. Sempra Infrastructure recorded a contract liability for funds held as collateral in lieu of a customer’s letters of credit primarily associated with its LNG storage and regasification agreement. CONTRACT LIABILITIES (Dollars in millions) 2024 2023 Sempra: Contract liabilities at January 1 $ (198) $ (252) Revenue from performance obligations satisfied during reporting period 2 2 Payments received in advance (3) — Contract liabilities at March 31 (1) $ (199) $ (250) SDG&E: Contract liabilities at January 1 $ (75) $ (79) Revenue from performance obligations satisfied during reporting period 1 1 Contract liabilities at March 31 (2) $ (74) $ (78) (1) Balances at March 31, 2024 include $5 in Other Current Liabilities and $194 in Deferred Credits and Other. (2) Balances at March 31, 2024 include $4 in Other Current Liabilities and $70 in Deferred Credits and Other. |
Schedule of Contract Accounts Receivable | The table below shows receivable balances, net of allowances for credit losses, associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) March 31, 2024 December 31, 2023 Sempra: Accounts receivable – trade, net (1) $ 1,891 $ 1,951 Accounts receivable – other, net 22 15 Due from unconsolidated affiliates – current (2) 5 4 Other long-term assets (3) 17 — Total $ 1,935 $ 1,970 SDG&E: Accounts receivable – trade, net (1) $ 818 $ 870 Accounts receivable – other, net 20 13 Due from unconsolidated affiliates – current (2) 7 6 Other long-term assets (3) 7 — Total $ 852 $ 889 SoCalGas: Accounts receivable – trade, net 995 985 Accounts receivable – other, net 2 2 Other long-term assets (3) 10 — Total $ 1,007 $ 987 (1) At March 31, 2024 and December 31, 2023, includes $125 and $148, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues. (2) Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists. (3) In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term repayment plans to eligible residential customers with past-due balances until October 2026. |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | REGULATORY ASSETS (LIABILITIES) (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Fixed-price contracts and other derivatives $ 50 $ 215 $ 26 $ 14 $ 24 $ 201 Deferred income taxes recoverable in rates 1,327 1,142 668 626 573 430 Pension and PBOP plan obligations (194) (212) 58 48 (252) (260) Employee benefit costs 24 24 3 3 21 21 Removal obligations (3,156) (3,082) (2,534) (2,468) (622) (614) Environmental costs 148 139 115 105 33 34 Sunrise Powerlink fire mitigation 125 124 125 124 — — Regulatory balancing accounts (1)(2) : Commodity – electric (180) (233) (180) (233) — — Commodity – gas, including transportation (280) (259) 42 52 (322) (311) Safety and reliability 1,044 959 221 207 823 752 Public purpose programs (361) (273) (162) (144) (199) (129) Wildfire mitigation plan 735 685 735 685 — — Liability insurance premium 110 113 86 90 24 23 Other balancing accounts (112) 373 (282) (152) 170 525 Other regulatory (liabilities) assets, net (2) (85) (10) 27 49 (110) (58) Total $ (805) $ (295) $ (1,052) $ (994) $ 163 $ 614 (1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. |
Schedule of Regulatory Liabilities | REGULATORY ASSETS (LIABILITIES) (Dollars in millions) Sempra SDG&E SoCalGas March 31, December 31, March 31, December 31, March 31, December 31, Fixed-price contracts and other derivatives $ 50 $ 215 $ 26 $ 14 $ 24 $ 201 Deferred income taxes recoverable in rates 1,327 1,142 668 626 573 430 Pension and PBOP plan obligations (194) (212) 58 48 (252) (260) Employee benefit costs 24 24 3 3 21 21 Removal obligations (3,156) (3,082) (2,534) (2,468) (622) (614) Environmental costs 148 139 115 105 33 34 Sunrise Powerlink fire mitigation 125 124 125 124 — — Regulatory balancing accounts (1)(2) : Commodity – electric (180) (233) (180) (233) — — Commodity – gas, including transportation (280) (259) 42 52 (322) (311) Safety and reliability 1,044 959 221 207 823 752 Public purpose programs (361) (273) (162) (144) (199) (129) Wildfire mitigation plan 735 685 735 685 — — Liability insurance premium 110 113 86 90 24 23 Other balancing accounts (112) 373 (282) (152) 170 525 Other regulatory (liabilities) assets, net (2) (85) (10) 27 49 (110) (58) Total $ (805) $ (295) $ (1,052) $ (994) $ 163 $ 614 (1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. |
CPUC Authorized Cost of Capital and Rate Structure | AUTHORIZED COST OF CAPITAL FOR 2023 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. The CCM was triggered for SDG&E and SoCalGas on September 30, 2023. In December 2023, the CPUC approved increases to SDG&E’s and SoCalGas’ authorized rates of return effective January 1, 2024, which are in effect through December 31, 2025, subject to the CCM. In January 2024, several parties submitted a request for the CPUC to review such approval. In March 2024, the CPUC issued a proposed decision denying the intervenor petition seeking to suspend the CCM and its resulting changes that became effective on January 1, 2024. We expect a final decision in the second quarter of 2024. AUTHORIZED COST OF CAPITAL FOR 2024 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.34 % 1.96 % Long-Term Debt 45.60 % 4.54 % 2.07 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.65 5.54 Common Equity 52.00 10.50 5.46 100.00 % 7.67 % 100.00 % 7.67 % |
SEMPRA - INVESTMENTS IN UNCON_2
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Condensed Financial Statements | We provide summarized income statement information for Oncor Holdings in the following table. SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS (Dollars in millions) Three months ended 2024 2023 Operating revenues $ 1,458 $ 1,292 Operating expenses (1,051) (1,024) Income from operations 407 268 Interest expense (150) (123) Income tax expense (49) (24) Net income 223 99 NCI held by Texas Transmission Investment LLC (44) (20) Earnings attributable to Sempra (1) 179 79 (1) |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | COMMITTED LINES OF CREDIT (Dollars in millions) March 31, 2024 Borrower Expiration date of facility Total facility Commercial paper outstanding Amounts outstanding Letters of credit outstanding Available unused credit Sempra October 2028 $ 4,000 $ (671) $ — $ — $ 3,329 SDG&E October 2028 1,500 — — — 1,500 SoCalGas October 2028 1,200 (143) — — 1,057 SI Partners and IEnova September 2025 500 — (425) — 75 SI Partners and IEnova August 2026 1,000 — (35) — 965 SI Partners and IEnova August 2028 1,500 — (356) — 1,144 Port Arthur LNG March 2030 200 — — (64) 136 Total $ 9,900 $ (814) $ (816) $ (64) $ 8,206 UNCOMMITTED LETTERS OF CREDIT (Dollars in millions) March 31, 2024 Expiration date range Uncommitted letters of credit outstanding SDG&E May 2024 - January 2025 $ 25 SoCalGas October 2024 - June 2025 20 Other Sempra April 2024 - November 2054 467 Total Sempra $ 512 The weighted-average interest rates on all short-term debt were as follows: WEIGHTED-AVERAGE INTEREST RATES March 31, 2024 December 31, 2023 Sempra 5.98 % 5.96 % SoCalGas 5.39 5.44 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity Derivative Volumes Table | The following table summarizes net energy derivative volumes. NET ENERGY DERIVATIVE VOLUMES (Quantities in millions) Commodity Unit of measure March 31, 2024 December 31, 2023 Sempra: Natural gas MMBtu 303 361 Electricity MWh — 1 Congestion revenue rights MWh 33 36 SDG&E: Natural gas MMBtu 18 17 Congestion revenue rights MWh 33 36 SoCalGas: Natural gas MMBtu 210 268 |
Notional Amounts of Derivatives Table | The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments. INTEREST RATE DERIVATIVES (Dollars in millions) March 31, 2024 December 31, 2023 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges (1) $ 4,451 2024-2048 $ 4,451 2024-2048 (1) At March 31, 2024 and December 31, 2023, cash flow hedges accrued interest based on a notional amount of $604 and $488, respectively. The following table presents the net notional amounts of our foreign currency derivatives, excluding those in our equity method investments. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) March 31, 2024 December 31, 2023 Notional amount Maturities Notional amount Maturities Sempra: Other foreign currency derivatives $ 141 2024-2025 $ 176 2024-2025 |
Derivative Instruments on the Condensed Consolidated Balance Sheets Table | The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets, including the amount of cash collateral receivables that were not offset because the cash collateral was in excess of liability positions. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) March 31, 2024 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 22 $ 201 $ — $ — Foreign exchange instruments — — (9) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 233 49 (234) (52) Associated offsetting commodity contracts (229) (48) 229 48 Commodity contracts subject to rate recovery 8 8 (42) (18) Associated offsetting commodity contracts (3) (3) 3 3 Associated offsetting cash collateral — — 14 12 Net amounts presented on the balance sheet 31 207 (39) (7) Additional cash collateral for commodity contracts not subject to rate recovery 87 — — — Additional cash collateral for commodity contracts subject to rate recovery 6 — — — Total (2) $ 124 $ 207 $ (39) $ (7) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 7 $ 8 $ (21) $ (15) Associated offsetting commodity contracts (3) (3) 3 3 Associated offsetting cash collateral — — 14 12 Net amounts presented on the balance sheet 4 5 (4) — Additional cash collateral for commodity contracts subject to rate recovery 5 — — — Total (2) $ 9 $ 5 $ (4) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 1 $ — $ (21) $ (3) Net amounts presented on the balance sheet 1 — (21) (3) Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 2 $ — $ (21) $ (3) (1) Included in Other Current Assets for SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Dollars in millions) December 31, 2023 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 17 $ 70 $ — $ — Foreign exchange instruments — — (9) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 173 52 (170) (56) Associated offsetting commodity contracts (169) (51) 169 51 Commodity contracts subject to rate recovery 10 8 (228) (9) Associated offsetting commodity contracts (5) (2) 5 2 Associated offsetting cash collateral — — 12 7 Net amounts presented on the balance sheet 26 77 (221) (5) Additional cash collateral for commodity contracts not subject to rate recovery 74 — — — Additional cash collateral for commodity contracts subject to rate recovery 22 — — — Total (2) $ 122 $ 77 $ (221) $ (5) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 9 $ 8 $ (18) $ (9) Associated offsetting commodity contracts (5) (2) 5 2 Associated offsetting cash collateral — — 12 7 Net amounts presented on the balance sheet 4 6 (1) — Additional cash collateral for commodity contracts subject to rate recovery 21 — — — Total (2) $ 25 $ 6 $ (1) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 1 $ — $ (210) $ — Net amounts presented on the balance sheet 1 — (210) — Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 2 $ — $ (210) $ — (1) Included in Other Current Assets for SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. |
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Comprehensive Income Table | The following table includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI. CASH FLOW HEDGE IMPACTS (Dollars in millions) Pretax gain (loss) Pretax gain (loss) reclassified Three months ended March 31, Three months ended March 31, 2024 2023 Location 2024 2023 Sempra: Interest rate instruments $ 142 $ (77) Interest Expense $ 3 $ — Interest rate instruments 28 (17) Equity Earnings (1) 5 7 Foreign exchange instruments 1 (6) Revenues: Energy- Related Businesses 3 — Other Income, Net — (1) Foreign exchange instruments — (5) Equity Earnings (1) 2 (1) Interest rate and foreign exchange instruments — 7 Other Income, Net — 6 Total $ 171 $ (98) $ 13 $ 11 (1) Equity earnings at our foreign equity method investees are recognized after tax. |
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table | The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations. UNDESIGNATED DERIVATIVE IMPACTS (Dollars in millions) Pretax gain (loss) on derivatives recognized in earnings Three months ended March 31, Location 2024 2023 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ 79 $ 449 Commodity contracts subject to rate recovery Cost of Natural Gas (6) (27) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power (23) 9 Interest rate instrument Interest Expense — (47) Total $ 50 $ 384 SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel $ (23) $ 9 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (6) $ (27) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measures | RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 Sempra: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 24 $ 4 $ — $ 28 Equity securities 322 3 — 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 42 17 — 59 Municipal bonds — 270 — 270 Other securities — 222 — 222 Total debt securities 42 509 — 551 Total nuclear decommissioning trusts (1) 388 516 — 904 Short-term investments held in Rabbi Trust 47 — — 47 Interest rate instruments — 223 — 223 Commodity contracts not subject to rate recovery — 5 — 5 Effect of netting and allocation of collateral (2) 87 — — 87 Commodity contracts subject to rate recovery — 1 9 10 Effect of netting and allocation of collateral (2) 1 — 5 6 Support Agreement, net of related guarantee fees — — 23 23 Total $ 523 $ 745 $ 37 $ 1,305 Liabilities: Foreign exchange instruments $ — $ 9 $ — $ 9 Commodity contracts not subject to rate recovery — 9 — 9 Commodity contracts subject to rate recovery 26 28 — 54 Effect of netting and allocation of collateral (2) (26) — — (26) Total $ — $ 46 $ — $ 46 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (CONTINUED) (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at December 31, 2023 Sempra: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 19 $ 2 $ — $ 21 Equity securities 308 4 — 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 34 17 — 51 Municipal bonds — 275 — 275 Other securities — 220 — 220 Total debt securities 34 512 — 546 Total nuclear decommissioning trusts (1) 361 518 — 879 Short-term investments held in Rabbi Trust 67 — — 67 Interest rate instruments — 87 — 87 Commodity contracts not subject to rate recovery — 5 — 5 Effect of netting and allocation of collateral (2) 74 — — 74 Commodity contracts subject to rate recovery — 1 10 11 Effect of netting and allocation of collateral (2) 16 — 6 22 Support Agreement, net of related guarantee fees — — 23 23 Total $ 518 $ 611 $ 39 $ 1,168 Liabilities: Foreign exchange instruments $ — $ 9 $ — $ 9 Commodity contracts not subject to rate recovery — 6 — 6 Commodity contracts subject to rate recovery 20 210 — 230 Effect of netting and allocation of collateral (2) (19) — — (19) Total $ 1 $ 225 $ — $ 226 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 SDG&E: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 24 $ 4 $ — $ 28 Equity securities 322 3 — 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 42 17 — 59 Municipal bonds — 270 — 270 Other securities — 222 — 222 Total debt securities 42 509 — 551 Total nuclear decommissioning trusts (1) 388 516 — 904 Commodity contracts subject to rate recovery — — 9 9 Effect of netting and allocation of collateral (2) — — 5 5 Total $ 388 $ 516 $ 14 $ 918 Liabilities: Commodity contracts subject to rate recovery $ 26 $ 4 $ — $ 30 Effect of netting and allocation of collateral (2) (26) — — (26) Total $ — $ 4 $ — $ 4 Fair value at December 31, 2023 SDG&E: Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 19 $ 2 $ — $ 21 Equity securities 308 4 — 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 34 17 — 51 Municipal bonds — 275 — 275 Other securities — 220 — 220 Total debt securities 34 512 — 546 Total nuclear decommissioning trusts (1) 361 518 — 879 Commodity contracts subject to rate recovery — — 10 10 Effect of netting and allocation of collateral (2) 15 — 6 21 Total $ 376 $ 518 $ 16 $ 910 Liabilities: Commodity contracts subject to rate recovery $ 20 $ — $ — $ 20 Effect of netting and allocation of collateral (2) (19) — — (19) Total $ 1 $ — $ — $ 1 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES (Dollars in millions) Level 1 Level 2 Level 3 Total Fair value at March 31, 2024 SoCalGas: Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 1 $ — $ 2 Liabilities: Commodity contracts subject to rate recovery $ — $ 24 $ — $ 24 Total $ — $ 24 $ — $ 24 Fair value at December 31, 2023 SoCalGas: Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 1 $ — $ 2 Liabilities: Commodity contracts subject to rate recovery $ — $ 210 $ — $ 210 Total $ — $ 210 $ — $ 210 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. |
Recurring Fair Value Measures Level 3 Rollforward | The table below sets forth reconciliations of changes in the fair value of CRRs classified as Level 3 in the fair value hierarchy for Sempra and SDG&E. LEVEL 3 RECONCILIATIONS (1) (Dollars in millions) Three months ended March 31, 2024 2023 Balance at January 1 $ 10 $ 35 Realized and unrealized losses (1) (4) Settlements — (1) Balance at March 31 $ 9 $ 30 Change in unrealized losses relating to instruments still held at March 31 $ — $ (2) (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy. LEVEL 3 RECONCILIATIONS (Dollars in millions) Three months ended March 31, 2024 2023 Balance at January 1 $ 23 $ 17 Realized and unrealized gains (1) 2 9 Settlements (2) (2) Balance at March 31 (2) $ 23 $ 24 Change in unrealized gains relating to instruments still held at March 31 $ 1 $ 9 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statements of Operations. (2) Includes $7 in Other Current Assets and $16 in Other Long-term Assets at March 31, 2024 on Sempra’s Condensed Consolidated Balance Sheet. |
Schedule of Fair Value Inputs | For the CRRs settling from January 1 to December 31, the auction price inputs, at a given location, were in the following ranges for the years indicated below: CONGESTION REVENUE RIGHTS AUCTION PRICE INPUTS Settlement year Price per MWh Median price per MWh 2024 $ (3.69) to $ 9.55 $ (0.44) 2023 (3.09) to 10.71 (0.56) |
Fair Value of Financial Instruments | The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets. FAIR VALUE OF FINANCIAL INSTRUMENTS (Dollars in millions) Carrying Fair value Level 1 Level 2 Level 3 Total March 31, 2024 Sempra: Long-term note receivable (1) $ 338 $ — $ — $ 321 $ 321 Long-term amounts due to unconsolidated affiliates 298 — 270 — 270 Total long-term debt (2) 29,125 — 26,679 — 26,679 SDG&E: Total long-term debt (3) $ 8,950 $ — $ 7,915 $ — $ 7,915 SoCalGas: Total long-term debt (4) $ 7,259 $ — $ 6,820 $ — $ 6,820 December 31, 2023 Sempra: Long-term note receivable (1) $ 334 $ — $ — $ 318 $ 318 Long-term amounts due to unconsolidated affiliates 312 — 283 — 283 Total long-term debt (2) 27,716 — 25,617 — 25,617 SDG&E: Total long-term debt (3) $ 8,750 $ — $ 7,856 $ — $ 7,856 SoCalGas: Total long-term debt (4) $ 6,759 $ — $ 6,442 $ — $ 6,442 (1) Before allowances for credit losses of $6 at March 31, 2024 and December 31, 2023. Excludes unamortized transaction costs of $4 at March 31, 2024 and December 31, 2023. (2) Before reductions of unamortized discount and debt issuance costs of $343 and $322 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $1,330 and $1,340 at March 31, 2024 and December 31, 2023, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $100 and $89 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $1,224 and $1,233 at March 31, 2024 and December 31, 2023, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $62 and $55 at March 31, 2024 and December 31, 2023, respectively, and excluding finance lease obligations of $106 and $107 at March 31, 2024 and December 31, 2023, respectively. |
SEMPRA - EQUITY AND EARNINGS _2
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Other Ownership Interests | The following table summarizes net income attributable to Sempra and transfers (to) from NCI, which shows the effects of changes in Sempra’s ownership interest in its subsidiaries on Sempra’s shareholders’ equity. NET INCOME ATTRIBUTABLE TO SEMPRA AND TRANSFERS (TO) FROM NCI (Dollars in millions) Three months ended Sempra: Net income attributable to Sempra $ 980 Transfers (to) from NCI: Increase in shareholders’ equity for sale of NCI 18 Net transfers (to) from NCI 18 Change from net income attributable to Sempra and transfers (to) from NCI $ 998 |
Schedule of Earnings Per Share, Basic and Diluted | EARNINGS PER COMMON SHARE COMPUTATIONS (Dollars in millions, except per share amounts; shares in thousands) Three months ended March 31, 2024 2023 Sempra: Numerator: Earnings attributable to common shares $ 801 $ 969 Denominator: Weighted-average common shares outstanding for basic EPS (1) 632,821 629,838 Dilutive effect of common shares sold forward 673 — Dilutive effect of stock options and RSUs (2) 1,860 2,410 Weighted-average common shares outstanding for diluted EPS 635,354 632,248 EPS: Basic $ 1.27 $ 1.54 Diluted $ 1.26 $ 1.53 (1) Includes 624 and 721 fully vested RSUs held in our Deferred Compensation Plan for the three months ended March 31, 2024 and 2023, respectively. These fully vested RSUs are included in weighted-average common shares outstanding for basic EPS because there are no conditions under which the corresponding shares will not be issued. (2) |
SAN ONOFRE NUCLEAR GENERATING_2
SAN ONOFRE NUCLEAR GENERATING STATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Public Utilities, General Disclosures [Abstract] | |
Schedule of Nuclear Decommissioning Trusts Investments | Nuclear Decommissioning Trusts The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Condensed Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 8. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated March 31, 2024 Short-term investments, primarily cash equivalents $ 28 $ — $ — $ 28 Equity securities 89 239 (3) 325 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) 59 1 (1) 59 Municipal bonds (2) 277 2 (9) 270 Other securities (3) 231 1 (10) 222 Total debt securities 567 4 (20) 551 Receivables (payables), net (18) — — (18) Total $ 666 $ 243 $ (23) $ 886 December 31, 2023 Short-term investments, primarily cash equivalents $ 21 $ — $ — $ 21 Equity securities 89 225 (2) 312 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 50 2 (1) 51 Municipal bonds 280 3 (8) 275 Other securities 228 3 (11) 220 Total debt securities 558 8 (20) 546 Receivables (payables), net (7) — — (7) Total $ 661 $ 233 $ (22) $ 872 (1) Maturity dates are 2025 - 2054. (2) Maturity dates are 2024 - 2062. (3) Maturity dates are 2024 - 2072. |
Schedule of Sales of Securities By Nuclear Decommissioning Trusts | The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Three months ended March 31, 2024 2023 Proceeds from sales $ 181 $ 156 Gross realized gains 14 2 Gross realized losses (2) (3) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessor Information on the Condensed Consolidated Statements of Operations | We provide information below for leases for which we are the lessor. LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in millions) Three months ended March 31, 2024 2023 Sempra – Sales-type leases: Interest income $ 1 $ 2 Total revenues from sales-type leases (1) $ 1 $ 2 Sempra – Operating leases: Fixed lease payments $ 89 $ 80 Variable lease payments 10 2 Total revenues from operating leases (1) $ 99 $ 82 Depreciation expense $ 18 $ 15 (1) Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations. |
SEMPRA - SEGMENT INFORMATION (T
SEMPRA - SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables show selected information by segment from our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. Amounts labeled as “All other” in the following tables consist primarily of activities of parent organizations. SEGMENT INFORMATION (Dollars in millions) March 31, December 31, ASSETS Sempra California $ 54,513 $ 53,430 Sempra Texas Utilities 14,673 14,392 Sempra Infrastructure 20,422 19,430 All other 1,016 967 Intersegment receivables (1,020) (1,038) Total $ 89,604 $ 87,181 EQUITY METHOD INVESTMENTS Sempra Texas Utilities $ 14,661 $ 14,380 Sempra Infrastructure 2,118 2,129 All other 1 1 Total $ 16,780 $ 16,510 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended March 31, 2024 2023 REVENUES Sempra California $ 3,141 $ 5,415 Sempra Infrastructure 519 1,196 Adjustments and eliminations (1) — Intersegment revenues (1) (19) (51) Total $ 3,640 $ 6,560 DEPRECIATION AND AMORTIZATION Sempra California $ 521 $ 468 Sempra Infrastructure 72 69 All other 1 2 Total $ 594 $ 539 INTEREST INCOME Sempra California $ 3 $ 5 Sempra Infrastructure 5 15 All other 5 4 Total $ 13 $ 24 INTEREST EXPENSE Sempra California $ 205 $ 187 Sempra Infrastructure — 95 All other 100 84 Total $ 305 $ 366 INCOME TAX EXPENSE (BENEFIT) Sempra California $ 83 $ 101 Sempra Infrastructure 109 330 All other (20) (55) Total $ 172 $ 376 EQUITY EARNINGS Equity earnings, before income tax: Sempra Texas Utilities $ 2 $ 1 Sempra Infrastructure 132 131 134 132 Equity earnings, net of income tax: Sempra Texas Utilities 183 83 Sempra Infrastructure 31 4 214 87 Total $ 348 $ 219 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES Sempra California $ 582 $ 618 Sempra Texas Utilities 183 83 Sempra Infrastructure 131 315 All other (95) (47) Total $ 801 $ 969 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT Sempra California $ 1,143 $ 1,082 Sempra Infrastructure 790 744 All other — 4 Total $ 1,933 $ 1,830 (1) Revenues for reportable segments include intersegment revenues of $5 and $14 for the three months ended March 31, 2024 and $5 and $46 for the three months ended March 31, 2023 for Sempra California and Sempra Infrastructure, respectively. |
GENERAL INFORMATION AND OTHER_4
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PRINCIPLES OF CONSOLIDATION (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
SDG&E | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
SoCalGas | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Sempra California | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
GENERAL INFORMATION AND OTHER_5
GENERAL INFORMATION AND OTHER FINANCIAL DATA - VARIABLE INTEREST ENTITIES (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 01, 2020 project_owner | ||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | $ 56,318 | $ 54,960 | [1] | |
Finance lease obligations | 1,330 | 1,340 | ||
Equity method investment | 14,545 | 14,266 | [1] | |
Assets | 89,604 | 87,181 | [1] | |
Oncor Holdings | Sempra Texas Utilities | ||||
Variable Interest Entities [Line Items] | ||||
Equity method investment | 14,545 | 14,266 | ||
Cameron LNG Holdings | Sempra Infrastructure | ||||
Variable Interest Entities [Line Items] | ||||
Equity method investment | 1,025 | 1,008 | ||
SDG&E | ||||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | 23,880 | 23,549 | [1] | |
Finance lease obligations | 1,224 | 1,233 | ||
Assets | $ 29,674 | 29,185 | [1] | |
IEnova | ECA LNG JV | ||||
Variable Interest Entities [Line Items] | ||||
Ownership percentage in consolidated entity (in percentage) | 83.40% | |||
Subsidiary of TOTAL SE | ECA LNG JV | ||||
Variable Interest Entities [Line Items] | ||||
Ownership percentage in consolidated entity (in percentage) | 16.60% | |||
Cameron LNG JV | ||||
Variable Interest Entities [Line Items] | ||||
Number of project owners | project_owner | 4 | |||
Variable Interest Entity, Not Primary Beneficiary | Sempra Infrastructure | ||||
Variable Interest Entities [Line Items] | ||||
Maximum exposure under guarantor obligations | $ 979 | |||
Variable Interest Entity, Not Primary Beneficiary | SDG&E | ||||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | 1,159 | 1,166 | ||
Finance lease obligations | 1,159 | 1,166 | ||
Variable Interest Entity, Primary Beneficiary | ECA LNG JV | Sempra Infrastructure | ||||
Variable Interest Entities [Line Items] | ||||
Assets | 1,638 | 1,580 | ||
Liabilities | 1,087 | 1,029 | ||
Variable Interest Entity, Primary Beneficiary | Port Arthur LNG | Sempra Infrastructure | ||||
Variable Interest Entities [Line Items] | ||||
Assets | 4,605 | 3,927 | ||
Liabilities | $ 582 | $ 600 | ||
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_6
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 606 | $ 236 | [1] | ||
Restricted cash, current | 121 | 49 | [1] | ||
Restricted cash, noncurrent | 107 | 104 | [1] | ||
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows | $ 834 | $ 389 | $ 703 | $ 462 | |
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_7
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CREDIT LOSSES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 533 | $ 181 | |
Provisions for expected credit losses | 42 | 117 | |
Write-offs | (50) | (20) | |
Ending balance | 525 | 278 | |
Allowance for credit losses | 6 | $ 6 | |
Accounts receivable – trade, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 457 | 480 | |
Accounts receivable – other, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 57 | 52 | |
Other long-term assets | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Expected credit losses, noncurrent | 11 | 1 | |
Other long-term assets | KKR | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Expected credit losses, noncurrent | 6 | 6 | |
Deferred Credits and Other | Sempra Infrastructure | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses | 5 | 5 | |
SDG&E | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 144 | 78 | |
Provisions for expected credit losses | 6 | 38 | |
Write-offs | (17) | (11) | |
Ending balance | 133 | 105 | |
SDG&E | Accounts receivable – trade, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 97 | 116 | |
SDG&E | Accounts receivable – other, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 28 | 27 | |
SDG&E | Other long-term assets | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Expected credit losses, noncurrent | 8 | 1 | |
SoCalGas | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 331 | 98 | |
Provisions for expected credit losses | 26 | 77 | |
Write-offs | (33) | (9) | |
Ending balance | 324 | $ 166 | |
SoCalGas | Accounts receivable – trade, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 292 | 306 | |
SoCalGas | Accounts receivable – other, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts receivable - trade and other, net | 29 | 25 | |
SoCalGas | Other long-term assets | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Expected credit losses, noncurrent | $ 3 | $ 0 |
GENERAL INFORMATION AND OTHER_8
GENERAL INFORMATION AND OTHER FINANCIAL DATA - TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | $ 46 | $ 31 | [1] |
Total due to unconsolidated affiliates – noncurrent | (298) | (307) | [1] |
Related Party | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 46 | 31 | |
Total due to unconsolidated affiliates – current | 0 | (5) | [1] |
Total due to unconsolidated affiliates – noncurrent | (298) | (307) | |
Various affiliates | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 5 | 6 | |
Tax Sharing Arrangement | Related Party | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 41 | 25 | |
SDG&E | Related Party | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | (93) | (73) | [1] |
SDG&E | Various affiliates | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | (13) | (8) | |
SDG&E | Due to/from Sempra Energy | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | (39) | (44) | |
Income taxes due (to) from Sempra | 232 | 246 | |
SDG&E | Due to/from SoCalGas | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | (41) | (21) | |
SoCalGas | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 45 | 22 | [1] |
SoCalGas | Related Party | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 45 | 22 | |
Total due to unconsolidated affiliates – current | (33) | (38) | [1] |
SoCalGas | Various affiliates | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 2 | 1 | |
SoCalGas | Due to/from Sempra Energy | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | (33) | (38) | |
Income taxes due (to) from Sempra | 4 | 6 | |
SoCalGas | Due to/from SDG&E | |||
Related Party Transaction [Line Items] | |||
Due from unconsolidated affiliates | 43 | 21 | |
Five Point Five Percent Note Due January 2024 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Total due to unconsolidated affiliates – current | $ 0 | (5) | |
Stated rate of debt (as a percent) | 5.50% | ||
Five Point Five Percent Note Due January 2025 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ 0 | (24) | |
Five Point Five Percent Notes Due July 2025 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ 0 | (23) | |
Five Point Five Percent Note due January 2026 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ (8) | (20) | |
Five Point Five Percent Note due July 2026 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ (12) | (11) | |
Five Point Five Percent Note due January 2027 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ (15) | (14) | |
Five Point Five Percent Note due July 2027 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ (18) | (17) | |
Five Point Seven Four Percent Note December 2029 | TAG JV Norte | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.74% | ||
Total due to unconsolidated affiliates – noncurrent | $ (200) | (198) | |
Five Point Five Percent Note due January 2028 | TAG Pipeline | Related Party | |||
Related Party Transaction [Line Items] | |||
Stated rate of debt (as a percent) | 5.50% | ||
Total due to unconsolidated affiliates – noncurrent | $ (45) | $ 0 | |
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_9
GENERAL INFORMATION AND OTHER FINANCIAL DATA - AFFILIATES REVENUE AND COST OF SALES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Revenues | $ 3,640 | $ 6,560 |
Interest expense | 305 | 366 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Revenues | 10 | 13 |
Interest expense | 4 | 4 |
SDG&E | ||
Related Party Transaction [Line Items] | ||
Revenues | 1,379 | 1,653 |
Interest expense | 128 | 118 |
Operating revenues | 1,379 | 1,653 |
SDG&E | Related Party | ||
Related Party Transaction [Line Items] | ||
Operating revenues | 6 | 4 |
Cost of sales | 40 | 30 |
SoCalGas | ||
Related Party Transaction [Line Items] | ||
Revenues | 1,805 | 3,794 |
Interest expense | 77 | 69 |
Operating revenues | 1,805 | 3,794 |
SoCalGas | Related Party | ||
Related Party Transaction [Line Items] | ||
Operating revenues | 44 | 34 |
Cost of sales | $ (3) | $ 31 |
GENERAL INFORMATION AND OTHE_10
GENERAL INFORMATION AND OTHER FINANCIAL DATA - INVENTORIES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Inventory [Line Items] | |||
Natural gas | $ 150 | $ 174 | |
LNG | 3 | 9 | |
Materials and supplies | 305 | 299 | |
Total | 458 | 482 | [1] |
SDG&E | |||
Inventory [Line Items] | |||
Natural gas | 1 | 1 | |
LNG | 0 | 0 | |
Materials and supplies | 153 | 152 | |
Total | 154 | 153 | [1] |
SoCalGas | |||
Inventory [Line Items] | |||
Natural gas | 139 | 155 | |
LNG | 0 | 0 | |
Materials and supplies | 126 | 122 | |
Total | $ 265 | $ 277 | [1] |
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_11
GENERAL INFORMATION AND OTHER FINANCIAL DATA - DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Dedicated assets in support of certain benefit plans | $ 559 | $ 549 | [1] |
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_12
GENERAL INFORMATION AND OTHER FINANCIAL DATA - NOTE RECEIVABLE (Details) - KKR - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Note receivable issued | $ 300 | ||
Compound interest rate (as a percent) | 5% | ||
Other long-term assets | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Note receivable, net | $ 336 | $ 332 |
GENERAL INFORMATION AND OTHE_13
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PROPERTY, PLANT AND EQUIPMENT (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) segment | |
Property, Plant and Equipment [Line Items] | |
Number of reportable segments | 3 |
Sempra Infrastructure | |
Property, Plant and Equipment [Line Items] | |
Number Of Segments Of Pipeline | 2 |
Guaymas-El Oro segment of the Sonora Pipeline | Sempra Infrastructure | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | $ | $ 408 |
GENERAL INFORMATION AND OTHE_14
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CAPITALIZED FINANCING COSTS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Financing Costs Disclosure [Line Items] | ||
Capitalized financing costs | $ 145 | $ 73 |
SDG&E | ||
Capitalized Financing Costs Disclosure [Line Items] | ||
Capitalized financing costs | 26 | 31 |
SoCalGas | ||
Capitalized Financing Costs Disclosure [Line Items] | ||
Capitalized financing costs | $ 24 | $ 15 |
GENERAL INFORMATION AND OTHE_15
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | [1] | $ 28,675 | |
OCI before reclassifications | 50 | $ (43) | |
Amounts reclassified from AOCI | (4) | (4) | |
Total other comprehensive income, net of tax amount, attributable to parent | 46 | (47) | |
Ending balance | 29,135 | ||
Total accumulated other comprehensive income (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (150) | (135) | |
Ending balance | (104) | (182) | |
Foreign currency translation adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (36) | (59) | |
OCI before reclassifications | 3 | 10 | |
Amounts reclassified from AOCI | 0 | 0 | |
Total other comprehensive income, net of tax amount, attributable to parent | 3 | 10 | |
Ending balance | (33) | (49) | |
Financial instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 3 | 10 | |
OCI before reclassifications | 45 | (40) | |
Amounts reclassified from AOCI | (6) | (5) | |
Total other comprehensive income, net of tax amount, attributable to parent | 39 | (45) | |
Ending balance | 42 | (35) | |
Pension and PBOP | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (117) | (86) | |
OCI before reclassifications | 2 | (13) | |
Amounts reclassified from AOCI | 2 | 1 | |
Total other comprehensive income, net of tax amount, attributable to parent | 4 | (12) | |
Ending balance | (113) | (98) | |
SDG&E | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | [1] | 9,902 | |
Ending balance | 10,125 | ||
SDG&E | Total accumulated other comprehensive income (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (8) | (7) | |
Ending balance | (8) | (7) | |
SDG&E | Pension and PBOP | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (8) | (7) | |
Ending balance | (8) | (7) | |
SoCalGas | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | [1] | 7,410 | |
Amounts reclassified from AOCI | 1 | 1 | |
Total other comprehensive income, net of tax amount, attributable to parent | 1 | 1 | |
Ending balance | 7,770 | ||
SoCalGas | Total accumulated other comprehensive income (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (23) | (24) | |
Ending balance | (22) | (23) | |
SoCalGas | Financial instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (11) | (12) | |
Amounts reclassified from AOCI | 0 | 0 | |
Total other comprehensive income, net of tax amount, attributable to parent | 0 | 0 | |
Ending balance | (11) | (12) | |
SoCalGas | Pension and PBOP | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (12) | (12) | |
Amounts reclassified from AOCI | 1 | 1 | |
Total other comprehensive income, net of tax amount, attributable to parent | 1 | 1 | |
Ending balance | $ (11) | $ (11) | |
[1] Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_16
GENERAL INFORMATION AND OTHER FINANCIAL DATA - RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (305) | $ (366) |
Energy-related businesses | 475 | 1,121 |
Other income, net | 99 | 41 |
Income before income taxes and equity earnings | 705 | 1,329 |
Income tax (expense) benefit | (172) | (376) |
Net income | 881 | 1,172 |
Earnings attributable to noncontrolling interests | (69) | (192) |
Net income attributable to Sempra | 812 | 980 |
SoCalGas | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (77) | (69) |
Other income, net | 47 | (8) |
Income before income taxes and equity earnings | 402 | 454 |
Income tax (expense) benefit | (43) | (94) |
Net income | 359 | 360 |
Net income attributable to Sempra | 359 | 360 |
SDG&E | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (128) | (118) |
Other income, net | 33 | 28 |
Income before income taxes and equity earnings | 263 | 265 |
Income tax (expense) benefit | (40) | (7) |
Net income | 223 | 258 |
Net income attributable to Sempra | 223 | 258 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income attributable to Sempra | (4) | (4) |
Reclassification out of Accumulated Other Comprehensive Income | SoCalGas | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income attributable to Sempra | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes and equity earnings | (13) | (11) |
Income tax (expense) benefit | 3 | 3 |
Net income | (10) | (8) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (3) | 0 |
Equity earnings | (5) | (7) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Foreign exchange instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Equity earnings | (2) | 1 |
Energy-related businesses | (3) | 0 |
Other income, net | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate and foreign exchange instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income, net | 0 | (6) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Earnings attributable to noncontrolling interests | 4 | 3 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income, net | 2 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income, net | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | SoCalGas | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service cost | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and PBOP | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes and equity earnings | 3 | 1 |
Income tax (expense) benefit | (1) | 0 |
Net income | 2 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Financial instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income attributable to Sempra | $ (6) | $ (5) |
GENERAL INFORMATION AND OTHE_17
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 32 | $ 28 |
Interest cost | 42 | 40 |
Expected return on assets | (45) | (43) |
Amortization of: | ||
Prior service [cost (credit)] | 1 | 1 |
Actuarial [loss (gain)] | 3 | 2 |
Net periodic benefit [cost (credit)] | 33 | 28 |
Regulatory adjustments | (25) | 29 |
Total expense recognized | 8 | 57 |
Pension | SDG&E | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 10 | 8 |
Interest cost | 11 | 10 |
Expected return on assets | (12) | (10) |
Amortization of: | ||
Actuarial [loss (gain)] | 2 | 1 |
Net periodic benefit [cost (credit)] | 11 | 9 |
Regulatory adjustments | (10) | 4 |
Total expense recognized | 1 | 13 |
Pension | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 19 | 17 |
Interest cost | 26 | 25 |
Expected return on assets | (30) | (29) |
Amortization of: | ||
Prior service [cost (credit)] | 1 | 1 |
Actuarial [loss (gain)] | 0 | 0 |
Net periodic benefit [cost (credit)] | 16 | 14 |
Regulatory adjustments | (15) | 25 |
Total expense recognized | 1 | 39 |
PBOP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 4 |
Interest cost | 9 | 9 |
Expected return on assets | (17) | (17) |
Amortization of: | ||
Prior service [cost (credit)] | (1) | (1) |
Actuarial [loss (gain)] | (4) | (6) |
Net periodic benefit [cost (credit)] | (9) | (11) |
Regulatory adjustments | 9 | 11 |
Total expense recognized | 0 | 0 |
PBOP | SDG&E | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 2 | 2 |
Expected return on assets | (3) | (2) |
Amortization of: | ||
Actuarial [loss (gain)] | 0 | (1) |
Net periodic benefit [cost (credit)] | 0 | 0 |
Regulatory adjustments | 0 | 0 |
Total expense recognized | 0 | 0 |
PBOP | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 7 | 7 |
Expected return on assets | (15) | (15) |
Amortization of: | ||
Prior service [cost (credit)] | (1) | (1) |
Actuarial [loss (gain)] | (3) | (5) |
Net periodic benefit [cost (credit)] | (9) | (11) |
Regulatory adjustments | 9 | 11 |
Total expense recognized | $ 0 | $ 0 |
GENERAL INFORMATION AND OTHE_18
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income [Line Items] | ||
Allowance for equity funds used during construction | $ 37 | $ 33 |
Investment gains, net | 16 | 12 |
Gains on interest rate and foreign exchange instruments, net | 0 | 5 |
Foreign currency transaction gains, net | 1 | 1 |
Non-service components of net periodic benefit cost | 28 | (25) |
Interest on regulatory balancing accounts, net | 18 | 18 |
Sundry, net | (1) | (3) |
Total | 99 | 41 |
SDG&E | ||
Other Income [Line Items] | ||
Allowance for equity funds used during construction | 20 | 23 |
Non-service components of net periodic benefit cost | 10 | (4) |
Interest on regulatory balancing accounts, net | 7 | 10 |
Sundry, net | (4) | (1) |
Total | 33 | 28 |
SoCalGas | ||
Other Income [Line Items] | ||
Allowance for equity funds used during construction | 17 | 10 |
Non-service components of net periodic benefit cost | 21 | (19) |
Interest on regulatory balancing accounts, net | 11 | 8 |
Sundry, net | (2) | (7) |
Total | $ 47 | $ (8) |
GENERAL INFORMATION AND OTHE_19
GENERAL INFORMATION AND OTHER FINANCIAL DATA - INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 172 | $ 376 |
Income before income taxes and equity earnings | 705 | 1,329 |
Equity earnings, before income tax: | 134 | 132 |
Pretax income | $ 839 | $ 1,461 |
Effective income tax rate (as a percent) | 21% | 26% |
SDG&E | ||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 40 | $ 7 |
Income before income taxes and equity earnings | $ 263 | $ 265 |
Effective income tax rate (as a percent) | 15% | 3% |
SoCalGas | ||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 43 | $ 94 |
Income before income taxes and equity earnings | $ 402 | $ 454 |
Effective income tax rate (as a percent) | 11% | 21% |
REVENUES - DISAGGREGATION OF RE
REVENUES - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 3,697 | $ 5,889 |
Utilities regulatory revenues | (338) | (159) |
Other revenues | 281 | 830 |
Total revenues | 3,640 | 6,560 |
SDG&E | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,462 | 1,765 |
Utilities regulatory revenues | (83) | (112) |
Total revenues | 1,379 | 1,653 |
SoCalGas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 2,060 | 3,841 |
Utilities regulatory revenues | (255) | (47) |
Total revenues | 1,805 | 3,794 |
Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 3,503 | 5,598 |
Utilities | SDG&E | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,462 | 1,765 |
Utilities | SoCalGas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 2,060 | 3,841 |
Energy-related businesses | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 194 | 291 |
Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 2,470 | 4,564 |
Gas | SDG&E | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 330 | 554 |
Gas | SoCalGas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 2,060 | 3,841 |
Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,227 | 1,325 |
Electric | SDG&E | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,132 | 1,211 |
Electric | SoCalGas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Operating Segments | Sempra Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 242 | 342 |
Utilities regulatory revenues | 0 | 0 |
Other revenues | 277 | 854 |
Total revenues | 519 | 1,196 |
Operating Segments | Sempra Infrastructure | Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 30 | 30 |
Operating Segments | Sempra Infrastructure | Energy-related businesses | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 212 | 312 |
Operating Segments | Sempra Infrastructure | Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 125 | 204 |
Operating Segments | Sempra Infrastructure | Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 117 | 138 |
Operating Segments | Sempra California | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 3,479 | 5,574 |
Utilities regulatory revenues | (338) | (159) |
Other revenues | 0 | 0 |
Total revenues | 3,141 | 5,415 |
Operating Segments | Sempra California | Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 3,479 | 5,574 |
Operating Segments | Sempra California | Energy-related businesses | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Operating Segments | Sempra California | Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 2,350 | 4,365 |
Operating Segments | Sempra California | Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 1,129 | 1,209 |
Consolidation, Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | (24) | (27) |
Utilities regulatory revenues | 0 | 0 |
Other revenues | 4 | (24) |
Total revenues | (20) | (51) |
Consolidation, Eliminations | Utilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | (6) | (6) |
Consolidation, Eliminations | Energy-related businesses | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | (18) | (21) |
Consolidation, Eliminations | Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | (5) | (5) |
Consolidation, Eliminations | Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ (19) | $ (22) |
REVENUES - PERFORMANCE OBLIGATI
REVENUES - PERFORMANCE OBLIGATIONS (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 2,960 |
SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | 74 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 209 |
Revenues to be recognized, period of recognition | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 2 |
Revenues to be recognized, period of recognition | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 263 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 263 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 263 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 195 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 1,767 |
Revenues to be recognized, period of recognition | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | SDG&E | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 56 |
Revenues to be recognized, period of recognition |
REVENUES - CONTRACT LIABILITIES
REVENUES - CONTRACT LIABILITIES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, opening balance | $ (198) | $ (252) |
Revenue from performance obligations satisfied during reporting period | 2 | 2 |
Payments received in advance | (3) | 0 |
Contract liabilities, closing balance | (199) | (250) |
Other current liabilities | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (5) | |
Deferred Credits and Other | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (194) | |
SDG&E | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, opening balance | (75) | (79) |
Revenue from performance obligations satisfied during reporting period | 1 | 1 |
Contract liabilities, closing balance | (74) | $ (78) |
SDG&E | Other current liabilities | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (4) | |
SDG&E | Deferred Credits and Other | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | $ (70) |
REVENUES - RECEIVABLES FROM REV
REVENUES - RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 1,935 | $ 1,970 |
Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,891 | 1,951 |
Accounts receivable – trade, net | Community Choice Aggregation | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 125 | 148 |
Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 22 | 15 |
Due from unconsolidated affiliates – current | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 5 | 4 |
Other long-term assets | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 17 | 0 |
SDG&E | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 852 | 889 |
SDG&E | Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 818 | 870 |
SDG&E | Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 20 | 13 |
SDG&E | Due from unconsolidated affiliates – current | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 7 | 6 |
SDG&E | Other long-term assets | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 7 | 0 |
SoCalGas | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,007 | 987 |
SoCalGas | Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 995 | 985 |
SoCalGas | Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 2 | 2 |
SoCalGas | Other long-term assets | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 10 | $ 0 |
REGULATORY MATTERS - REGULATORY
REGULATORY MATTERS - REGULATORY ACCOUNTS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | $ (805) | $ (295) |
Regulatory balancing accounts - net undercollected, Noncurrent | 1,903 | 1,913 |
Fixed-price contracts and other derivatives | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 50 | 215 |
Deferred income taxes recoverable in rates | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 1,327 | 1,142 |
Pension and PBOP plan obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (194) | (212) |
Employee benefit costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 24 | 24 |
Removal obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (3,156) | (3,082) |
Environmental costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 148 | 139 |
Sunrise Powerlink fire mitigation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 125 | 124 |
Commodity – electric | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (180) | (233) |
Commodity – gas, including transportation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (280) | (259) |
Safety and reliability | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 1,044 | 959 |
Public purpose programs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (361) | (273) |
Other balancing accounts | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (112) | 373 |
Other regulatory (liabilities) assets, net | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (85) | (10) |
Wildfire mitigation plan | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 735 | 685 |
Liability insurance premium | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 110 | 113 |
SDG&E | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (1,052) | (994) |
Regulatory balancing accounts - net undercollected, Noncurrent | 827 | 950 |
SDG&E | Fixed-price contracts and other derivatives | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 26 | 14 |
SDG&E | Deferred income taxes recoverable in rates | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 668 | 626 |
SDG&E | Pension and PBOP plan obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 58 | 48 |
SDG&E | Employee benefit costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 3 | 3 |
SDG&E | Removal obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (2,534) | (2,468) |
SDG&E | Environmental costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 115 | 105 |
SDG&E | Sunrise Powerlink fire mitigation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 125 | 124 |
SDG&E | Commodity – electric | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (180) | (233) |
SDG&E | Commodity – gas, including transportation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 42 | 52 |
SDG&E | Safety and reliability | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 221 | 207 |
SDG&E | Public purpose programs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (162) | (144) |
SDG&E | Other balancing accounts | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (282) | (152) |
SDG&E | Other regulatory (liabilities) assets, net | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 27 | 49 |
SDG&E | Wildfire mitigation plan | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 735 | 685 |
SDG&E | Liability insurance premium | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 86 | 90 |
SoCalGas | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 163 | 614 |
Regulatory balancing accounts - net undercollected, Noncurrent | 1,076 | 963 |
SoCalGas | Fixed-price contracts and other derivatives | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 24 | 201 |
SoCalGas | Deferred income taxes recoverable in rates | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 573 | 430 |
SoCalGas | Pension and PBOP plan obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (252) | (260) |
SoCalGas | Employee benefit costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 21 | 21 |
SoCalGas | Removal obligations | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (622) | (614) |
SoCalGas | Environmental costs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 33 | 34 |
SoCalGas | Sunrise Powerlink fire mitigation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 0 | 0 |
SoCalGas | Commodity – electric | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 0 | 0 |
SoCalGas | Commodity – gas, including transportation | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (322) | (311) |
SoCalGas | Safety and reliability | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 823 | 752 |
SoCalGas | Public purpose programs | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (199) | (129) |
SoCalGas | Other balancing accounts | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 170 | 525 |
SoCalGas | Other regulatory (liabilities) assets, net | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (110) | (58) |
SoCalGas | Wildfire mitigation plan | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 0 | 0 |
SoCalGas | Liability insurance premium | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | $ 24 | $ 23 |
REGULATORY MATTERS - CPUC GRC N
REGULATORY MATTERS - CPUC GRC Narrative (Details) - 2024 GRC - 2024 Requirement - General Rate Case - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | May 31, 2022 | Dec. 31, 2025 | Dec. 31, 2024 | |
SDG&E | ||||
General Rate Case [Line Items] | ||||
Requested revenue requirements | $ 2,200 | $ 3,000 | ||
Requested review and recovery of wildfire mitigation plan | $ 1,500 | |||
SDG&E | Subsequent Event | Forecast | ||||
General Rate Case [Line Items] | ||||
General rate case, expected recovery of wildlife mitigation plan costs | $ 96 | $ 194 | ||
SDG&E | Minimum | ||||
General Rate Case [Line Items] | ||||
Estimate of annual increases | 8% | |||
SDG&E | Maximum | ||||
General Rate Case [Line Items] | ||||
Estimate of annual increases | 11% | |||
SoCalGas | ||||
General Rate Case [Line Items] | ||||
Requested revenue requirements | $ 4,400 | |||
SoCalGas | Minimum | ||||
General Rate Case [Line Items] | ||||
Estimate of annual increases | 6% | |||
SoCalGas | Maximum | ||||
General Rate Case [Line Items] | ||||
Estimate of annual increases | 8% |
REGULATORY MATTERS - COST OF CA
REGULATORY MATTERS - COST OF CAPITAL (Details) - California Public Utilities Commission | 12 Months Ended | 24 Months Ended |
Dec. 31, 2023 | Dec. 31, 2025 | |
SDG&E | ||
Public Utilities, General Disclosures [Line Items] | ||
Authorized weighting (as a percent) | 100% | |
Weighted return on rate base (as a percent) | 7.18% | |
SDG&E | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Authorized weighting (as a percent) | 100% | |
Weighted return on rate base (as a percent) | 7.67% | |
SDG&E | Authorized weighting | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 45.25% | |
SDG&E | Authorized weighting | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 2.75% | |
SDG&E | Authorized weighting | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 52% | |
SDG&E | Authorized weighting | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 45.25% | |
SDG&E | Authorized weighting | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 2.75% | |
SDG&E | Authorized weighting | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 52% | |
SDG&E | Return on rate base | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 4.05% | |
SDG&E | Return on rate base | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 6.22% | |
SDG&E | Return on rate base | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 9.95% | |
SDG&E | Return on rate base | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 4.34% | |
SDG&E | Return on rate base | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 6.22% | |
SDG&E | Return on rate base | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 10.65% | |
SDG&E | Weighted return on rate base | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 1.83% | |
SDG&E | Weighted return on rate base | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 0.17% | |
SDG&E | Weighted return on rate base | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 5.17% | |
SDG&E | Weighted return on rate base | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 1.96% | |
SDG&E | Weighted return on rate base | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 0.17% | |
SDG&E | Weighted return on rate base | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 5.54% | |
SoCalGas | ||
Public Utilities, General Disclosures [Line Items] | ||
Authorized weighting (as a percent) | 100% | |
Weighted return on rate base (as a percent) | 7.10% | |
SoCalGas | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Authorized weighting (as a percent) | 100% | |
Weighted return on rate base (as a percent) | 7.67% | |
SoCalGas | Authorized weighting | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 45.60% | |
SoCalGas | Authorized weighting | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 2.40% | |
SoCalGas | Authorized weighting | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 52% | |
SoCalGas | Authorized weighting | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 45.60% | |
SoCalGas | Authorized weighting | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 2.40% | |
SoCalGas | Authorized weighting | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 52% | |
SoCalGas | Return on rate base | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 4.07% | |
SoCalGas | Return on rate base | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 6% | |
SoCalGas | Return on rate base | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 9.80% | |
SoCalGas | Return on rate base | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 4.54% | |
SoCalGas | Return on rate base | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 6% | |
SoCalGas | Return on rate base | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 10.50% | |
SoCalGas | Weighted return on rate base | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 1.86% | |
SoCalGas | Weighted return on rate base | Preferred Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 0.14% | |
SoCalGas | Weighted return on rate base | Common Equity | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 5.10% | |
SoCalGas | Weighted return on rate base | Forecast | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved debt capital structure (as a percent) | 2.07% | |
SoCalGas | Weighted return on rate base | Forecast | Preferred Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 0.14% | |
SoCalGas | Weighted return on rate base | Forecast | Common Equity | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Approved return on equity (as a percent) | 5.46% |
REGULATORY MATTERS - FERC RATE
REGULATORY MATTERS - FERC RATE MATTERS (Details) - SDG&E | 3 Months Ended |
Mar. 31, 2024 | |
Public Utilities, General Disclosures [Line Items] | |
FERC requirement to maintain common equity ratio, at or above (percent) | 10.60% |
FERC requirement to maintain common equity ratio at or above, base (as a percent) | 10.10% |
FERC requirement, additional basis spread | 0.50% |
SEMPRA - INVESTMENTS IN UNCON_3
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES - NARRATIVE (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2021 USD ($) | Jul. 31, 2020 USD ($) projectOwner bank | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from distributions received | $ 232 | $ 199 | ||
Oncor Holdings | Oncor Electric Delivery Company LLC. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (as a percent) | 80.25% | |||
Sempra Texas Intermediate Holding Company LLC | Oncor Holdings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (as a percent) | 100% | |||
Sempra Texas Utilities | Oncor Holdings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments made during period | $ 193 | 85 | ||
Proceeds from distributions received | $ 100 | 85 | ||
Sempra Infrastructure | Cameron LNG JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage in consolidated entity (in percentage) | 50.20% | |||
Sempra Infrastructure | TAG | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from distributions received | $ 62 | |||
Sempra Infrastructure | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantees, carrying value | 23 | |||
Sempra Infrastructure | Other current assets | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantees, carrying value | 7 | |||
Sempra Infrastructure | Other long-term assets | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantees, carrying value | 16 | |||
Sempra Infrastructure | Cameron LNG JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from distributions received | 132 | $ 114 | ||
Sempra Infrastructure | Cameron LNG JV | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Liability cap, amount | $ 979 | |||
Number of project owners | projectOwner | 4 | |||
Proceeds from related party debt | $ 1,500 | |||
Number of project owners sending direct proceeds | projectOwner | 2 | |||
Number of project owners sending proceeds from external lenders | projectOwner | 2 | |||
Liability cap (as a percent) | 130% | |||
Sempra Infrastructure | Cameron LNG JV | Corporate Joint Venture | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from related party debt | $ 753 | |||
Number of banks | bank | 8 | |||
Sempra Infrastructure | Cameron LNG JV | Promissory Note for SDSRA Distribution | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from distributions received | $ 165 | |||
Liability cap, amount | 165 | |||
Sempra Infrastructure | Cameron LNG JV | Promissory Note for SDSRA Distribution | Corporate Joint Venture | Deferred Credits and Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Senior note, liability | $ 22 | |||
Sempra Infrastructure | Cameron LNG JV | Promissory Note for SDSRA Distribution | Corporate Joint Venture | Other current liabilities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantees, carrying value | $ 19 |
SEMPRA - INVESTMENTS IN UNCON_4
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Interest expense | $ (305) | $ (366) |
Income tax (expense) benefit | (172) | (376) |
Net income | 881 | 1,172 |
NCI held by Texas Transmission Investment LLC | (69) | (192) |
Earnings attributable to common shares | 801 | 969 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Oncor Holdings | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating revenues | 1,458 | 1,292 |
Operating expenses | (1,051) | (1,024) |
Income from operations | 407 | 268 |
Interest expense | (150) | (123) |
Income tax (expense) benefit | (49) | (24) |
Net income | 223 | 99 |
NCI held by Texas Transmission Investment LLC | (44) | (20) |
Earnings attributable to common shares | $ 179 | $ 79 |
DEBT AND CREDIT FACILITIES - NA
DEBT AND CREDIT FACILITIES - NARRATIVE (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2024 USD ($) bank day line_of_credit | Mar. 31, 2024 USD ($) bank day line_of_credit lineOfCredit | Dec. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 9,900 | $ 9,900 | |
Primary committed lines of credit | lineOfCredit | 7 | ||
Maximum ratio of indebtedness to total capitalization (as a percent) | 65% | 65% | |
Uncommitted letters of credit outstanding | $ 512 | $ 512 | |
6.875% Junior Subordinated Notes, Due October 1, 2054 | |||
Line of Credit Facility [Line Items] | |||
Debt amount | $ 600 | $ 600 | |
Stated rate of debt (as a percent) | 6.875% | 6.875% | |
Proceeds from debt issuance | $ 593 | ||
Unamortized debt issuance costs and discounts | $ 7 | $ 7 | |
Debt instrument, interest rate, period (in years) | 5 years | 5 years | |
Number of days before interest rate period | day | 2 | 2 | |
6.875% Junior Subordinated Notes, Due October 1, 2054 | Redemption period one | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) | 100% | ||
6.875% Junior Subordinated Notes, Due October 1, 2054 | Redemption period two | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) | 100% | ||
6.875% Junior Subordinated Notes, Due October 1, 2054 | Redemption period three | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) | 102% | ||
6.875% Junior Subordinated Notes, Due October 1, 2054 | Five-Year US Treasury Rate | |||
Line of Credit Facility [Line Items] | |||
Variable percentage rate (in percent) | 2.789% | ||
Other Long-Term Debt, 4.125% Junior Subordinated Notes Due 2052 | |||
Line of Credit Facility [Line Items] | |||
Stated rate of debt (as a percent) | 4.125% | 4.125% | |
Other Long-Term Debt, 5.75% Junior Subordinated Notes Due 2079 | |||
Line of Credit Facility [Line Items] | |||
Stated rate of debt (as a percent) | 5.75% | 5.75% | |
Foreign Unsecured Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 200 | $ 200 | |
Line of credit, amount outstanding | 30 | 30 | |
SDG&E | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 1,500 | $ 1,500 | |
Maximum ratio of indebtedness to total capitalization (as a percent) | 65% | 65% | |
SDG&E | Secured Debt | Five Point Five Five Percent First Mortgage Bonds Due April 15, 2054 | |||
Line of Credit Facility [Line Items] | |||
Debt amount | $ 600 | $ 600 | |
Stated rate of debt (as a percent) | 5.55% | 5.55% | |
Proceeds from debt issuance | $ 587 | ||
Unamortized debt issuance costs and discounts | 13 | $ 13 | |
SoCalGas | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 1,200 | $ 1,200 | |
Maximum ratio of indebtedness to total capitalization (as a percent) | 65% | 65% | |
SoCalGas | Secured Debt | Five Point Six Percent First Mortgage Bonds, Due April 1, 2054 | |||
Line of Credit Facility [Line Items] | |||
Debt amount | $ 500 | $ 500 | |
Stated rate of debt (as a percent) | 5.60% | 5.60% | |
Proceeds from debt issuance | $ 491 | ||
Unamortized debt issuance costs and discounts | $ 9 | $ 9 | |
SI Partners | |||
Line of Credit Facility [Line Items] | |||
Maximum adjustment EBITDA allowed | 5.25 | 5.25 | |
SI Partners and IEnova | |||
Line of Credit Facility [Line Items] | |||
Number of lines of credit | line_of_credit | 3 | 3 | |
SI Partners and IEnova | IEnova Committed Line Of Credit Due 2024 | Interbank Equilibrium Interest Rate | |||
Line of Credit Facility [Line Items] | |||
Variable percentage rate (in percent) | 1.05% | ||
SI Partners and IEnova | IEnova Committed Line Of Credit Due 2024 | Secured Overnight Financing Rate (SOFR) | |||
Line of Credit Facility [Line Items] | |||
Variable percentage rate (in percent) | 1.15% | ||
Sempra Infrastructure | Loan Agreement To Finance Natural Gas Liquefaction Export Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 1,300 | $ 1,300 | |
Term of debt instrument (in years) | 5 years | ||
Number of banks in syndicate | bank | 7 | 7 | |
Debt outstanding | $ 926 | $ 926 | $ 832 |
Weighted average interest rate (as a percent) | 8.27% | 8.27% | 8.31% |
IEnova | ECA LNG JV | |||
Line of Credit Facility [Line Items] | |||
Ownership percentage in consolidated entity (in percentage) | 83.40% | ||
Subsidiary of TOTAL SE | ECA LNG JV | |||
Line of Credit Facility [Line Items] | |||
Ownership percentage in consolidated entity (in percentage) | 16.60% | ||
Port Arthur LNG | Loan Agreement To Finance The Cost Of Development And Construction Of The PA LNG Phase 1 Project | |||
Line of Credit Facility [Line Items] | |||
Debt outstanding | $ 273 | $ 273 | $ 258 |
Weighted average interest rate (as a percent) | 5.33% | 5.33% | 5.81% |
Port Arthur LNG | Domestic Line of Credit | Loan Agreement To Finance The Cost Of Development And Construction Of The PA LNG Phase 1 Project | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 6,800 | $ 6,800 | |
Term of debt instrument (in years) | 7 years |
DEBT AND CREDIT FACILITIES - CO
DEBT AND CREDIT FACILITIES - COMMITTED LINES OF CREDIT (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 9,900 |
Available unused credit | 8,206 |
Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (64) |
Commercial paper outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (814) |
Amounts outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (816) |
Sempra | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 4,000 |
Available unused credit | 3,329 |
Sempra | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
Sempra | Commercial paper outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (671) |
Sempra | Amounts outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SDG&E | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,500 |
Available unused credit | 1,500 |
SDG&E | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SDG&E | Commercial paper outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SDG&E | Amounts outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SoCalGas | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,200 |
Available unused credit | 1,057 |
SoCalGas | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SoCalGas | Commercial paper outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (143) |
SoCalGas | Amounts outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due September 2025 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 500 |
Available unused credit | 75 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due September 2025 | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due August 2026 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,000 |
Available unused credit | 965 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due August 2026 | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due August 2028 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,500 |
Available unused credit | 1,144 |
SI Partners and IEnova | IEnova and SI Partners Committed Line Of Credit Due August 2028 | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | Commercial paper outstanding | IEnova and SI Partners Committed Line Of Credit Due September 2025 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | Commercial paper outstanding | IEnova and SI Partners Committed Line Of Credit Due August 2026 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | Commercial paper outstanding | IEnova and SI Partners Committed Line Of Credit Due August 2028 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
SI Partners and IEnova | Amounts outstanding | IEnova and SI Partners Committed Line Of Credit Due September 2025 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (425) |
SI Partners and IEnova | Amounts outstanding | IEnova and SI Partners Committed Line Of Credit Due August 2026 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (35) |
SI Partners and IEnova | Amounts outstanding | IEnova and SI Partners Committed Line Of Credit Due August 2028 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (356) |
Port Arthur LNG | Port Arthur LNG Committed Line Of Credit Due 2030 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 200 |
Available unused credit | 136 |
Port Arthur LNG | Port Arthur LNG Committed Line Of Credit Due 2030 | Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (64) |
Port Arthur LNG | Commercial paper outstanding | Port Arthur LNG Committed Line Of Credit Due 2030 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | 0 |
Port Arthur LNG | Amounts outstanding | Port Arthur LNG Committed Line Of Credit Due 2030 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | $ 0 |
DEBT AND CREDIT FACILITIES - UN
DEBT AND CREDIT FACILITIES - UNCOMMITTED LETTERS OF CREDIT (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
Uncommitted letters of credit outstanding | $ 512 |
Letters of credit outstanding | |
Line of Credit Facility [Line Items] | |
Uncommitted letters of credit outstanding | 512 |
Letters of credit outstanding | SDG&E | |
Line of Credit Facility [Line Items] | |
Uncommitted letters of credit outstanding | 25 |
Letters of credit outstanding | SoCalGas | |
Line of Credit Facility [Line Items] | |
Uncommitted letters of credit outstanding | 20 |
Letters of credit outstanding | Other Sempra | |
Line of Credit Facility [Line Items] | |
Uncommitted letters of credit outstanding | $ 467 |
DEBT AND CREDIT FACILITIES - WE
DEBT AND CREDIT FACILITIES - WEIGHTED-AVERAGE INTEREST RATES AND INTEREST RATE SWAPS (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 5.98% | 5.96% |
SoCalGas | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 5.39% | 5.44% |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE COMMODITY VOLUMES (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 MMBTU MWh | Dec. 31, 2023 MMBTU MWh | |
Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 303 | 361 |
Electricity | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 0 | 1 |
Congestion revenue rights | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 33 | 36 |
SDG&E | Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 18 | 17 |
SDG&E | Congestion revenue rights | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 33 | 36 |
SoCalGas | Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 210 | 268 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - INTEREST RATE AND FOREIGN CURRENCY DERIVATIVES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other foreign currency derivatives | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 141 | $ 176 |
Cash Flow Hedging | Interest rate instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative | 4,451 | 4,451 |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amounts | $ 604 | $ 488 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE INSTRUMENTS ON THE CONDENSED BALANCE SHEET (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | $ 31 | $ 26 |
Additional cash collateral for commodity contracts not subject to rate recovery | 87 | 74 |
Additional cash collateral for commodity contracts subject to rate recovery | 6 | 22 |
Total | 124 | 122 |
Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 207 | 77 |
Additional cash collateral for commodity contracts not subject to rate recovery | 0 | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | 207 | 77 |
Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (39) | (221) |
Additional cash collateral for commodity contracts not subject to rate recovery | 0 | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (39) | (221) |
Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (7) | (5) |
Additional cash collateral for commodity contracts not subject to rate recovery | 0 | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (7) | (5) |
Derivatives designated as hedging instruments: | Other current assets | ||
Derivatives designated as hedging instruments: | ||
Interest rate instruments | 22 | 17 |
Foreign exchange instruments | 0 | 0 |
Derivatives designated as hedging instruments: | Other long-term assets | ||
Derivatives designated as hedging instruments: | ||
Interest rate instruments | 201 | 70 |
Foreign exchange instruments | 0 | 0 |
Derivatives designated as hedging instruments: | Other current liabilities | ||
Derivatives designated as hedging instruments: | ||
Interest rate instruments | 0 | 0 |
Foreign exchange instruments | (9) | (9) |
Derivatives designated as hedging instruments: | Deferred credits and other | ||
Derivatives designated as hedging instruments: | ||
Interest rate instruments | 0 | 0 |
Foreign exchange instruments | 0 | 0 |
Derivatives not designated as hedging instruments: | Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts not subject to rate recovery | 233 | 173 |
Associated offsetting commodity contracts | (229) | (169) |
Commodity contracts subject to rate recovery | 8 | 10 |
Associated offsetting commodity contracts | (3) | (5) |
Associated offsetting cash collateral | 0 | 0 |
Derivatives not designated as hedging instruments: | Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts not subject to rate recovery | 49 | 52 |
Associated offsetting commodity contracts | (48) | (51) |
Commodity contracts subject to rate recovery | 8 | 8 |
Associated offsetting commodity contracts | (3) | (2) |
Associated offsetting cash collateral | 0 | 0 |
Derivatives not designated as hedging instruments: | Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts not subject to rate recovery | (234) | (170) |
Associated offsetting commodity contracts | 229 | 169 |
Commodity contracts subject to rate recovery | (42) | (228) |
Associated offsetting commodity contracts | 3 | 5 |
Associated offsetting cash collateral | 14 | 12 |
Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts not subject to rate recovery | (52) | (56) |
Associated offsetting commodity contracts | 48 | 51 |
Commodity contracts subject to rate recovery | (18) | (9) |
Associated offsetting commodity contracts | 3 | 2 |
Associated offsetting cash collateral | 12 | 7 |
SDG&E | Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 4 | 4 |
Additional cash collateral for commodity contracts subject to rate recovery | 5 | 21 |
Total | 9 | 25 |
SDG&E | Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 5 | 6 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | 5 | 6 |
SDG&E | Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (4) | (1) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (4) | (1) |
SDG&E | Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 0 | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | 0 | 0 |
SDG&E | Derivatives not designated as hedging instruments: | Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 7 | 9 |
Associated offsetting commodity contracts | (3) | (5) |
Associated offsetting cash collateral | 0 | 0 |
SDG&E | Derivatives not designated as hedging instruments: | Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 8 | 8 |
Associated offsetting commodity contracts | (3) | (2) |
Associated offsetting cash collateral | 0 | 0 |
SDG&E | Derivatives not designated as hedging instruments: | Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (21) | (18) |
Associated offsetting commodity contracts | 3 | 5 |
Associated offsetting cash collateral | 14 | 12 |
SDG&E | Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (15) | (9) |
Associated offsetting commodity contracts | 3 | 2 |
Associated offsetting cash collateral | 12 | 7 |
SoCalGas | Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 1 | 1 |
Additional cash collateral for commodity contracts subject to rate recovery | 1 | 1 |
Total | 2 | 2 |
SoCalGas | Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 0 | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | 0 | 0 |
SoCalGas | Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (21) | (210) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (21) | (210) |
SoCalGas | Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (3) | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (3) | 0 |
SoCalGas | Derivatives not designated as hedging instruments: | Other current assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 1 | 1 |
SoCalGas | Derivatives not designated as hedging instruments: | Other long-term assets | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 0 | 0 |
SoCalGas | Derivatives not designated as hedging instruments: | Other current liabilities | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (21) | (210) |
SoCalGas | Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | $ (3) | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE IMPACT ON INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Pretax gain (loss) reclassified from AOCI into earnings | $ 153 | $ (95) |
Pretax gain (loss) on derivatives recognized in earnings | $ 0 | $ 5 |
Natural gas | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Electric fuel and purchased power | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Interest rate instruments | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | INTEREST EXPENSE | INTEREST EXPENSE |
Commodity contracts not subject to rate recovery | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unregulated Operating Revenue | Unregulated Operating Revenue |
Derivatives designated as hedging instruments: | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | $ 171 | $ (98) |
Pretax gain (loss) reclassified from AOCI into earnings | 13 | 11 |
Derivatives designated as hedging instruments: | Interest Expense | Cash Flow Hedging | Interest rate instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | 142 | (77) |
Pretax gain (loss) reclassified from AOCI into earnings | 3 | 0 |
Derivatives designated as hedging instruments: | Interest Expense | Cash Flow Hedging | Interest rate and foreign exchange instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | 0 | 7 |
Derivatives designated as hedging instruments: | Equity Earnings | Cash Flow Hedging | Interest rate instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | 28 | (17) |
Pretax gain (loss) reclassified from AOCI into earnings | 5 | 7 |
Derivatives designated as hedging instruments: | Equity Earnings | Cash Flow Hedging | Foreign exchange instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | 0 | (5) |
Pretax gain (loss) reclassified from AOCI into earnings | 2 | (1) |
Derivatives designated as hedging instruments: | Revenues: Energy- Related Businesses | Cash Flow Hedging | Foreign exchange instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) recognized in OCI | 1 | (6) |
Pretax gain (loss) reclassified from AOCI into earnings | 3 | 0 |
Derivatives designated as hedging instruments: | Other Income (Expense), Net | Cash Flow Hedging | Foreign exchange instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) reclassified from AOCI into earnings | 0 | (1) |
Derivatives designated as hedging instruments: | Other Income (Expense), Net | Cash Flow Hedging | Interest rate and foreign exchange instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) reclassified from AOCI into earnings | 0 | 6 |
Derivatives not designated as hedging instruments: | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | 50 | 384 |
Derivatives not designated as hedging instruments: | Interest rate instruments | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | 0 | (47) |
Derivatives not designated as hedging instruments: | Commodity contracts not subject to rate recovery | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | 79 | 449 |
Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | SoCalGas | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | (6) | (27) |
Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | SDG&E | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | (23) | 9 |
Derivatives not designated as hedging instruments: | Cost of Natural Gas | Commodity contracts subject to rate recovery | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | (6) | (27) |
Derivatives not designated as hedging instruments: | Cost of Electric Fuel and Purchased Power | Commodity contracts subject to rate recovery | ||
Derivative [Line Items] | ||
Pretax gain (loss) on derivatives recognized in earnings | $ (23) | $ 9 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - CASH FLOW HEDGES NARRATIVE (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified | $ 25 |
Cash flow hedge gain (loss) to be reclassified, NCI | $ 10 |
Term of interest rate cash flow hedge (in years) | 24 years |
SoCalGas | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified | $ (1) |
Equity Method Investee | |
Derivative [Line Items] | |
Term of interest rate cash flow hedge (in years) | 16 years |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE INSTRUMENTS WITH CONTINGENT FEATURES NARRATIVE (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative fair value | $ 29 | $ 215 |
Collateral | 29 | |
SoCalGas | ||
Derivative [Line Items] | ||
Derivative fair value | 24 | $ 210 |
Collateral | $ 24 |
FAIR VALUE MEASUREMENTS - RECUR
FAIR VALUE MEASUREMENTS - RECURRING FAIR VALUE MEASURES (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | $ 904 | $ 879 |
Short-term investments held in Rabbi Trust | 47 | 67 |
Support Agreement, net of related guarantee fees | 23 | 23 |
Total | 1,305 | 1,168 |
Total | 46 | 226 |
Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 28 | 21 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 325 | 312 |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 59 | 51 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 275 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 222 | 220 |
Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 551 | 546 |
Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 223 | 87 |
Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | 5 |
Effect of netting and allocation of collateral | 87 | 74 |
Derivative liabilities | 9 | 6 |
Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 10 | 11 |
Effect of netting and allocation of collateral | 6 | 22 |
Derivative liabilities | 54 | 230 |
Effect of netting and allocation of collateral | (26) | (19) |
Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 9 | 9 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 388 | 361 |
Short-term investments held in Rabbi Trust | 47 | 67 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total | 523 | 518 |
Total | 0 | 1 |
Level 1 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 24 | 19 |
Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 322 | 308 |
Level 1 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 42 | 34 |
Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 1 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 1 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 42 | 34 |
Level 1 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Level 1 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 87 | 74 |
Derivative liabilities | 0 | 0 |
Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 1 | 16 |
Derivative liabilities | 26 | 20 |
Effect of netting and allocation of collateral | (26) | (19) |
Level 1 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 516 | 518 |
Short-term investments held in Rabbi Trust | 0 | 0 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total | 745 | 611 |
Total | 46 | 225 |
Level 2 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 4 | 2 |
Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 3 | 4 |
Level 2 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 17 | 17 |
Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 275 |
Level 2 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 222 | 220 |
Level 2 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 509 | 512 |
Level 2 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 223 | 87 |
Level 2 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | 5 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 9 | 6 |
Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 28 | 210 |
Effect of netting and allocation of collateral | 0 | 0 |
Level 2 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 9 | 9 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Short-term investments held in Rabbi Trust | 0 | 0 |
Support Agreement, net of related guarantee fees | 23 | 23 |
Total | 37 | 39 |
Total | 0 | 0 |
Level 3 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Level 3 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9 | 10 |
Effect of netting and allocation of collateral | 5 | 6 |
Derivative liabilities | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Level 3 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
SDG&E | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 904 | 879 |
Total | 918 | 910 |
Total | 4 | 1 |
SDG&E | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 28 | 21 |
SDG&E | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 325 | 312 |
SDG&E | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 59 | 51 |
SDG&E | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 275 |
SDG&E | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 222 | 220 |
SDG&E | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 551 | 546 |
SDG&E | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9 | 10 |
Effect of netting and allocation of collateral | 5 | 21 |
Derivative liabilities | 30 | 20 |
Effect of netting and allocation of collateral | (26) | (19) |
SDG&E | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 388 | 361 |
Total | 388 | 376 |
Total | 0 | 1 |
SDG&E | Level 1 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 24 | 19 |
SDG&E | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 322 | 308 |
SDG&E | Level 1 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 42 | 34 |
SDG&E | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 1 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 1 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 42 | 34 |
SDG&E | Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 15 |
Derivative liabilities | 26 | 20 |
Effect of netting and allocation of collateral | (26) | (19) |
SDG&E | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 516 | 518 |
Total | 516 | 518 |
Total | 4 | 0 |
SDG&E | Level 2 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 4 | 2 |
SDG&E | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 3 | 4 |
SDG&E | Level 2 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 17 | 17 |
SDG&E | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 275 |
SDG&E | Level 2 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 222 | 220 |
SDG&E | Level 2 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 509 | 512 |
SDG&E | Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 4 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
SDG&E | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Total | 14 | 16 |
Total | 0 | 0 |
SDG&E | Level 3 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
SDG&E | Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9 | 10 |
Effect of netting and allocation of collateral | 5 | 6 |
Derivative liabilities | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
SoCalGas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2 | 2 |
Total | 24 | 210 |
SoCalGas | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Effect of netting and allocation of collateral | 1 | 1 |
Derivative liabilities | 24 | 210 |
SoCalGas | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1 | 1 |
Total | 0 | 0 |
SoCalGas | Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 1 | 1 |
Derivative liabilities | 0 | 0 |
SoCalGas | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1 | 1 |
Total | 24 | 210 |
SoCalGas | Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 24 | 210 |
SoCalGas | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
SoCalGas | Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - RECON
FAIR VALUE MEASUREMENTS - RECON OF LEVEL 3 ASSETS (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) $ / MWh | Mar. 31, 2023 USD ($) $ / MWh | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 10 | $ 35 |
Realized and unrealized losses | (1) | (4) |
Settlements | 0 | (1) |
Ending balance | 9 | 30 |
Change in unrealized losses relating to instruments still held at March 31 | (2) | |
Other Sempra | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 23 | 17 |
Realized and unrealized gains | 2 | 9 |
Settlements | (2) | (2) |
Ending balance | 23 | 24 |
Change in unrealized gains relating to instruments still held at March 31 | 1 | 9 |
Other Sempra | Other current assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance | 7 | |
Other Sempra | Other long-term assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance | 16 | |
SDG&E | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 10 | 35 |
Realized and unrealized losses | (1) | (4) |
Settlements | 0 | (1) |
Ending balance | 9 | 30 |
Change in unrealized losses relating to instruments still held at March 31 | $ 0 | $ (2) |
Level 3 | SDG&E | Minimum | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (3.69) | (3.09) |
Level 3 | SDG&E | Maximum | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Congestion revenue rights (in dollars per MWH) | $ / MWh | 9.55 | 10.71 |
Level 3 | SDG&E | Weighted Average | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (0.44) | (0.56) |
FAIR VALUE MEASUREMENTS - FINAN
FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Allowance for credit losses | $ 6 | $ 6 |
Unamortized transaction costs | 4 | 4 |
Unamortized discount and debt issuance costs | 343 | 322 |
Finance lease obligations | 1,330 | 1,340 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 338 | 334 |
Long-term amounts due to unconsolidated affiliates | 298 | 312 |
Total long-term debt | 29,125 | 27,716 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 321 | 318 |
Long-term amounts due to unconsolidated affiliates | 270 | 283 |
Total long-term debt | 26,679 | 25,617 |
Fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 0 | 0 |
Long-term amounts due to unconsolidated affiliates | 0 | 0 |
Total long-term debt | 0 | 0 |
Fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 0 | 0 |
Long-term amounts due to unconsolidated affiliates | 270 | 283 |
Total long-term debt | 26,679 | 25,617 |
Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 321 | 318 |
Long-term amounts due to unconsolidated affiliates | 0 | 0 |
Total long-term debt | 0 | 0 |
SDG&E | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount and debt issuance costs | 100 | 89 |
Finance lease obligations | 1,224 | 1,233 |
SDG&E | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 8,950 | 8,750 |
SDG&E | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 7,915 | 7,856 |
SDG&E | Fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
SDG&E | Fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 7,915 | 7,856 |
SDG&E | Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
SoCalGas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount and debt issuance costs | 62 | 55 |
Finance lease obligations | 106 | 107 |
SoCalGas | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 7,259 | 6,759 |
SoCalGas | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,820 | 6,442 |
SoCalGas | Fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
SoCalGas | Fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,820 | 6,442 |
SoCalGas | Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
SEMPRA - EQUITY AND EARNINGS _3
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE - PREFERRED STOCK NARRATIVE (Details) - shares | May 02, 2024 | May 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||
Series A Preferred Stock | Subsequent Event | ||||
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 0 | 17,250,000 | ||
Series B Preferred Stock | Subsequent Event | ||||
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 0 | 5,750,000 |
SEMPRA - EQUITY AND EARNINGS _4
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE - COMMON STOCK NARRATIVE (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Aug. 02, 2023 shares | Nov. 30, 2023 $ / shares shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | May 07, 2024 shares | Dec. 31, 2023 shares | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock split, conversion ratio | 2 | |||||
Stock dividend (in percent) | 100% | |||||
Common stock, shares authorized (in shares) | 1,125,000,000 | 1,125,000,000 | 1,125,000,000 | |||
Common stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Share repurchase program, number of shares repurchased (in shares) | 552,799 | 393,404 | ||||
Common stock repurchased | $ | $ 40 | $ 31 | ||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Sale of stock, shares available for future settlement | 17,142,858 | |||||
Public Stock Offering | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Sale of stock, number of shares issued in transaction | 17,142,858 | |||||
Common stock, par or stated value per share (usd per share) | $ / shares | $ 0 | |||||
Sale of stock, price per share (usd per share) | $ / shares | 70 | |||||
Sale of stock, price per share, after underwriting discounts (usd per share) | $ / shares | $ 68.845 |
SEMPRA - EQUITY AND EARNINGS _5
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE - NET INCOME ATTRIBUTABLE TO SEMPRA AND TRANSFERS (TO) FROM NCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Sempra | $ 812 | $ 980 |
Increase in shareholders’ equity for sale of NCI | 18 | |
Net transfers (to) from NCI | 18 | |
Change from net income attributable to Sempra and transfers (to) from NCI | $ 998 |
SEMPRA - EQUITY AND EARNINGS _6
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE - NCI NARRATIVE (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Noncontrolling Interest [Line Items] | |||
Contributions | $ 474 | $ 97 | |
Sale | 255 | ||
Port Arthur LNG | |||
Noncontrolling Interest [Line Items] | |||
Contributions | $ 237 | ||
Indirect Subsidiary Of SI Partners | Port Arthur LNG | |||
Noncontrolling Interest [Line Items] | |||
Cash consideration | 265 | ||
Sale | 18 | ||
Sale of noncontrolling interest, transaction costs | 3 | ||
Sale of noncontrolling interest, tax impacts | 7 | ||
Funding commitment, aggregate amount | $ 9,000 | $ 9,000 | |
Funding commitment paid | $ 2,200 | ||
Port Arthur LNG | Indirect Subsidiary Of SI Partners | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest (as a percent) | 30% | 30% | |
Funding commitment (in percent) | 110% | 110% | |
Guaranteed funding amount (in percent) | 70% | 70% |
SEMPRA - EQUITY AND EARNINGS _7
SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE - EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Earnings attributable to common shares, basic | $ 801 | $ 969 | |
Earnings attributable to common shares, diluted | $ 801 | $ 969 | |
Weighted-average common shares outstanding for basic EPS (in shares) | 632,821,000 | 629,838,000 | |
Dilutive effect of common shares sold forward (in shares) | 673,000 | 0 | |
Dilutive effect of stock options and RSUs (in shares) | 1,860,000 | 2,410,000 | |
Weighted-average common shares outstanding for diluted EPS (in shares) | 635,354,000 | 632,248,000 | |
Earnings per share, basic (dollars per share) | $ 1.27 | $ 1.54 | |
Earnings per share, diluted (in dollars per share) | $ 1.26 | $ 1.53 | |
Vested RSUs included in basic WASO (in shares) | 624,000 | 721,000 | |
Stock options, RSAs and RSUs | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Non-qualified stock options granted (in shares) | 414,812 | ||
Performance-based RSUs | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Equity awards, granted (in shares) | 702,194 | ||
Service-based RSUs | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Equity awards, granted (in shares) | 288,806 | ||
Stock options, RSAs and RSUs | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Antidilutive securities excluded from earnings per share (in shares) | 1,356,470 | 360,030 |
SAN ONOFRE NUCLEAR GENERATING_3
SAN ONOFRE NUCLEAR GENERATING STATION - NARRATIVE (Details) - SDG&E - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Nuclear liability insurance coverage, maximum | $ 500 | |
Secondary financial protection, maximum | 1,500 | |
Secondary financial protection, company contribution, annual maximum | 2,000 | |
Nuclear property damage insurance | 130 | |
Federal nuclear property damage insurance, minimum required | 50 | |
Nuclear property damage insurance, premium assessment | 2 | |
Nuclear property insurance terrorism coverage, maximum | $ 3,240 | |
Jointly Owned Nuclear Power Plant | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Jointly owned utility plant, proportionate ownership share (as a percent) | 20% | |
Percent of dismantlement work expense (as a percent) | 20% | |
ARO related to decommissioning costs | $ 497 | |
SONGS 2 and 3 Decommissioning | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Nuclear decommissioning trust authorized withdrawal amount | $ 79 |
SAN ONOFRE NUCLEAR GENERATING_4
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR DECOMMISSIONING TRUSTS (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cost | $ 666 | $ 661 | |
Gross unrealized gains | 243 | 233 | |
Gross unrealized losses | (23) | (22) | |
Estimated fair value | 886 | 872 | |
Proceeds from sales | 181 | $ 156 | |
Gross realized gains | 14 | 2 | |
Gross realized losses | (2) | $ (3) | |
Short-term investments, primarily cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 28 | 21 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 28 | 21 | |
Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 89 | 89 | |
Gross unrealized gains | 239 | 225 | |
Gross unrealized losses | (3) | (2) | |
Estimated fair value | 325 | 312 | |
Total debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 567 | 558 | |
Gross unrealized gains | 4 | 8 | |
Gross unrealized losses | (20) | (20) | |
Estimated fair value | 551 | 546 | |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 59 | 50 | |
Gross unrealized gains | 1 | 2 | |
Gross unrealized losses | (1) | (1) | |
Estimated fair value | 59 | 51 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 277 | 280 | |
Gross unrealized gains | 2 | 3 | |
Gross unrealized losses | (9) | (8) | |
Estimated fair value | 270 | 275 | |
Other securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 231 | 228 | |
Gross unrealized gains | 1 | 3 | |
Gross unrealized losses | (10) | (11) | |
Estimated fair value | 222 | 220 | |
Receivables (payables), net | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | (18) | (7) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $ (18) | $ (7) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 48 Months Ended | |||||||
Apr. 30, 2024 claim plaintiff lawsuit | Sep. 30, 2021 USD ($) plaintiff lawsuit | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Feb. 11, 2016 well | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 claimant lawsuit | Aug. 31, 2023 Bcf | Mar. 31, 2021 lawsuit | Dec. 31, 2015 company | |
Loss Contingencies [Line Items] | ||||||||||||
Liability for legal proceedings | $ 57 | |||||||||||
Natural gas inventory level (in bcf) | Bcf | 68.6 | |||||||||||
Number of liquidating companies | company | 10 | |||||||||||
Equity earnings | 348 | $ 219 | ||||||||||
Sempra Infrastructure | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits | lawsuit | 3 | |||||||||||
Number of claimants | claimant | 3 | |||||||||||
HMRC VAT Claim | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Damages awarded | $ 10 | £ 7.9 | ||||||||||
RBS Sempra Commodities | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Equity earnings | $ 40 | |||||||||||
SoCalGas | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Liability for legal proceedings | 31 | |||||||||||
Wells with gas leak | well | 1 | |||||||||||
SoCalGas | Aliso Canyon Natural Gas Storage Facility Gas Leak | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits | lawsuit | 390 | |||||||||||
Number of lawsuits | plaintiff | 36,000 | |||||||||||
Net book value of Aliso Canyon facility | 1,000 | |||||||||||
SoCalGas | Aliso Canyon Natural Gas Storage Facility Gas Leak | Subsequent Event | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits | plaintiff | 436 | |||||||||||
SoCalGas | Individual Plaintiff Litigation | Aliso Canyon Natural Gas Storage Facility Gas Leak | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of costs | $ 1,800 | |||||||||||
Percentage of plaintiffs agreeing to participate and submit releases (in percent) | 99% | |||||||||||
Payment of liquidating companies' costs | $ 1,790 | |||||||||||
SoCalGas | Non-Settling Individual Plaintiffs | Aliso Canyon Natural Gas Storage Facility Gas Leak | Subsequent Event | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits | plaintiff | 96 | |||||||||||
SDG&E | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits | lawsuit | 2 | |||||||||||
Energy Future Holdings Corp. | Subsequent Event | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Lawsuits pending | lawsuit | 0 | |||||||||||
Number of proof of claims | claim | 28,000 | |||||||||||
Deferred Credits and Other | SoCalGas | Aliso Canyon Natural Gas Storage Facility Gas Leak | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payable related to natural gas leak | 2 | |||||||||||
Other Current Liabilities [Member] | SoCalGas | Aliso Canyon Natural Gas Storage Facility Gas Leak | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payable related to natural gas leak | $ 29 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - LEASE INFORMATION NARRATIVE (Details) - SDG&E - Purchased-Power Contracts $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) agreement | |
Lessee, Lease, Description [Line Items] | |
Number of purchased-power contracts | agreement | 6 |
Lease not yet commenced, remainder of year | $ 27 |
Lease not yet commenced, year one | 59 |
Lease not yet commenced, year two | 80 |
Lease not yet commenced, year three | 82 |
Lease not yet commenced, year four | 82 |
Lease not yet commenced, thereafter | $ 834 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - LEASE INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Interest income | $ 1 | $ 2 |
Total revenues from sales-type leases | 1 | 2 |
Fixed lease payments | 89 | 80 |
Variable lease payments | 10 | 2 |
Total revenues from operating leases | 99 | 82 |
Depreciation expense | $ 18 | $ 15 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - CONTRACTUAL COMMITMENTS & ENVIRONMENTAL ISSUES (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Loss Contingencies [Line Items] | |
Potential monetary sanctions threshold | $ 1 |
Potential monetary sanctions threshold (as a percent) | 1% |
Environmental cost, potential monetary sanctions threshold, actual amount | $ 56 |
Sempra Infrastructure | Liquefied Natural Gas Contracts | |
Loss Contingencies [Line Items] | |
Increase (decrease) in unrecorded unconditional purchase obligation, remainder of fiscal year | (144) |
Increase (decrease) in unrecorded unconditional purchase obligation, year one | 22 |
Increase (decrease) in unrecorded unconditional purchase obligation, year two | 13 |
Increase (decrease) in unrecorded unconditional purchase obligation, year three | 5 |
Increase (decrease) in unrecorded unconditional purchase obligation, year four | (4) |
Increase (decrease) in unrecorded unconditional purchase obligation, after four years | (2) |
SDG&E | |
Loss Contingencies [Line Items] | |
Environmental cost, potential monetary sanctions threshold, actual amount | 20 |
SoCalGas | |
Loss Contingencies [Line Items] | |
Environmental cost, potential monetary sanctions threshold, actual amount | $ 25 |
SEMPRA - SEGMENT INFORMATION -
SEMPRA - SEGMENT INFORMATION - NARRATIVE (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Sempra Infrastructure | SI Partners | |
Segment Reporting Information [Line Items] | |
Ownership interest (as a percent) | 70% |
Oncor Electric Delivery Company LLC Additional Acquisition | Sempra Texas Utilities | |
Segment Reporting Information [Line Items] | |
Acquired percentage interest (in percent) | 80.25% |
Sharyland Holdings, LP | Sempra Texas Utilities | |
Segment Reporting Information [Line Items] | |
Acquired percentage interest (in percent) | 50% |
SEMPRA - SEGMENT INFORMATION _2
SEMPRA - SEGMENT INFORMATION - SCHEDULE (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | $ 89,604 | $ 87,181 | [1] | |
EQUITY METHOD INVESTMENTS | 16,780 | 16,510 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | 3,640 | $ 6,560 | ||
DEPRECIATION AND AMORTIZATION | 594 | 539 | ||
INTEREST INCOME | 13 | 24 | ||
INTEREST EXPENSE | 305 | 366 | ||
INCOME TAX EXPENSE (BENEFIT) | 172 | 376 | ||
Equity earnings, before income tax: | 134 | 132 | ||
Equity earnings, net of income tax | 214 | 87 | ||
Equity earnings | 348 | 219 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 801 | 969 | ||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,933 | 1,830 | ||
Operating Segments | Sempra California | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | 54,513 | 53,430 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | 3,141 | 5,415 | ||
DEPRECIATION AND AMORTIZATION | 521 | 468 | ||
INTEREST INCOME | 3 | 5 | ||
INTEREST EXPENSE | 205 | 187 | ||
INCOME TAX EXPENSE (BENEFIT) | 83 | 101 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 582 | 618 | ||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,143 | 1,082 | ||
Operating Segments | Sempra Texas Utilities | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | 14,673 | 14,392 | ||
EQUITY METHOD INVESTMENTS | 14,661 | 14,380 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Equity earnings, before income tax: | 2 | 1 | ||
Equity earnings, net of income tax | 183 | 83 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 183 | 83 | ||
Operating Segments | Sempra Infrastructure | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | 20,422 | 19,430 | ||
EQUITY METHOD INVESTMENTS | 2,118 | 2,129 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | 519 | 1,196 | ||
DEPRECIATION AND AMORTIZATION | 72 | 69 | ||
INTEREST INCOME | 5 | 15 | ||
INTEREST EXPENSE | 0 | 95 | ||
INCOME TAX EXPENSE (BENEFIT) | 109 | 330 | ||
Equity earnings, before income tax: | 132 | 131 | ||
Equity earnings, net of income tax | 31 | 4 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 131 | 315 | ||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 790 | 744 | ||
All other | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | 1,016 | 967 | ||
EQUITY METHOD INVESTMENTS | 1 | 1 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
DEPRECIATION AND AMORTIZATION | 1 | 2 | ||
INTEREST INCOME | 5 | 4 | ||
INTEREST EXPENSE | 100 | 84 | ||
INCOME TAX EXPENSE (BENEFIT) | (20) | (55) | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | (95) | (47) | ||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 0 | 4 | ||
Adjustments and eliminations | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | (1) | 0 | ||
Intersegment revenues and receivables | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
ASSETS | (1,020) | $ (1,038) | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | (19) | (51) | ||
Intersegment revenues and receivables | Sempra California | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | 5 | 5 | ||
Intersegment revenues and receivables | Sempra Infrastructure | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
REVENUES | $ 14 | $ 46 | ||
[1] Derived from audited financial statements. |